Muscat, October 26, 2020: Oman Arab Bank recently commended Mazoon Dairy Company SAOC, on its completion of one year of operation. The Bank had extended financing to the company in November 2019, for the creation of a state-of-the-art dairy manufacturing facility, with the confidence that it will bring about several advantages and new prospects for the local economy.
Commenting on the importance of the partnership, Alsalt Al Kharusi, Head of Corporate & Institutional Banking at OAB said, “Over the last few years, Oman has been working towards localising food industries and reducing its dependence on imports to fulfil the objectives of the National Food Security Strategy. This was the reason behind establishing Mazoon Dairy, which commenced production in October 2019. Since then, the company has been able to position itself at the forefront of the industry, achieving its sustainable development goals in record time. We are proud to be the strategic financial partner for this pioneering project, which will contribute greatly towards the Sultanate’s economic diversification efforts.”
“Our reason to finance this project was based on the economic and social value it would bring on a short-term and long-term basis, at both the regional and international levels. It is also in line with our strategic pillar, which is focused on building fruitful partnerships that will positively impact the national economy as a whole. In this way, we can reinforce our vision of being more than just a financing institution for similar industry-leading national projects such as Mazoon Dairy, but a strategic partner as well,” Alsalt added.
Established in 2015, Mazoon Dairy is a closed joint-stock company and the first 100% Omani dairy brand at its scale in the Sultanate. It is primarily engaged in manufacturing and distributing a wide range of dairy products and juices from its facility in the As’Sunainah in the Al Buraimi Governorate. It hosts a state-of-the-art dairy farm and processing plan, alongside an action unit, which was completed in October 2019.
OAB continues to position itself as a partner for economic development and as a trusted corporate banking partner, through its corporate objectives entitled, “Synergies and Partnerships”. The Bank is also looking to provide ATM and CDM facilities at Mazoon Dairy’s plant site, ensuring all employees can take full advantage of all OAB products and services, thereby enriching the employees banking experience.
Oman Arab Bank has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, the bank operates a nationwide network of 55 branches and representative offices with 152 ATMs spread across Oman. OAB provides a complete range of financial products and services for personal banking, corporate banking, and investment clients.