Following the success of the first phase of one of the most ambitious projects in the Sultanate of Oman, ahli Islamic recently signed a financing agreement to finance the second phase of Khazaen Economic City (KEC). The project is set to boost the country’s socio-economy, driving forward the goals outlined in Oman Vision 2040.
Situated in Barka, the heart of the Sultanate’s most populous district, Khazaen is a city brimming with commercial activity. It is growing at an exceptional rate, standing as Oman’s premier economic development zone. As an innovative player taking a transformative leap, ahli Islamic showcased its expertise in financing a project of such scale, ushering in a new age of sustainable development and economic prosperity.
Upon signing the agreement, Zainab Al Lawati, AGM – Head of Corporate Banking at ahli Islamic, said, “At Ahli Islamic, our pride is demonstrated in our innovation, as we drive the progress of the community and the Omani people. Through such projects, we aim to foster growth and prosperity. By providing substantial financial support, we will leave an indelible mark and a lasting impact, now, and for future generations to come. Khazaen is one of the many projects that we anticipate will cause a transformative shift in how people perceive modern cities. ahli Islamic is grateful to have played a pivotal role in such a grand endeavor, and we look forward to seeing Khazaen upon its full completion.”
In light of this strategic partnership, Eng. Salim Al-Thuhli – CEO of Khazaen Economic City, expressed, “At Khazaen, our goal is to bolster the gross domestic product through economic diversification, attracting valuable local and foreign investments, fostering commercial opportunities for small and medium enterprises, optimizing spending on goods and services, and generating job opportunities for our national workforce.” This collaboration with ahli islamic in various promising sectors underscores the significance of the banking industry in advancing development and economic growth in the country, as well as enhancing the business eco-system to streamline the investors’ journey.
Khazaen Economic City is a hub that seamlessly integrates logistical and industrial facilities, complemented by top-notch infrastructure, positioning it as a prime location for investment. The city offers a plethora of investment opportunities across key sectors such as logistics, food, industrial, pharmaceutical, clean energy, technology, and business. These sectors play a crucial role in driving economic and social development.
Notably, Khazaen Economic City has successfully attracted total investments amounting to approximately one billion US dollars, including significant foreign direct investments exceeding 583 million US dollars by the end of 2023. The partnership of ahli islamic in financing Khazaen Economic City underscores its dedication to supporting initiatives that propel the national economy forward, thereby bolstering the private sector’s contribution to the country’s development trajectory.
By empowering SMEs and local investors, ahli Islamic facilitates the process of providing job opportunities and the development of local talents. These efforts enhance sustainability and maximize the Sultanate’s In-Country-Value. ahli Islamic demonstrates its commitment to shaping a prosperous future for the people in the various communities it serves. As a key enabler of socio-economic progress, ahli Islamic drives forward innovation through large-scale project financing.