Meethaq extends over RO 30m finance for Osool Poultry project

MUSCAT: Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, signed an agreement to provide over RO 30 million Islamic project finance to set up Osool Poultry project in Al Ghaftain in the Wilayat of Haima in Al Wusta Governorate, with a capacity of 150 million hatching eggs per annum. Sulaiman al Harthy, Deputy Chief Executive Officer of Meethaq Islamic Banking, and Dr Nasser bin Zahir al Maawali, Chairman of Osool Poultry, signed the agreement at the bank’s head office in the presence of dignitaries, senior officials of the bank and the company.

The project promoters include renowned poultry names, including A’saffa Foods, A’ Namaa Poultry, Sohar Poultry, Delmon Poultry as well as multilateral organisations Gulf Investment Corporation (GIC) and the Arab Authority for Agricultural Investment and Development (AAAID). GIC is equally co-owned by the governments of the six member states of the Gulf Cooperation Council (GCC). AAAID’s mandate is to achieve food security for the Arab nations and all contributing Arab countries are its members. In view of the strategic importance of Osool Poultry project contributing to food security in the country, it was taken up as part of the government’s Tanfeedh initiatives (National Programme for Enhancing Economic Diversification).

Sulaiman al Harthy said, “Meethaq is delighted to partner with Osool Poultry project contributing to food security in the region and economic diversification in the Sultanate. The support for the project comes in line with Meethaq vision to bring the benefits of Islamic banking to all strata of society.  Meethaq has been closely involved with important projects contributing to economic diversification and development of the country. Since its inception four years ago, Meethaq has extended financial partnership to a number of projects in various fields, which reflect the Meethaq commitment to support the progress and development of Oman and the region.”