The contract is a testament to Bank Muscat’s vision to serve the customers better, every day
In line with its commitment to offering world-class banking services and facilities, Bank Muscat, the significant provider of financial services in the Sultanate, and Galfar Engineering & Contracting which is one of Oman’s foremost, multi-disciplined engineering, contracting and construction firms have signed an agreement for a RO 39 million financing facility. Through this agreement, the bank would offer Galfar with additional project-specific credit facilities of approximately RO 39 million.
Galfar is one of Bank Muscat’s biggest and oldest corporate customers with a connection spanning decades. The momentous agreement was signed by Ahmed Faqir Al Bulushi, Chief Banking Officer, Bank Muscat and Dr. Hamoud Al Tobi, Chief Executive Officer at Galfar Engineering & Contracting SAOG, in the presence of Ilham Murtadha Al Hamid, General Manager – Corporate Banking at Bank Muscat and leading officers from both organizations.
Ahmed Faqir Al Bulushi, Chief Banking Officer, Bank Muscat, said that Bank Muscat is pleased to reinforce the cooperation between the bank and Galfar. The bank thanked the Executive Management of Galfar for their robust trust in Bank Muscat, which has headed to the successful closure of this extremely personalized business. The contract is a testament to Bank Muscat’s vision to serve the customers better, every day and their commitment to being a pillar that supports the country’s requirements through both government and private sectors by financing projects of national significance.
Al Bulushi further described how Bank Muscat has been performing a key role for the past four decades in offering banking and financing solutions to government and private sector institutions. The bank will continue offering strong assistance to organizations and businesses of all sizes operating in the Sultanate of Oman to create various sectors. Al Bulushi added that the bank has the expertise to realize the financing requirements of businesses and structure financial solutions that meet their specific requirements.
Dr. Hamoud Al Tobi, CEO, of Galfar, said that the team is delighted to further extend strengthen their partnership with Bank Muscat by completing this personalized agreement to accelerate the execution of three major projects, which are part of the infrastructure development of their cherished nation. This will also support their further growth and enable Galfar to perform an integral part in the sustainable development of Oman in the coming years. Al Tobi further stated that this agreement indicates the strong support of Bank Muscat and the banking sector in harnessing their capabilities to engage in an exceptionally effective part in supporting corporates and facilitating economic growth and development.
Bank Muscat’s banking products and services
Bank Muscat offers a comprehensive variety of banking products and services for corporates involving corporate loans and capital financing for project expansion, loans for project financing through bilateral as well as syndicated services. It is also a leading trade-finance services provider in the region and blends traditional financial solutions with bespoke packages for operations, ensuring timely payments, minimizing exchange-rate risks, and managing liquidity.
Over the preceding 40 years, the bank is honoured to have added considerably to the occurrence and creation of several institutions that are well-known at present and leading institutions in the private sector. It is of immense importance that during the past decades, Bank Muscat has signed agreements with several corporates and institutions across different sectors like trading, energy, water, contracting, telecommunications, oil and gas, real estate, transport, and international trade. The projects, which were financed by the bank are currently achieving significant triumphs and furthering the sustainable development of the country.
The bank has consistently exhibited its leadership in Oman, earning several international and local awards and accolades in the course of action. Newly, Bank Muscat was ranked by Forbes Middle East as one of the Top 100 Listed Companies and one of the Top 30 Banks in the Middle East. The bank had also won the Best Trade Finance Bank in Oman award from Global Finance.