NEWS

Oman Arab Bank has signed a $220 million financing agreement with United Solar Polysilicon to help establish a polysilicon manufacturing facility in Oman.

The signing took place at the bank’s CEO Summit 2025 held in Omani capital Muscat in November, with the country’s Minister of Energy and Minerals, Salim bin Nasir bin Said Al Aufi, in attendance.

Work on the polysilicon facility, being built in the Sohar Freezone of northern Oman, began in March 2024. The project, valued at $1.6 billion, is expected to supply enough polysilicon to manufacture 40 GW of solar modules annually once at full capacity, making it the largest facility of its kind in the Middle East.

A statement published by Oman Arab Bank says the agreement unlocks opportunities to stimulate Oman’s job market and strengthens the country’s role as a global hub for trade, logistics and green energy.

The bank is the latest in a series of investors in the project. In August, the International Finance Corporation, the private-sector financing arm of the World Bank, approved a loan of up to $250 million for the facility. The project has also been backed by a $156 million investment from Future Fund Oman, a financing mechanism controlled by the sovereign wealth fund of Oman.