Oman’s Bank Nizwa has signed a $90 million sustainability-linked financing deal with Renaissance Duqm Accommodation Company (RDAC).
RDAC’s efforts in 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 of Oman.
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.
“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 Oman,” said Khalid Al Barwani, DGM & Head of Wholesale Banking Group at Bank Nizwa
“Through this partnership, Bank Nizwa will be supporting the development of sustainable workforce accommodation projects undertaken by Renaissance Duqm Accommodation Company.”
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.
“This innovative collaboration is a testament to continuous efforts to meet sustainability benchmarks,” said Raashid Ali, Chief Financial Officer, of Renaissance Services.
“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.”
