Arab Bank Group to finance Muscat International Airport project
Arab Bank Group has provided credit facilities totaling $ 410 Million to three contractors to facilitate the execution for the Development of Phase Three of Muscat International Airport in the Sultanate of Oman.
Oman Arab Bank, Europe Arab Bank and Arab Bank plc in Bahrain have collectively provided the facilities which have been awarded to a consortium of three international contracting companies working on the project. The credit facilities provided include advance payment guarantees, performance guarantees, letters of credit as well as overdraft facilities.
It is worth mentioning that the Muscat International Airport is one of the largest infrastructure projects in the Sultanate of Oman with the total cost of the project approximately $ 1.8 billion. The airport will have a capacity of 20 million passengers and the project will be implemented during a period of 38 months.
- Is Islamic finance the sustainable banking model the banking world has been looking for?
- Less is more? In ironic twist, UAE's low income earners found to be saving more
- Egypt has a secret 'Swiss' bank, except everyone knows about it
- Why is Jordan's inflation so high? These reasons may surprise you....
- The Middle East's lack of savings: a ticking time bomb?