Sezad signs pact with Bank of Beirut

Business Wednesday 06/March/2019 15:58 PM
By: Times News Service
Sezad signs pact with Bank of Beirut

Muscat: The Special Economic Zone Authority at Duqm (Sezad) signed a Memorandum of Understanding (MOU) with Bank of Beirut in Oman to provide banking options and facilities to the investors willing to invest in Special Economic Zone Duqm.
On behalf of the authority, Dr Ismail Bin Ahmed Al Balushi, Deputy CEO of Sezad signed the MoU while on behalf of Bank of Beirut, it was signed by Elie Nakouzi, the CEO of Bank.
The signing of the MoU is part of the ongoing efforts exerted by Sezad to help investors obtain the funding required to implement their projects in Sezad. Sezad has previously signed several memorandums of understanding with the commercial banks and their Islamic windows.
Through the signing of the memorandums of understanding with the local banks, Sezad endeavours to attract investors to invest in the economic zone.
By virtue of this memorandum of understanding, the Bank of Beirut will provide many services to the investors such as the cooperate banking facilities, finance options of all kinds, advances, term loans, advances against credit instruments, advances against receivables, real estate loans, financial and investment consultancy services of all kinds, electronic banking services, provide special options for the management of the government accounts, opening financial credits in various countries of the world via the network of the corresponding banks, treasury and cash management services, insurance services via companies affiliated to the group of Bank of Beirut and the commercial credit guarantee.
Moreover, the bank will provide special options to the small and medium enterprises (SMEs).
The memorandum of understanding which shall remain valid for three years stipulates upon the commitment of the Bank of Beirut to exert reasonable efforts to provide the banking services on d on favourable and preferential terms, at its sole discretion, to the investors referred thereto via Sezad.
By the signing of this memorandum of understanding, the Bank of Beirut is looking forward to providing distinguished services to the investors in Special Economic Zone Duqm and encouraging investment in Sezad.