Mubasher: A subsidiary of First Investment in Oman has signed a credit facilities contract with a local Islamic Bank in the Sultanate for a total of OMR 2.2 million ($5.7 million).

The loan will be repaid over ten years, and will be used in developing a project by the subsidiary, according to a bourse statement issued on Wednesday.

First Investment noted that the financial impact from this loan deal will be registered in the company’s consolidated financial statements during the contract’s duration.

At the stock level, First Investment closed Wednesday’s session 0.43% lower at 46 fils.