Bank Nizwa, a leading Islamic bank in Oman, has announced its participation in a syndicated financing agreement supporting the development of the sultanate’s largest integrated copper concentrate project, led by Mazoon Mining - a subsidiary of Minerals Development Oman (MDO).
Bank Nizwa’s contribution of $35 million, to the total syndicated financing of $270 million, reinforces the bank’s commitment to support transformative national projects through sharia-compliant financing.
Formalized during the prestigious Rawabit Forum, hosted by the Oman Investment Authority, the agreement underlines the bank’s strong confidence in Oman’s mining sector as a driver of sustainable growth for the nation and its broader objective in continued promotion of Sharia-compliant investments contributing to Oman Vision 2040.
On the bank’s involvement, Saif Al Rawahi, the Acting DGM – Wholesale Banking at Bank Nizwa, said: "Our participation in this pivotal financing agreement is a reflection of our strategic intent to be at the forefront of Oman’s economic transformation."
"At Bank Nizwa, we view mining as a vital industry in Oman’s diversification agenda, offering scalable investment opportunities with strong value multipliers across the national economy. Our financing of this project illustrates our dedication to providing Islamic banking solutions that facilitate industrial growth while upholding principles of sustainability and transparency," stated Al Rawahi.
"This initiative also underscores our outlook on Oman’s emergence as a competitive player in the global minerals market, particularly in sectors propelled by clean energy transition and technological advancement. As a pioneering Islamic financial institution, we continue to structure forward-looking financing solutions that align with national priorities and elevate the nation’s position within the global economic landscape," he added.
Mazoon Mining’s Copper Concentrate Project represents a strategic convergence of resource potential and sustainable innovation.
Positioned to support Oman’s vision of becoming a regional leader in copper concentrate production, the project addresses growing global demand for copper - an essential component in renewable energy infrastructure and advanced electronics.
With sustainability at its core, the initiative features a zero-liquid-discharge system and state-of-the-art waste management technologies, fully aligned with Bank Nizwa’s ESG principles and ethical financing mandate.
Through this partnership, Bank Nizwa said it is enabling the development of high-value mining assets that balance global market relevance with local economic and social priorities.
The project is also poised to create direct and indirect employment, foster SME participation, and drive broad-based economic growth within the community.
Bank Nizwa’s participation in this landmark transaction underscores its growing reputation as a trusted partner for transformative, high-impact initiatives across priority sectors, said Al Rawahi.
Through its sharia-compliant contribution to Oman’s largest copper concentrate project, the bank is reinforcing a resilient financial structure, one that balances risk, supports industrial expansion, and aligns with long-term national development imperatives, he added.