Sohar International Signs Agreement with Hambro Perks to Drive Technology Innovation in the Sultanate

03-28-2022 Back to Newsroom

In line with its aspiration to bring the best of the world to Oman, Sohar International has entered into a Memorandum of Understanding (MoU) with Hambro Perks, – an international investment firm that specialises in identifying and funding game-changing companies and founding teams in technology-enabled sectors. As part of this MoU, Sohar International and Hambro Perks will seek new venture capital investment opportunities in the region through the creation of co-investment platforms and joint funds. The agreement will provide new investment opportunities for Sohar International’s customers and uncover business opportunities in the local market for international investors.

The MoU was signed recently at 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, with Hambro Perks Limited represented by Mr. Ali Qaiser, Managing Director of Hambro Perks. The agreement’s white-label venture capital (VC) fund structures will provide Sohar International clients with direct exposure to the VC asset class. The agreement will also enable partnership opportunities in the Sultanate for Hambro Perks’ portfolio of companies.

Commenting on this, Mr. Ahmed Musalmi, Chief Executive Officer of Sohar International, said: “The joint initiative with Hambro Perks is a testament to the Bank’s focus on being digitally driven. This strategic partnership is aligned to the embedding of innovation in our business operations, and in doing so, demonstrates that it is important for us to play a pivotal role in bringing in new protentional foreign investments to the country by partnering with experienced VC investors. We are excited that this partnership will enable early-stage Omani technology companies to access global markets and products. This strategic step will deliver on our purpose and allow our clients to win and achieve their goals through benefiting from next-generation fintech and exploring new business incubation.”

Backed by sovereign funds, well-established institutions, family offices and influential individuals from across the world, Hambro Perks is a multi-stage investor, investing across several specialised strategies. Hambro Perks has a unique platform for partnering with founders and entrepreneurs to support growth businesses at all stages of the investment cycle.

Dominic Perks, CEO and co-founder of Hambro Perks, said “We are looking forward to developing this close working relationship between Sohar International, Hambro Perks and our portfolio of technology companies globally. This is a great opportunity to support the Omani technology ecosystem by working together. Oman has unique opportunities to offer and this partnership will help us deliver value and access to new growth markets for our portfolio companies as we continue to help them scale. We are excited about the possibilities locally and believe Sohar is the ideal partner to explore these with.”

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