Sohar International and the National Program for Financial Sustainability Sign a Memorandum of Cooperation to Support Business Development in Oman
In line with its commitment to contribute to driving economic development and supporting the economic diversification strategy in the Sultanate of Oman, and in alignment with Oman Vision 2040, Sohar International, the fastest-growing bank in the Sultanate, has signed a memorandum of cooperation with the National Program for Financial Sustainability and Financial Sector Development “Estidama” in partnership with the Embassy of the United Kingdom. The purpose of this memorandum is to study the idea of establishing the Omani Business Growth Fund, which aims to develop the financial sector and enhance competitiveness by increasing the participation of the banking sector in providing suitable financing options for various segments. It is expected that this will support Oman’s long-term vision for achieving sustainable economic development and prosperity.
This step reflects the commitment of all relevant parties at the local and international levels towards the path of development and prosperity in Oman. The Omani side chaired this meeting, with the participation of His Excellency Nasser bin Khamees Al Jashmi, Chairman of the Tax Authority, while Lord Gerry Grimstone chaired the British side. Also present were His Excellency Dr. Khamis bin Saif Al Jabri, Head of the Follow-up Unit for the Implementation of Oman Vision 2024, and Mr. Khalil bin Salem Al Hedaifi, Head of Government and Private Banking Services Group at Sohar International, along with representatives from various government institutions. The memorandum was signed by His Excellency Mahmoud bin Abdullah Al Awaini, Undersecretary of the Ministry of Finance, Her Excellency Dr. Lianne Saunders, UK Ambassador to Oman, and Mr. Khalil bin Salem Al Hedaifi.
Mr. Khalil bin Salem Al Hedaifi emphasized the importance of signing this memorandum, stating: “The signing of the memorandum of cooperation with the National Program for Financial Sustainability and Financial Sector Development ‘Sustainability’ to study the idea of establishing the Omani Business Growth Fund represents a significant achievement in Sohar International’s journey towards contributing to driving economic development in the Sultanate of Oman. These strategic partnerships reflect the bank’s commitment to sustainable development goals by supporting local companies and entrepreneurs, empowering Omani companies to grow in both local and international markets, thus opening up new avenues for sustainable economic development.”
The meeting included discussions on various topics, including reviewing updates and developments in the implementation of several national initiatives and projects, such as reviewing the implementation of initiatives under the sustainable green finance pillar, as well as exchanging experiences in areas of financial sector development and enhancing the business environment in Oman for foreign investment, and studying best practices in decentralized administration of governorates.
This step comes within the role of Sohar International in establishing the Omani Business Growth Fund in cooperation with several institutions at the local and international levels, embodying the bank’s commitment to supporting projects that contribute to social and economic development within the framework of Oman Vision 2040. As the fastest-growing bank in the Sultanate, Sohar International continues its commitment to stimulate development and progress through this initiative, in addition to contributing to major projects that align with development objectives in the Sultanate.
