Muscat: Demonstrating its pivotal role in driving the country’s progress, Bank Nizwa, the leading and most trusted Islamic bank in the Sultanate of Oman, signed a financing agreement, pledging a financial commitment of USD 45 million, for the groundbreaking Hafeet Rail project. The signing ceremony took place in Abu Dhabi. The landmark initiative that connects the capital of the United Arab Emirates (UAE), Abu Dhabi, and the Sohar Port in the Sultanate of Oman marks a significant milestone in regional collaboration and infrastructure development.

The ambitious Hafeet Rail project represents a strategic collaboration between the UAE and the Sultanate of Oman, designed to enhance the existing tourism infrastructure and offer residents and travelers the unique experience of cross-country rail travel throughout the Gulf Cooperation Council (GCC). This railway system will provide passengers with breathtaking views of the mountains, highlands, and vast deserts of both nations. In its initial phase, the transformative project will involve the construction of a 303 km high-speed railway line, with 163 km situated within Oman. The rail line will incorporate two tunnels, 60 bridges, and two passenger stations in Sohar and Al Ain, significantly reducing travel time while ensuring enhanced safety, comfort, and luxury for all travelers.

On this milestone, Mr. Khalid Al Kayed, Chief Executive Officer of Bank Nizwa, stated, “We take great pride in extending our financing to the pioneering Hafeet Rail project, which has the potential to revolutionize travel and goods transportation across the GCC. At Bank Nizwa, we are committed to advancing national and regional priorities that enhance infrastructure and development, aligning our countries with international standards. We are honoured to contribute to a project that will generate numerous direct and indirect employment opportunities while significantly reducing logistics costs and the carbon footprint associated with cross-border transportation.”

Bank Nizwa's participation in this landmark project, marked by a financial commitment of USD 45 million, underscores the trust and confidence the bank has cultivated within the regional community. As a leading Islamic financial institution, Bank Nizwa is dedicated to supporting initiatives that promote sustainable development and infrastructural advancement across Oman and the GCC. The Hafeet Rail Project exemplifies this commitment, illustrating the bank’s strategic role in fostering economic growth and enhancing trade capabilities between neighbouring nations.

By playing a pivotal role in this regionally significant project, Bank Nizwa solidifies its position as the most-trusted and preferred financial partner, not only for individuals seeking exceptional Sharia-compliant banking solutions but also for organizations, corporations, and government entities alike.