OMR19 million financing pact signed for major mining project in Oman

OMR19 million financing pact signed for major mining project in Oman

Muscat: As part of its continued efforts to further support major industries in the Sultanate, Sohar International recently signed an agreement with Al Hadeetha Resources to extend OMR19 million worth of financing to the Wash-hi Majazah mining project that seeks to provide impetus to the Sultanate's mining industry, and thereby contribute to the economic diversification objectives in line with Oman Vision 2040. Signing the agreement on part of the bank was Ahmed Al Musalmi, Chief Executive Officer of Sohar International, whereas Sayyed Khalid bin Hamed bin Saif Al-Busaidy, Chairman of Al Naba Holding, Devaki Gulabsi Khimji, Managing Director of Al Tasnim Group and Atmavireshvar Sthapak, Managing Director of Alara Resources Ltd represented the company. Commenting on the signing ceremony, Ahmed Al Musalmi, said, "Mining is one of the government's key focus sectors as per the economic diversification plan, and Oman's mining industry has attracted both, foreign and local operators. As a bank that has been strongly aligned with Oman Vision 2040, it gives us immense pleasure to support and finance such projects that contribute towards the overall long-term vision of the nation. Regarded as one of the major mining projects in the Sultanate, the scale of its operations will contribute