Raysut Duqm Cement Factory financing announced

To support initiatives to scale up the industrial sector in Oman, ahlibank has announced the financing of OMR8.1m (US$21.1m) for Duqm Cement Factory's new cement grinding plant in Duqm Industrial Estate. 

A signing ceremony with Duqm Cement Factory, a wholly-owned subsidiary of Raysut Cement, took place on 10 December, the Times of Oman reported.

Signing the agreement on behalf of ahlibank was Hanaa Al Kharusi, General Manager – Corporate Banking while Raysut Cement Company was represented by its Group CEO Joey Ghose. Raysut Cement Company Chairman Ahmed bin Yousuf Al Ibrahim and Acting Deputy Group CEO Salim bin Ahmed Al-Ibrahim were also present. 

Commenting on the financing of Duqm Cement Factory's new cement grinding plant, Hanaa Al Kharusi, GM – Corporate Banking, said, "ahlibank is pleased to finance Duqm Cement Factory's new cement grinding plant in Duqm Industrial Estate. The partnership with Duqm Cement Factory will go a long way in enhancing the industrial sector’s growth in Oman as the factory will be a feeder to infrastructure projects in the area from industrial, logistics, real estate and tourism and will help in generating more employment opportunities."