BankDhofar closes multimillion-dollar deal for new finance hub

BankDhofar announced Wednesday that it has closed a $250 million loan deal with a host of major investors to open a financial center in Oman.

Bank ABC, BNP Paribas, Commerzbank AG, Credit Agricole Corporate and Investment Bank, HSBC Bank Middle East Limited and National Bank of Abu Dhabi PJSC were the lead arrangers for the loan, which has a three-year term.

The loan capitalizes a new lending institution in the region that investors hope will spur major projects and major returns.

"The facility will be used to finance large-scale projects of national importance," BankDhofar Chief Wholesale Banking Officer Kamal Hassan Murazza said. "The facility demonstrates the confidence global markets have in the financial strength of BankDhofar and the stability of the Omani banking sector."

The joint investment underscores a growing faith in the potential of the region's economy and its potential for growth, as airlines, tourism and other industries all post record sales numbers.

"This facility is an outstanding success by several measures: the size, the pricing and the diverse lender group that comprised of leading banks," Bashir Al Subhi, BankDhofar's assistant general manager of treasury, said. "The trust bestowed on us by prominent international and regional banks underpins our position as a leading bank in Oman."

BankDhofar is an Omani bank that was incorporated in 1990. The bank currently maintains 68 branches across Oman, with 145 ATMs and total assets worth $8.3 billion.