ahlibank announces financing of OMR8.1mn for Duqm Cement Factory

Business Monday 14/December/2020 17:13 PM
By: Times News Service
ahlibank announces financing of OMR8.1mn for Duqm Cement Factory

Muscat: Supporting initiatives to scale up the robust industrial sector in the Sultanate, ahlibank has announced the financing of OMR8.1 million for Duqm Cement Factory’s new cement grinding plant in Duqm Industrial Estate.

A signing ceremony with Duqm Cement Factory, a wholly-owned subsidiary of Raysut Cement, Oman’s largest cement manufacturer, took place on December 10. Signing the agreement on behalf of ahlibank was Hanaa Al Kharusi, General Manager – Corporate Banking while Raysut Cement Company was represented by its Group CEO Joey Ghose. Raysut Cement Company Chairman Ahmed bin Yousuf Al Ibrahim and Acting Deputy Group CEO Salim bin Ahmed Al-Ibrahim were also present.

Commenting on the financing of Duqm Cement Factory’s new cement grinding plant, Hanaa Al Kharusi, GM – Corporate Banking, said, “ahlibank is pleased to finance Duqm Cement Factory’s new cement grinding plant in Duqm Industrial Estate. The partnership with Duqm Cement Factory will go a long way in enhancing the industrial sector’s growth in Oman as the factory will be a feeder to infrastructure projects in the area from industrial, logistics, real estate and tourism and will help in generating more employment opportunities.”

“ahlibank has been at the forefront of contributing to the nation’s growth in line with Oman’s Vision 2040. The Sultanate’s manufacturing sector is a key pillar of its long-term economic diversification strategy. Oman continues to offer a strong value proposition for businesses, with a wide range of industrial estates and special economic zones (SEZs) adding to the attraction,” she added.

Commending ahlibank for its support, Joey Ghose said, “We would like to extend our sincere gratitude and appreciation to ahlibank for financing the Construction of Duqm Cement Factory’s new grinding plant in Duqm Industrial Estate. Through strategic partnerships with the public and private sectors, the bank has ensured the all-round development of Oman’s diverse sectors.”

“The new cement plant will spur economic activities in around the Duqm Industrial Estate and thereby bring more and more businesses to the region,” he added.
Raysut Cement held a groundbreaking ceremony triggering the start of the construction of the plant on November 10. The company will be producing 3 varieties of cement: Ordinary Portland Cement (OPC), Portland Limestone Cement (PLC), and Granulated Glass Blast Furnace Slag (GGBFS).

ahlibank mission is to exceed customer expectations and deliver outstanding shareholder value. In line with its vision of being vibrant and an innovative centre of banking, the bank offers top-class retail, commercial, investment banking solutions and is well-known for its customer-centricity. The bank provides customers with convenient access to high-quality products and services through its presence at strategic locations throughout the Sultanate.