Best bank - Bank Muscat
Best local partner - Bank Muscat
Best debt house - Barclays
Bank Muscat is the biggest, most successful, and best connected bank in Oman. As such it is the clear choice for both best bank and best local partner. It is dominant in both commercial and retail banking and is an integral part of the Omani financial sector.
Bank Muscat is not only the largest broker but also the newly appointed clearing bank of the Muscat securities market.
It leads in the foreign exchange market, with around 40% of business. In 2002 it also expanded its range of forex derivative products to include more exotic options.
The bank is also playing a key role in Oman's privatization projects where it is advising the government on a $500 million power and water project and on the privatization of Oman Cement Company.
Barclays takes the award for best debt house as the largest underwriter over the past 12 months in Oman's active market for big syndicated loans. Barclays was the sole arranger for the Sultanate of Oman's two sterling-denominated term loans, underwriting about £300 million ($470 million).