Dhofar Islamic, the Islamic banking arm of BankDhofar, has signed a Shariah-compliant financing agreement with Mawarid Mining to develop Oman’s first underground copper mining project, a move set to boost the country’s mining sector and support economic diversification under Oman Vision 2040.
Dhofar Islamic acted as the Mandated Lead Arranger for the transaction, which also included Ahli Islamic, the Islamic banking window of ahlibank, as a member of the financing syndicate.
The deal will support Mawarid Mining, the investment arm of Mohammed Al Barwani LLC, in operational expansion and project development.
The agreement was signed by Amor Al Amri, Chief Islamic Banking Officer of Dhofar Islamic; Tariq Al Barwani, Managing Director of Mawarid Mining; and Zainab Al Lawati, Head of Corporate Banking at Ahli Islamic. Senior executives from Mawarid, MB Group, and both banks were also in attendance.
The Al Ghuzayn project aims to meet rising global demand for copper, a key material in energy transition technologies, infrastructure, and manufacturing.
It is expected to generate employment for Omani nationals across technical and operational roles, enhance local skills development, and create supplier and community-focused opportunities.
Amor Said Mohamed Al Amri Chief Islamic Banking Officer Bank Dhofar
“As part of our continued efforts to deliver innovative, Shariah-compliant financing solutions and timely support to our customers, we are proud to partner with MB Group on this landmark project. As Oman’s only underground copper mining development, Al Ghuzayn reflects both the forward-looking vision of MB Group and the structuring capabilities of Dhofar Islamic. This project represents a significant addition to the Sultanate’s mining sector and aligns closely with Oman Vision 2040, supporting economic diversification and sustainable growth. Dhofar Islamic remains fully equipped to structure and underwrite complex transactions, whether through syndication or bilateral arrangements, under robust Shariah-compliant frameworks.”
For Mawarid Mining, the project represents a strategic investment in local value creation and Oman’s position in the global copper supply chain. Securing financing from Dhofar Islamic ensures smooth project execution while supporting national economic priorities and the needs of international mining and industrial sectors.
