Muscat: Qatar National Bank – Oman (QNB Oman) has entered into a significant $43 million financing agreement with Karwa Motors. The collaboration is a joint investment initiative between the State of Qatar and the Sultanate of Oman.
According to Qatar News Agency, the agreement is set to finance a five-year project between Karwa Motors and the Ministry of Education in Oman, with an overall value of $287 million. The project aims to enhance the efficiency of the school transport sector, aligning it with the latest global standards.
The signing ceremony saw the participation of CEO of QNB Oman Khalid Al Barwani and CEO of Karwa Motors Dr. Ibrahim Al Balushi, along with senior officials from both entities.
This strategic partnership underscores QNB’s commitment to expanding its client base in Oman and solidifies its status as a reliable financial partner for corporate clients, offering comprehensive banking services and solutions.
Khalid Al Barwani highlighted that QNB Oman, as a prominent financial institution, is dedicated to supporting initiatives that promote innovative solutions across various economic sectors, including transport, and contribute to advancing national economic diversification plans.
Dr. Ibrahim Al Balushi expressed that the agreement will provide Karwa Motors with financial facilities from QNB, symbolizing the mutual trust between the two parties in enhancing the company’s financial capabilities and broadening its business scope.
QNB Oman operates as a subsidiary of Qatar National Bank Group (QNB), a leading financial institution in the Middle East and Africa, renowned for being one of the highest-valued banking brands in the regional market.