Amid unprecedented levels of public investment in industry and infrastructure, the Omani banking sector is undergoing strong growth for the second consecutive year. In November 2006, in an important step towards the establishment of Oman’s newest bank, the Capital Market Authority (CMA), the Sultanate’s capital market regulator, approved the release of a $51.95 million initial public offering (IPO) for Bank Sohar. Bank Sohar, scheduled to begin operations early next year, will be the sixth locally incorporated bank in the Sultanate. There are currently 14 commercial banks, five local and nine branches of foreign banks. Going public The IPO – the first on the MSM since the release of Oman Telecommunication in June 2005 – opened on December 9 and runs until January 7. Bank Sohar will release 40 million shares at $1.37 on the Muscat Securities Market (MSM). This offering represents 40% – the minimum a company needs to list
