Tuesday 05 / November / 2024
Muscat: In line with its commitment to play a catalytic role in Oman’s economic growth and contribute to the nation’s diversification agenda aligned with Oman Vision 2040, Sohar International, the fastest growing bank in Oman, has joined hands with the National Programme for Fiscal Sustainability and Financial Sector Development (Estidamah) and the Embassy of the United Kingdom, to initiate the establishment of the Omani Business Growth Fund.
The collaboration aims to strengthen the financial sector, enhance competitiveness, and expand access to tailored financing options in line with global best practices. The overarching goal of this initiative is to stimulate market growth and foster economic diversification, supporting Oman's long-term vision for sustainable development and economic prosperity.
The official signing ceremony, held within the framework of the 10th meeting of the Omani-British Strategic Group, symbolizes the unwavering commitment of both local and international stakeholders towards the prosperity of Oman. Nasser bin Khamis Al Jashmi, President of the Tax Authority, led the Omani delegation, while Lord Gerry Grimstone headed the British delegation. Furthermore, the presence of Dr Khamees bin Saif Al Jabri, President of Oman Vision 2040 Implementation Follow-Up Unit, underscores the importance of this initiative in advancing the nation's long-term strategic objectives. Mahmood bin Abdullah bin Ahmed Al-Owaini, Secretary General of the Ministry of Finance, alongside Dr. Liane Saunders, the designated Ambassador of the United Kingdom to the Sultanate of Oman, and Khalil Salim Al Hedaifi, Chief Government and Private Banking Officer, have officially endorsed the letter of intent for the establishment of the Omani Business Growth Fund.
Khalil Salim Al Hedaifi, Chief Government & Private Banking Officer at Sohar International, emphasized, "This represents a significant milestone for Sohar International, reaffirming our unwavering commitment to driving Oman's economic development forward. These strategic alliances underscore our steadfast pledge to support local businesses and entrepreneurs, enabling Omani enterprises to flourish in both domestic and international markets, thus paving the way for boundless opportunities. Together, we aim to ignite unprecedented growth and cultivate lasting economic prosperity in the Sultanate."
The meeting encompassed discussions on diverse topics, including updates on national initiatives and projects, with a focus on sustainable green financing. Participants explored financial sector development, strategies to improve Oman’s business environment for foreign investment, and decentralized provincial administration best practices. This meeting marks a significant milestone in strengthening Omani-British relations, fostering knowledge exchange, and addressing key strategic issues essential for achieving the joint economic and investment goals of both countries.
Sohar International's active involvement in establishing the Omani Business Growth Fund, alongside key national and international partners, exemplifies our steadfast dedication to supporting projects that contribute to the socio-economic development envisioned by the Oman Vision 2040. As the fastest-growing bank in Oman, Sohar International is committed to catalyzing growth not only through this initiative but also by actively engaging in various mega projects that align with the nation's developmental goals.
