February 27, 2024

Bank Nizwa And RDAC Partners For USD90Mn Sustainable Financing

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Bank Nizwa and RDAC inks a financing agreement to extend USD 90 Million in Sustainability Linked Financing to support its projects.
Bank Nizwa x Renaissance Duqm agreement signing ceremony. Image Credit-Bank Nizwa

As the pioneering provider of fully Sharia-compliant Sustainable Finance solutions in the Sultanate of Oman, Bank Nizwa – the leading and most trusted Islamic bank in Oman – endeavors that align with its strategic focus on sustainable development for the advancement of the country’s economy.

The bank has inked a financing agreement with Renaissance Duqm Accommodation Company (RDAC), a subsidiary of leading accommodation solutions, facilities management, and services solutions company, Renaissance Services SAOG, to extend USD 90 Million in Sustainability Linked Financing to support its projects.

Industry sources added that this financing agreement was signed at a ceremony, by Mr. Khalid Al Barwani, DGM & Head of Wholesale Banking Group at Bank Nizwa, and Mr. Raashid Ali, Chief Financial Officer, Renaissance Services, in the presence of key personnel from both organizations.

Renaissance Duqm Accommodation Company’s efforts in the Special Economic Zone at Duqm (SEZAD) have culminated in the establishment of the world-class Renaissance Village Duqm, a pioneering enabler of the government’s vision for Duqm as a smart city and global logistics hub driving economic diversification in the Sultanate of Oman.

Industry sources added that the integrated workforce accommodation facility offers premium living standards to workers of all segments, in full compliance with the standards of SEZAD and the International Labour Organization (ILO).

Mr. Khalid Al Barwani, DGM & Head of Wholesale Banking Group at Bank Nizwa

“At Bank Nizwa, sustainability is a core concept shaping our product and service offerings, in alignment with Oman’s Vision 2040,” commented Mr. Khalid Al Barwani, on the occasion. “As the leading and most trusted Islamic Bank in the country, we are keen to forge partnerships with corporates and entities that share our dedication to the adoption of green practices and eco-conscious endeavors to guarantee the socio-economic progress of the Sultanate. Our partnership with Renaissance signifies more than just a financial pledge; it marks a strategic alliance toward a sustainable future.”

He added, “Through this partnership, Bank Nizwa will be supporting the development of sustainable workforce accommodation projects undertaken by Renaissance Duqm Accommodation Company SAOC.”

Mr. Raashid Ali, Chief Financial Officer, of Renaissance Services

Speaking on the occasion, Mr. Raashid Ali, Chief Financial Officer, of Renaissance Services, stated, “In line with Renaissance’s commitment to sustainability and alignment with the Sultanate’s Net Zero target, we are delighted to announce our partnership with Bank Nizwa for our first-ever sustainability-linked financing facility. This innovative collaboration is a testament to continuous efforts to meet sustainability benchmarks. We believe collective efforts are essential to achieving ambitious targets that benefit future generations, and our partnership aims to encourage a strategic shift towards a more sustainable future for corporates in the Sultanate.”

Source

Also, Read: – More on Bank Nizwa

More Insights on Renaissance Team Expansion

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