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Al Namaa Poultry Signs Financing Deal with Meethaq

22 June 2017

OMAN - Al Namaa Poultry Co. and Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, signed agreements on June 20, to successfully conclude long-term financing facilities of OMR50 million to finance the one of the biggest "poultry projects" of the Sultanate, with a poultry meat production capacity of 60,000 metric tons (MT) per annum, near Ibri, in the Al Sawmahan water catchment area.

Times of Oman reports that the project will comprise 240 poultry houses in addition to a hatchery, feed mill, processing plant, water treatment plant, other utilities and administration block.

Saleh Mohammed Al Shanfari, chairman, Al Namaa Poultry, and Sulaiman Al Harthy, deputy chief executive officer, Meethaq Islamic Banking, signed the financing agreement at a ceremony.

Mr Al Shanfari said: "The company is pleased to sign the financing facility with Meethaq Islamic Banking and we look forward to mutually beneficial deals in the future. Successful closure of this business deal clearly indicates availability of Sharia-compliant financing facilities in Oman reducing the need to depend on external financing for major projects, which will contribute significantly to the growth of the company and implementation of its business plans."

He further said that during the year 2016, significant developments took place and the Oman government has taken a strong initiative on food security of the country under the Tanfeedh initiatives (National Programme for Enhancing Economic Diversification).

A new project - Al Namaa Poultry Company SAOC - came into being (to set up a fully-integrated poultry farm, with 60,000 MT per year of poultry meat production capacity) to reduce reliance on the imports of the basic food ingredients, especially chicken meat.

Mr Al Shanfari also thanked the Ministry of Commerce and Industry, regional municipalities, Ministry of Housing, Ministry of Agriculture and Fisheries, Ministry of Environment, the Management of Tanfeedh and Meethaq Islamic Banking for their support in the project.

Yaqoob Mansoor Al Ruqaishi, general manager of the project, emphasised that the new poultry project enjoys strong sponsors’ and investors. He further said the project aims to add to the Sultanate’s goal of diversifying economic resources and generating new employment opportunities for Omani youth, along with learning, and development of Omani skill sets.

Meethaq Islamic Banking’s Deputy CEO, Mr Al Harthy, said: "Meethaq is proud to successfully close the long-term financing facility for Al Namaa Poultry. Meethaq is grateful to the government of Oman and the management of Al Namaa for the confidence reposed in the bank. As a pioneer of Islamic banking in Oman, Meethaq takes pride in partnering with economically important and viable projects and the association with Al Namaa will further strengthen this approach.

"During the past few years, we have been successful in financing a number of unique industrial projects in various fields. The success of Meethaq stems from its commitment to offer world-class Islamic banking services to customers. Meethaq is contributing significantly to the growth and development of the Omani banking sector and we are witnessing an upswing in Islamic finance and investment compatible with the provisions of Sharia laws.

"We see a growing interest among customers to take advantage of the opportunities offered by Islamic banking and finance. Meethaq has been closely involved with important projects contributing to economic diversification and development of the country. Since its inception four years ago, Meethaq has extended financial partnership to a number of projects in various fields, which reflect Meethaq’s commitment to supporting the progress and development of Oman."

ThePoultrySite News Desk

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