Advancing National Development: ahli islamic participates in OMR 64 million Financing to Mawarid Mining for Oman’s First Underground Copper Mining Project

Muscat: Reinforcing its commitment to financing projects of national significance that drive industrial progress and economic diversification, ahli islamic has participated as a key financier in an OMR 64 million Sharia-compliant syndicated facility for Mawarid Mining LLC, supporting the development and expansion of the Ghuzayn-3 Underground Copper Mining Project, the first of its kind in the Sultanate of Oman. This strategic participation underscores ahli islamic’s leadership in delivering Sharia-compliant project finance solutions that contribute to the Sultanate’s sustainable industrial development agenda.

Located in Wilayat Al Khaboura, the Ghuzayn-3 project represents a significant milestone for Oman’s mining sector, unlocking the Sultanate’s mineral potential and contributing to regional industrial development. The project is developed by Mawarid Mining LLC, a subsidiary of the Mohammed Al Barwani Group with over two decades of in-country experience and operations across more than 16 countries, and is backed by the strong leadership of Dr. Mohammed Al Barwani, underscoring its proven track record in delivering complex resource projects. The transaction is supported by robust fundamentals, including off-take agreement with Trafigura Pte Ltd, one of the world’s leading independent commodity traders, providing strong market access and commercial support for the project, ensuring strong revenue visibility.

The agreement was signed by Zainab Al Lawati, Deputy General Manager and Head of Islamic Corporate Banking at ahli islamic; Tariq Al Barwani, Chief Executive Officer of Mawarid Mining; and Amor Said Mohamed Al Amri, Chief Islamic Banking Officer, Dhofar Islamic.

Commenting on the partnership, Zainab Al Lawati, stated, “At ahli islamic, we remain a trusted partner in advancing the nation’s economic diversification agenda through our leadership in providing Sharia-compliant financing solutions for large-scale infrastructure and industrial projects. Our participation in this landmark syndication reflects our continued commitment to delivering innovative Islamic finance structures that support strategic sectors and unlock new avenues for sustainable growth. As we further strengthen our presence in project finance and syndications, we remain focused on creating long-term value while contributing meaningfully to Oman’s diversification journey.”

ahli islamic’s participation underscores its strategic focus on supporting high-impact sectors beyond oil and gas, with particular emphasis on advancing the mining sector in line with the sustainable growth objectives outlined in Oman Vision 2040. The transaction also reflects the bank’s disciplined approach to risk management and value creation. By channeling capital into resource-driven industries, ahli islamic continues to strengthen its presence in sectors that underpin long-term economic resilience and industrial development.

Through this strategic participation, ahli islamic further reinforces its leadership in the project finance landscape, underscoring its capability to structure and execute complex transactions with confidence and precision. The initiative reflects the bank’s broader vision of channeling impactful investments that align financial performance with national development priorities, further strengthening its role as a key contributor to Oman’s sustainable progress.