Long term loan facility agreement to fund the development of Phase 1 of Frontier Town
The National Bank of Oman (NBO) has signed a long-term loan facility agreement with Duqm Development Company (DDC) to provide funding for the Frontier Town Project Phase I.
They are the sole arranger and provider of the credit facility, and DDC’s town project is the first major project to be funded by a bank.
At a ceremony held at the Grand Hyatt Muscat to mark the success of the credit facility, NBO’s deputy chief executive officer, Ahmed Musalmi, said: “NBO is an active player in the project financing market in the sultanate, and has led and participated in a number of successful infrastructure, power and petrochemical projects in Oman…We firmly believe that Duqm, as the emerging hub, will soon be the ideal model town displaying His Majesty’s vision for the nation.”
The Frontier Town Project is a residential township that is being developed for the management and staff of Oman Drydock Company, and is made up of apartments, villas and other common amenities.