ARAB Bank Group, a Jordan-based public shareholding company, has provided a loan of RO157.8 million ($410 million) towards construction of Phase Three of Muscat International Airport in Oman.

A consortium consisting of three international contracting companies executing the project has been awarded the credit facilities collectively by Oman Arab Bank, Europe Arab Bank and Arab Bank in Bahrain.

The Muscat International Airport project is one of the largest infrastructure projects in the sultanate and is being executed with an investment capital of approximately $1.8 billion.

The airport has been designed to accommodate approximately 20 million passengers.

The airport complex will also include a four-star hotel with 90 rooms, car-parks and landscaped areas. Construction work on the airport project is expected to reach completion in 38 months.

The credit facilities provided by Arab Bank Group include advance payment guarantees, performance guarantees, letters of credit along with overdraft facilities.

Providing these kinds of credit facilities is a continuation of the bank’s leading role in providing financing solutions that keep pace with the demands of the strategic mega projects in the region.