Sohar International signed a Memorandum of Understanding (MoU) with Sohar Port and Free Zone (SFZ) for further boosting trade and commercial activities in the zone and the national economy in general. As per the signed MoU, the bank will explore potential capacities of business in new value-creation areas, including collaboration for new products, services and technologies for the existing and future investors registering with Sohar Port and Free Zone.

The MoU was signed at the Sohar International’s head office at Waterfront in Shatti Al Qurum. Signing the agreement on behalf of Sohar International was CEO, Ahmed Al Musalmi whereas Sohar Port and Freezone was represented by its CEO, Omar Mahmood Al Mahrizi. Also present at the ceremony were Khalil Al Hedaifi, chief retail banking officer at Sohar International and Abdul Wahid Al Murshidi, chief Islamic banking officer of Sohar International, along with other senior officials from the bank and Sohar Port and Freezone.

Highlighting the importance of the MoU to the national economy, Al Musalmi said, “With the government’s economic diversification programme, further development of Sohar Free Zone will simultaneously contribute to the steady economic growth of the Sultanate. With the availability of easy financial services, we anticipate attracting a number of new investors from all over the world. This MoU also embodies our constructive and positive attitude to always play an active role in advancing Oman’s diversification agenda and supporting socio-economic development.”

Under the agreement, Sohar International will provide banking services to companies based in the zone, as well as to corporates that are yet to establish their operations in the area. As the zone’s preferred financial services provider, Sohar International may also be tasked to help in financing projects that are executed within the zone. In addition, Sohar International is expected to provide its full range of banking services including opening a new bank account, e-services, financial arrangements, among others, in accordance with the rules and regulations set under the Banking Law of Oman, Central Bank of Oman and Sohar Port and Free Zone.