Bank Nizwa Signs OMR 20 Million Shariah-Compliant Financing Deal to Fund Omani Sanitation Project

Oman-based Bank Nizwa has announced that it has signed a Shariah-compliant financing agreement worth OMR 20 million (USD 51 million) with Oman National Engineering and Investment Company (ONEIC) to establish a sanitation network in the Salalah region, according to media reports.

The Sahalnoot sanitation network project, which is valued at OMR 45 million, involves construction, operation and delivery of the sewerage network project in Sahalnoot in Salalah, and is reported to be a key project that will support overall development in the Dhofar region. The project also includes upgrading and extending over 70 km of sewerage pipes covering key populated areas, and has an implementation period of 30 months, followed by 15 ye...