SEZAD Signs MoU with Bank Muscat for Financing Projects in Duqm

November 23, 2014

The Special Economic Zone Authority at Duqm (SEZAD) and Bank Muscat, the flagship financial services provider in the Sultanate, signed today (24 November 2014) a Memorandum of Understanding (MoU) to facilitate finance required for companies and enterprises to set up ventures at SEZAD. H.E. Yahya bin Said bin Abdullah Al Jabri, Chairman of the Board of Directors of The Special Economic Zone Authority at Duqm (SEZAD), and AbdulRazak Ali Issa, Chief Executive of Bank Muscat, signed the MoU at SEZAD office at Knowledge Oasis Muscat (KOM).

The MoU stipulates Bank Muscat and its Islamic banking window Meethaq to facilitate access of required funding for companies and enterprises that wish to set up their ventures at SEZAD. The MoU is part of the efforts of SEZAD to encourage the private sector to invest in the Special Economic Zone at Duqm, facilitating finance for investors, including the SME sector.

H.E. Yahya bin Said bin Abdullah Al Jabri expressed delight to sign the MoU with Bank Muscat, saying that SEZAD had signed four similar MoUs with local banks. H.E. Al Jabri commended the commitment of local banks to finance projects being set up at SEZAD and added that these efforts will contribute to realizing the Sultanate’s vision to develop Al Wusta governorate and make it one of the pillars of economic diversification. He expressed hope that these MoUs would encourage investors to establish projects in Duqm.

H.E. Al Jabri reiterated that SEZAD is encouraging investment in SEZAD by local and foreign investors through a number of mechanisms, privileges and facilities stipulated in the Royal Decree (79/2013) on SEZAD.

AbdulRazak Ali Issa expressed happiness over signing the MoU with SEZAD: "Bank Muscat is pleased to cooperate with SEZAD to finance projects being set up at SEZAD, and we welcome and invite private sector companies to avail the facilities offered by the bank to investors, including SMEs. Bank Muscat is committed to the development of the Sultanate and we will continue to facilitate support for various projects. We encourage investors to benefit from the favourable investment opportunities at SEZAD.”

Bank Muscat as per the MoU will provide various services to investors, including term loans, mortgages, financial and investment consultations of all types, electronic banking, corporate credit facilities and other services. The MoU also includes banking for SMEs and Shari’a based Islamic finance.