Meethaq of Bank Muscat Signs Financing Agreement with SAFE Alloys LLC

Muscat — Meethaq Islamic Bank at Bank Muscat,

signed a financial agreement with SAFE Alloys LLC, a Sohar Free Zone

Company, which intends to set up a Low Carbon Ferro Chrome

production plant at the Sohar Free Zone.

The agreement was signed by Sulaiman al-Harthy, Deputy Chief

Executive Officer � Islamic Banking at Bank Muscat, and Mohammad

Bilal Abudayyeh, Managing Director of SAFE Alloys LLC, in the

presence of a number of officials.

The agreement comes within the strategy of Meethaq Islamic Bank

to provide banking and financial services complying with Islamic Sharia

principles to individuals and institutions in various fields and sectors.

The investment cost of the project is approximately USD 14 million

and it will be set up on 56 thousand square meters. This plant will be

the first of its kind in the Middle East and will create around 100

employment opportunities in its first phase.

The second phase, which is expected to begin during the next five

years, will witness an investment of around 18 Million USD and provide

150 jobs bringing the total of employment opportunities to 250 jobs.

The project has the capacity to produce 16,500 tonnes of Low Carbon

Ferro Chrome per annum and will be exported to Europe, the United

States, Korea, Japan and India. Low Carbon Ferro Chrome is produced

from Chrome Ore and Lime and Silicon Metal and is used in many

Stainless steel industries and special steels, Aerospace, Oil and Gas

and Automotive industries.

Demand for Low Carbon Ferro Chrome is growing due to the global

demand in Stainless steel, Aerospace and Automotive industries

reaching 1 Million tonnes per annum.

Sulaiman al-Harthy, Deputy Chief Executive Officer � Islamic

Banking at Bank Muscat, commented, We are delighted to sign an

agreement with SAFE Alloys. The project is one of the most important

and first of its kind in the Sultanate aiming at attracting foreign

investments to the Sultanate, as well as enhancing the position and

location of the Sohar Free Zone as an economic and investment

destination in the region.

Mohammad Bilal Abudayyeh, Managing Director of SAFE Alloys,

said We are proud to sign the financing agreement with Meethaq

Islamic Bank and look forward to benefiting from this cooperation in the

coming period. The agreement came to strengthen our collaboration

with local partners and maximize the value of the national economy.

Source: Oman News Agency

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