Oman Investment Forum
Singapore Companies Urged to Look to Oman as Staging Point to Middle East and Africa
Delegation of senior government and business officials from Oman visits Singapore to promote trade and investment opportunities in the country
BankMuscat to open first representative office in Southeast Asia in Singapore
Singapore, Monday, 17 October 2011 - Consulate General of the Sultanate of Oman in Singapore and BankMuscat jointly organised the Oman Investment Forum today at Resorts World Sentosa. Held in conjunction with Global Entrepolis @ Singapore (GES), the forum introduced participants to the promising trade and investment opportunities in Oman, as well as provided insights into the business environment in the country. The forum also served as a launch pad for BankMuscat's foray into Southeast Asia with a Representative Office in Singapore.
His Excellency Taleb Miran Al-Raisi, Head of the Economic Affairs Sector at the Ministry of Foreign Affairs of the Sultanate of Oman, led the 17-member delegation consisting of officials from the Ministry of Commerce and Industry, Oman Tourism Development Company, Public Authority for Investment Promotion and Export Development, as well as several senior figures from the business community including BankMuscat, Port Services Corporation Oman and Takamul Investment Company.
Oman aims to diversify income sources through the establishment of a modern and stable infrastructure and the creation of a global investment environment that would secure excellent business opportunities and investment revenues for the investor. Apart from providing incentives to attract foreign investors, the Sultanate has enacted the necessary legislations to regulate private sector activity in industrial, tourist and business areas, and has in place an effective banking system.
H.E. Al-Raisi commented, "There is no doubt that the organisation of the Oman Investment Forum, which coincides with the 2011 GES Summit, aims at acquainting Asian investors and decision makers with the promising economic and investment environment of the Sultanate of Oman. These factors qualify the Sultanate to become the connecting point between East Asia and the Middle East and a main hub that facilitates safe and secure access to European, African and world markets through its global port network."
The Forum also coincides with two other significant events that commemorate the close relationship between Oman and Singapore. The Maritime Experiential Museum and Aquarium, housing the Jewel of Muscat - a replica of a 9th century Arabian dhow that is a gift from the Sultan of Oman to the people of Singapore - officially opened its doors to the public on 15 October 2011, highlighting Oman's cultural heritage as a seafaring nation. BankMuscat, Oman's leading financial services provider, will mark its foray into Southeast Asia by announcing the opening of its Representative Office in Singapore at the GES Summit on 18 October 2011.
Sheikh Khalid bin Mustahail Al-Mashani, Chairman, BankMuscat said, "The decision to launch a Representative Office in Singapore comes at a time when banks and financial establishments around the world are passing through a difficult period, but such challenges do not deter us from identifying growth opportunities and going ahead with viable projects at home and abroad. In this context, BankMuscat is charting new territories and making its foray in Singapore."
He added, "BankMuscat is one of the few GCC based banks which is in a position to provide customers and counterparts pan-GCC coverage. With branches in Saudi Arabia and Kuwait and an associate in Bahrain with its branch in Qatar, and a Representative Office in the United Arab Emirates (UAE), BankMuscat is uniquely positioned to meet the needs of counterparty banks from Asia for their requirements in the GCC region. BankMuscat will leverage on these strengths in Singapore as it seeks to support the increasing trade and investment flows between Oman, the wider GCC and Asia."
The Singapore Business Federation (SBF) is also actively promoting Singapore-Oman-Third Country collaborations. SBF and its counterpart, the Oman Chamber of Commerce and Industry, have established the Singapore-Oman Business Council (SOBC) as a B-to-B platform of exchange to promote commercial activities between the private sectors of Singapore and Oman. In May this year, SBF led 13 companies on a successful five-day business mission to Oman.
Ambassador Shabbir Hassanbhai, Co-Chairman of the SOBC and Council Member of SBF said, "The Sultanate of Oman offers investors and businesses viable opportunities in its non-oil sectors as it moves to diversify her economy away from its dwindling oil and gas resources. The country therefore is intensifying the development of her private sector, and for Singapore companies, in particular SMEs, this translates into a friendly pro-investment environment particularly in the areas of tourism, capacity building, infrastructure and logistics development, health care and industrial development. Oman's competitive operating cost structure will also allow Singapore companies to position itself to tap into the wider markets of GCC and Africa, and cater to the fast growing and affluent middle class demand for consumer goods."
Some 175 Singapore companies from various industry sectors attended the forum. H.E. Al-Raisi and members of the Omani delegation will also participate in the two-day GES Summit on 18 and 19 October 2011.
About Consulate General of the Sultanate of Oman in Singapore
The Consulate General of the Sultanate of Oman in Singapore was established during the second half of 2011. The establishment of the Consulate aims to strengthen the existing bilateral relations between the two friendly countries, to open new horizons for cooperation between Oman and Singapore in various fields - economic, investment, trade and tourism, and the desire to develop relations to wider horizons in the coming years. For any enquiry about investment in Oman, please visit the Public Authority for Investment Promotion and Expert Development website: www.ociped.com or contact the Consulate General at omanconsulatesg@gmail.com.
About BankMuscat
BankMuscat is the No. 1 bank in the Sultanate of Oman, and enjoys the largest 40 per cent market share in Oman, with over US$15 billion of assets, capital of over US$2 billion and a customer base of over 1.2 million. It is listed in Muscat and London Stock Exchanges and rated A1 by Moodys and BBB+ by Standard & Poor's. BankMuscat marks its foray into Southeast Asia with the opening of a Representative Office in Singapore in 2011. The Singapore Representative Office will primarily focus on Financial Institutions and trade business, supporting GCC-Asia trade through BankMuscat's regional branch network covering all six GCC states. For more information, please visit our website: www.bankmuscat.com
For media queries please contact:
- Consulate General of the Sultanate of Oman in Singapore - Zakariya Hamed Hilal Al-Saadi,
Tel: +65 6333 1761 / +65 6333 1762, Email: omanconsulatesg@gmail.com
- BankMuscat - Ebby Chacko George, Tel: +968 2476 7103, Email: Ebby@bankmuscat.com
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