Omani cement manufacturer Raysut Cement Company has reportedly signed a $51m (OMR19.5m) deal with Bank Nizwa to fund its operations and expansion plans across the sultanate.
According to Thomson Reuters, the agreement entails the long-term financing of its facilities in Salalah, as well as the expansion of another site in Sohar.
Commenting on the deal, Raysut Cement Company's vice chairman, Sheikh Abdul Hafidh Salim Al Barami, said the sharia'a-compliant banking facilities would provide further growth and help solidify the firm's position as one of the largest cement manufacturers in Oman.
He added: “Islamic finance is becoming a competitive solution in the marketplace and very appealing given the fact that it substantially raises the share of equity and profit-loss sharing.”
