Keeping in line with its commitment towards contributing to the development of the nation’s economy and playing an active role in the government’s income diversification agenda, Sohar International signed a Memorandum of Understanding (MoU) with SOHAR Port and Free Zone (SFZ) for further boosting trade and commercial activities in the zone and the national economy in general. As per the signed MoU, the Bank will explore potential capacities of business in new value-creation areas, including collaboration for new products, services and technologies for the existing and future investors registering with SOHAR Port and Free Zone.

The MoU was signed on Sunday February 16, 2020 at the Sohar International’s head office at Waterfront in Shatti Al Qurum. Signing the agreement on behalf of Sohar International was Chief Executive Officer, Mr Ahmed Al Musalmi whereas SOHAR Port and Freezone was represented by their Chief Executive Officer, Mr Omar Mahmood Al Mahrizi. Also present at the ceremony were Mr Khalil Al Hedaifi, Chief Retail Banking Officer at Sohar International and Mr Abdul Wahid Al Murshidi, Chief Islamic Banking Officer of Sohar International, along with other senior officials from the Bank and SOHAR Port and Freezone.

Highlighting the importance of the MoU to the national economy, Mr Ahmed Al Musalmi, Chief Executive Officer of Sohar International said: “With the government’s economic diversification program, further development of Sohar Free Zone will simultaneously contribute to the steady economic growth of the Sultanate. With the availability of easy financial services, we anticipate to attract a number of new investors from all over the world. This MoU also embodies our constructive and positive attitude to always play an active role in advancing Oman’s diversification agenda and supporting socioeconomic development.”

Under the agreement, Sohar International will provide banking services to companies based in the zone, as well as to corporates that are yet to establish their operations in the area. As the zone’s preferred financial services provider, Sohar International may also be tasked to help in financing projects that are executed within the zone. In addition, Sohar International is expected to provide its full range of banking services including opening new bank account, e-services, financial arrangements, among others, in accordance with the rules and regulations set under the Banking Law of Oman, Central Bank of Oman and SOHAR Port and Free Zone.

Mr Omar Mahmood Al Mahrizi, CEO of SOHAR Freezone and DCEO of SOHAR Port said, “SOHAR Port and Freezone plays a vital role in strengthening the economic growth of the country, especially in the fields of trade, industry and services. We are excited to collaborate with Sohar International and utilize their extensive range of banking services and solutions. This MoU comes as part of our value proposition to contribute to the growth and expansion of our established companies within SOHAR Freezone.”

With such initiatives, Sohar International reflects upon its commitment towards the development of the nation’s economy by constantly seeking collaborations with organisations both on a local and global level, thus bringing the best of the world to Oman and taking the best of Oman to the world. Such combined expertise allows Sohar International to offer the most innovative and comprehensive ideas and solutions in all market conditions by bankers that have in-depth industry knowledge, local market acumen, and execution expertise.