Oman has introduced a new corporate investment bank in Angola as part of a broader strategy to strengthen its financial footprint across Africa and enhance trade connectivity with fast-growing markets.
Named the African Bank of Oman, the institution was set up under Oman’s long-term development framework, Vision 2040, according to Oman News Agency. The plan focuses on broadening income sources and expanding overseas investments beyond the Gulf region.
This development also fits into Angola’s ongoing reform agenda, which is aimed at reducing reliance on oil revenues, speeding up privatisation efforts, and drawing more foreign investment into strategic sectors of the economy.
The bank will focus on enabling cross-border payment systems between Angola and the Middle East, providing corporate banking solutions, and offering advisory services for major investments in key industries. These include oil and gas responsible for around 20% of Angola’s GDP as well as sectors such as consumer goods, mining, infrastructure, and logistics.
During its early stage, the institution plans to support roughly 50 clients, including multinational corporations, local businesses, and government-linked entities operating within Angola.
Theyazin bin Haitham Al Said stated that the initiative is designed to establish Oman as a financial connector between the Middle East and emerging economies worldwide. He added that it reflects a wider ambition to extend the country’s investment reach beyond its traditional markets.
Abdulsalam bin Mohammed Al Murshidi noted that the bank will also help Omani firms expand internationally and tap into new opportunities, especially within Africa’s rapidly growing markets.
No details have been released regarding the bank’s initial capital structure.
The announcement follows another regional expansion effort by the Oman Investment Authority, whose subsidiary has recently begun building a 500-megawatt solar power facility in Botswana. That project is part of a wider energy partnership targeting up to 3,000 megawatts of capacity.
Industry analysts view the entry of the bank into Angola as part of increasing competition among Gulf economies seeking greater influence in Africa, where infrastructure gaps and expanding consumer demand continue to present major investment prospects.