Oman’s Sohar International has obtained a no-objection certificate from the Saudi Central Bank (SAMA), paving the way for the bank to commence operations in the kingdom.
With a focus on innovation, pioneering digital solutions, and customer-centric ethos, the bank said the licencing aligns with its growth trajectory, underlying its analytical foresight in identifying opportunities for sustainable expansion.
Sohar said the bank’s presence in the Saudi market not only positions it as a key player in the region but opens doors for Omani corporates aspiring to venture into Saudi Arabia.
The Omani lender has garnered a commendable reputation for being a reliable financial advisor and partner for a multitude of companies spanning various sectors as the second-largest bank in the Sultanate.
“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 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,” said Ahmed Al Musalmi, CEO of Sohar International.
The bank’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 foresees a significant boost in cross-border trade.
Al Musalmi said at the core of the bank’s strategic expansion lies a synthesis of personalised, customer-focused offerings and avant-garde services.
Sohar’s 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.
