MUSCAT: In line with its commitment to providing world-class banking services and facilities, Bank Muscat, the leading financial services provider in the Sultanate of Oman, and Galfar Engineering & Contracting, one of Oman’s largest, multi-disciplined engineering, contracting, and construction companies have signed an agreement for a RO 39 million financing facility.
Through this agreement, the bank will provide Galfar with additional project-specific credit facilities of nearly RO 39 million. Galfar is one of Bank Muscat’s largest and oldest corporate customers with a relationship spanning decades.
The landmark agreement was signed by Ahmed bin Faqir al Balushi, Chief Banking Officer, Bank Muscat and Dr. Hamoud al Tobi, CEO, Galfar in the presence of Ilham Murtadha al Hamaid, General Manager — Corporate Banking, Bank Muscat and senior officials from both institutions.
Ahmed bin Faqir al Balushi, Chief Banking Officer, Bank Muscat, said: “Bank Muscat is delighted to strengthen the cooperation between the bank and Galfar. We thank the Executive Management of Galfar for their strong confidence in Bank Muscat, which has led to the successful closure of this highly-customized transaction. The transaction is a testament to Bank Muscat’s vision “To serve you better, every day” and our commitment to be a pillar that supports the country’s needs across both government and private sectors by financing projects of national importance.”
Ahmed bin Faqir al Balushi further explained how Bank Muscat has been playing a major role for the past four decades in providing banking and financing solutions to government and private sector institutions. The bank will continue providing strong support to organizations and businesses of all sizes operating in the Sultanate of Oman to develop different sectors. He added that the bank has the expertise to understand the financing needs of companies and structure financial solutions that meet their individual requirements.
Dr Hamoud al Tobi, CEO, Galfar said: “We are pleased to further strengthen our partnership with Bank Muscat by concluding this bespoke agreement to facilitate execution of three major projects, which are part of the infrastructure development of our beloved nation. This will also support our further growth and enable Galfar to play an integral role in the sustainable development of Oman in the coming years.”
He went on to explain that this agreement reflects the keen support of Bank Muscat and the banking sector in harnessing their capabilities to play a very active role in supporting corporates and aiding economic growth and development.
Bank Muscat offers a wide range of banking products and services for corporates including loans for project financing, corporate loans and capital financing for project expansion through bilateral as well as syndicated facilities. It is also a leading trade-finance services provider in the region and blends traditional financial solutions with tailor-made packages for operations, ensuring prompt payments, managing liquidity and minimizing exchange-rate risks.
