Sohar International officially inaugurates Saudi branch

05/05/2025 02:45 AST

Sohar International recently celebrated the official inauguration of its branch in Saudi Arabia. The event was held under the patronage of Yazeed Ahmed AlSheikh, Deputy Governor for Supervision, Suadi Central Bank, and was graced by the presence of members of the Omani embassy in Saudi Arabia.

This expansion underscores Sohar International's pivotal role in fostering cross-border partnerships, facilitating bilateral investment flows and foreign direct investment (FDI), and creating new avenues for Omani enterprises. It contributes to the broader objectives of economic development and supports key pillars of Oman Vision 2040, particularly in the areas of economic diversification and private sector empowerment.

While operations had already commenced in the year 2024 following regulatory approvals, the inauguration served as a formal affirmation of a carefully phased market entry strategy - reinforcing the bank's commitment to 'banking beyond borders' and expanding Oman's financial footprint in high-potential markets.

The inauguration of the branch was attended by the bank's Board of Directors and members of the executive management team led by the bank's Chief Executive Officer, Abdulwahid al Murshidi. The event also witnessed the participation of high-level dignitaries and senior stakeholders from the Saudi public and private sectors.

In a press release, Murshidi said, "This event represents more than a milestone for Sohar International. It reflects the clarity of purpose with which we approach growth. As we continue to evolve as a forward-looking financial institution, our focus remains on building meaningful relationships, expanding our institutional capabilities, and contributing to a more dynamic, opportunity-rich environment for our stakeholders. Our presence in Saudi Arabia is a strategic expression of that philosophy - measured, deliberate, and aligned with the long-term interests of those we serve."

The launch of Saudi branch marks a natural progression of Sohar International's regional growth strategy - deepening commercial ties between the sultanate and Saudi Arabia while fostering collaboration across high-impact economic sectors.

Muscat Daily