OAB inks $200mn financing deal for polysilicon project in Sohar Freezone

02/12/2025 02:59 AST

Oman Arab Bank (OAB) on Monday announced the signing of a financing agreement with United Solar Polysilicon to support the establishment of a state-of-the-art polysilicon manufacturing facility in Sohar Freezone. The landmark signing ceremony took place during the OAB CEO Summit 2025 on November 17 under the patronage of H E Salim bin Nasir al Aufi, Minister of Energy and Minerals,

The agreement marks a milestone in Oman's renewable-energy landscape, positioning the sultanate as a key global hub for sustainable technology manufacturing. The project, valued at $1.6bn, will feature a production capacity of 100,000 tonnes per annum (TPA) of high-purity solar-grade polysilicon - making it the largest such facility in the region.

Under the agreement, Oman Arab Bank, together with another Omani financial institution, has extended $200mn in term financing to support the construction and development of the project..

In a press statement, Sulaiman al Harthi, CEO of Oman Arab Bank, said, "This partnership demonstrates OAB's ongoing role in financing projects that contribute to Oman's diversification and renewable-energy ambitions, and also to open opportunities to employ Omanis employees and their skill development in this high technology project. We are proud to support initiatives that drive sustainable growth, attract foreign investment, increase Omanisation, and strengthen the nation's industrial base."

Longgen Zhang (Sam), Chairman and Founder of United Solar Polysilicon, said, "United Solar Polysilicon is proud to partner with Oman Arab Bank in realising one of the most advanced polysilicon facilities in the world. This collaboration reflects our shared commitment to sustainability, innovation, and the global energy transition."

Supported by Future Fund Oman , part of Oman Investment Authority - this strategic collaboration underscores Oman's growing appeal as a destination for large-scale green-energy investments.

The signing at the CEO Summit took place among senior industry leaders, reinforcing Oman Arab Bank's vision of fostering partnerships that align with national sustainability objectives and broader global energy transition targets.

Muscat Daily