The syndication was launched in May 2021 and was over 2x oversubscribed on the back of strong participation from regional and international banks. A total of 9 banks (excluding the Joint Coordinators) from the GCC, Europe and Asia participated in the Facility.

Abu Dhabi Commercial Bank P.J.S.C., Al Ahli Bank of Kuwait K.S.C.P – DIFC Branch, Bank of Baroda, Doha Bank Q.P.S.C., State Bank of India WBB Bahrain joined as Mandated Lead Arranger.

Commercial Bank of Dubai PSC joined as Lead Arranger.  Banque Du Caire, HSBC Bank Middle East Ltd and Mashreqbank PSC joined as Arranger.

The Facility was signed on 6 June 2021 and will be utilized by Bank Dhofar to refinance its existing US$ 250,000,000 facility dated 13 June 2018.

BankDhofar’s Chief Executive Officer Abdul Hakeem Al Ojaili stated: “Despite continuing challenges in the market, the success and oversubscription of this transaction is an evidence of the confidence in BankDhofar and sovereign by international and regional banks, as well as the long-term credit strength and continued growth of the Omani economy."

-Ends-

BankDhofar was established in the Sultanate of Oman (“Oman”) in January 1990 as a public joint stock company and is engaged in retail banking, corporate banking, investment banking and treasury services. It is the second largest listed bank in Oman by total assets as at 31st March 2021 which currently stand at USD 11.727 billion and has 1,492 employees. It is rated BB- (negative) by Fitch and Ba3 (negative) by Moody’s.

BankDhofar offers its services and products across Oman including Retail Banking, Wholesale Banking, Treasury and Financial Institutions, Islamic Banking (as a separate window) and Government Banking. Retail and Wholesale Banking represents the Bank’s largest business segments. In 2013, MAISARAH (the Islamic Banking window) was launched, offering retail and corporate Shari'a-compliant financial services and products to its customers.

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