Bank Nizwa, a leading Islamic bank in Oman, said it has signed an agreement with Arab Open University for the funding of its new campus in the sultanate.
The Omani bank said already the Ministry of Housing has allocated 37,850 sq m plot for the university in South Al Mabela.
Established as a non-conventional academic institution, the Arab Open University has been reaccredited by the Open University Validation Service of the Open University in the United Kingdom for a period of five years (2017-2022) for the fourth time.
The AOU has signed a series of memoranda with a number of international universities to offer academic programs required in the labour market.
Bank Nizwa has always been at the forefront of investing in ventures that help in the economic growth of the country, stated Khalid Al Kayed, CEO of Bank Nizwa after signing the deal with Dr Moosa Al Kindi, Director of Arab Open University, Oman branch in the presence of senior officials.
By supporting an institution like the Arab Open University that is established on the principles of quality education and is dedicated to steering development in scientific, social and cultural spheres, Bank Nizwa has further reaffirmed its commitment as a responsible corporate citizen that believes in investing in the youth of the country, noted Al Kayed.
"Education is one of the key sectors that the Oman Vision 2040 focuses on and Bank Nizwa is committed to being a vital contributor to the nation’s growing economy through strategic partnerships like these," he added.
The new Arab Open University falls under the Arab Gulf Programme for Development (AGFUND) which is a regional organisation established in 1980 by the initiative of late Prince Talal bin Abdul Aziz and the support of the leaders of the Gulf Cooperation Council.
The first phase of the Arab Open University was launched in October 2002 and then it started in Oman in February 2008. With 15 branches and centres in nine Arab countries, it aims to reach all Arab countries.