Muscat: Reaffirming its commitment to supporting strategic sectors that contribute to the Sultanate of Oman’s economic diversification agenda, Sohar International has signed a strategic financing agreement with Oman Minerals Trading Company (OMTC), a subsidiary of Minerals Development Oman (MDO). The agreement marks a significant milestone in the establishment and operational launch of OMTC, an entity established to develop the marketing, trading, and export of Oman’s mineral resources while advancing the objectives of Oman Vision 2040. As part of the agreement, Sohar International has extended a working capital facility of OMR 14 million to support OMTC’s commercial operational requirements as it undertakes its mandate of centralizing the trade and export of key minerals, including gypsum and chromite ore. The financing will enable the company to enhance supply chain efficiencies, expand access to international markets, and unlock greater value from Oman’s mineral resources through a more integrated and commercially driven approach.

Commenting on the partnership, Abdulwahid Mohamed Al Murshidi, Chief Executive Officer of Sohar International, said:

“At Sohar International, we believe that financial institutions play a vital role in enabling strategic sectors that contribute to sustainable economic growth and support the objectives of Oman Vision 2040. This agreement reflects our commitment to advancing economic diversification, enhancing the contribution of non-oil sectors, and creating long-term value from Oman’s national resources. As one of the Sultanate’s most promising growth sectors, mining holds significant potential to strengthen Oman’s competitiveness and unlock new economic opportunities. Through our partnership with Oman Minerals Trading Company, we aim to support the development of a more integrated mining ecosystem, enhance the commercial value of Oman’s mineral resources, strengthen supply chains, and facilitate greater access to international markets. This collaboration further underscores our commitment to supporting high-impact investments and sustainable projects that contribute to economic growth, enhance the investment landscape, and reinforce Oman’s position as a regional hub for industry, trade, and logistics.”

Speaking on the partnership, Maan Al Salmi, Managing Director of Oman Minerals Trading Company, said: “OMTC was established to create a more integrated approach to the marketing and trade of Oman’s gypsum and chromite resources. Our partnership with Sohar International provides the financial foundation to support our commercial operations and growth plans. This collaboration will enable us to strengthen our trading capabilities, maximising the economic value of the Omanis minerals, exploring new strategic markets, and attracting foreign investment that is associated with the gypsum and chromite value chain to the Sultanate of Oman”

Established as a subsidiary of Minerals Development Oman, OMTC plays a strategic role in advancing the marketing, promotion, and export of the Sultanate’s mineral wealth. The agreement reflects the growing importance of the mining sector as a key pillar of economic diversification and highlights the value of integration between national upstream and downstream parties in supporting the development of high-potential industries. By strengthening market access creating new trade opportunities, OMTC is positioned to enhance the competitiveness of Oman's mining sector and support its continued growth.

The agreement further reinforces Sohar International’s role in supporting priority sectors through tailored financing solutions and sector expertise. By partnering with organizations driving national development, the Bank continues to contribute to a more diversified and resilient economy.

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