Oman launches first state-owned investment bank
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Muscat: Oman launched its first specialized investment bank, Oman Investment Bank, wholly owned by the government. The milestone follows the acquisition of relevant licenses from the Central Bank of Oman (CBO) and the Capital Market Authority (CMA), signalling a new era in Oman's banking landscape.
Oman Investment Bank, headquartered at "Bait Al Dana" in Al Khuwair Muscat Governorate, aims to align its operations with the government's strategic objectives while catering to the needs of local and regional investors. The bank is poised to offer a comprehensive range of financial services, including corporate consultancy and the development of local and regional stock markets.
Abdulsalam Mohammed Al Murshidi, Chairman of the Board of Directors of Oman Investment Bank, emphasized the institution's pivotal role in supporting the implementation of Oman Vision 2040. He highlighted the bank's focus on fostering a flexible, diversified, and sustainable economy, thereby enhancing competitiveness on the global stage.
With the recent launch of the Future Fund Oman earlier this year, Oman has laid the groundwork for facilitating projects and investments on an international scale. Oman Investment Bank's establishment marks the nation's commitment to providing the necessary tools and instruments for economic development.
Looking ahead, Oman Investment Bank is poised to expand its commercial franchise by offering integrated strategic consultations and capital market products to both listed and unlisted companies in Oman, other GCC states and globally. The bank's operations will span various sectors, including energy, industry, mining, consumer sectors, agriculture, money and asset management, real estate, infrastructure, technology, media, communications and beyond, catering to the diverse needs of the Sultanate.
Oman Investment Bank's launch marks a significant milestone in Oman's financial sector, reflecting the nation's commitment to fostering economic growth and development in alignment with Oman Vision 2040.