MUSCAT, 18 October 2011 – BankMuscat, the leading financial services provider in the Sultanate, signed an agreement with Oman Cement Company (OCC) for term loans totaling RO 26 million. AbdulRazak Ali Issa, Chief Executive, signed the agreement on behalf of BankMuscat and Jamal Shamis Al Hooti, Chief Executive Officer, signed on behalf of OCC in the presence of Dr. Abdullah Abbas Ahmed, Chairman of OCC. The RO 26 million loan will be utilised for refinancing and modernisation of OCC plants.
Commenting on the loan agreement, Jamal Al Hooti said: “OCC is pleased to sign the loan facility with BankMuscat, a renowned Omani bank. Our business relationship has grown over the years and we look forward to further mutually beneficial deals.”
AbdulRazak said: “This is a significant milestone in the long-standing relationship between Oman Cement Company and BankMuscat. BankMuscat is focused on playing a prominent role in projects that are of national importance and this association will further strengthen this approach.”
In line with the government strategy for economic diversification, BankMuscat is at the forefront in financing the Sultanate's infrastructure and industrial projects. The Bank has been closely involved in the country’s major industrial projects.
BankMuscat has been providing world class banking expertise to corporate houses in Oman for over a quarter century. With the best and most knowledgeable team in the country, BankMuscat is ideally placed to provide financial assistance to businesses, both in commerce and industry. The team works with the customer in understanding their often-complex business needs and suggests comprehensive and integrated solutions that meet their requirements.