Opinion: New Omani investment bank to foster economic and job growth

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The presence of a robust banking and financial system in the country will undoubtedly accelerate the achievement of economic diversification objectives outlined in Oman’s Vision 2040 strategy.

There is no doubt that the recently announced first investment bank owned by the Omani government in the country will work to realize more projects in various economic fields and create more job opportunities for Omanis. However, what must be done is to eliminate bureaucracy to ensure the success of these projects and to be able to achieve what we aspire to. Otherwise, such projects will merely add to the list of institutions that are already in existence.

The Oman Investment Bank, which was recently launched as the first specialised investment bank, has been established to support the strategic goals and aspirations of the Sultanate of Oman, in addition to meeting the needs of local, regional, and foreign investors.

Over the past years, the government has succeeded in attracting some foreign investments to the country, but with an integrated system of policies, institutions, and transparency, we can attract more of these investments, which could ultimately provide good opportunities to employ Omanis in various governorates.

The new bank will undoubtedly provide a comprehensive range of financial services, including financial advisory services, and contribute to the development of local and regional stock markets.

Recently, it was listed on the third market of the Muscat Stock Exchange, with a capital of RO 500,000, which will have a significant impact on the growth of the capital market in the country. Abdulsalam Mohammed al Murshidi, Chairman of the Board of Directors of the Oman Investment Bank, stressed the bank’s readiness to play its vital role in supporting the implementation of the strategic objectives of Oman Vision 2040, explaining that the priority is to develop a flexible, diversified, and sustainable economy and introduce more competitiveness.

Abdullah bin Salem al Salmi, Executive President of the Capital Market Authority, stresses the importance of this institution and its role in promoting the growth of the capital market in the country, catalysing investment banking activities, and providing advisory services related to financing options, acquisitions, control, and other basic services. This development is expected to stimulate the growth of startups and small businesses in Oman.

Companies listed in the third market enjoy greater flexibility regarding financial disclosure requirements, as well as compliance with the rules and regulations imposed on them.

Finally, several experts and investors believe that the establishment of the Oman Investment Bank can contribute to achieving the strategic goal of promoting economic diversification, in addition to reducing the financing burdens of institutions managed by the private sector and expanding their activities, especially those seeking low-interest financing.

The bank will also direct small and medium enterprises towards the most appropriate financing rates and invest in serving local and foreign investment companies, which will support efforts to diversify and strengthen the Omani economy.