Bank Nizwa signs financing agreement for construction of Arab Open University campus

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Muscat

Bank Nizwa, Oman’s leading and most trusted Islamic bank, recently signed an agreement with Arab Open University to finance the construction of their new campus in Oman. The signing ceremony was held at the Bank Nizwa head office in Muscat. With education being a primary focus of the Oman Vision 2040, Bank Nizwa understands the importance of having a professionally skilled workforce to drive the economy and thereby attain prosperity.
The agreement was signed by Khalid Al Kayed, CEO of Bank Nizwa and Dr Moosa Al Kindi, Director of Arab Open University, Oman branch. The signing ceremony was held in presence of senior members of Bank Nizwa including General Manager, Wholesale Banking Narasimhan and Saif Al Rawahi, AGM- Investment and Government Banking, Treasury and Projects. From AOU, the ceremony was attended in-person by Bader Al Busaidi, Assistant Director for Administration & Finance – AOU Oman and Mohammed Said- Financial Advisor to AOU, President. Prof. Naïf Al-Mutairi, Vice President of Academic Affairs, Representing President and Prof. Omar Al Jarrah, Vice President of Planning and Development Affairs of AOU, Prof. Said Al Hallaq, Assistant to President for Administration and Finance virtually joined the signing ceremony from Kuwait.
Bank Nizwa has always been at the forefront of investing in ventures that help in the economic growth of the country. By supporting an institution like the Arab Open University that is established on the principles of quality education and is dedicated to steering development in scientific, social and cultural spheres, Bank Nizwa has further reaffirmed its commitment as a responsible corporate citizen that believes in investing in the youth of the country. “One of the key drivers of success in a country is defined by the quality of education provided to its youth who are the future of the country. By supporting such ventures that are dedicated to the advancement of skills of our youth, we will continuously have local talents that will be professionally geared to take on new initiatives and contribute to the national economy,” said Khaled Al Kayed, CEO of Bank Nizwa.
Al Kayed added, “Education is one of the key sectors that the Oman Vision 2040 focuses on and Bank Nizwa is committed to being a vital contributor to the nation’s growing economy through strategic partnerships like these.” To build the campus, Bank Nizwa has signed a financing deal and the University has received a land allocation from the Ministry of Housing in South Al Mabela with a total area covering 37,850 sqm.
The new Arab Open University falls under the Arab Gulf Programme for Development (AGFUND) which is a regional organisation established in 1980 by the initiative of His Royal Highness the late Prince Talal bin Abdul Aziz and the support of the leaders of the Gulf Cooperation Council. Under the guidance of its current president, Prince Abdul Aziz Bin Talal Bin Abdul Aziz, AGFUND works mainly in the field of development and growth at the international level through an effective partnership with the UN organisation and regional and international development organisations.—Agencis