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NBB closes strategic finance deal for Oman's Mazoon Electricity

Privatisation of Muscat utility planned by year-end

Privatisation of Muscat utility planned by year-end Published: 9:47 PM, May 11, 2021 Untitled-1 MUSCAT, MAY 11 The partial privatisation of Muscat Electricity Distribution Company (MEDC) is due to be completed before the end of this year, top officials of Nama Group, the parent holding company of government-owned power and water assets, stated here on Tuesday. Under Nama Group’s privatisation strategy, up to 70 per cent of its equity in MEDC the largest of the country’s distribution and supply entities is being offered for investment, effectively granting administrative and operational control to the strategic investor. The balance 30 per cent will be eventually offered for public investment via an Initial Public Offering (IPO) to be floated on the Muscat Stock Exchange (MSX).

Mazoon Electricity signs Islamic financing contract worth $235 million

Mazoon Electricity signs Islamic financing contract worth $235 million By: Times News Service Muscat: Mazoon Electricity Company (MZEC), a subsidiary of Nama Holding, announced the signing of its debut Islamic financing facility for an amount of $235,000,000.   The proceeds will be used to finance the capital expenditure plans of MZEC for 2021 mainly comprising investments in the electricity distribution and supply network in its license areas in Oman. The facility is structured as a 2-year Ijarah bridge facility marking the first Islamic bank facility for Nama Group that has in the past raised several conventional bank loan facilities and issuances in the debt capital markets under RegS and 144a format, including a 10-year $500,000,000 debut Sukuk in 2017. The facility received interest from regional banks of Bahrain, Kuwait and United Arab Emirates with 12 financiers participating in the facility and an oversubscribed order book.

New entity to oversee potable and wastewater services in Oman

Tanweer hosts virtual contractor forum

Tanweer hosts virtual contractor forum By: Times News Service MUSCAT: Tanweer, Rural Areas Electricity Company, member of Nama Group, hosted the Contractor Forum, on December 14, which brought together the company s key contractors, suppliers and consultants. The event was held virtually to support and encourage two-way communication. The Contractor Forum brings together local and international contractors and suppliers to share their experience and learning. The forum also provides a unique opportunity for the suppliers and contractors to learn about Tanweer’s future business opportunities and expectations. Besides, the forum aims to reinforce the importance of two-way communication and provides transparency as well as facilitates positive interactions with the contractors aimed at enhancing their financial capacity to successfully undertake Tanweer’s projects. The event also provides an opportunity and the need for developing and supporting local small and medium enterprise