Oman-based Islamic bank Sohar International has signed a Memorandum of Understanding (MoU) with Australia-based Fortescue Future Industries (FFI) in order to support the company’s plans for the Sultanate.
FFI is a global leader in developing green energy and renewable energy projects across the world.
The MoU reflects the shared focus by both parties to explore business opportunities locally, with Sohar International facilitating FFI’s entrance into the Omani market by mutually identifying potential projects that meet FFI’s investment criteria.
Furthermore, Sohar International will arrange the required financing including equity, debt, or syndication for such projects.
Commenting on the initiative, Mr. Ahmed Al Musalmi, Chief Executive Officer at Sohar International said that, “Green hydrogen has seen increasing demand in recent years and has been recognized as a key investment area to meet the nation’s energy transition goals. By joining hands with FFI, Sohar International seeks to give further impetus to transitioning Oman’s energy sector, and continuing to support Oman’s Vision 2040 and NetZero 2050 commitment.”
The CEO noted that the bank, through meaningful partnerships with international organizations, will continue to take the required efforts to aid in the scalable development and deployment of Oman’s energy sector inclusive of the green hydrogen value chain.
Leveraging its excellent track record in the industry and years of market knowledge, the bank will remain at the forefront of change and act as a critical catalyst to drive the development of Oman’s green hydrogen market.
“As a bank, we are on the right track to implement sustainability-related practices into the way we conduct our business. We are delighted to partner with such a reputable international company and are certain that this collaboration will be instrumental in driving socio-economic progress in the country,” Mr. Al Musalmi added.
