Muscat: Reinforcing its role as a key enabler of Oman’s long-term economic transformation, Sohar International has signed a series of Memorandums of Understanding to establish a unified national cooperation framework for the creation of the Consumer Cooperative Society. The initiative introduces an integrated, end-to-end pathway that connects youth, freelancers, and early-stage ventures from ideation and incubation through financing, scaling, and ultimately potential listing on the Muscat Stock Exchange. By aligning public and private sector stakeholders under a single, clearly defined framework, the initiative ensures continuity, reduces fragmentation, and enables entrepreneurs to progress through each growth stage with clarity, governance, and sustained support. Under these memorandums, the bank will assume the role of the financial backbone by providing tailored financing products and services aligned with each stage of development.

Commenting on the initiative, Abdulwahid Mohammed Al Murshidi, Chief Executive Officer of Sohar International, stated: “Sustainable entrepreneurship is not created through isolated interventions, but through integrated systems that guide talent from ambition to execution and scale. This initiative reflects our conviction that Omani youth do not lack capability; what they require is a structured, credible pathway that aligns financing, regulation, skills development, and market access. By uniting national institutions under a single cooperation framework, we are enabling entrepreneurs to move confidently from early-stage ideas to commercially viable enterprises and, in time, to capital market participation. At Sohar International, our role extends beyond financing—we act as a catalyst for system-level progress that strengthens the real economy, deepens capital markets, and supports the creation of resilient, future-ready Omani businesses.”

Abdulwahid Mohammed Al Murshidi, Chief Executive Officer of Sohar International, signed the agreements with several representatives from government and private sector entities, including: H.E. Sayyed Salim bin Musallam Al Busaidi, Undersecretary of the Ministry of Labour for Human Resources Development; Brigadier General Nasser Al Qattabi, Director of the Strategic and Defence Studies Academy; Zakariya Al Saadi, CEO of the Oman Chamber of Commerce and Industry; Hon. Dr. Amor bin Nassr Al Mattani, CEO of Oman LNG Development Foundation; Saud Al Jabri, Director of ICV Development at Petroleum Development Oman.

Designed as a practical execution model rather than a standalone programme, the Consumer Cooperative Society provides Omani youth with access to structured mentorship, technical enablement, tailored banking and financing solutions, and market-readiness support. The model directly supports job creation, formalisation of economic activity, and the development of scalable local retail businesses, while strengthening the contribution of SMEs and freelancing to non-oil GDP. By transforming promising ideas into investable, growth-ready enterprises, the initiative contributes to deepening the financial system, expanding capital market participation, and advancing the objectives of Oman Vision 2040.

The cooperation framework brings together a comprehensive network of national institutions, each contributing specialised capabilities across the entrepreneurial value chain. This includes the development of a state-of-the-art entrepreneurship centre in collaboration with the University of Technology and Applied Sciences (UTAS) and HKUST; technical and banking support for the “Estidamat Mu’asasati” platform with the Oman Chamber of Commerce and Industry; the introduction of 14 tailored insurance solutions for freelancers and SMEs in partnership with Arabia Falcon Insurance; collaboration with the Muscat Stock Exchange on structured pre-listing and readiness programmes for startups; financing frameworks for freelancers, startups, and SMEs; and support for national digital entrepreneurship initiatives in cooperation with the Ministry of Transport, Communications and Information Technology. Collectively, these partnerships create a coherent support ecosystem that integrates strategic planning, financial enablement, technical training, and formal market access.

Sohar International continues to position itself as a driver of innovation within banking and beyond—actively shaping platforms, solutions, and partnerships that unlock new avenues for enterprise growth, competitiveness, and national progress. The bank remains committed to accelerating the development of Oman’s entrepreneurial infrastructure and fostering a dynamic, future-ready economy defined by opportunity, innovation, and sustainable growth.

About Sohar International:

Sohar International is Oman’s fastest-growing bank, guided by a clear vision to become a world-leading Omani service company that helps customers, communities, and people prosper and grow. With a purpose to help people ‘win’ by delivering responsive banking for their ever-changing world, the bank offers innovative solutions across Commercial and Investment Banking, Wealth Management, Islamic Banking, and more. Operating with a strong digital-first approach and an expanding regional footprint—including presence in the Kingdom of Saudi Arabia—Sohar International is committed to driving value through strategic partnerships and a dynamic customer experience. Learn more at www.SIB.om