Ahli Bank inks OMR45mn loan facility with Majis
Majis will us the fund for an acquisition of 32 per cent shares in the leading UAE utility company Utico FZC (UTICO).
Times News Service
MUSCAT: Ahli Bank signed a facility agreement for OMR45 million term loan facility with Majis Industrial Services (Majis), a Government of Oman owned company, to fund an acquisition of 32 per cent shares in the leading UAE utility company Utico FZC (UTICO).
The signing ceremony was held in Muscat on February 24, 2019 and attended by senior management and officials of Ahli Bank, UTICO and Majis. The facility agreement was signed by Said Abdullah Al Hatmi, CEO of Ahli Bank and Ahmed Saif Al Mazrouy, CEO of Majis.
“We are proud to be associated with Majis for many years as the bank continues to support Majis in its endeavours to promote investments in Oman and extend its footprint into the region,” Al Hatmi, CEO of Ahli Bank, said.
“The Bank’s commitment towards financing such transactions is in line with the Omani Government’s vision to expand investments in industrial sectors with the objective of diversification of the Sultanate’s economy,” he added.
Ahli Bank has aligned its focus to these sectors as it aims to support all Omani companies in the Sultanate, and to be one of the key contributors to economic growth, creating more job opportunities for the Omani nationals.
The corporate banking division of Ahli Bank continues to provide comprehensive solutions towards better in-class services to its clients.
It continues to align their activities through various divisions including project finance and syndications, supplemented by industry experts specialising in food and general trading, manufacturing, energy and utilities, real estate and contracting, financial services, travel and tourism.
The relationship managers work closely with the clients to understand their requirements and provide tailor made solutions. Ahli Bank’s corporate banking services are complimented by the treasury department, which provides a comprehensive package of services in both treasury and investment products to corporate, commercial and government institutions as well as trade finance, which enables trade transactions and bonding requirements for the bank’s clients.
Digitise its platforms
Ahli Bank continues to digitise its platforms by upgrading its corporate Internet banking platform, and working on enhancing unique B2B solutions which integrates the client’s ERP systems directly with the Bank.
Its clientele over the years have expanded to include, government companies, pension funds, private companies operating in various sectors and industries within the Sultanate of Oman as the Bank is able to offer customized B2B solutions in order to cater to the requirements of clients.