The new government bank was inaugurated after obtaining the necessary licenses from the Central Bank of Oman and the General Authority of the Capital Market (French).

Muscat

- With the aim of providing banking services and regional products to local and international investors, the Sultanate of Oman launched the first specialized investment bank wholly owned by the government, after obtaining the necessary licenses from the Central Bank of Oman and the Capital Market Authority.

The Oman Investment Bank, whose headquarters are located in the capital, Muscat, supports the strategic goals of the Sultanate of Oman and investors locally and regionally, through the financial services it will provide that range from financial advice to companies and the development of local and regional stock markets.

The Sultanate of Oman seeks to establish a flexible, non-oil-dependent economy that is diverse, sustainable, and competitive, through many projects that it recently launched, especially the green hydrogen industry, loading and unloading projects in the Port of Duqm, and other projects.

In a special statement to Al Jazeera Net, the Chairman of the Board of Directors of the Oman Investment Bank, Abdul Salam bin Muhammad Al-Murshidi, confirmed that the bank’s services are not limited to local investors only, but extend to foreign investors as well.

Al-Morshedi said that the bank intends to provide banking services and regional products to local and international investors, with a special focus on companies investing in emerging markets.

▶️ The launch of the Oman Investment Bank as the first specialized bank in the Sultanate of Oman. #News_Center pic.twitter.com/ynxf9b5LMK

- News Center (@omantvnews) February 29, 2024

Positive effect

Al Morshedi believes that the new bank will have a significant positive impact on the investment environment in the Sultanate. He said, “The Oman Investment Bank seeks to play a catalytic role to facilitate, support and promote national efforts in implementing the economic and investment targets included in Oman Vision 2040. It also works to attract investments for projects that will contribute to advancing... This is change and growth.”

The Chairman of the Board of Directors of the Oman Investment Bank touched on the strategic objectives of establishing a new bank and said, “The purpose of establishing a bank dedicated to international investors and major companies is to ensure that they are linked to a group of executives specialized in the financial markets, who will promote the local markets to investors.”

Al-Morshedi added, "The new bank will help create a diverse, more flexible and competitive environment in the banking sector, which will have a medium and long-term impact in serving the economy, and creating a diverse and deeper range of investments."

Oman Investment Bank focuses on providing an integrated range of strategic consultations and capital markets products for listed and unlisted companies in the Sultanate of Oman and the Gulf Cooperation Council countries, and for major business sectors.

Among them: energy, industry, mining, consumer sectors, agriculture and others.

Oman is working on a new system for developing projects and investments (French)

Project development

By establishing the Oman Investment Bank, the Sultanate of Oman is completing the system of tools available internationally to develop projects and investments, and to achieve the goals of Oman Vision 2040.

The Sultanate of Oman launched the Oman Future Fund in January 2024, with a capital of two billion Omani riyals (5.2 billion US dollars).

To stimulate the growth of the local economy.

The Oman Future Fund is a partner for local and international investors wishing to expand the scope of their projects in the Omani economy, or enter the Omani market.

The Oman Future Fund seeks to provide its services to private sector institutions, business owners, and small and medium-sized companies, and also provides its services to foreign investors.

Source: Al Jazeera