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Oman Business News

Bank Nizwa and Oman Food Investment sign RO 18m financing pact

Bank Nizwa SAOG has signed an MoU for an RO 18 million sharia compliant financing agreement with Oman Food Investment Holding Co SAOC (OFIC), helping the group to invest in its group companies and new projects and promote its portfolio of food companies.

The agreement was signed by Dr Hamad bin Said al Aufi, Minister of Agriculture and Fisheries and Chairman of OFIC, as well as Khalid al Kayed, Bank Nizwa’s CEO. The signing ceremony was attended by the bank’s Chairman, Shaikh Khalid Abdullah al Khalili, Vice Chairman of the board, Musabah Saif al Mutairi and Board Member, Shaikh Majid al Maamari, as well as senior team members from both parties.

It follows another financing deal of RO 15 million, which was signed last year between Bank Nizwa and one of the OFIC Group Company, Al Bashayer Meat Co (SAOC).

Khalid al Kayed, Bank Nizwa’s CEO said, “Partnering with Oman Food Investment Holding Co is a translation of our commitment to diversify Bank Nizwa’s portfolio. These agreements will enhance our role as the leader of Islamic finance in the Sultanate by offering tailored sharia compliant solutions to corporate clients, and continuing to expand our products and services to cater to the requirements of various industries within the market. This is a strategic collaboration, given our role in contributing to Oman’s food security both in the Sultanate and outside.”

Eng Saleh al Shanfari, CEO of Oman Food Investment Holding Company, said, “We are proud of the relationship with Bank Nizwa. At OFIC, we always look for opportunities to invest in food projects locally and internationally. Our partnership with Bank Nizwa will support us in partnering with strategic investors and growing our group companies. We are looking forward to a long and mutually beneficial relationship’’.

Oman Food Investment Holding Co is a leading government company that aims to invest in the food sector, nationally and internationally, to attain self-sufficiency and food security for the Sultanate. This is achieved directly by investing in strategic projects of national importance or by coordinating the investment through its group companies.
  • Bank Nizwa SAOG
  • Oman
  • MoU
  • OFIC
  • Investment
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