An agreement for a RO39 million financing facility has been inked by Bank Muscat and Galfar Engineering and Contracting Company.
Through this agreement, Bank Muscat will provide Galfar with additional project-specific credit facilities of nearly RO39mn, the bank said in a press statement.
The landmark agreement was signed by Ahmed Faqir al Bulushi, chief banking officer of Bank Muscat and Dr. Hamoud al Tobi, CEO of Galfar, in the presence of Ilham Murtadha al Hamaid, general manager – of corporate banking at Bank Muscat and senior officials from both institutions.
Bank Muscat noted that Galfar is one of its largest and oldest corporate customers with a relationship spanning decades.
Bulushi said, “Bank Muscat is delighted to strengthen the cooperation between the bank and Galfar. We thank the executive management of Galfar for their strong confidence in Bank Muscat, which has led to the successful closure of this highly-customized transaction. The transaction is a testament to Bank Muscat’s vision ‘To serve you better, every day’ and our commitment to be a pillar that supports the country’s needs across both government and private sectors by financing projects of national importance.”
Bulushi further explained how Bank Muscat has been playing a major role for the past four decades in providing banking and financing solutions to government and private sector institutions. He said the bank will continue providing strong support to organisations and businesses of all sizes operating in Oman to develop different sectors.
He added that Bank Muscat has the expertise to understand the financing needs of companies and structure financial solutions that meet their individual requirements.
Galfar’s Tobi said, “We are pleased to further strengthen our partnership with Bank Muscat by concluding this bespoke agreement to facilitate execution of three major projects, which are part of the infrastructure development of our beloved nation. This will also support our further growth and enable Galfar to play an integral role in the sustainable development of Oman in the coming years.”
He went on to say that this arrangement demonstrates Bank Muscat’s and the banking industry’s commitment to using their resources to actively support businesses, promote economic development, and boost the economy.
