Aligning with its commitment to meet the diverse financial needs of its customers, National Bank of Oman (NBO) has announced its strategic collaboration with Sohar Aluminium Co. LLC. This significant partnership entails the provision of a USD 50 million working capital facility to support Sohar Aluminium's operational requirements. An agreement signed recently, by Abdullah Al Hinai, Chief Executive Officer at National Bank of Oman, and Engr Said Mohamed Al Masoudi, CEO of Sohar Aluminium, is poised to fortify ties and attain mutually advantageous goals, contributing significantly to the overall economic development of the Sultanate.
Ghadeer Iqbal Al Lawati, Assistant General Manager – Head of Project Finance and Syndication at National Bank of Oman, said: "At National Bank of Oman, our unwavering focus remains on supporting the financial requirements of both local and multinational corporates. We are pleased to provide our support to Sohar Aluminium through this substantial working capital facility. This strategic partnership underscores our commitment to strengthening connections with pivotal industry players, fostering economic growth, and solidifying our position as the preferred financial partner in Oman. It signifies our ongoing efforts in propelling economic development through impactful collaborations."
The recent agreement underscores NBO's commitment to its corporate clients and also positions the bank as a key player in the corporate lending landscape in Oman. A working capital facility totalling USD 50 million will substantially elevate Sohar Aluminium's operational capabilities.
Ricardo Santana, Chief Financial Officer at Sohar Aluminium, said: “We are pleased to reestablish our relationship with NBO, which was our partner for several years in the early period post-inception of the plant. The realisation of this agreement underscores the trust placed in our robust operations and strong balance sheet. The Working Capital Facility signed today will support Sohar Aluminium in its cash management strategy, which is vital for the stability of our operations. Perhaps this is the start of a new chapter in our relationship with NBO."
National Bank of Oman, the first local bank in the Sultanate of Oman, has consistently played a pivotal role in the economic development of the country by providing a comprehensive range of banking and financial services to its diverse clientele. Comprehensive details on NBO's accounts, products, and exclusive offers are accessible at www.nbo.om, directly through the NBO Call Centre, or via the user-friendly NBO App.
Sohar Aluminium Co. LLC was formed in September 2004 to undertake a landmark Greenfield aluminium smelter project in the Sultanate of Oman. It is jointly owned by OQ S.A.O.C., Abu Dhabi National Energy Company PJSC (TAQA), and Rio Tinto and produces more than 390,000 tonnes of high-quality aluminium annually.
