ARABIAN TIMES NEWS NETWORK
The World Bank Group has officially opened a permanent office in Muscat, marking a significant step in deepening its engagement with the Sultanate of Oman. This move aims to enhance the delivery of advisory services, streamline the monitoring of projects financed by the World Bank (WB) and its private sector arms, and support Oman’s long-term development goals aligned with Oman Vision 2040.
By hosting the World Bank Group’s office, Oman seeks to make greater use of the institution’s expertise across economic, social, urban, and private sector development. The physical presence of the WB in Muscat is expected to improve follow-up on private sector financing agreements, facilitate greater access to financing solutions, and expand the number of Omani companies receiving export guarantee certificates.
The new office will serve as a hub for providing technical, investment, and financial advice to private sector entities. It will also act as a platform for creating a network of business relationships, fostering connections within the GCC and the wider Middle East. This network is expected to play a pivotal role in expanding private sector activities and enhancing national export capabilities.
Oman joins the list of GCC countries—including Saudi Arabia, the UAE, Kuwait, and Qatar—that host permanent WB offices, underscoring the importance of regional cooperation and shared development goals.
In the first half of 2025, the World Bank Group signed two major financing agreements in Oman. The first agreement, worth OMR123 million, supports private sector growth through the National Finance Company (OMR46 million) and Bank Sohar International (OMR77 million). This initiative focuses on boosting access to financing for micro, small, and medium enterprises (SMEs) across emerging sectors, providing them with consultancy services and tools to scale up operations locally and regionally.
The second agreement involves an OMR737 million investment with United Solar Polysilicon to establish a solar panel manufacturing facility in Sohar. This project positions Oman as a key player in the renewable energy industry while strengthening its industrial export portfolio.
Wendy Werner, World Bank Group’s country manager for Oman, stated, “The WB Group looks forward to close cooperation with the public and private sectors to support building a resilient economy, enhance SMEs’ access to sustainable financing, and enable the Omani private sector to grow both locally and globally.”
