Duqm Material Market project receives funding support

National Bank of Oman (NBO) has signed a credit facility agreement with Duqm Material Market SAOG to carry out the first phase of a strategic industrial project. The 72,000 sqm development is part of the Sino-Oman project, a first-of-its-kind building material market with workshops and warehouse facilities in Duqm. Jointly established by Oman Wanfang LLC, Al Thabat Holding LLC and Oman Company for the Development of Special Economic Zone at Duqm SAOC (Tatweer), the project is expected to be completed within 12 months.

Upon completion, this development will be one of the largest comprehensive building material malls in the region, integrating production, trade and sales. It will not only serve nearby construction projects in the growing Duqm Special Economic Zone, but will also take advantage of its central location to serve the Middle East, East Africa and the Indian Subcontinent as well.

Nasser Salim al Rashdi, General Manager - Chief Commercial Banking Officer at NBO, said, “Our strategy has always been to support the socio-economic development of the Sultanate and enhance the country’s position as a destination of choice for foreign direct investment. As we are the first bank to finance Chinese projects in Duqm, this agreement marks the beginning of an exciting partnership.”

Hassan Shaban, General Manager — Chief Government Banking Officer at NBO, added, “We are supporting an increasing number of projects in Oman’s industrial and infrastructure sectors, tapping into projects that aim to increase the share of non-oil revenues as part of the country’s diversification strategy.”