Muscat: Maisarah Islamic Banking Services and Keryas Paper Industry recently signed a memorandum of understanding (MoU) to finance paper factory of Keryas Paper Industry.
The MoU was mutually signed by Fawaz Rajab Al Ojaili, Head of Corporate Banking, Maisarah Islamic Banking Services and Abdullah Umar Al Hosni, CEO Keryas Paper Industry at Sohar Industrial Estate, with the attendance of Eng. Abdullah bin Salim Al Ka’abi, DG Sohar Industrial Estate, Shaikh Muhab bin Ali Al Hinai, Head of Environmental Centre of Excellence, Be’ah, and other distinguished guests from and stakeholders.
On signing the MoU, Al Ojaili noted, "Maisarah is always keen to support and finance projects that have a positive impact on the environment. Keryas project is in line with the vision of the Sultanate of Oman with regard to environmental protection. We are proud to take part in financing this project which adds value to the economy as well as to preserving the environment."
Keryas Paper Industry will be the first kraft paper manufacturing mill in the Sultanate. The project will be located over a 60,000 square metres land in Sohar Industrial Area with a daily capacity of 600 tonnes per day. Keryas Paper Industry will have an annual capacity of approximately 198,000 tonnes per annum.
The factory will be completed by Q4 2020 and commercial run is expected on January 12021. Leading local and international contractors and technology providers are selected for the purpose.