In a remarkable testament to his commitment to excellence, Ahmed al Musalmi, the Chief Executive Officer of Sohar International, has been honored with the prestigious ‘CEO of the Year – Banking Sector in Oman’ award, at the Oman Banking & Finance Awards 2024, held on the sidelines of the New Age Banking Summit (NABS). The prestigious accolade underscores Ahmed al Musalmi’s outstanding leadership and catalytic role in transforming the organization across all facets and a testament to the remarkable growth and success the bank has achieved under his stewardship, positively impacting not only the employees and stakeholders of the organization but also the broader community and nation it serves.
Ahmed al Musalmi remarked, “I am deeply honored to receive this award, which not only celebrates my personal journey but also underscores the collective effort and dedication of the entire Sohar International team. Together, we have navigated challenges, seized opportunities, and relentlessly pursued excellence in every facet of our operations. This accolade inspires us to continue innovating, delivering exceptional service, and setting new benchmarks in the banking industry. I am immensely proud of what we have accomplished together and look forward to achieving even greater heights.”
In an era marked by the complexities of an ever-evolving 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 clear objectives throughout the organization has been critical to the bank’s remarkable journey towards excellence.
Under his visionary leadership, Sohar International has established itself as a key player within the Sultanate in a mere five years. The bank’s commitment to becoming a leading financial institution in the Sultanate is evident through its purposeful growth, innovation, and dedicated focus on serving customers, stakeholders, and the nation. Demonstrating remarkable financial performance, Sohar International recorded the highest asset growth rate in the GCC in 2023. This robust performance is underscored by an impressive 89% increase in net profit, reaching RO 25.1 million in Q1 of 2024. Strategic expansion has been pivotal to the bank’s growth, marked by its entry into the Saudi Arabian market earlier this year and merger of HSBC Oman into Sohar International in 2023.
Regionally, Al Muslami has led the bank to position itself as a trailblazer among the top banks in the GCC, with a robust roadmap for progress for shareholders. The recent KPMG report, “GCC Listed Banks’ Results: Adaptation and Growth,” highlights Sohar International’s top rankings in Total Assets and ROE across all GCC banks. The bank achieved the highest year-on-year growth in total assets across the GCC, with an impressive 61.9% increase. Additionally, Sohar International secured the second position in the ROE category, reflecting its efficient use of equity and ability to generate substantial profits from its assets.
On the digital front, Sohar International leads with innovative solutions for both retail and corporate clients, aligning with national priorities and supporting Oman Vision 2040. The bank has introduced several innovations, including the first API Banking Portal within the country, payment gateway, Soft POS, and Samsung Pay, complimenting customers’ lifestyles and businesses. These initiatives align with the bank’s investment in digital infrastructure, supporting the national agenda for digital transformation. Sohar International’s strategic plan emphasises digitalisation, ecosystem development, and customer experience, ensuring the bank remains at the forefront of banking and beyond banking offerings.
Sohar International under the leadership of Ahmed a Musalmi is equally committed to investing in its staff, recognizing that its employees are vital to achieving the bank’s ambitious goals. The bank has implemented comprehensive training and development programs aimed at elevating the skills and expertise of its workforce. 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 staff is well-equipped to meet the evolving demands of the banking industry and deliver superior service to its clients.
The awards ceremony, graced by the presence of Tahir Salim al Amri, Executive President of the Central Bank of Oman, took place on June 28 at the Sheraton Oman Hotel. The New Age Banking Summit is renowned as a premier event in the industry, attracting a diverse group of senior and mid-level bankers, fintech experts, finance and investment professionals, insurance specialists, and business consultants. It serves as an essential platform for industry leaders to exchange insights, explore emerging trends, and foster collaboration, thereby promoting growth and innovation in the financial sector.
Oman Observer