Friday 01 / November / 2024
Muscat:As part of enhancing the strategic partnership between the National Program for Fiscal Sustainability and Financial Sector Development “Estidamah” and State Street Corporation (SSC), a multilateral meeting was held on Thursday to explore opportunities for developing the financial sector and discuss various investment areas in the Sultanate of Oman.
Nasser Khamis Al Jashmi, Chairman of the Tax Authority (TA), chaired the meeting alongside Ronald P. O'Hanley, Chairman and CEO of State Street.
Officials and specialists from the Ministry of Finance (MOF), Oman Investment Authority (OIA), Central Bank of Oman (CBO), and Financial Services Authority (FSA), as well as representatives from various Omani companies, attended the meeting.
Additionally, a group of entrepreneurs, investors, and international investment fund managers, with investment assets estimated at $ 13 trillion, participated via video conference.
The meeting covered key topics in financial sector development, including the capital market, green finance initiatives, and financial technology. It highlighted strategic investment opportunities for OIA-affiliated companies and discussed upcoming projects and potential investment opportunities in the space and green hydrogen sectors. The FSA's regulatory support and incentives for investors were also raised.
Nasser Al Jashmi highlighted the need to enhance partnerships to attract investors in the financial and other economic sectors in line with the goals of Oman Vision 2040 for economic growth and financial sustainability.
On his turn, Ronald P. O'Hanley, Chairman and CEO of SSC, stated that opening our office in the Sultanate of Oman underscores our commitment to a strategic partnership focused on achieving sustainable outcomes in Oman’s financial sector and attracting global investments to collaborate with Omani partners.
Meanwhile, Mahmoud Abdullah Al Owaini, Secretary General of the Ministry of Finance and Supervisor of the National Program for Fiscal Sustainability and Financial Development Sector “Estidamah”, stated that the National Program Estidamah, in collaboration with State Street, seeks to transfer technical knowledge to enhance the local financial sector's efficiency, boost its competitiveness, and attract foreigner investments.
This meeting supports the Memorandum of Understanding signed in 16 October, 2024, aimed at enhancing strategic partnership by utilizing global finance best practices to promote Oman's competitiveness and attract further investments.
It is worth noting that the SSC is one of the world's leading financial services institutions, delivering asset management services, and advanced solutions in financial consulting, analysis, and data management in over 100 global markets. It is a trusted partner for major financial institutions and governments worldwide.
