Dhofar Islamic, the Islamic banking window of BankDhofar, has signed a financing agreement with ZL Group to support the establishment of an acrylamide and polyacrylamide production plant at Sohar Port and Freezone.
The agreement was signed by Echo Liu, ZL Group CEO, and Amor Said Al Amri, Dhofar Islamic Chief Islamic Banking Officer.
Under the agreement, Dhofar Islamic will serve as the sole financier of the project, which aims to expand Oman’s industrial manufacturing capacity and support the country’s economic diversification goals under Oman Vision 2040.
The plant will manufacture acrylamide and polyacrylamide products used in enhanced oil recovery (EOR), hydraulic fracturing, and drilling operations.
Once fully operational, the facility is expected to produce around 350,000 tonnes annually, contributing to Oman’s chemical manufacturing sector and strengthening local production for regional and international markets.
Strategically located at Sohar Port and Freezone, the facility will benefit from the industrial hub’s logistics infrastructure and connectivity, providing access to customers across Oman, the GCC, and international markets.
According to Dhofar Islamic, the project helps exports, creates employment opportunities for Omani nationals, strengthens local content, and facilitates technology transfer while contributing to the development of industrial expertise in the Sultanate.
Dhofar Islamic stated that it remains committed to financing projects that align with Oman’s national development priorities through Sharia-compliant financial solutions that support productive sectors and sustainable economic growth.
The bank added that the financing reflects its focus on supporting strategic industrial projects that contribute to economic diversification and long-term industrial development.
Dhofar Islamic operates 31 branches across Oman and provides a range of Sharia-compliant banking products and services for retail customers, small and medium-sized enterprises, and corporate clients.
