Bank Sohar arranged a deal of $50 million with Mawarid Mining LLC further adding value to Oman's economy and attempting to encourage the mining industry within the Sultanate. This facility agreement was signed with the company recently. The facilities will cover financing of exploration, mine development and long term capital expenditure requirements of the company. Bank Sohar has had a long standing association with MB Group of Companies of which Mawarid Mining is a subsidiary. Mawarid Mining (previously known as National Mining Co LLC) was set up in 1997 and commenced commercial operations in June 2007. The company is engaged exploration, processing and production of copper in Oman. It has also commenced exploration activities in Kazakhstan and Tanzania and has made strategic mining investments in Saudi Arabia and Australia. MB Group a multinational corporation with operations and subsidiaries spread across the globe is one of the foremost and leading corporates in Oman with diversified business interests. Visionary leadership and guidance of the founder and the Chairman, Dr Mohammed al Barwani has been the strength behind the success of the group. Top officials of Bank Sohar led by Dr Mohammed Abdulaziz Kalmoor, CEO along with R Narasimhan, Head-Wholesale Banking, Mervyn Fernando, Senior AGM - Head of Corporate Banking and other senior officials represented the Bank at the signing ceremony. Dr Mohammed Abdulaziz Kalmoor, CEO commented " Bank Sohar has emerged as one of the leading banking institutions in the Omani Market setting benchmarks in the banking sector. The Bank has done extremely well during the past five years of its operations in the Sultanate, marking its footprint within the economy. Bank Sohar has been built upon strong fundamentals and it is aware of the challenges the sector is going to face in future and we are ready for them", he said. Commenting on the signing ceremony, Chairman of MB Holding, Dr Mohammed al Barwani said: ''We are glad to sign this agreement with Bank Sohar . The relationship with Bank Sohar has been strengthened further since its inception in 2007. They brought in financial solutions to new challenges faced by the local corporates, innovation in products backed by superior technology and served by a skilled team, which changed the thinking of local industry and has been a contributor to the growth of Oman`s economy and its people." Oman Daily Observer
