Muscat: Dhofar Islamic – the Islamic banking window of Bank Dhofar – has signed an agreement to finance and develop the first underground copper mining project in the Sultanate of Oman, worth 64 million Omani riyals, in an important step that enhances the ambitions of the mining sector and supports the economic diversification agenda.

Dhofar Islamic successfully arranged and facilitated Islamic financing for Mawarid Mining, the mining investment arm of Mohammed Al Barwani Company. Dhofar Islamic acted as the lead arranger for the transaction, which was structured in accordance with Sharia principles, with Ahli Islamic – the Islamic banking window of Ahli Bank – participating as a partner in the financing deal .

This funding will support the underground copper project in Al-Ghazin, Al-Khaboura, North Al-Batinah Governorate. This project is the first of its kind in the Sultanate of Oman, reflecting a trend towards using advanced and modern technologies for extracting minerals.

The agreement was signed by Amer Al-Amri, CEO of Dhofar Islamic, Tariq Al-Barwani, CEO of Mawarid Mining Company, and Zainab Al-Lawati, Head of Corporate Banking at Ahli Islamic, in the presence of a number of officials from Mawarid, Dhofar Islamic, and Ahli Islamic.

Amer bin Said Al Amri affirmed that Dhofar Islamic continuously strives to provide suitable and flexible Sharia-compliant financing solutions for its clients. Therefore, we are proud to partner with Mawarid Mining to finance the first underground copper mining project in the Sultanate of Oman. This project represents a significant addition to the mining sector and aligns closely with the objectives of Oman Vision 2040 in terms of supporting economic diversification and sustainable growth. Furthermore, Dhofar Islamic possesses the full capabilities to structure and guarantee complex transactions, whether through syndicated or bilateral financing, within a well-established Sharia framework .

With the growing global demand for copper – a key component in the transition to clean energy and manufacturing – the Al-Ghazin project is expected to deliver significant economic and social benefits. In addition to boosting mineral production in the Sultanate of Oman, the project is anticipated to create employment opportunities for Omani citizens in technical and operational roles, while also supporting the development of local skills, enhancing supplier opportunities, and implementing community initiatives .

For Mawared, the project represents a strategic investment in enhancing local added value and consolidating the Sultanate of Oman’s position in global copper supply chains. Therefore, obtaining the appropriate financing from Dhofar Islamic contributes to the smooth expansion of operations, while contributing to achieving national priorities and meeting the needs of the global industry .

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