Muscat: In a transformative stride towards realising its vision to become a world-class Omani services company that helps customers, community and people to prosper and grow, Sohar International has obtained a no-objection certificate from the Saudi Central Bank (SAMA), paving the way for the commencement of operations in the thriving market of Kingdom of Saudi Arabia. With a focus on innovation, pioneering digital solutions, and customer-centric ethos, this strategic move aligns with the bank’s trajectory of growth, underlying its analytical foresight in identifying opportunities for sustainable expansion.
The presence of Sohar International in the Saudi Arabian market not only positions the bank as a key player in the region but also opens doors for Omani corporates aspiring to venture into Saudi Arabia. As the second-largest bank in the Sultanate, Sohar International has garnered a commendable reputation of being a reliable financial advisor and partner for a multitude of companies spanning various sectors. The bank is, therefore, uniquely positioned to provide robust financial support as well as access to a wealth of experience, expertise, and advisory for corporates. This extensive knowledge and proven record of accomplishment have consistently steered businesses toward success, making Sohar International the optimal choice for those exploring business prospects in the Saudi Arabian market.
Commenting on the milestone, Mr. Ahmed Al Musalmi, Chief Executive Officer at Sohar International, said, “The bank’s entry into the Saudi Arabian market goes beyond geographical expansion; it symbolises a conduit for opportunities, bolstering connections between both countries. As Sohar International ventures into international markets, it serves as a means of bringing the best of the world to Oman, while simultaneously showcasing the best of Oman to the world. This underscores the nation’s economic strength, resilience, and its pioneering take on strategic financial initiatives.”
Mr. Ahmed Al Musalmi added saying, “At the core of the bank’s strategic expansion lies a synthesis of personalised, customer-focused offerings and avant-garde services. These form the linchpin of the bank’s overarching strategy, aiming not only for growth but also for the sustained enhancement of the customer experience in an ever-evolving financial landscape.”
Sohar International’s presence in Saudi Arabia is aimed at cultivating a symbiotic relationship that nurtures economic growth and collaboration between the two brotherly nations. Given the Saudi market’s potential for lucrative business opportunities, Sohar International foresees a significant boost in cross-border trade. Simultaneously, this expansion is poised to catalyse job creation, facilitate knowledge exchange, and promote skill development. Furthermore, the bank’s steadfast commitment to innovation in both products and processes is set to equip Omani entrepreneurs and businesses with advanced tools and resources, further enhancing their capabilities and helping them stay at the forefront of market trends.
Sohar International’s expansion beyond borders signifies more than just a milestone for the bank; it stands as a source of pride for the people of Oman who bear witness to the country’s growing influence. As Sohar International fortifies its position in the region, the local community becomes stakeholders in the larger narrative of economic growth and regional prominence, fostering a sense of shared accomplishment and anticipation for the positive impact this expansion will bring to both the bank and the community.
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