Sohar International’s Ahmed Al Musalmi Named ‘CEO of the Year’ for the Third Consecutive Year

Muscat: In a remarkable testament to his commitment to excellence, Mr. Ahmed Al Musalmi, the Chief Executive Officer of Sohar International, has been once again honored with the prestigious ‘CEO of the Year’ title at the Alam Al Iktisaad Awards 2023. The much-coveted accolade not only underscores Mr. Ahmed Al Musalmi’s visionary leadership that embraces robust growth—most recently exemplified by a seamless national-scale merger, continuous innovation, and premium levels of customer-centricity, but also highlights his exceptional ability to align Sohar International’s strategic endeavours with the national agenda. This alignment continually contributes to the development of a resilient banking ecosystem, spearheads economic diversification, and empowers the broader community.

Commending the efforts of Mr. Ahmed Al Musalmi, Mr. Mohamed Mahfoodh Al Ardhi, Chairman of Sohar International said, “Going beyond navigating the complexities of a continuously evolving market, Sohar International has solidified its position as a trailblazer in the financial sector. Acting as a catalyst for transformation and progress, Mr. Ahmed Al Musalmi has taken the lead to steer the bank to greater heights. His capacity to instill purpose and clarity of objectives within the organization has been pivotal to the bank’s extraordinary journey toward excellence.”

Mr. Al Ardhi added saying, “At Sohar International, we are firm believers that achieving strategic transformation necessitates a deeper comprehension of customer needs, a nurturing culture that fosters innovation, and an unwavering determination to embrace change. As our bank continues its journey towards progress, these awards will serve as a powerful catalyst, propelling us even further along the path to success.’’

The red carpet event, held on 20 September 2023 at Sheraton Oman Hotel, welcomed as its Chief Guest His Highness Sayyid Melek bin Shihab Al Said, in the presence of a diverse gathering of industry leaders, market experts, CEOs, senior government representatives, and influential decision-makers. The awards felicitated not only the top-ranking companies in the Sultanate but also celebrated changemakers whose achievements transcend the balance sheet. These prestigious awards aim to empower executive leaders in various fields, foster a spirit of competition, and strengthen the financial and business communities.

Commenting on receiving the award, Mr. Ahmed Al Musalmi said, “While I am indeed honoured to have been bestowed with this prestigious award, it signifies much more than a personal achievement – it is a reflection of the collective efforts of the bank’s dedicated team. At Sohar International, we believe that leadership goes beyond titles or positions; it translates to influence and impact. As an organization that is deeply rooted in the local community, Sohar International has consistently contributed to the socio-economic progress of the nation, driving purposeful change, empowering individuals, and championing innovation across all domains. This award will serve both as a recognition as well as a motivation to continue our growth trajectory, achieving greater wins together.”

Leveraging a blend of strategy, exceptional interpersonal skills, and a deep understanding of the local market, Mr. Ahmed Al Musalmi has ensured impressive results across all operational domains. In doing so, he has played a quintessential role in positioning Sohar International as a prominent entity with the capability to reshape the Omani banking landscape. Under his sagacious stewardship, Sohar International marked a historic milestone with the seamless merger between the bank and HSBC Oman, charting a course for long-term value creation and an enhanced value proposition for all stakeholders.

The bank’s post-merger market capitalisation stood at approximately $1.5 billion (OMR 500 Million). The bank also witnessed a significant 50% increase in market share and an expansive 118% growth in market coverage. Furthermore, the workforce burgeoned by nearly 80%. These figures serve as an unequivocal testament to Sohar International’s unwavering commitment to strategic and sustainable growth, all while remaining steadfast to its overarching vision of creating winning journeys for shareholders, customers, employees, and communities.

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