NBO supports Sohar Aluminium with $50mn working capital facility

By Arya M Nair, Official Reporter
  • Follow author on
NBO_Sohar Aluminium partnership
Rep.Image | Courtesy: NBO

National Bank of Oman (NBO) has announced collaboration with Sohar Aluminium, which entails the provision of a $50 million working capital facility to support Sohar Aluminium’s operational requirements.

An agreement, signed by Abdullah Al Hinai, Chief Executive Officer at NBO, and Engr Said Mohamed Al Masoudi, CEO of Sohar Aluminium, is poised to fortify ties and attain mutually advantageous goals, contributing significantly to the overall economic development of the Sultanate.

Ghadeer Iqbal Al Lawati, Assistant General Manager, Head of Project Finance and Syndication at National Bank of Oman, stated that, “At National Bank of Oman, our unwavering focus remains on supporting the financial requirements of both local and multinational corporates. We are pleased to provide our support to Sohar Aluminium through this substantial working capital facility. This strategic partnership underscores our commitment to strengthening connections with pivotal industry players, fostering economic growth, and solidifying our position as the preferred financial partner in Oman. It signifies our ongoing efforts in propelling economic development through impactful collaborations.”

The agreement underscores NBO’s commitment to its corporate clients and also positions the bank as a key player in the corporate lending landscape in Oman. A working capital facility totaling $50 million will substantially elevate Sohar Aluminium’s operational capabilities.

Ricardo Santana, Chief Financial Officer at Sohar Aluminium, said that, “We are pleased to reestablish our relationship with NBO, which was our partner for several years in the early period post-inception of the plant. The realization of this agreement underscores the trust placed in our robust operations and strong balance sheet. ⁠The Working Capital Facility signed recently will support Sohar Aluminium in its cash management strategy, which is vital for the stability of our operations. Perhaps this is the start of a new chapter in our relationship with NBO.”

Most Read | UAE & India sign MoU to expand cooperation in digital infrastructure sector