Ominvest to establish leading investment-banking platform

Muscat - 

Ominvest, along with its strategic partners Oman Investment Fund (OIF) and Arab Bank (Switzerland) Ltd, has agreed to establish Ubhar Capital (U-Capital), which is envisioned to become Oman's leading independent investment banking platform.

“With the support of our strategic partners and committed stakeholders, we are focused on building U-Capital into one of the largest and most valuable Omani investment company and asset manager – with regional capabilities and international reach,” Ominvest said in its third quarter report released on Monday.

Subject to necessary approvals, Ominvest said U-Capital will soon acquire Oman Arab Bank's (OAB) investment banking business OABINVEST, which has a long-standing track record in corporate finance, asset management, brokerage and a leading market share in Oman.

In March, Ominvest, together with OIF and Arab Bank (Switzerland), had entered into a memorandum of understanding (MoU) with OAB to acquire OABINVEST.

With regards to its strategic focus, Ominvest said its business model entails reducing concentration and reliance on any one major portfolio company. Through prudent diversification across sectors, Ominvest said it aims to further diversify its revenue base to enhance stability and growth and help mitigate downside risks caused by sudden and sharp economic downturns.

To achieve its strategic goals, Ominvest said it is focusing on the following six major initiatives: (i) Further build presence in the banking sector and help improve performance of strategic investments (ii) expand its footprint in the regional insurance sector through organic expansion and bolt-on acquisitions (iii) explore strategic collaborations among its leasing associates to realize synergies (iv) build and grow its investment banking and asset management platform to generate fee income (v) develop a diverse and high quality portfolio of financial investments in public and private equity through Ominvest's new subsidiary ONIC, and (vi) establish a top-tier real estate investment and projects advisory business.

“We believe these initiatives, which are already well under way, will help diversify our revenue streams and create durable value for the shareholders,” Ominvest added.

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