Dhofar Islamic Finances Oman’s First Underground Copper Mining Project

Dubai (PlantAndEquipment.com) - Dhofar Islamic has strengthened investment in the Sultanate's mining industry and aims for economic diversification by signing a finance arrangement to assist Oman's first underground copper mining project.

Mawarid Mining, Mohammed Al Barwani LLC's mining investment division, was given the Islamic finance package to develop the Al Ghuzayn copper mine.

Ahli Islamic was a member of the financing syndicate, and Dhofar Islamic served as the required lead arranger for the Shariah-compliant financing transaction.

The Al Ghuzayn project is anticipated to assist Oman's mining growth plan in light of the growing demand for copper worldwide, which is being driven by infrastructure, manufacturing, and energy transition technologies.

Additionally, the development is anticipated to assist local suppliers and community projects while generating job possibilities for Omani individuals in technical and operational positions.

The funding deal is in line with Oman Vision 2040, which seeks to boost non-oil businesses and increase the mining and industrial sectors' economic contribution.