Raysut Cement Co has signed a OMR19.5m (US$50.6m) agreement for Shari’a-compliant financing facilities with Oman-based Islamic lender Bank Nizwa.

The facilities consist of long-term financing of OMR12m, working capital of OMR3m to the cement producer’s Salalah plant and OMR4.5m for the construction and expansion of Sohar Cement Factory.

Sheikh Abdul Hafidh Salim Al Barami, vice chairman of Raysut, said: "The secured Shari’a-compliant banking facilities will set us for stronger and rapid growth and help us solidify our position as the largest cement manufacturer in the sultanate.”