Monday 20 / April / 2026
Muscat: The establishment of the African Bank of Oman was announced today in Luanda, the capital of the Republic of Angola, in furtherance of the strategic objectives set forth under Oman Vision 2040, which seek to diversify national income sources and strengthen the Sultanate of Oman’s overseas investment presence.
This landmark initiative reflects the Sultanate of Oman’s ongoing commitment to reinforcing its financial footprint in Africa’s emerging markets and consolidating its role as a recognized source of financial and institutional expertise within the international financial sector.
The launch of the bank marks a new milestone in the deepening of economic relations between the Sultanate of Oman and the African continent. Its establishment comes at a time of profound economic transformation in Angola, as the country advances its long-term national development plan,Angola Strategy 2050, which prioritizes economic diversification, the acceleration of privatization programs, infrastructure development, and the opening of productive sectors to international investment.
His Highness Sayyid Theyazin bin Haitham Al Said, Deputy Prime Minister for Economic Affairs, stated: “We welcome the establishment of the African Bank of Oman (ABO), which embodies the economic diplomacy approach championed by His Majesty Sultan Haitham bin Tarik. This approach seeks to enhance the Sultanate of Oman’s investment and economic presence on the international stage, affirm its role in connecting global markets, and solidify its position as an investment and financial bridge linking the Middle East to emerging global markets—built upon the pillars of stability, trust, and the deep-rooted international relations for which Oman is widely recognized.”
His Highness added:“We believe that this auspicious step will yield benefits for all parties involved. It will deepen economic ties with Africa and its emerging markets, enhance Oman’s regional and international reputation, and promote the Sultanate as a trusted investment partner. This, in turn, supports the sustainable economic diversification plans set out in Oman Vision 2040—a vision rooted in a rich civilizational heritage, grounded in a distinguished present, and aimed at a bright future under the wise leadership of His Majesty Sultan Haitham bin Tarik.”
Abdulsalam bin Mohammed Al Murshidi, Chairman of Oman Investment Authority (OIA), stated that the establishment of the African Bank of Oman represents a strategic step in expanding the Sultanate of Oman’s investment presence regionally and internationally. It serves as a practical embodiment of the objectives of Oman Vision 2040, which aim to build effective financial vehicles in emerging markets and further diversify sources of national income.
He explained that this project is not merely a banking institution but an integrated financial platform designed to facilitate and enhance capital, trade, and investment flows between the Sultanate of Oman and the African continent—particularly the Republic of Angola, which Oman regards as a promising strategic partner given its considerable economic potential and the wealth of investment opportunities it offers.
He further noted that Oman Investment Authority believes this step will help entrench Oman’s role as a trusted partner linking the Middle East with Africa by transferring institutional expertise and best practices in financial governance to emerging markets—thereby improving the efficiency of investment flows and creating sustainable value for both parties.
He emphasized that, alongside its strategic financial and investment functions, the bank will play a pivotal role in supporting Omani companies seeking to expand internationally and access new markets and investment opportunities. It will contribute to Angola’s economic development efforts by financing strategic projects and advancing the trade and investment finance ecosystem.
Al Murshidi further noted that Oman Investment Authority views this project as a cornerstone for a long-term economic partnership between the Sultanate of Oman and Africa. The Authority remains committed to strengthening its strategic alliances with Arab and friendly nations on the basis of integration, technology and knowledge transfer, sustainable growth, and a stronger Omani presence in global economic corridors—thereby serving the aspirations of future generations.
The bank is positioned as a cross-border investment banking institution, incorporated in Angola with an international reach. It is designed to structure and facilitate capital and trade flows between Angola and Middle Eastern countries, on the one hand, and neighboring African markets, on the other, guided by Omani financial governance standards and institutional expertise in building transparent, sustainable, and regulatory-compliant banking models.
The establishment of the bank also aligns with the Sultanate of Oman’s strategic direction to expand its international economic partnerships and enhance its investment presence in emerging markets. The bank will open new financial corridors between Oman and Africa, support trade and investment activity between the two regions, and enable Omani companies to access promising economic opportunities across the African continent—reinforcing Oman’s position as an economic and financial bridge linking the Middle East to dynamic global markets.
The bank further aims to play a transformative role in developing the trade and investment finance ecosystem between the two regions by providing specialized financial solutions that support corporate expansion into African markets, while simultaneously facilitating access for African companies to partners and investors in Middle Eastern countries.
The bank’s operations are built around three core pillars: facilitating cross-border payments and financial transactions between Angola and Middle Eastern countries; offering comprehensive corporate banking services, including trade finance through letters of credit, bank guarantees, and cash and liquidity management; and providing financial advisory services and financing for major projects in strategic sectors such as oil and gas, mining, manufacturing, and logistics.
The bank targets sectors that form the backbone of the Angolan economy. The oil and gas sector accounts for approximately 20% of Angola’s gross domestic product (GDP), while the consumer goods sector contributes around 19%, alongside mining, infrastructure, transport, and logistics—all of which are experiencing rapid expansion under national development programs.
In its initial operational phase, the bank aims to serve approximately 50 major multinational corporations, local enterprises, and government entities operating in Angola. It will gradually expand its scope of services to support trade and investment flows between Africa and the Middle East, while strengthening Angola’s position as a financial and investment gateway to African markets.
