Oman’s Bank Nizwa extends its financing facilities to Khazaen Dry Port

By Shilpa Annie Joseph, Official Reporter
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Khazaen Dry Port
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Oman’s first and leading Islamic financial institution Bank Nizwa has extended financing facilities to Khazaen Dry Port in order to help build the dry port.

The primary goal of Khazaen Dry Port is to serve the Sohar Port while focusing on the trade activities in Muscat and nearby areas such as Nizwa, Sur, and Ibra.

The agreement was signed by Mr. Khalid al Kayed, CEO of Bank Nizwa, and Mr. Ahmed Mohammed al Abri, chairman of Khazaen Dry Port.

Khaled al Kayed
Khaled al Kayed
CEO – Bank Nizwa

“Offering exceptional connectivity, the Khazaen Dry Port is set to serve as a trans-shipment point and will be a logistics hub that will link the sultanate to a number of countries. At Bank Nizwa, we view this as an opportunity to contribute to the socio-economic and infrastructural development goals of the country as the establishment of this dry port will have numerous positive implications on the economy. By supporting large-scale projects that offer tangible added value to the national economy, Bank Nizwa seeks to highlight the growing preference of Sharia’a-compliant financing while also establishing its distinct footprint in the country’s journey of progression.”

As per the statement, the movement of empty containers will be significantly minimized after the development of the port, resulting in lower transportation costs for consignees and empty container storage costs for shipping lines.

“With most of the sultanate’s trading activities being routed through Muscat and the adjoining areas, the establishment of the Khazaen Dry Port will be instrumental in facilitating trade activities and developing an integrated logistic system that will enhance performance, drive economic growth, and position Oman as a global logistics hub. We appreciate Bank Nizwa’s efforts in playing an integral role in the development of Oman’s critical infrastructure,” said Mr. al Abri.

Bank Nizwa is committed to the country’s diversification ambitions and has made a number of initiatives to contribute to the development of various sectors in Oman.

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