OAB Contributes to Financing the Hafeet Railway Project.

Oman Arab Bank (OAB) has participated in the syndicated term loan facility along with Omani and Emirati banks to secure a syndicated loan of OMR 577 million for Hafeet Rail Company. This loan will fund the construction of the first railway line linking the Sultanate of Oman and the United Arab Emirates.

This railway project is one of the most strategic initiatives currently underway, aimed at significantly boosting economic growth and enhancing commercial and logistical activities between the two countries. Through its involvement in this financing, OAB reaffirms its commitment to supporting major development projects across Oman, offering innovative banking services and solutions that contribute to the growth of various sectors and align with the economic diversification goals outlined in Oman Vision 2040.

Sulaiman Al Hinai, Chief Wholesale Banking Officer of OAB, stated: “We are proud to have contributed to the successful arrangement of the OMR 577 million syndicated loan for Hafeet Rail. This loan supports one of the largest and most vital strategic projects in Oman, with total investments exceeding OMR 961 million. The trust placed in this project by local, regional, and international banks is a testament to the strength of Oman’s economy.”

Al Hinai emphasized that the railway line is the first of its kind between Oman and the UAE, reflecting the ambitious strategic visions of both nations to enhance trade and economic integration within the region and achieve sustainable growth. The project will also play a key role in strengthening social cohesion and fostering closer relations between the two countries.

He added: “At OAB, we are proud to be involved in this consortium, which underscores our position as a leading financial institution with a strong financial foundation, excellent credit rating, and vast experience in financing major strategic projects in various sectors across Oman.

Over the past decades, OAB’s banking and commercial financing portfolio has encompassed numerous flagship projects in sectors such as energy, infrastructure, real estate, tourism, healthcare, and more. Recently, the bank has expanded its portfolio to include new strategic projects in the oil and sustainable cities sectors, further supporting the nation’s growth and sustainable development objectives in line with Oman Vision 2040.”