African Bank of Oman mandated to scout projects in Angola’s flagship freezone

Oman’s new Africa-focused bank secures its first mandate: African Bank of Oman (ABO) will work with Angola’s Luanda-Bengo Special Economic Zone (ZEE) to identify and structure investment opportunities for projects in the zone, after signing an MoU that also cover conventional and trade finances, as well as financing advisory work, Oman Observer reports. “[This is] what the corridor we set out to build looks like when it starts moving,” ABO CEO António Dinis Mendes said.

Part of a recent Angola push: The MoU was signed after Sultan Haitham bin Tarek wrapped his visit to the capital Lunada earlier this month. The visit produced five agreements and eight MoUs worth an estimated USD 1.5 bn, spanning energy, mining, logistics, defense, ports, agriculture, and transport, as well as mutual visa exemption and a double-taxation treaty, Omans’ Foreign Ministry said at the time. Omani oilfield services firm Desert Sand Oil & Gas also inked a cooperation MoU with Angolan state oil company Sonangol on the sidelines of the visit.

REMEMBER- ABO was formally launched in Luanda in April, with share capital of AOA 18.2 bn (c. EUR 17 mn) as a corporate investment bank pitched at “supporting large corporates engaged in trade between Angola, the GCC, and surrounding regions.” Licensed by the National Bank of Angola, the bank set an initial target of serving 50 players, whether multinational corporations or public sector, across oil and gas, mining, and logistics — the sectors where Angolan and Omani diversification strategies overlap most heavily.

Amman calling

Jordan’s Bank al Etihad is heading to Abu Dhabi, but through the offshore door. The lender signed an MoU with Ethmar International Holding (EIH) and other UAE investors to set up a new bank in Abu Dhabi Global Market (ADGM), pending approvals, it said in a statement.

The new lender will be a full deposit-taking bank. It will hold a Category 1 license, ADGM’s deposit-taking tier. It won’t, however, chase UAE onshore retail market, since ADGM banks are barred from taking AED deposits. AED-leg settlements would instead run through correspondent banking relationships with CBUAE-licensed onshore banks.

This license is what the bank needs anyways. It aims to target cross-border businesses, with a focus on corporate, institutional, and high-net-worth clients doing business across Al Etihad’s core markets Jordan, Iraq, and Palestine. ADGM gives Bank al Etihad a common-law, USD-based hub to book the Jordan-Iraq-Gulf flows its clients already run, and a revenue line outside Jordan.

Al Etihad’s regional footprint and balance sheet back the move. The group holds nearly JOD 11 bn (c. USD 15.5 bn) in assets and JOD 1 bn in equity, built through its move into Iraq in 2024, the 2025 Investbank merger, and the takeover of Egyptian Arab Land Bank’s operations in Jordan.

REMEMBER- A Palestinian bank adopted the same proposition last year: Bank of Palestine Global, a subsidiary of Bank of Palestine, got the same Category 1 in-principle approval in November 2025 and is due to launch in 2H under CEO Linda Tarazi. The authorization covers “accepting deposits and arranging deals in investments, targeting the global Palestinian community at large” in a multi-currency, cross-border retail and wealth proposition targeting the diaspora.

Ich bin ein Emirati

Abu Dhabi’s defense major Edge signed an MoU with German shipbuilder TKMS to jointly develop underwater surveillance and protection systems, according to a press release. The two will combine TKMS platform capabilities with Edge sensor and systems work into an integrated multi-system approach for underwater security serving both navies. The deal was signed in Munich during UAE President Sheikh Mohamed bin Zayed's state visit to Germany, and folds into the broader UAE-Germany bilateral framework that took shape earlier this month with EUR 5 bn of new energy and industry agreements.

IN CONTEXT- Edge’s European buildout is picking up pace. The TKMS deal caps a run of moves in the continent, recently anchored by the June launch of the Paris HQ for Edge Europe. The expanding footprint includes a planned controlling stake in Italian engine maker CMD, a smart-weapons collaboration with France’s Safran, and joint ventures with Spain’s Indra and EM&E on drone loitering munitions and armored vehicles, as well as earlier stakes in Estonia’s Milrem Robotics, Switzerland’s Anavia, and Poland’s Flaris.