Muscat – The African Bank of Oman (ABO) has been officially launched in Luanda, Angola positioning it as a financial platform to support trade and investment flows between Africa and the Middle East, as well as strengthening the sultanate’s international investment footprint.

The move aligns with Vision 2040, which prioritises economic diversification and expansion into emerging markets. Licensed and regulated by the National Bank of Angola, ABO will focus on corporate and institutional clients, including multinational firms, government entities and international investors.

The launch comes 11 months after Angolan President João Lourenço visited Oman, highlighting the pace of economic engagement between the two countries.

H H Sayyid Theyazin bin Haitham Al Said, Deputy Prime Minister for Economic Affairs, said the bank reflects Oman’s economic diplomacy and its strategy to strengthen international investment ties. “We commend the establishment of ABO, which embodies the principles of economic diplomacy laid down by His Majesty Sultan Haitham bin Tarik, aimed at strengthening Oman’s international investment and economic presence,” he said.

He added that the initiative reinforces Oman’s role in linking markets and supports its diversification goals.

ABO will target sectors central to Angola’s development agenda, including energy, mining, infrastructure, agriculture, logistics, telecommunications and industry. Angola is pursuing reforms under its Angola 2050 plan, aimed at diversification and private sector growth.

According to Abdulsalam bin Mohammed Al Murshidi, President of Oman Investment Authority, the bank represents a strategic step in expanding the sultanate’s global investment footprint.

“This project goes beyond being a banking institution; it is an integrated financial platform designed to enhance capital flows, trade and investment between Oman and the African continent,” he said, describing Angola as a promising partner with strong economic potential.

Al Murshidi said ABO would support Omani companies seeking to expand internationally by facilitating trade finance and funding strategic projects in Angola.

António Dinis Mendes, CEO of ABO, said the bank is structured to address growing demand for cross-border trade finance and corporate banking services. “ABO is designed to play a catalytic role in facilitating these flows by providing structured financial solutions and strengthening connectivity between markets,” he said.

In the initial stage, ABO aims to serve around 50 multinational companies operating in sectors that underpin Angola’s economy. Oil and gas accounts for about 20% of Angola’s GDP, while consumer goods contribute around 19%, alongside mining, infrastructure, transport and logistics.

Officials said the bank is expected to strengthen financial connectivity between Oman and Africa, positioning the sultanate as a bridge between the Middle East and emerging markets in the continent.