Oman has announced the creation of the African Bank of Oman (ABO) in Luanda, strengthening its expansion into emerging African markets. The new institution, supported by the Oman Investment Authority, is designed as a cross-border investment bank. It aims to facilitate capital flows and trade between Angola, the Middle East, and other African markets.
The Deputy Prime Minister for Economic Affairs, Theyazin bin Haitham Al Said, stated that this initiative should deepen economic relations with the African continent and enhance Oman’s reputation as a reliable investment partner.
Supported by the Oman Investment Authority, the new bank is designed as a cross-border investment platform. It aims to facilitate capital flows and trade between Angola, the Middle East, and neighboring African markets.
In the initial phase, the institution will target a limited number of large multinational companies and public entities operating in Angola, before gradually expanding its activities regionally.
This establishment comes as Angola accelerates its economic reforms to diversify its economy and reduce its dependence on hydrocarbons. Authorities are particularly focusing on privatizations, infrastructure development, and increased openness to foreign investors in sectors such as mining, logistics, and consumer goods.
