Oman Munition Production Company seals Meethaq financing deal

Oman Munition Production Company (OMPC) has signed a financing deal with Meethaq to fund the expansion of its ammunition production facilities

The inside of the Oman Munitions Production Company's factory in Samail.
The inside of the Oman Munitions Production Company's factory in Samail.

Oman Munition Production Company (OMPC), set up by the Ministry of Defence in 2011, has signed a financing deal with Meethaq, the Islamic banking arm of Bank Muscat, to fund the expansion of its ammunition production facilities.

Mohammed Bin Nasser Bin Mohammed Al Rasbi, chairman of OMPC, and Sulaiman Bin Mohammed Al Yahyai, vice chairman of Bank Muscat, signed the agreement at the bank’s head office in the presence of dignitaries, senior government and Bank Muscat officials led by Abdul Razak Ali Issa, chief executive of Bank Muscat.

The value of the deal was not disclosed.

The OMPC factory, which meets NATO standards, is located in Samail in Al Dakhaliyah in northern Oman. It manufactures a range of bullets for the police and military.

“The project will lay a solid foundation for the country’s defence capabilities and for localised ammunition production and contribute to Oman’s GDP by reducing imports and creating employment,” said Al Rasbi.

“Meethaq is delighted to partner with OMPC contributing to the Sultanate’s defence capabilities. The financing agreement with OMPC further reiterates the bank’s capabilities to handle complex Islamic finance requirements,” commented Al Yahyai.

Since its inception four years ago, Meethaq has extended financial partnership to a number of projects in various fields, mainly construction and infrastructure development.


Most popular


Deadline approaches for CW Oman Awards 2020 in Muscat
You have until 20 January to submit your nominations for the ninth edition of the


CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 765
Jun 29, 2020