Nakheel Oman Development Co. & Oman's Nizwa Bank Sign Deal

Nakheel Oman Development Company SAOC, a joint venture partnership of the Directorate General of Million Date Palm Plantation Project and Oman National Investments Development Company (Tanmia), has signed a strategic financing deal worth RO10.4 million (~US$27.098 million) with Bank Nizwa to support the development and construction of a date processing industrial complex in the Wilayat of Nizwa. Representing Bank Nizwa at the Musharaka financing transaction signing were Shaikh Khalid al Khaili, Chairman, Khalid al Kayed, CEO, and R Narasimhan, GM of Wholesale Banking, while Nakheel Oman Development Company was represented by Dr Saif Rashid Saif al Shaqsi Chairman, Shaikh Rashid Saif al Mardhoof al Saadi, Vice Chairman and Ali Said Ali al Araimi, General Manager.

In 2009, an announcement was made for planting of one million date palm trees (MDPP) in Oman. The Diwan of Royal Court initiated and now manages this project through the Directorate General of Million Date Palm Plantation Project. Nakheel Oman Development Company was established by the Diwan of Royal Court represented by the Directorate General of Million Date Palm Plantation Project and Oman National Investments Development Company (Tanmia) to invest in an array of endeavors related to date palm products and by-products including post harvesting activities, logistics, marketing and retail.