BUSINESS REPORTER
MUSCAT/LUANDA, APRIL 20
In line with the objectives of Oman Vision 2040, aimed at economic diversification and strengthening the Sultanate of Oman’s international investment footprint, the African Bank of Oman (ABO) has officially launched in Luanda, Angola.
Positioned as a specialised financial platform, the bank supports trade and investment flows between Africa and the Middle East while contributing to deeper economic integration between the two regions, reflecting Oman’s strategic direction to expand its international partnerships and strengthen its presence in emerging markets. In this context, ABO plays a key role in opening new financial channels between Oman and Africa and enabling Omani companies to access promising opportunities across the continent.
The launch comes just eleven months after the official visit of João Lourenço, President of the Republic of Angola, to the Sultanate of Oman, underscoring the pace at which strategic economic dialogue between the two countries is being translated into tangible institutional outcomes and highlighting Oman’s ability to move decisively from diplomatic engagement to structured investment execution.
On this occasion, His Highness Sayyid Theyazin bin Haitham al Said, Deputy Prime Minister for Economic Affairs, stated: “We commend the establishment of the African Bank of Oman (ABO), which embodies the principles of economic diplomacy laid down by His Majesty Sultan Haitham bin Tarik, aimed at strengthening Oman’s international investment and economic presence. It also reaffirms the Sultanate of Oman’s role in connecting global markets and consolidates its position as a financial and investment bridge linking the Middle East with emerging global markets, building on the foundations of stability, trust and its well-established international relations.
We believe this important step will deliver broad benefits, contributing to the deepening of economic relations with the African continent and its emerging markets, while enhancing Oman’s regional and international reputation as a trusted investment partner. This supports the objectives of sustainable economic diversification under Oman Vision 2040, which builds on a rich heritage, a strong present and an ambitious vision for the future under the wise leadership of His Majesty Sultan Haitham bin Tarik”.
Licensed and regulated by the National Bank of Angola, ABO focuses on corporate and institutional clients, including large corporations, multinational companies, government entities and international investors. Its services are directed towards key strategic sectors such as energy, mining, infrastructure, agriculture, logistics, telecommunications and industry.
This launch comes at a time when Angola is undergoing significant economic transformation under its long-term development agenda, Angola 2050, which prioritises diversification, infrastructure development and increased private sector participation.
Abdulsalam bin Mohammed al Murshidi, President of Oman Investment Authority (OIA), said: “The establishment of the African Bank of Oman represents a strategic step in expanding Oman’s investment presence at both regional and international levels; and serves as a practical reflection of Oman Vision 2040, which aims to build effective financial platforms in emerging markets and diversify sources of national income. This project goes beyond being a banking institution; it is an integrated financial platform designed to enhance capital flows, trade and investment between the Sultanate of Oman and the African continent — particularly Angola, which we view as a promising strategic partner given its strong economic potential and investment opportunities.
At the Oman Investment Authority, we believe this initiative will reinforce Oman’s position as a trusted partner connecting the Middle East and Africa, through the transfer of institutional expertise and best practices in financial governance to emerging markets, thereby improving the efficiency of investment flows and creating sustainable value for both sides”.
António Dinis Mendes, Chief Executive Officer of ABO, said: “The establishment of the African Bank of Oman reflects the growing economic engagement between African markets and the Middle East, as well as the increasing demand for institutions capable of supporting cross-border trade finance, corporate banking and investment activities. ABO is designed to play a catalytic role in facilitating these flows by providing structured financial solutions, strengthening connectivity between markets and supporting clients in navigating increasingly complex cross-border transactions”.
At this stage, ABO aims to serve approximately 50 multinational companies sectors and targets sectors that form the backbone of the Angolan economy, with oil and gas contributing approximately 20% of GDP and consumer goods accounting for around 19%, alongside mining, infrastructure, transport and logistics sectors that are experiencing accelerated growth under national development programmes.
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