Oman-based Islamic bank Sohar International announced on Tuesday that it has entered into a Memorandum of Understanding (MoU) with Australia-based Fortescue Future Industries (FFI), a global leader in developing green energy projects to support the company’s plans for the Sultanate.

Under the non-binding MoU, signed at the recently concluded Green Hydrogen Summit in Muscat, the two parties will mutually identify potential green energy projects in Oman that meet FFI’s investment criteria while Sohar International will arrange the required financing including equity, debt or syndication for such projects.

Ahmed Al Musalmi, Chief Executive Officer at Sohar International said: Green hydrogen has seen increasing demand in recent years and has been recognised as a key investment area to meet the nation’s energy transition goals. By joining hands with FFI, Sohar International seeks to give further impetus to transitioning Oman’s energy sector, and continuing to support Oman’s Vision 2040 and NetZero 2050 commitment.