Muscat, 30 November 2021: Oman Arab Bank (OAB) recently announced its contribution to the Environmental Authority’s national initiative to plant 10 million trees. This initiative is in line with the Bank’s sustainability strategy and its focus on Environmental Responsibility.
The objectives of this project are aligned with Oman Vision 2040, specifically its goal to develop sustainable governorates and cities that balance environmental, economic and social factors. The focus is on the optimal use and investment of natural resources to ensure high returns for both society and the environment. Since the start of the initiative the Environment Authority along with several other private and government institutions, planted over 190 thousand trees. The Bank will aim to plant an additional 2,800 trees throughout 2022.
Moreover, the initiative aims to sustainably increase vegetation coverage and restore biodiversity across The Sultanate. It will also contribute towards the rehabilitation of degraded sites and reduce desertification, while simultaneously raising the level of awareness around the importance of increasing green spaces and its benefits to the environment and the community.
Since 2020, OAB has made a concerted effort to ensure sustainable practices throughout its network of stakeholders. This initiative by the Environment Authority aligns with this goal and raises awareness about environmental responsibility to society at large. The Bank’s contribution to this initiative is an ideal opportunity to implement its strategy on the ground and encourage its employees to follow a similar approach in their daily lives. This, in turn, will lead to an increase in the overall green spaces and reduce carbon emissions across the Sultanate, reinforcing the Bank’s ultimate goal of working together with the community to provide a sustainable future.
Oman Arab Bank’s sustainability strategy includes three main pillars: Community Partnerships, Environmental Responsibility and Financial Inclusion. Taking part in the 10 Million Tree initative is an example of its activities aimed at supporting the environment.
The initiative includes planting different types of native flora such as Tapiscia, Acacia and Ziziphus Spina-Christi (Sider) trees, known for their role in producing Omani honey, in addition to Moringa Peregrina, Pteropyrum, Frankincense and many others. The campaign will target a group of vital sites such as parks, educational institutions, parking lots, streets, government institutions, valleys and environmentally degraded areas.
Oman Arab Bank has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, the Oman Arab Bank Group operates a nationwide network of 51 conventional branches, 15 Islamic branches, 150 conventional ATMs and 15 Islamic ATMs in high footfall locations across the Sultanate. OAB provides a complete range of financial products and services through its OAB Online App. Customers can now digitally open an account and benefit from several other services, directly from the convenience of their mobile phones.