Muscat – This partnership marks a significant milestone in Oman’s financial landscape, with MPMR being the Sultanate’s first licensed gold refinery, managed by CEO Shihab Al Busaidi.

MPMR specializes in the smelting, refining, testing, trading, and minting of precious metals, including gold, silver, platinum, and palladium, refining approximately 40 tons of gold annually. With its extensive experience, MPMR plays a crucial role in enhancing industry standards in Oman through the integration of cutting-edge technologies and the expertise of its specialized team.

In April this year, SDAX teamed up with MPMR to securitize Gold Tokens on the SDAX Exchange platform, empowering investors with access to private markets and alternative investment opportunities. First of their kind, these tokens offer investors fractional gold investments and trading, backed by physical gold bullion held at Le Freeport in Singapore. Following this, SDAX has issued a popular series of short-term gold-backed loan notes offering investors double-digit yields.

Nick Cochrane-Dyet MBE, Chairman-designate of SDAX and representative of MPMR, expressed confidence in their partnership, stating, “After more than a year of working with SDAX, the results of our partnership have demonstrated the potential SDAX has to offer in democratizing investments for financial inclusion. We look forward to deepening our partnership with SDAX by developing capabilities in Oman to provide companies in the GCC with an alternative source of funds, and to building a strong investor base in the region.”

Rachel Chia, CEO of SDAX, highlighted the significance of the funding round, saying, “This success underscores our commitment to democratizing access to institutional-grade private markets and alternative investments. We are excited about the opportunity to expand into the GCC region, supported by our new partners at MPMR.”
Regional expansion is another priority for SDAX, as is the launch of a digital asset exchange in Oman. This platform will not only provide a strategic gateway to the GCC and Africa but will also connect Oman to liquidity pools globally.

Oman continues to implement economic plans, and financial and investment programmes within the framework of the 10th Five-year plan (2021-2025), guided by the priorities of Oman Vision 2040. The outcomes of these plans have contributed to enhancing GDP growth, raising financial and economic indicators, improving credit ratings, and achieving some financial surpluses that were directed to economic and social priorities.