Luanda - The establishment of the African Bank of Oman was announced on Monday in the Angolan capital, Luanda, reflecting the objectives of Vision 2040 and part of the efforts to strengthen Oman's financial presence in emerging African markets.
The launch of the Bank marks a new milestone in the path of deepening economic relations between the Sultanate of Oman and the African continent, and its establishment comes in light of the Angola's Economic Transformations as part of its Long-Term Development Plan "Angola 2050 Strategy", which focuses on diversifying the economy and accelerating programs Privatization, infrastructure development, and opening up productive sectors to international investment.
HH Sayyid Theyazin bin Haitham bin Tarik al Said, Deputy Prime Minister for Economic Affairs, said: "We congratulate the establishment of the The African Bank of Oman (ABO), which embodies the approach of economic diplomacy that Its foundations were laid by His Majesty Sultan Haitham bin Tariq and the aim of to enhance the investment and economic presence of the Sultanate of Oman at the international level, and its role in linking global markets and consolidating its position as an investment bridge Malia connects the Middle East to emerging global markets, based on the pillars of stability, trust and well-established international relations."
He added "We believe that these steps will benefit everyone as it will deepen relations economic with the African continent and its emerging markets, and enhance regional reputation and promote the Sultanate of Oman as a reliable investment partner, which supports its diversification plans Sustainable economy in accordance with the objectives of the "Oman Vision 2040", which starts from a long civilizational legacy, based on a glorious present, and aiming for a bright tomorrow under the leadership of His Majesty the Sultan."
Abdulsalam bin Mohammed al Murshidi, chairman of Oman Investment Authority (OIA), said, "The establishment of the African Bank of Oman is a step in a strategy to expand Oman's investment presence in the two regional arenas and the 2040" aims to build effective financial arms in emerging markets and promote diversification of sources of income."
He said the this project is not limited to as a banking institution, it is an integrated financial platform that aims to increase and enhance the flows of Capital, trade and investment between the Sultanate of Oman and the African continent, in particular the Republic of Angola, which we view as a promising strategic partner, given the economic potential and the large amount of investment opportunities it has."
"OIA believes that this step will contribute to consolidating the role of the Sultanate of Oman as a reliable partner that connects the Middle East and the African continent, through the transfer of institutional expertise and best practices in financial governance to emerging markets, which will enhance the efficiency of investment flows and sustainable value for both sides."
The Bank is positioned as an investment banking institution with a cross-border and an Angolan bank with an international reach. It is designed to facilitate and regulate capital flows and trade between Angola and the Middle East on the one hand, and neighboring African markets on the other hand. On the other hand, based on Oman's financial governance standards and its institutional expertise in building transparent, sustainable, and regulatory-compliant banking models.
The bank aims to support the sectors that make up the backbone of the Angolan economy, with the oil and gas sector accounting for about 20 percent of the GDP, while the consumer goods sector contributes about 19 percent. The mining, infrastructure, transport, and logistics sectors are expanding rapidly within the national development programs.
The bank's operations in its first phase will serve 50 major multinational companies and corporations, local and government agencies operating in Angola, with a gradual trend towards expanding the scope of its services to support trade and investment between Africa and the Middle East, and to strengthen Angola's position as a financial and investment gateway to African markets.
Oman Observer is now on the WhatsApp channel. Click here
