Muscat: In line with the Sultanate’s commitment to transitioning to a low-carbon economy, Sohar International has extended its support  to the Green Hydrogen Summit Oman (GHSO) 2023 as “Bank Partner”. Assuming a multi-faceted role at the summit, Sohar International not only acted as the exclusive “Bank Sponsor” but also participated in the workshops and the various discussions on the role of financial institutions in supporting the Sultanate’s vision and commitments relating to energy transition and moving the whole of Oman on its decarbonization journey.

Recognized as the preeminent Green Hydrogen event in the MENA region, GHSO 2023, with the central theme, ‘Future of Energy – Green Hydrogen,’ took place at the Oman Convention and Exhibition Centre from December 12–14, 2023. The highly anticipated event was graced by the esteemed presence of H.E. Khamis Bin Saif Al Jabri, Chairman of the Oman Vision 2040 Implementation Follow-up Unit, as the Guest of Honor. The occasion also witnessed the attendance of prominent delegates from international governmental organizations. Representing Sohar International, Mr. Abdul Wahid Al Murshidi, Chief Islamic Banking Officer, and Ms. Hanife Ymer, Head of the Environmental, Social, and Governance, attended  the summit alongside several officials and dignitaries from the Sultanate, government representatives from around the world, and the private sector. Serving as a pivotal networking platform, GHSO 2023 successfully brought together influential global leaders in policy, finance, technology, and industry, setting the stage to advance green energy solutions.

Commenting on the bank’s participation at the event, Mr. Ahmed Al Musalmi, Chief Executive Officer at Sohar International said, “In alignment with Oman’s commitment to achieving Net Zero Emissions by 2050, Sohar International has been an active participant in this endeavour, supporting initiatives that are geared towards building a sustainable future for the Sultanate. Our active involvement in the GHSO 2023 signifies a concerted effort to not just drive the conversation forward but also translate it into tangible actions. To achieve a low carbon economy, capital will need to be re-directed towards clean energy technologies.  This is where the banking and financial services more broadly can play a critical role”.Mr. Al Musalmi added, “Guided by the overarching target of Oman's vision for a sustainable future, Sohar International will remain steadfast in the collaborative pursuit of fostering resilience and prosperity. In the green hydrogen area, we see Sohar International acting as ‘ecosystem enablers’ whereby we not only are financiers of green hydrogen and broader energy transition solutions and opportunities, but that we also bring together local and international stakeholders across the energy value chain to support the transition. Further, events like the GHSO serve as crucial platforms for redefining perspectives and elucidating the transformative potential of sustainability in fueling progress and giving institutions a distinct competitive edge.”

A key highlight of the event was Ms. Hanife Ymer, Head of the Environmental, Social, and Governance, playing an active role in the panel discussion that covered the topic: ‘Financing Green Hydrogen - Strategies and Solutions’. The session focused on the pivotal connection between financing and national incentives, key components in driving sustainable initiatives, including hydrogen projects, emphasizing the critical role of financial institutions in promoting sustainability.

This year's summit was attended by over 6,000 visitors and saw the participation of more than 500 companies from over 100 countries. The event garnered involvement from key entities such as the Sultanate’s Ministry of Energy and Minerals, the Ministry of Transport, Communications and Information Technology, the Public Authority for Special Economic Zones and Free Zones, and Hydrom. Numerous local and international companies, as well as distinguished speakers also participated in the event.

This event aligns with Sohar International's efforts to foster meaningful dialogues, particularly within the context of transitioning to a low carbo economy. It exemplifies the bank's commitment to catalyzing positive change within the sustainability landscape, showcasing its proactive role as a thought leader in the realm of environmental, social, and governance. Sohar International will continue to position itselfas the key financial partner of choice for sustainability-linked initiatives. The bank further fortified its presence in the sector by entering into strategic agreements with IFC and Fortescue Futures. These mandates, which focus on  financing arrangements in relation to climate change and green hydrogen, not only underscore Sohar International's dedication to sustainability, but also lay the groundwork for enduring advancements or. Concurrently, the bank has been supporting SMEs, providing crucial assistance to help propel their efforts in transitioning to low carbon economy. Sohar International's participation in these national events highlights its critical role in advancing the national sustainability agenda, reaffirming the bank's dedication to fostering positive change on both the domestic and global fronts.

About Sohar International

With the vision to become a world-class Omani services company that helps customers, community and people to prosper and grow, Sohar International operates with a purpose to help people 'win' by delivering responsive banking for their ever-changing world, complementing their growth and prosperity with international standard service delivery. The Bank seeks to redefine banking in Oman through transformational developments centred on the principles of More Velocity, making everything simple and fast; More Value, ensuring relevance and connectivity to customers’ world; and More Vision, liberating stakeholders through talented leadership. www.soharinternational.com