Nizwa inks sustainability-linked finance deal with Omani group
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Bank Nizwa, a leading Islamic bank in Oman, said it has signed a financing agreement with Renaissance Duqm Accommodation Company (RDAC), a subsidiary of leading accommodation solutions, facilities management and services solutions company, Renaissance Services, to extend $90 million in sustainability linked financing to support its projects.
RDAC’s efforts at 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.
The integrated workforce accommodation facility provides premium living standards to workers of all segments, in full compliance with the standards of Sezad and the International Labour Organization (ILO).
"At Bank Nizwa, sustainability is a core concept shaping our product and service offerings, in alignment with Oman’s Vision 2040," remarked Khalid Al Barwani, the DGM & Head of Wholesale Banking Group at Bank Nizwa, after signing the deal with Raashid Ali, Chief Financial Officer, Renaissance Services, in the presence of senior officials from both organizations.
"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 endeavours 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," noted Al Barwani.
"Through this partnership, Bank Nizwa will be supporting the development of sustainable workforce accommodation projects undertaken by Renaissance Duqm Accommodation Company SAOC," he added.
On the Nizwa partnership, Ali said it was in line with Renaissance's commitment to sustainability and alignment with the sultanate's Net Zero target.
"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," he noted.
Under its wholesale banking arm, this partnership exemplifies the bank’s commitment to supporting key national projects that aid in the socio-economic development of the country, and to fostering the development of a green and circular economy, he added.-TradeArabia News Service
