Oman’s economic vision: banking as a catalyst for strategic sectors

Oman stands at a pivotal juncture in its economic journey, propelled by the ambitious directives of Oman Vision 2040. As a new but deeply committed financial partner in this area, Mashreq’s strategy is about being an active catalyst, aligning our capabilities directly with the nation’s highest strategic goals. We believe the future of banking in Oman lies in specialization, partnership, and a commitment to adding value beyond the balance sheet.

Our mandate in Oman is clear: we focus on the sectors the country has identified as the engines of its diversified, non-oil future. We are disciplined in our commitment to areas where our global expertise can have the greatest local impact, explicitly aligning ourselves to the sectors the country decides to focus on.

We are focused on three core pillars of Vision 2040: logistics, manufacturing, and renewables/sustainable finance. We are committed to being a major contributor to the sustainable finance ecosystem, engaging with government and private parties to ensure capital flows support the energy transition and strategically positioning ourselves to support emerging windows, such as the potential we see in the mining sector and renewables.

For too long, international banks have been viewed primarily through the narrow lens of a “funding role.” That model is insufficient for an economy focused on transformation. Our approach is distinctly different. We aim for a more diverse role that brings additional value, support, and guidance to our clients and to the country itself. This means leveraging Mashreq’s full expertise — from real estate capabilities to our extensive international network — to ensure our clients gain a strategic partner, not just a lender.

Our international presence is a key advantage for Oman’s goal of attracting Foreign Direct Investment (FDI). By having a global footprint, we act as a bridge, connecting multinational companies, where we have a clear edge, directly to Omani windows. We are also focused on dealing with government-related entities to ensure our financing and advisory services are directly supporting large-scale, transformative national projects.

Alsalt Mohammed Al Kharusi, Country Head of Mashreq Oman