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Bank Nizwa to finance construction of Shifa Hospital in Oman

As Part of its Strategic Efforts to Contribute to the Development of Health Care Sector in the Sultanate

TAS News Service
February 23, 2021 1:59 pm

MUSCAT : As part of its strategic efforts to contribute to the development of healthcare sector in the Sultanate, Bank Nizwa recently signed an agreement to finance the construction of a state-of-the-art multispecialty private hospital in the Sultanate.  

Shifa Hospital is designed, owned and will be operated solely by Omani pioneers with core focus in surgical specialties. The hospital is envisaged to provide in-country value by filling the gap in the country’s healthcare requirements and provide employment opportunities. Bank Nizwa is honored to be associated in providing the necessary financing support to such worthy sustainable development venture.

The financing agreement was signed by Mr. Khalid Al Kayed, CEO, Bank Nizwa and Dr. Salim Al Ghannami, CEO, Shifa Hospital at the Bank’s head office recently. The event took place in the presence of key officials from Shifa Hospital and Bank Nizwa, including Dr. Samiya Al Ghannami one of the founders of the Hospital and Mr. R. Narasimhan, GM of Wholesale Banking at Bank Nizwa and other management team members. This was yet another milestone by the bank to extend its support to key establishments in Oman.  

Mr. Khalid Al Kayed commented, “Bank Nizwa has been leading the way in Islamic banking in the Sultanate and we believe in investing in projects that go beyond just promising financial returns. We want to ensure they also benefit the communities. Quality healthcare is an integral building block of a thriving economy. By supporting ventures that have the same goal as Oman’s Vision 2040, we want to do our part to enhance the healthcare system in the country,” 

Mr. Al Kayed added, “With thoughtful partnerships that drive not just economic returns but also play an active role in rendering its services to society, we are proud to say that our varied portfolio reflects some of the most noteworthy Islamic financing agreements in the Sultanate.”

Speaking on the occasion, Dr Salim Al Ghannami said: “The construction of the new private hospital will support the national socio-economic sector and uplift the healthcare system which resonates with our believes and principles. This will be achieved through the provision of modern and high standard medical services available at the facility.” 

“Build on more than 10,000 sq. mt land, Shifa hospital will start operating with a 100 bedded multispecialty in the first phase. It will contain nine state-of-the-art care facilities mainly focusing on surgical specialties’. The objective of this venture is to meet the people needs for medical services under one roof. Qualified national workforce will manage the hospital, he added further.’’

Shifa Hospital specializing in sports medicine is also seen as a promising option for athletes in the Sultanate. 

Bank Nizwa has been on the forefront of investing in ventures that help in the economic growth of the country and has undertaken various initiatives that have helped fuel the economy, positively affecting the local communities and generating employment for the local workforce. 

Last year Bank Nizwa successfully signed landmark agreements with multiple organizations including financing agreement for dates processing project with Nakheel Oman Development Company SAOC, financing agreement with Oman National Engineering and Investment Company SAOG to establish Sahalnoot sanitation network for Salalah Sanitary Drainage Services Co SAOC, and a partnership agreement with Arab Open University to finance the construction of its new campus in Oman. 

The addition of the upcoming hospital has furthered widened Bank Nizwa’s Wholesale Banking Group portfolio and is a testament to the quality ventures it has undertaken in the past. Bank Nizwa’s Wholesale Banking team offers advisory services through some of the most qualified experts in the industry. These consultants provide guidance in the fields of corporate banking, project finance, SME, global markets, government and investment banking, international banking, and trade finance.  

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