MUSCAT, 27 May 2012 – BankMuscat, the flagship financial services provider in the Sultanate, is hosting a celebration today (Monday 28 May 2012) in Singapore to mark the successful operations of its Representative Office launched in October 2011. A high-profile delegation from BankMuscat attending the ceremony include Sheikh Khalid bin Mustahail Al Mashani, Chairman, Sulaiman bin Mohamed Al Yahyai, Vice-Chairman, and AbdulRazak Ali Issa, Chief Executive.
The Representative Office in Singapore marks BankMuscat’s successful foray into South East Asia. The Southeast Asian economies are presently witnessing rapid growth with an increasing share of global trade and investment, specifically with the GCC states. The Representative Office primarily focuses on financial institutions and trade business, supporting GCC – Asia trade through BankMuscat’s regional branch network covering all six GCC states.
Oman is reckoned as 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. Oman and Singapore enjoy strong relations with institutions such as Oman-Singapore Business Council making serious efforts to foster partnership and co-operation in trade and economic fields. The Free Trade Agreement (FTA) between the GCC and Singapore has also enhanced the investment relations and trade exchange between Singapore and the GCC in general and the Sultanate in particular. The BankMuscat presence in Singapore is aimed at promoting business and investment between the two countries and forging new relationships and synergies.