The Special Economic Zone Authority at Duqm (SEZAD) signed a Memorandum of Understanding (MOU) with Bank of Beirut in Oman to provide banking options and facilities to the investors willing to invest in Duqm Special Economic Zone.
On behalf of the authority, Dr. Ismail Bin Ahmed Al-Balushi, Deputy CEO of Duqm Special Economic Zone Authority signed the Memorandum of Understating while on behalf of Bank of Beirut, it was signed by Mr. Elie Nakouzi; the CEO of Bank.
The Signing of the Memorandum of Understanding is part of the ongoing efforts exerted by Duqm Special Economic Zone Authority to help investors obtain the funding required to implement their projects in Duqm Special Economic Zone Authority. SEZAD has previously signed several memorandums of understanding with the commercial banks and their Islamic windows.
Through the signing of the memorandums of understanding with the local banks, SEZAD endeavors to attract investors to invest in Duqm Special Economic Zone.
By virtue of this memorandum of understanding, the Bank of Beirut will provide many services to the investors such as the cooperate banking facilities, finance options of all kinds, advances, term loans, advances against credit instruments, advances against receivables, real estate loans, financial and investment consultancy services of all kinds, electronic banking services, provide special options for the management of the government accounts, opening financial credits in various countries of the world via the network of the corresponding banks, treasury and cash management services, insurance services via companies affiliated to the group of Bank of Beirut and the commercial credit guarantee.
Moreover, the bank will provide special options to the small and medium enterprises SMEs.
The memorandum of understanding which shall remain valid for three years stipulates upon the commitment of the Bank of Beirut to exert reasonable efforts to provide the banking services on d on favorable and preferential terms, at its sole discretion, to the investors referred thereto via SEZAD.
By the signing of this memorandum of understanding, the Bank of Beirut is looking forward to providing distinguished services to the investors in Duqm Special Economic Zone and encouraging investment in SEZAD.