By: Solar quarter

Oman Arab Bank has signed a $220 million financing agreement with United Solar Polysilicon to support the development of a major polysilicon manufacturing facility in Oman. The agreement was finalized during the bank’s CEO Summit 2025, held in Muscat in November, in the presence of the Minister of Energy and Minerals, Salim bin Nasir bin Said Al Aufi. This funding contribution makes Oman Arab Bank the latest investor in the project, which is considered one of the most significant industrial developments in the region’s renewable energy sector.

The polysilicon plant is under construction in the Sohar Freezone in northern Oman, with work having started in March 2024. Valued at $1.6 billion, the facility is expected to become the largest of its kind in the Middle East. Once fully operational, it will supply enough polysilicon to manufacture 40 GW of solar modules every year, supporting both domestic industrial growth and the global solar manufacturing supply chain.

According to a statement from Oman Arab Bank, the financing agreement will help boost employment opportunities and reinforce Oman’s position as a regional and international hub for trade, logistics, and green energy development. The project aligns with the country’s strategy to expand clean energy investments and strengthen its economic diversification efforts.

This latest financial commitment follows other major investments in the initiative. In August, the International Finance Corporation, a branch of the World Bank focused on private sector financing, approved a loan of up to $250 million. Additionally, the project has received $156 million in support from Future Fund Oman, a financing mechanism overseen by Oman’s sovereign wealth fund. Collectively, these contributions reflect strong confidence in the project’s long-term impact on the renewable energy market and Oman’s economic future.