AhliBank and Sohar Aluminium tie up for credit facilities

Oman Daily Observer reported that SAOG has signed an agreement to provide credit facilities of USD 50 million with Sohar Aluminium Co LLC. The loan is to fund the working capital requirements of the company. Mr Abdulaziz al Balushi CEO of Ahli Bank said "We are delighted to be associated with Sohar and will continue to play an active role to support and be part of initiatives taken by the Government for the economic development of the country.” Sohar Aluminium is owned jointly by Oman Oil, Abu Dhabi Electricity and Water Authority and Rio Tinto Alcan. The company has a 360,000 tonne per annum Aluminium Smelter project with 800 MW power generation facilities in Sohar. SAOG along with its strategic partner Ahli United Bank has been an active player in Oman, financing a number of key projects in the country, which are of strategic importance to the economy of the Sultanate. (Sourced from Oman Daily Observer)