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Bank Nizwa, the sultanate’s leading Islamic bank, celebrated and commemorated the official opening of the Khazaen Dry Port on Wednesday, which is one of the pillars of the National Logistics Strategy 2040. Bank Nizwa recently extended financing to assist in the construction of the dry port.
According to a press release, Khalid al Kayed, CEO of Bank Nizwa, and Ahmed Mohammed al Abri, chairman of Khazaen Dry Port, signed an agreement in this regard.
The signing ceremony was attended by senior members of Bank Nizwa, including Narasimhan, the general manager of Wholesale Banking. Issam al Lawati, GM of Khazaen Dry Port, attended the ceremony in person from Khazaen Dry Port.
Commenting on the financing of this national initiative, Kayed said, “Offering exceptional connectivity, the Khazaen Dry Port is set to serve as a trans-shipment point and will be a logistics hub that will link the sultanate to a number of countries. At Bank Nizwa, we view this as an opportunity to contribute to the socio-economic and infrastructural development goals of the country as the establishment of this dry port will have numerous positive implications on the economy.”
“By supporting large-scale projects that offer tangible added value to the national economy, Bank Nizwa seeks to highlight the growing preference of Shari’a-compliant financing while also establishing its distinct footprint in the country’s journey of progression,” he added.
The main goal of Khazaen Dry Port would be to serve the Sohar Port while concentrating on trade in Muscat and nearby areas like Nizwa, Sur, and Ibra. Empty container movement will be significantly reduced following its development, resulting in lower transportation costs for consignees and empty container storage costs for shipping lines.
“With most of the sultanate’s trading activities being routed through Muscat and the adjoining areas, the establishment of the Khazaen Dry Port will be instrumental in facilitating trade activities and developing an integrated logistic system that will enhance performance, drive economic growth, and position Oman as a global logistics hub,” said Abri.
“We appreciate Bank Nizwa’s efforts in playing an integral role in the development of Oman’s critical infrastructure,” he added.
Bank Nizwa is in strong alignment with the country’s diversification plans and has taken several initiatives to contribute to the development of various sectors in Oman.
