Business SEZAD inks MOU for provision of banking facilities to investors

The Special Economic Zone Authority at Duqm (SEZAD) signed a Memorandum of Understanding (MOU) with Bank of Beirut in Oman to provide banking options and facilities to investors interesting in investing in the Duqm Special Economic Zone.

On behalf of the authority, Dr Ismail bin Ahmed al Balushi, Deputy CEO of Duqm Special Economic Zone Authority, signed the MOU while Bank of Beirut was represented by its CEO, Elie Nakouzi.

The MOU is part of ongoing efforts exerted by Duqm Special Economic Zone Authority to help investors obtain the funding required to implement their projects in Duqm Special Economic Zone Authority. SEZAD has previously signed several memorandums of understanding with the commercial banks and their Islamic windows. Through the signing of Mous with local banks, SEZAD endeavours to attract investors to invest in Duqm SEZ.

By virtue of this MOU, the Bank of Beirut will provide many services to the investors such as the cooperate banking facilities, finance options of all kinds, advances, term loans, advances against credit instruments, advances against receivables, real estate loans, financial and investment consultancy services of all kinds, electronic banking services, provide special options for the management of the government accounts, opening financial credits in various countries of the world via the network of the corresponding banks, treasury and cash management services, insurance services via companies affiliated to the group of Bank of Beirut and the commercial credit guarantee. Moreover, the bank will provide special options to the small and medium enterprises SMES.

The memorandum of understanding which shall remain valid for three years stipulates upon the commitment of the Bank of Beirut to exert reasonable efforts to provide the banking services on favourable and preferential terms, at its sole discretion, to the investors referred thereto via SEZAD.