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Muscat: In a testament to his commitment to excellence, Ahmed Musalmi, CEO of Sohar International, was awarded the prestigious ‘Oman Banking CEO of the Year’ award at the 2024 Oman Banking and Finance Awards held during the New Age Banking Summit (NABS). The prestigious award highlights Ahmed Musalmi’s outstanding leadership and catalytic role in the organization’s comprehensive transformation, a testament to the bank’s significant growth and success under his leadership, which has had a positive impact not only on the organization’s employees and stakeholders, but also on the wider community and country it serves.
Ahmed al Musalmi said: “I am honoured to receive this award which not only celebrates my personal journey but also highlights the collective efforts and dedication of the entire Sohar International team. Together we have tackled challenges, seized opportunities and relentlessly pursued excellence in all aspects of our operations. This honour inspires us to continue to innovate, deliver exceptional services and set new benchmarks in the banking industry. I am incredibly proud of what we have achieved together and look forward to even greater achievements.”
In this complex era characterized by an ever-changing market, Sohar International has firmly established itself as a pioneer in the financial sector. Ahmed al Musalmi has been instrumental in driving this transformation, leading the bank to unprecedented heights. His ability to instill a sense of purpose and clarity of purpose throughout the organization has been critical to the bank’s extraordinary journey towards excellence.
Under his visionary leadership, Sohar International has become a significant player in the Sultanate in just five years. The bank’s commitment to becoming the leading financial institution in the Sultanate is evident in its purposeful growth, innovation and focus on serving its clients, stakeholders and the country. Sohar International has performed well, recording the highest asset growth rate in the GCC in 2023. This strong performance was highlighted by an impressive 89% increase in net profit, reaching SAR 25.1 million in the first quarter of 2024. Strategic expansion has been key to the bank’s growth, marked by its entry into the Saudi Arabian market earlier this year and the merger of HSBC Oman with Sohar International in 2023.
At the regional level, Al Muslami has led the bank to become a pioneer among the top banks in the GCC, with a robust roadmap for shareholders. KPMG’s recent report, “GCC Public Bank Performance: Adapt and Grow,” highlights that Sohar International ranks highest among GCC banks in terms of total assets and ROE. The bank’s total assets grew at an impressive 61.9% year-on-year, the highest among GCC banks. In addition, Sohar International ranks second in the ROE category, reflecting its efficient use of equity and ability to generate significant profits from its assets.
In the digital space, Sohar International provides innovative solutions to its retail and corporate clients, aligned with national priorities and supporting Oman Vision 2040. The bank has launched several innovations, including the country’s first API banking portal, payment gateway, Soft POS and Samsung Pay, to complement its customers’ lifestyles and businesses. These initiatives are in line with the bank’s investment in digital infrastructure, supporting the national digital transformation agenda. Sohar International’s strategic plan emphasizes digitalization, ecosystem development and customer experience, ensuring that the bank remains at the forefront of the banking industry and banking services.
Under the leadership of Ahmed a Musalmi, Sohar International is equally committed to investing in its employees, recognizing that they are essential to achieving the bank’s ambitious goals. The bank has implemented a comprehensive training and development program designed to enhance the skills and expertise of its employees. These initiatives include leadership development courses, professional certifications, and continuous learning opportunities designed to enhance employee capabilities and career growth. By fostering a culture of excellence and continuous improvement, Sohar International ensures that its employees are able to meet the changing demands of the banking industry and provide quality services to its customers.
The awards ceremony was held at the Sheraton Oman Hotel on June 28 in the presence of Tahir Salim al Amri, Executive Governor of the Central Bank of Oman. The New Age Banking Summit is the industry’s premier event, attracting senior and mid-level bankers, fintech experts, finance and investment professionals, insurance experts and business consultants. It is a key platform for industry leaders to exchange insights, explore emerging trends and foster collaboration, thereby promoting growth and innovation in the financial industry.
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