Meethaq, the Islamic banking window of Bank Muscat, hosted the signing ceremony and launch of ‘Little India’, a landmark residential and tourism complex at Duqm. A series of agreements were signed on the occasion in the presence of HE Yahya Bin Said Al Jabri, Chairman of the Special Economic Zone at Duqm (SEZAD), HE Indra Mani Pandey, Indian Ambassador to the Sultanate, and Sulaiman Al Harthy, Deputy Chief Executive Officer – Islamic Banking.
Meethaq signed an agreement as financial advisor of ‘Little India’ project. Sulaiman Al Harthy and Pradipkumar Nair, Chairman of Little India, signed the agreement. The project coming up in stages across 600,000 square metres includes 5-star hotel, resorts, yacht marina, residential and commercial complexes with an investment of RO 288 million.
Sulaiman Al Harthy said: “Meethaq is proud to be associated with ‘Little India’, a landmark residential and tourism project at Duqm and congratulate the promoters of Little India for initiating this project. Meethaq’s association with the project comes as part of its commitment to spotlight investment opportunities available for investors in the Special Economic Zones, industrial estates and maritime ports across the Sultanate of Oman. As the pioneer of Islamic banking in Oman, Meethaq recognises the immense investment prospects and potential that Oman offers and is committed to supporting strategic national development initiatives in line with Oman’s Vision 2040 economic blueprint. In light of the strong bilateral relations between Oman and India, the launch of ‘Little India’ in Duqm opens yet another window to facilitate attractive investment opportunities for Indian investors in Oman.”
Oman and India enjoy strong bilateral relations. In 2016, bilateral trade between Oman and India stood at $3.89 billion. Indian and Omani establishments have undertaken joint ventures in a wide range of sectors, including fertilisers, pharmaceuticals, energy and engineering. The promoters of ‘Little India’ project are also associated with Sebacic Oman setting up the world’s largest plant for sebacic acid in Duqm.
The Sultanate’s maritime ports, special economic zones and industrial estates play a big role in the integrated economic development plan comprising industrial hubs for heavy, medium and light industries and modern cities. The objective is to achieve the Sultanate’s vision of a truly sustainable development plan with unique amenities, business and tourism attractions to serve the nation, the region and the world. The aim is to develop Oman as one of the best locations to visit, live, work and invest in the Middle East.
As the pioneer of Islamic banking in Oman, Meethaq recognises the immense investment prospects and potential that Oman offers and is committed to supporting strategic national development initiatives in line with Oman’s Vision 2040 economic blueprint. Within four years of operations, Meethaq has crossed a milestone of over RO 1 billion in assets and consolidated its leadership position, recording many achievements contributing to the growth and development of the Sultanate’s economy.
Notable project finance extended by Meethaq to projects in Oman involving Indian investors include Sebacic Oman, the Drug Manufacturing Company (DMC) setting up a state-of-the-art manufacturing unit in Sohar Industrial Area and Dar Al Tomouh company setting up the Sultanate’s first commercial contract chicken farming project in the wilayat of Nizwa.