real estate

Pact signed for financing of Duqm cement grinding plant

December 15, 2020

Supporting initiatives to scale up the robust industrial sector in the Sultanate, ahlibank has announced the financing of RO 8.1 million for Duqm Cement Factory LLC’s new cement grinding plant in Duqm Special Economic Zone (SEZ).
A signing ceremony with Duqm Cement Factory LLC, a wholly owned subsidiary of Raysut Cement SAOG, Oman’s largest cement manufacturer, took place last week. Signing the agreement on behalf of ahlibank was Hanaa al Kharousi, General Manager – Corporate Banking, while Raysut Cement Company was represented by its Group CEO Joey Ghose.
Raysut Cement Company Chairman Ahmed bin Yousuf al Ibrahim and Acting Deputy Group CEO Salim bin Ahmed al Ibrahim were also present.
“ahlibank is pleased to finance Duqm Cement Factory LLC’s new cement grinding plant in Duqm Industrial Estate. The partnership with Duqm Cement Factory will go a long way in enhancing the industrial sector’s growth in Oman as the factory will be a feeder to infrastructure projects in the area from industrial, logistics, real estate and tourism and will help in generating more employment opportunities,” said Hanaa al Kharousi.
Joey Ghose, Group CEO of Raysut Cement, said, “We would like to extend our sincere gratitude and appreciation to ahlibank for financing the construction of Duqm Cement Factory’s new grinding plant in Duqm SEZ. Through strategic partnerships with the public and private sectors, the Bank has ensured the all-round development of Oman’s diverse sectors.”
“The new cement plant will spur economic activities in and around the Duqm SEZ and thereby bring more and more businesses to the region,” he added.
Raysut Cement held a groundbreaking ceremony triggering the start of the construction of the plant on November 10.
The company will be producing three varieties of cement: Ordinary Portland Cement (OPC), Portland Limestone Cement (PLC), and Granulated Glass Blast Furnace Slag (GGBFS).

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