Jordan-headquartered Arab Bank Group says it will give $410m worth of credit to a US-led consortium to help facilitate its execution of phase three of Muscat International airport.
Oman Arab Bank, Arab Bank in Bahrain and Europe Arab Bank will provide the credit.
The facilities included performance guarantees, letters of credit, advance payment guarantees and overdraft facilities.
Phase three involves building a new passenger terminal at Muscat International airport. The terminal will cover a total area of 300,000 square metres and will have a capacity of 12 million passengers a year.
The passenger terminal will bring the total capacity of Muscat airport to 20 million. The work is expected to take 38 months to complete.
“Providing these kinds of credit facilities is a continuation of Arab Bank Group’s leading role in providing financing solutions that keep pace with the demands of the strategic mega-projects in the region,” says Abdel Hamid Shoman, executive chairman of Arab Bank.
A US-led consortium won the contract to build the new passenger terminal at Muscat airport in October 2010 (MEED 27:10:10). The consortium comprises Bechtel, the local Bahwan Engineering and Turkey’s Enka.