MUSCAT, 29 November 2016 – Bank Muscat, the flagship financial services provider in the Sultanate, in step with its 'Let's Do More' vision and commitment to partnership in national development initiatives, marked a unique initiative hosting its strategic Management meeting on the sidelines of Tanfeedh - the National Programme for Enhancing Economic Diversification at Oman Convention and Exhibition Centre.
The Management Team led by AbdulRazak Ali Issa, Chief Executive, visited the Tanfeedh exhibition and reviewed projects covering manufacturing, logistics and tourism sectors showcased at the event. The capital contribution to these projects is projected at RO 16 billion, including RO 14 billion by the private sector, creating 30,000 jobs by 2020. The Management Team also reviewed SME projects highlighted at the exhibition.
AbdulRazak Ali Issa said: “Doing more is the forte of Bank Muscat - more for the economy, more for the community and more for the nation. The bank's leadership is focused on achieving its strategic objectives, closely aligned with the government's economic diversification programme."
AbdulRazak Ali Issa added: “In step with the dynamic 'Let's Do More' vision, the focus of Bank Muscat is clear – create a sustainable financial platform for society and business and thereby contribute to the Sultanate's economic growth. Committed to supporting economic growth and sustainable development, the bank utilises every opportunity to reiterate partnership in building the nation by creating opportunities for individuals and businesses to grow and prosper."
As a forward looking financial institution, Bank Muscat is committed to the development and progress of Oman vis-à-vis its operations. Over the years, the bank has accomplished this in many ways by partnering with the government and industry in projects of national importance. Alongside participation in large-scale projects, the bank has also taken strategic steps to strengthen the small and medium enterprise (SME) sector in Oman.
The bank actively participated in the series of Tanfeedh workshops in which the government and the private sector representatives focussed on the country's economy in light of the 9th Five Year Plan (2016-2020). The bank's Management Team members made valuable contributions at the Tanfeedh workshops.
Tanfeedh's mandate is to implement the 9th Five-Year Plan, which calls for the hydrocarbon sector's contribution to GDP to decrease to nine per cent by 2020 compared to the present 34 per cent. To achieve this objective, the government has identified five potential sectors - manufacturing, transport and logistics, tourism, fisheries and mining. Tanfeedh is also focused on two other sectors which play a supplementary role - finance and labour market. The results of Tanfeedh workshops have been used for creating a roadmap to implement the Five Year Plan.
The 9th Plan is characterised by innovative financing strategy, targeting to reduce reliance on traditional funding through the government, thereby giving bigger role to the private sector in the development process covering integrated infrastructure projects in the Sultanate. The government has made significant investment in infrastructure development during the earlier plans, providing a conducive milieu for investment in roads, ports, airports and other projects.
Collaboration between all institutions of the state and individuals has become the key for addressing the challenges in the face of tough times amid the current downturn. The supplementary role of finance is seen as important for enhancing the economic diversification programme in Oman.
The dynamic 'Let's Do More' vision roadmap reflects the readiness to face future challenges and sums up the bank's confidence and determination to stretch the boundaries in banking excellence in light of the government's economic diversification programme.