Oman Hosts Multilateral Meeting to Drive Financial Sector Development with State Street Corporation

Oman, 1 November, 2024 : A multilateral meeting was held today to explore opportunities for developing Oman’s financial sector as part of the strategic partnership between the National Program for Fiscal Sustainability and Financial Sector Development, known as “Estidamah,” and State Street Corporation (SSC). 

The meeting was chaired by Nasser Khamis Al Jashmi, Chairman of the Tax Authority, alongside Ronald P. O'Hanley, Chairman and CEO of State Street. It brought together officials from the Ministry of Finance, Oman Investment Authority, Central Bank of Oman, Financial Services Authority, and various Omani companies. Additionally, a group of entrepreneurs, investors, and international fund managers with an estimated $13 trillion in assets participated via video conference.

Key topics discussed included capital market development, green finance initiatives, and financial technology. The meeting highlighted strategic investment opportunities for OIA-affiliated companies, focusing on upcoming projects in the space and green hydrogen sectors, as well as regulatory support from the FSA to attract investors.

Al Jashmi emphasized the importance of partnerships to draw investors in line with Oman Vision 2040’s goals for economic growth and sustainability. O'Hanley noted that SSC's establishment in Oman reflects its commitment to fostering sustainable outcomes and attracting global investments.

Mahmoud Abdullah Al Owaini, Secretary General of the Ministry of Finance, added that the collaboration between Estidamah and SSC aims to enhance the efficiency and competitiveness of Oman’s financial sector while attracting foreign investments. This meeting supports the Memorandum of Understanding signed on October 16, 2024, which seeks to apply global finance best practices to boost Oman’s competitiveness. 

SSC is recognized as a leading global financial services institution, providing asset management and financial consulting services across over 100 markets worldwide.

Source : www.omannews.gov.om