Muscat – Oman and Etihad Rail Firm, generally known as Hafeet Rail, on Wednesday signed financial institution financing agreements value $1.5bn (roughly RO577mn) with Omani and Emirati banks, in addition to worldwide banks.
The agreements have been signed in Abu Dhabi beneath the patronage of H H Sheikh Theyab bin Mohammed bin Zayed al Nahyan, Chairman of the Board of Administrators of Etihad Rail. The signing ceremony befell on the primary day of the inaugural version of the International Rail, Transport and Infrastructure Exhibition and Convention 2024 in Abu Dhabi, hosted by Etihad Rail, based on an Oman Information Company report.
Normal Chartered Financial institution, because the lead monetary advisor, performed a pivotal position in securing the financial institution financing required to develop the mission. First Abu Dhabi Financial institution additionally acted as a co-financial advisor. The financial institution mortgage to finance the mission was obtained from a bunch of Emirati, Omani, regional, and worldwide banks by means of typical and Islamic tranches in each Omani riyals and Emirati dirhams.
A bunch of banks from Oman that participated within the profitable financial institution financing contains Ahli Financial institution, Financial institution Dhofar, Financial institution Muscat, Nationwide Financial institution of Oman, Oman Arab Financial institution, Ahli Islamic, Meethaq Islamic Banking, Financial institution Nizwa, and Alizz Financial institution Islamic. From the UAE, Abu Dhabi Business Financial institution, Arab Financial institution, Dubai Business Financial institution, First Abu Dhabi Financial institution, Nationwide Financial institution of Kuwait, Normal Chartered, Abu Dhabi Islamic Financial institution, and Ajman Financial institution additionally participated.
Oman’s Asyad Group and the UAE’s Etihad Rail maintain the most important shareholding within the three way partnership firm Hafeet Rail.
Eng Abdulrahman al Hatmi, CEO of Asyad Group, stated, “The nice curiosity proven by main banks in each nations to finance the mission displays agency confidence on this strategic funding. The success of Hafeet Rail in securing this financial institution financing not solely enhances the transport and logistics sector but additionally contributes to stimulating financial progress and enhancing commerce exercise between the 2 nations.”
Shadi Malak, CEO of Etihad Rail, identified that the success of Hafeet Rail in acquiring financial institution financing is robust proof of the broad confidence that this strategic mission has loved. “It additionally enhances the area’s potential to draw investments and confirms its place as a significant industrial heart and a hub for accessing international markets,” he added.
