MUSCAT: Oman Arab Bank (OAB) has been appointed as one of the lead arrangers for a $1.2 billion syndicated loan for OQ Gas Networks (OQGN), the exclusive operator of Oman’s gas transportation system.
As the only Omani bank among the lead arrangers, along with a few select International and Regional banks, Oman Arab Bank demonstrated its expertise, strong relationships, and unwavering commitment to its clients and proved its ability to undertake such complex and large corporate deals.
Sulaiman Al Harthi, CEO of Oman Arab Bank said, “We are honoured to have been appointed as a strategic financial partner for OQGN, as they pursue their ambitions and robust growth strategy. Combining their vision with our financial expertise, we aim to facilitate their journey towards becoming a crucial infrastructure player in the country. We will continue to leverage our extensive resources, industry knowledge, and financial solutions to provide the necessary support to OQGN.”
He added, “The oversubscription of the syndicated loan facility underscores our strong reputation and expertise in structuring such financing arrangements. The syndicated loan not only reflects the confidence of the financial community in OQGN’s potential but also serves as a testament to OAB’s capabilities in providing tailored financing solutions and leading large-scale transactions.”
Sulaiman Al Hinai, Head of Wholesale Banking at Oman Arab Bank added: “Oman Arab Bank continues to be the partner of choice for numerous key socio-economic projects, enabling the growth and progress of the nation in developmental, economic and urban fields, all the while contributing to the evolving financial system.”
To date, Oman Arab Bank, as a group, along with its strategic partner Arab Bank PLC and its Sharia-compliant 100% subsidiary Alizz Islamic Bank, has spearheaded the financing of several notable mega-scale projects, helping Oman attract more FDI into the country. Through meticulous planning, strategic partnerships, and a dedicated team who have the expertise, knowledge and skill sets, the bank has consistently set new benchmarks in the industry.
Source: OAB
Date: 17 July 2023
