The Gulf Capital Market Association (GCMA) Launches Oman Working Group in cooperation with BankDhofar
The Gulf Capital Market Association Launches Oman Working Group in cooperation with BankDhofar
Muscat, Sultanate of Oman, June 8, 2016 – The Gulf Capital Market Association (GCMA) in partnership with BankDhofar has launched an industry working group in the Sultanate of Oman. The launch took place at a roundtable in Grand Hyatt Muscat and was attended by senior government officials and representatives of Oman’s leading banks, investors, legal firms and private companies. His Excellency Abdullah bin Salem Al Salmi, Executive President of the Capital Market Authority (CMA) delivered the keynote address.
The GCMA Oman roundtables and seminars, consisting of key market participants will act as a resource for the Omani authorities to help grow the Oman market. The launch of the initiative was timed to follow the release of the new Sukuk Regulation by the Oman CMA for any Sukuk issuances and to support the growing interest among Oman companies to tap into capital market financing.
His Excellency Abdullah bin Salem Al Salmi, Executive President of the Capital Market Authority said, “The CMA fully supports this initiative taken by the market players – as a vibrant fixed income market is essential to the development, financial stability and diversification of the regional economy, including Oman. This is also an integral part of the overall strategy of the CMA to enable the capital market to play its vital role as an alternative fundraising platform for companies in the economic development of Oman.”
Abdul Hakeem Omar Al Ojaili, Acting Chief Executive Officer of BankDhofar, said, “BankDhofar is proud to support this initiative.” He continued, “An increasing number of companies are taking advantage of bond and Sukuk markets to extend their liability profiles and diversify their investor bases. The new Sukuk Regulation provides more certainty and improves the prospects for companies to fund in the capital market.”
The President of the GCMA, Michael Grifferty said, “We are delighted to offer a platform that assists the growth of the Oman market,” adding “the market benefits from having such an active and engaged regulator as the CMA.”
The GCMA’s working groups and National Chapters bring together the thought leaders of the regional credit markets to create a more collective voice on key issues affecting the industry.
NOTE FOR EDITORS:
The Gulf Capital Market Association
The Gulf Capital Market Association (GCMA) is the regional trade association representing the Arabian Gulf bond and sukuk market. GCMA is involved in all major matters concerning development of bond markets in the region.
Further information please contact:
Abdullah Al Rashdi
Corporate Communication Manager
Marketing & Corporate Communications – BankDhofar
Tel: +968 95533399