Muscat : Reaffirming its ongoing commitment to supporting sectors that contribute to the national economic diversification agenda, Sohar International signed a strategic financing agreement with the Oman Minerals Trading Company, a subsidiary of Oman Minerals Development Company. This agreement marks a significant milestone in the company's establishment and operational launch. The company was founded to promote the trade, marketing, and export of Omani minerals, thus contributing to the goals of Oman Vision 2040.

Under this agreement, Sohar International provided OMR 14 million in capital facilities to support the company's operational and commercial requirements, given its central role in marketing and exporting gypsum and chrome ores. This financing will enable the company to enhance the efficiency of its export chains, strengthen its negotiating position in global markets, and boost the competitiveness of Omani mineral resources through a robust commercial channel, in addition to stimulating and attracting downstream industries related to these minerals.

In this context, Abdul Wahid bin Mohammed Al Murshidi, CEO of Sohar International, commented: “At Sohar International, we believe that the role of financial institutions extends beyond providing traditional financing solutions to include actively contributing to empowering strategic economic sectors that form a fundamental pillar of the national economy’s future. Based on this approach, this agreement aligns with the objectives of Oman Vision 2040, which aims to enhance economic diversification, increase the contribution of non-oil sectors, and maximize the utilization of national resources to achieve sustainable value for future generations . The mining sector is one of the promising sectors with significant potential to support economic growth and enhance the Sultanate of Oman’s competitiveness at both the regional and global levels. Through our partnership with the Oman Minerals Trading Company, we seek to support the development of an integrated system that contributes to enhancing the commercial value of Omani mineral resources, empowering related supply chains, and facilitating more efficient access for national products to global markets. This partnership also reflects our commitment to supporting quality investments and projects with sustainable economic impact, contributing to creating new growth opportunities, enhancing the attractiveness of the investment environment, and consolidating the position of Oman in the mining sector.” The Sultanate of Oman as a regional hub for industry, trade, and logistics.

Maan bin Abdullah Al Salmi, General Manager of the Oman Minerals Trading Company, stated: “The company was established with the aim of establishing a more integrated approach to marketing and trading gypsum and chrome ore. This partnership will give us the necessary financial foundation to support our operational objectives and development plans. This cooperation will enable us to enhance our trading capabilities, maximize the economic value of Omani minerals, explore new strategic markets, as well as attract foreign investments related to the gypsum and chrome ore value chain to the Sultanate.”

The Oman Minerals Trading Company, established as a subsidiary of Oman Minerals Development Company, plays a pivotal role in maximizing the economic value of national mineral resources and enhancing the Sultanate of Oman's presence in regional and global markets as a reliable source of raw materials and minerals. It also accelerates the marketing and promotion of mineral resources and opens broader export opportunities. This agreement reflects the growing importance of the mining sector as a strategic pillar of economic diversification in the Sultanate of Oman. It also underscores the importance of integrating the roles of national institutions across the various stages of the value chain, contributing to the development of promising industries and enhancing their competitiveness. By expanding its presence in foreign markets and creating new trade and investment opportunities, the Oman Minerals Trading Company aims to elevate the status of the Omani mining sector and enable it to achieve its long-term developmental and expansionary goals .

This agreement further underscores Sohar International’s leading role in supporting priority national economic sectors by providing innovative financial and funding solutions based on specialized sector expertise and a deep understanding of the requirements for sustainable growth. Driven by its firm commitment to aligning with the objectives of Oman Vision 2040, the bank continues to leverage its capabilities and strategic partnerships to contribute to building a more diversified, competitive, and resilient economy, and to enhance the ability of productive sectors to achieve sustainable added value that supports the Sultanate’s comprehensive development.

-I finish-

#Company Data

About Sohar International :

Sohar International is one of the fastest-growing banks in the Sultanate of Oman, guided by an ambitious vision to become a leading Omani service institution with a global reach, empowering customers, communities, and individuals to thrive. Driven by this vision, the bank focuses on supporting individuals to achieve success by providing banking services that meet their needs in a constantly evolving world. It offers innovative solutions in commercial and investment banking, wealth management, Islamic banking, and other areas. The bank continues to strengthen its presence through an ambitious strategy centered on digital innovation and strategic regional expansion, including its presence in the Kingdom of Saudi Arabia. It is committed to delivering sustainable value through effective partnerships and providing an exceptional banking experience for its customers . For more information, please visit: www.SIB.om

Disclaimer regarding the content of press releases
The content of this press release is provided by a third-party provider. We do not assume any responsibility for, nor do we have any control over, such content. This content is provided on an "as is" and "as available" basis and is not edited in any way. Neither we, nor our affiliates, will be liable for the accuracy, endorsement, or completeness of any opinions, views, information, or materials contained in this content.
This press release is provided for informational purposes only; the content does not constitute legal, investment, or tax advice, nor does it offer any opinion on the suitability, value, or profitability of any particular portfolio or investment strategy. Neither we nor our affiliates will be liable for any errors or inaccuracies in the content, or for any actions you take based on that content. You expressly agree and acknowledge full responsibility for your use of the information contained in this press release.
To the extent permitted by applicable law, Refinitiv, its parent company, subsidiaries, affiliates, relevant shareholders, directors, officers, employees, agents, advertisers, content providers, and licensors (collectively, the 'Refinitiv Parties') shall not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive, or exemplary damages; This includes, but is not limited to, losses of profits, savings, or revenues, whether due to negligence, tort, contract, or other theories of liability, even if the parties to Refinitiv were advised of the possibility of any such damages or losses occurring or actually anticipated them.