17/06/2026 04:49 AST
Sohar International Bank has signed a RO14mn strategic financing agreement with Oman Minerals Trading Company (OMTC), a subsidiary of Minerals Development Oman (MDO).
The agreement marks a significant milestone in the establishment and operational launch of OMTC, an entity created to develop the marketing, trading and export of Oman's mineral resources while advancing the objectives of Oman Vision 2040.
Under the agreement, Sohar International has extended a RO14mn working capital facility to support OMTC's commercial operational requirements as it undertakes its mandate of centralising the trade and export of key minerals, including gypsum and chromite ore.
The financing will enable the company to enhance supply chain efficiency, expand access to international markets, and unlock greater value from Oman's mineral resources through a more integrated and commercially driven approach.
Abdulwahid Mohamed Al Murshidi, Chief Executive Officer of Sohar International, said, "This agreement reflects our commitment to advancing economic diversification, enhancing the contribution of non-oil sectors, and creating long-term value from Oman's national resources. As one of the sultanate's most promising growth sectors, mining holds significant potential to strengthen Oman's competitiveness and unlock new economic opportunities.
"Through our partnership with OMTC, we aim to support the development of a more integrated mining ecosystem, enhance the commercial value of Oman's mineral resources, strengthen supply chains, and facilitate greater access to international markets."
Maan Al Salmi, Managing Director of Oman Minerals Trading Company, said, "OMTC was established to create a more integrated approach to the marketing and trade of Oman's gypsum and chromite resources. Our partnership with Sohar International provides the financial foundation to support our commercial operations and growth plans. This collaboration will enable us to strengthen our trading capabilities, maximise the economic value of Omani minerals, explore new strategic markets, and attract foreign investment linked to the gypsum and chromite value chain to the Sultanate of Oman."
Established as a subsidiary of Minerals Development Oman, OMTC plays a strategic role in advancing the marketing, promotion and export of the sultanate's mineral wealth.
The agreement reflects the growing importance of the mining sector as a key pillar of economic diversification and highlights the value of integration between upstream and downstream national players in supporting the development of high-potential industries. By strengthening market access and creating new trade opportunities, OMTC is positioned to enhance the competitiveness of Oman's mining sector and support its continued growth.
Muscat Daily
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