MUSCAT: Bank Muscat, the leading financial services provider in the Sultanate of Oman, has extended its strong support to the first ever hybrid meeting of the rebranded Muscat Stock Exchange (MSX). Titled the “MSX Investor Roadshow”, the event, which was held at Shangri-la Barr Al Jissah from September 5-6, 2022, was designed to attract the attention of the global investment community to listed companies in the Sultanate of Oman and also introduce the latest developments and growth prospects of the local listed companies on the MSX to global funds. The two-day event was attended by a number of the bank’s Management Team members. Bank Muscat also participated in the event by hosting a stall where bank employees were able to explain more about the bank’s operations, various financing facilities and solutions to local and international investors and analysts alike.
The participation of the bank is in line with its aim to partner with different governmental institutions within the parameters of Oman Vision 2040. The banking sector in Oman has performed relatively well over the last few years and remained resilient to the challenges brought about by the pandemic. Thanks to proactive measures taken by the Government and the Central Bank of Oman (CBO), today, the sector is well positioned with good capital and liquidity levels supported by promising economic prospects, lower budget deficit, higher levels of oil prices and the lifting of pandemic-related restrictions. Improved money supply as a result of implementation of the Supply Chain Financing Scheme and greater business opportunities stemming from projects related to education, fisheries, logistics and transportation, housing welfare schemes and tourism are expected to further boost Oman’s banking sector in the coming years.
Building on the government emphasis to diversify the economy, develop human resources and encourage private sector participation in national development, Bank Muscat has been playing an integral part in projects, developments and efforts of national importance in the Sultanate of Oman over the last 40 years. The bank has been associated with major syndicated financing programmes across various sectors as the Mandated Lead Arranger. The Bank’s clients include both domestic companies engaged in activities across all sectors of the economy such as contracting, trading, power, water, telecommunications, oil and gas, aviation, shipping, airport and ports, petrochemicals, real estate and international trading. The bank is also complementing government efforts in strengthening the role of small and medium enterprises (SMEs) in the economic development of Oman.
The largest bank in the Sultanate by total assets, Bank Muscat continued its financial performance and growth by posting a net profit of RO 99.26 million for the six months ended June 30 2022, an increase of 4.9 per cent compared to the same period in 2021. It has consistently demonstrated its leadership position in Oman, winning a number of international and local awards and accolades in the process. Recently, Bank Muscat was ranked by Forbes Middle East as one of the Top 100 Listed Companies and one of the Top 30 Banks in the Middle East. Previously, the bank has also won the MSM Quality of Disclosure Award for its timely disclosures and transparency.
