Muscat: In an effort to fortify the strategic alliance between the National Program for Fiscal Sustainability and Financial Sector Development, "Estidamah," and State Street Corporation (SSC), a multilateral assembly was convened on Thursday. The primary objective of this gathering was to explore avenues for the development of the financial sector and to deliberate on various investment opportunities within the Sultanate of Oman.
Nasser Khamis Al Jashmi, the Chairman of the Tax Authority (TA), presided over the assembly in collaboration with Ronald P. O'Hanley, the Chairman and Chief Executive Officer of State Street.
Attendees of the assembly included officials and specialists from the Ministry of Finance (MOF), Oman Investment Authority (OIA), Central Bank of Oman (CBO), Financial Services Authority (FSA), representatives from a diverse array of Omani enterprises, and a group of entrepreneurs, investors, and international investment fund managers. These entities collectively manage investment assets valued at approximately $13 trillion.
The assembly addressed critical issues related to the development of the financial sector, encompassing the capital market, initiatives in green finance, and the advancement of financial technology. It shed light on strategic investment opportunities for entities affiliated with the Oman Investment Authority and discussed forthcoming projects and potential investment prospects in sectors such as space and green hydrogen. Furthermore, the regulatory support and incentives provided by the Financial Services Authority for investors were deliberated upon.
Nasser Al Jashmi underscored the importance of strengthening partnerships to attract investors across various sectors, aligning with the objectives of Oman Vision 2040 for economic growth and financial sustainability.
Ronald P. O'Hanley, Chairman and Chief Executive Officer of SSC, expressed the company's commitment to a strategic partnership with a focus on achieving sustainable outcomes in Oman's financial sector and fostering global collaborations with local partners.
Meanwhile, Mahmoud Abdullah Al Owaini, the Secretary General of the Ministry of Finance and the Supervisor of the National Program for Fiscal Sustainability and Financial Development Sector “Estidamah,” highlighted the program's collaboration with State Street to transfer technical expertise, thereby enhancing the efficiency and competitiveness of Oman's financial sector and attracting foreign investments.
This assembly is in support of the Memorandum of Understanding signed on October 16, 2024, with the aim of strengthening the strategic partnership by applying global best practices in finance to promote Oman's competitiveness and attract additional investments.
It is important to note that State Street Corporation is recognized globally as one of the foremost financial services institutions, offering asset management services and advanced solutions in financial consulting, analysis, and data management across over 100 global markets. It is regarded as a trusted partner for major financial institutions and governments worldwide.
