H.E Yahya bin Said bin Abdullah al Jabri, Chairman of the Special Economic Zone in Duqm Authority (SEZAD) signed a Memorandum of Understanding (MoU) with National Bank of Oman at Knowledge Oasis Muscat (KOM) today. The Memorandum was signed by Mohammed bin Mahfoudh al Ardhi, Chairman of National Bank of Oman. As per the MoU, National Bank of Oman will provide financial support to potential investors at SEZAD.
The MoU with National Bank of Oman is part of SEZAD’s efforts to attract more investors to the region. SEZAD is expected to sign similar MoUs with other local banks to provide much needed financial support to investors and SMEs in particular that are setting up their businesses at SEZAD.
His Excellency Yahya Al Jabri affirmed that the MoU with National Bank of Oman provides potential investors with a range of benefits and facilities to help them start their projects in SEZAD.
His Excellency Al Jabri said SEZAD will continue to promote this economic hotspot and foster an encouraging investment environment to attract local and foreign investors. The MoU with National Bank of Oman reaffirms this commitment, as access to finance is one of the biggest challenges that potential investors often face. Al Jabri added: “We have found that access to finance is one of the main challenges investors face today, therefore these collaborations will help us address this issue, attract more investors and fulfill our objectives in support of the Government’s economic diversification strategy.”
The MoU provides the framework for cooperation between SEZAD and National Bank of Oman to facilitate project financing and implementation in Duqm. As per the terms of the MoU, SEZAD will present the schemes and offers provided by National Bank of Oman to potential investors at SEZAD.
On this occasion, Mohammed bin Mahfoudh al Ardhi, Chairman of National Bank of Oman expressed his joy at the signing of the MoU with the Authority, to finance potential projects in the zone and said: “National Bank of Oman is committed to providing potential investors at SEZAD with the best banking experience, and solutions that are designed to meet their financial needs.”
Al Ardhi added: “We are proud to have partnered with SEZAD to finance the first phase of Duqm’s Frontier Town and we are delighted to continue to be part of SEZAD’s success and progress. We are confident that this will help us deliver superior banking services to various companies in the future.”
As per the terms of the MoU, National Bank of Oman will provide a range of services to investors including financing options, term loans, housing loans, all types of financial and investment advisory services, electronic banking services and commercial credit facilities. The MoU also covers SME finance and the Islamic window’s products and services.
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