Sohar International eyes majority stake in Saudi's Neo Group
Sohar International Bank SAOG (SIB) has announced plans to acquire a controlling stake in Neo Group Limited, a financial services firm based in the Kingdom of Saudi Arabia, as part of its wider regional growth strategy.
In a filing with the Muscat Stock Exchange (MSX) on Tuesday, Aug 12, SIB said it has approached the Central Bank of Oman (CBO) seeking preliminary approval to sign a non-binding Memorandum of Understanding (MoU) with the shareholders of Neo Group. The MoU outlines the possibility of acquiring up to 55 per cent of the company's share capital from an existing Saudi shareholder, who currently owns an 80 per cent equity stake.
Neo Group is an established financial institution in Saudi Arabia, holding regulatory licences from the Capital Market Authority (CMA) to provide asset management and financial advisory services. According to SIB, the proposed acquisition aligns with its vision to expand its footprint in key regional markets and reinforce Oman's presence in the Gulf's fast-growing financial services sector.
SIB noted that the transaction is still in its early stages and will be subject to a series of conditions before completion. These include a satisfactory outcome from the due diligence process, successful negotiations, execution of definitive agreements, and obtaining all necessary regulatory, corporate, and other mandatory approvals from both Omani and Saudi authorities.
'This intended acquisition forms part of Sohar International's regional expansion strategy and vision to strengthen Oman's representation in regional financial markets,' the bank said in its disclosure.
The bank emphasised that it will make further announcements in accordance with regulatory requirements as and when material developments take place.
The disclosure was signed by Abdul Wahid Mohamed al Murshidi, Chief Executive Officer of Sohar International Bank.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Observer
16 hours ago
- Observer
An integrated destination for Khareef Dhofar Season
SALALAH: Tourism and entertainment projects are a vital support for Khareef Dhofar Season, monsoon season, as they provide comprehensive destinations that meet the needs of visitors, boost economic and commercial activity; and open up broader horizons for investment and the employment of national talent. These destinations are particularly important during the Khareef Dhofar Season, as they serve as attractions for visitors from within and outside the Sultanate of Oman. They offer a mix of cultural, recreational and commercial experiences while also encouraging entrepreneurship; and supporting small and medium-sized enterprises (SMEs), which positively impacts the local economy and the sustainability of tourism. Samharam Resort is one such destination for the 2025 Khareef Dhofar Season. It provides integrated facilities and services that combine shopping, dining; and cultural and recreational activities, attracting visitors of all ages. Mohammed bin Ahmed al Hadri, a site supervisor at Samharam Resort, said the resort hosts a consumer exhibition organised by Al Awail Company for the Management and Organisation of International Exhibitions and Festivals. The exhibition features 150 to 160 shops from various Arab and foreign countries, with diverse pavilions to meet visitor needs. Additionally, a handicrafts section includes about 28 shops for SMEs and low-income individuals, supervised by the SME Development Authority (Riyada). He added that the outdoor area includes a variety of restaurants, cafes and games for both children and adults. There is also a stage that hosts children's competitions and artistic performances. He noted that the "Rifle" section features cafes, many of which are managed by Omani youth and enjoys a wide turnout from visitors. Musallam bin Abdulsalam Al Rawas, owner of Sar Events Company, stated that this is the first year the "Rifle" event is being held at the resort, marking its third consecutive year during Khareef Dhofar Season. He explained that the event includes a large selection of restaurants, a family and youth entertainment area and a stage with Omani and Gulf performances, in addition to hosting talented artists from Oman and other GCC countries. He added that the event offers various competitions for all ages and annually employs young Omanis who are job seekers and freelancers. He noted that the number of employees this year exceeded 45 young people, with a public turnout that reflects the event's success as a recreational destination during the Khareef season. Regarding visitor impressions, Sufyan bin Ghassan al Rashdi from Al Dakhiliyah Governorate said Samharam Resort is an outstanding tourist destination for families and visitors. The variety of modern facilities and events creates a joyful atmosphere that enhances the pleasure of the visit. He emphasised the importance of increasing public facilities in the future to accommodate the large turnout. Ahmed bin Ali al Saadi from Musandam Governorate explained that his recent visit to Khareef Dhofar Season introduced him to the notable development in tourist and recreational events, with a diversity of programmes and integrated services that make the tourist experience more exceptional. Meanwhile, Mohammad al Sai'ari, a tourist from the Kingdom of Saudi Arabia, pointed out that the events and activities at Samharam Resort are a unique addition to Khareef Dhofar Season, combining entertainment and education. He expressed his admiration for the consumer exhibition, which features various local products such as incense and perfumes, along with offers that provide visitors with a pleasant shopping experience in an organised and attractive atmosphere.
Muscat Daily
17 hours ago
- Muscat Daily
Al Haffa Beach Market in Salalah charms khareef visitors
Salalah – The Al Haffa Beach Market in Salalah has reaffirmed its place as one of Dhofar's most vibrant heritage and tourism destinations this khareef season, celebrating Omani identity while supporting hundreds of families engaged in the cottage industry. Spread across more than 356 stalls, the market offers visitors a wide range of handicrafts, traditional foods, local products, and heritage items. At its heart is the dedicated frankincense market, overseen by Dhofar Municipality, where visitors can learn about the extraction process and the many uses of this signature Omani treasure. 'Over 300 families are participating, presenting their handicrafts, traditional foods, and other Omani products in an atmosphere filled with the fragrance of frankincense, live performances, and traditional colours,' said Salim bin Abdullah Fadhel, supervisor of the frankincense market for productive families. This year, organisers have expanded exhibition spaces, improved facilities and parking, and introduced redesigned kiosks inspired by traditional Omani architecture. 'These enhancements not only elevate the visitor experience but also reflect the rich cultural identity of Dhofar,' Fadhel added. The market remains open until the end of khareef, offering daily performances by Omani art groups, children's programmes, and a variety of restaurants, cafes, and banking services. Al Haffa Market manager Haitham Mahmoud Gad described it as a key stop for visitors from within Oman and abroad.
Muscat Daily
17 hours ago
- Muscat Daily
Oman Film Society trains young filmmakers in AI-driven storytelling
Muscat – Oman Film Society has concluded a nine-day specialised workshop held in collaboration with Youth Centre aimed at equipping Omani youth with advanced skills in using artificial intelligence in filmmaking. Titled 'Experimenting with AI Filmmaking Skills', the workshop ran from July 20 to August 14 in three governorates – Muscat, North Sharqiyah and North Batinah – enabling aspiring filmmakers nationwide to participate. Over 75 young men and women took part in the sessions led by filmmaker and trainer Abdulaziz al Abri. Speaking to Muscat Daily, Abri said the training covered scriptwriting, visual composition, and the use of AI tools to generate and enhance cinematic content. Participants completed five practical projects, applying their skills to real-world scenarios. 'This workshop across three governorates was a platform to unleash the energies of talented and ambitious young people. The results achieved in just nine days are a source of pride and optimism,' he said. Abri noted that many participants adapted quickly to AI tools, producing work that demonstrated both creativity and technical proficiency. 'Integrating AI into filmmaking is no longer a luxury but an essential step to remain competitive in the global film industry,' he added. Oman Film Society stated that the initiative supports Oman Vision 2040's focus on innovation, youth empowerment and creative industries as drivers of economic diversification. The society plans to expand AI-based training, with future modules in animation, virtual production and digital editing. Industry observers believe such exposure will boost local content production and position Oman as a regional hub for innovative storytelling in the Gulf.
