Bank Nizwa financed Khazaen Dry Port commences operations

MUSCAT: As the Sultanate’s leading Islamic bank, Bank Nizwa is in strong alignment with the country’s diversification plans and has taken several initiatives to contribute to the development of various sectors. The bank celebrated and marked the official opening of the Khazaen Dry Port, which falls under the pillars of the National Logistics Strategy 2040.

Bank Nizwa had recently extended financing facilities to help build the dry port.

The agreement was signed by Khalid Al Kayed, CEO of Bank Nizwa and Dr Ahmed Mohammed Al Abri, Chairman of Khazaen Dry Port. The signing ceremony was held in presence of senior members of Bank Nizwa including General Manager- Wholesale Banking Narasimhan. From Khazaen Dry Port, the ceremony was attended in person by Issam Al Lawati, GM of Khazaen Dry Port.

Commenting on the financing of this national initiative, Khaled Al Kayed said, “Offering exceptional connectivity, the Khazaen Dry Port is set to serve as a transshipment point and will be a logistics hub that will link the Sultanate to a number of countries. At Bank Nizwa, we view this as an opportunity to contribute to the socioeconomic and infrastructural development goals of the country as the establishment of this dry port will have numerous positive implications on the economy. By supporting large-scale projects that offer tangible added value to the national economy, Bank Nizwa seeks to highlight the growing preference of Sharia-compliant financing while also establishing its distinct footprint in the country’s journey of progression.”

The primary objective of Khazaen Dry Port would be to serve the Sohar Port while focusing on the trade activities in Muscat and nearby areas such as Nizwa, Sur and Ibra.