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Sohar International gets central bank approval to start Saudi operations

7 Jan 2024 By OUR CORRESPONDENT

Muscat – Sohar International Bank announced that it has obtained a no-objection certificate from the Saudi Central Bank (SAMA), paving the way for the commencement of Omani bank’s operations in the thriving Saudi market.

With a focus on innovation, pioneering digital solutions, and customer-centric ethos, this strategic move aligns with the bank’s trajectory of growth, Sohar International said in a press statement.

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 market.

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.”

He added, “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.

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