(MENAFN- Muscat Daily) Muscat- Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, signed an agreement to provide over RO30mn Islamic project finance to set up Osool Poultry project in Al Ghaftain in the wilayat of Haima in Al Wusta region.
Osool Poultry project will be set up with a capacity of 150mn hatching eggs per annum.
Sulaiman al Harthy, deputy chief executive officer of Meethaq Islamic Banking, and Dr Nasser bin Zahir al Maawali, chairman of Osool Poultry, signed the agreement at the bank's head office in the presence of dignitaries, senior officials of the bank and the company, a press release said.
The project promoters include renowned poultry names, including A'saffa Foods, A'Namaa Poultry, Sohar Poultry, Delmon Poultry as well as multilateral organisations Gulf Investment Corporation (GIC) and the Arab Authority for Agricultural Investment and Development (AAAID). GIC is equally co-owned by the governments of the six member states of the GCC. In view of the strategic importance of Osool Poultry project contributing to food security in the country, it was taken up as part of the government's Tanfeedh initiatives (National Programme for Enhancing Economic Diversification).
Harthy said: 'Meethaq is delighted to partner with Osool Poultry project contributing to food security in the region and economic diversification in the sultanate. The support for the project comes in line with Meethaq vision to bring the benefits of Islamic banking to all strata of society. Meethaq has been closely involved with important projects contributing to economic diversification and development of the country.'
Dr Maawali said: 'Osool Poultry is proud to join hands with Meethaq to establish the project aimed at making a significant contribution to food security in Oman and the region. The project will lay a solid foundation for localised poultry production with the involvement of experienced players. The project will contribute to Oman's GDP by reducing imports and creating employment in the farm sector in Oman.'
The project is the first-of-its-kind and will ensure smooth supply of hatching eggs to poultry farms in the sultanate as well as other GCC countries. The project envisages vertical integration as 80 per cent of production will be utilised by shareholders, including A'Saffa, Sohar Poultry and Delmon Poultry of Bahrain.
The total cost of the Poultry project is estimated at RO61.5mn.
MENAFN2604201701410000ID1095423693
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.