Bank Muscat Conference Spotlights Saudi Arabia-Oman Business 17-3

SICO– Bank SICO, the flagship financial services provider in the Sultanate, hosted a high profile conference spotlighting investment and business opportunities in the buoyant economies of Saudi Arabia and Oman. His Highness Sayyid Faisal bin Turki Al Said, Director General of Marketing and Media at the Public Authority for Investment Promotion and Export Development, presided at the conference which was attended by dignitaries and business leaders from Saudi Arabia and Oman, in the presence of Sulaiman bin Mohamed Al Yahyai, Vice-Chairman, AbdulRazak Ali Issa, Chief Executive and top Bank SICO officials.

Delivering the keynote address, HHSayyid Faisal bin Turki Al Said, Director General, Marketing & Media at the Public Authority for Investment Promotion & Export Development (PAIPED), congratulated Bank SICO on hosting the conference which aims to strengthen commercial ties between both countries. “The governments of Saudi Arabia and the Sultanate of Oman are committed to developingstronger bilateral trade. We are particularly interested in helping Oman’s small business community penetrate the Kingdom’s large and growing economy.” His Highness went on to add: “I strongly encourage prospective Saudi investors to make contact with PAIPED, and work with us to build new partnerships and support shared ambitions. Indeed, by working together we can seize on opportunities for mutual growth and contribute to each other’s business communities right across the economy.” In his speech, HHSayyid Faisal Al Said also highlighted how boosting productivity and competitiveness is generated bycreating better links between education, business and government, stating: “It is by threading these links that we produce a more innovative, robust and confident private sector.” His Highness also spoke extensively about the growth in Oman’s manufacturing, logistics, tourism and aquaculture sectors as well the significant public sector investment in the Sultanate’s infrastructure, communications and e-government efforts.

H.E. Dr. Abdulrahman Al Zamil, Chairman of Riyadh Chamber of Commerce and Industry and Chairman of Al Zamil Group, made a special briefing on the investment framework and business opportunities in Saudi Arabia.

The conference covered a wide range of infrastructure projects and investment prospects and facilitated collaboration opportunities between business leaders of Saudi Arabia and Oman. Tariq Al Shuhayeb, Director-Business Development, Saudi Industrial Property Authority (MODON), illustrated the development of industrial cities across Saudi Arabia and highlighted the incentives offered to investors. The Economics and Investment Banking departments of bank muscat made presentations highlighting the economies of Saudi Arabia and Oman as well as investment opportunities in Oman. Ahmed Faqir Al Balushi, CEO-bank muscat Saudi Arabia branch and Abdulwahed Al Murshidi, CEO-SICO Capital LLC, the investment banking subsidiary of bank muscat in Saudi Arabia, introduced the services offered by them, ranging from commercial banking services to wealth management, brokerage and corporate finance advisory.

Sulaiman bin Mohamed Al Yahyai, Vice-Chairman, said “Bank SICO is proud to host the exclusive Saudi Arabia-Oman Business Opportunities Conference to highlight investment and trade opportunities in the two buoyant economies of the Arab Gulf region. In view of the envisaged growth in Saudi Arabia and Oman, we are witnessing a strong response of local, regional and foreign investors attempting to tap the investment and trade opportunities in both countries. The government focus on infrastructure development, coupled with favorable demographics of a young and fast growing population, will continue to drive both economies in the coming period.”

AbdulRazak Ali Issa added “As the leading bank in Oman with strong presence in Saudi Arabia through a commercial branch and an investment banking subsidiary, Bank SICO recognises the prospects that the two countries offer and is pleased to host this conference to identify opportunities as well as to offer a unique networking platform for business leaders from the two countries.”

Demonstrating the success story of a leading Saudi-based company in Oman, Ahmed Al Subhi, CEO–ACWA Power Barka, highlighted the company's experience amid the Omani government's foreign investment and privatization initiatives.

Waleed Al Hashar, Group General Manager – Corporate Services, said “The event comes as part of the bank’s endeavours to share experiences and facilitate collaboration opportunities, highlighting the significance of bilateral trade and investment between Saudi Arabia and Oman. The conference assumes importance against the backdrop of regional economies on a recovery path amidst challenging times. The presence of key representatives of industry and commerce agencies makes the conference immensely valuable for participants to gain a clear understanding of business and investment opportunities available in Saudi Arabia and Oman. Bank SICO, through its presence in Oman and Saudi Arabia as well as other GCC countries such as Kuwait, UAE and Bahrain, is in a unique position to facilitate investment and trade transactions as one of the few banks in the region with a pan-GCC footprint.”