Bank Nizwa Signs Financing Agreement for Construction of Arab Open University Campus in Oman

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With education being a primary focus of the Oman Vision 2040, Bank Nizwa understands the importance of investing in the sector for the Sultanate’s socio-economic growth

Bank Nizwa, Oman’s leading and most trusted Islamic bank, recently signed an agreement with Arab Open University to finance the construction of their new campus in Oman. The signing ceremony was held at the Bank Nizwa head office in Muscat. With education being a primary focus of the Oman Vision 2040, Bank Nizwa understands the importance of having a professionally skilled workforce to drive the economy and thereby attain prosperity.

The agreement was signed by Mr. Khalid Al Kayed, CEO of Bank Nizwa and Dr. Moosa Al Kindi, Director of Arab Open University, Oman branch. The signing ceremony was held in presence of senior members of Bank Nizwa including General Manager- Wholesale Banking Mr. Narasimhan and Mr. Saif Al Rawahi AGM- Investment and Government Banking, Treasury and Projects. From AOU, the ceremony was attended in-person by Mr. Bader Al Busaidi, Assistant Director for Administration & Finance- AOU Oman and Mr. Mohammed Said- Financial Advisor to AOU, President. Prof. Naïf Al- Mutairi- Vice President of Academic Affairs, Representing President and Prof. Omar Al Jarrah- Vice President of Planning and Development Affairs of AOU, Prof. Said Al Hallaq, Assistant to President for Admin. And Fin. virtually joined the signing ceremony from Kuwait. 

Bank Nizwa has always been at the forefront of investing in ventures that help in the economic growth of the country. By supporting an institution like the Arab Open University that is established on the principles of quality education and is dedicated to steering development in scientific, social and cultural spheres, Bank Nizwa has further reaffirmed its commitment as a responsible corporate citizen that believes in investing in the youth of the country.

“One of the key drivers of success in a country is defined by the quality of education provided to its youth who are the future of the country. By supporting such ventures that are dedicated to the advancement of skills of our youth, we will continuously have local talents that will be professionally geared to take on new initiatives and contribute to the national economy,” said Khaled Al Kayed, CEO of Bank Nizwa.

Mr. Al Kayed added: “Education is one of the key sectors that the Oman Vision 2040 focuses on and Bank Nizwa is committed to being a vital contributor to the nation’s growing economy through strategic partnerships like these.”

To build the campus, Bank Nizwa has signed a financing deal and the University has received a land allocation from the Ministry of Housing in South Al Mabela with a total area covering 37,850 sqm.  The new Arab Open University falls under the Arab Gulf Programme for Development (AGFUND) which is a regional organization established in 1980 by the initiative of His Royal Highness the late Prince Talal bin Abdul Aziz and the support of the leaders of the Gulf Cooperation Council. Under the guidance of its current president, Prince Abdul Aziz Bin Talal Bin Abdul Aziz, AGFUND works mainly in the field of development and growth at the international level through an effective partnership with the UN organization and regional and international development organizations.

The first phase of the Arab Open University was launched in October 2002 and the it started in Oman in February 2008. With 15 branches and centers in nine Arab countries, it aims to reach all Arab countries.  

Established as a non-conventional academic institution, the Arab Open University has been reaccredited by the Open University Validation Service of the Open University in the United Kingdom for a period of five years (2017-2022) for the fourth time. The AOU has signed a series of memoranda with a number of international universities to offer academic programs required in the labor market..

On completion of the project, the university will help students enhance their skill set, increase knowledge and attain internationally acclaimed degrees, therefore, giving the country local talents in various sectors who possess the necessary expertise to take on leadership roles.  

Spearheading the growth of Islamic finance, Bank Nizwa endeavors to solidify its leadership in the sector through initiatives that benefit the country and its people in the long run. Along with financing construction projects for educational institutions, Bank Nizwa’s corporate financing has closed several milestone transactions in different segments like manufacturing, utilities, retail, hospitality, aviation, logistics, tourism, waste management, metals and mining, medical, food sectors, and also fast-expanding sectors, like infrastructure and utilities.

Bank Nizwa has being undertaking various other initiatives that have helped fuel the economy, positively affecting the local communities and generating employment for the local workforce. Establishing itself as a leader in Sharia-compliant solutions, Bank Nizwa continues to diversify its client portfolio and invest in projects keeping in mind the best interests of the country.

By continuing to expand its client franchise organically by deepening client relationships, training and retaining talents, and investing in strategic ventures, Bank Nizwa has become the financial partner of choice for the people and enterprises of Oman.

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