Sohar International appoints CEO
Said Mohamed al Aufi, Chairman of Sohar International, stated, 'Today marks an important milestone for Sohar International. Abdul Wahid's proven track record, exceptional expertise, and unwavering dedication make him the ideal leader to steer our bank into its next chapter. We are confident that under his guidance, Sohar International will continue to thrive and reinforce its position as a leading financial institution in the region.'
In his new role, Al Murshidi will spearhead the bank's initiatives aimed at achieving exponential and sustainable growth. 'We are pleased to have a leader of Abdul Wahid's caliber to guide the management team toward further success and excellence. With his diverse experience in the banking industry, we believe he will build on the bank's achievements and strengthen its capabilities as a market leader,' Al Aufi added.
Abdul Wahid brings over 18 years of extensive experience in various banking functions, including Audit, Finance, Investment, and Islamic Banking. He joined Sohar International in July 2019 and previously served as Deputy General Manager at a prominent local Islamic bank. He holds an Executive MBA from the London Business School and a Bachelor of Science from Sultan Qaboos University.
Abdul Wahid al Murshidi's appointment reflects the Board's commitment to strong leadership and sustained progress, ensuring that Sohar International remains dedicated to creating value for its customers, stakeholders, and the broader economy.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Times of Oman
6 hours ago
- Times of Oman
Oman's public debt decreases to OMR14.1 billion
Muscat: The Sultanate of Oman's public debt decreased by the end of Q2 2025 to reach OMR14.1 billion compared to OMR14.4 billion by the end of the corresponding period in 2024. By the end of Q2 2025, the Ministry of Finance had paid over OMR749 million to the private sector, received through the financial system with complete documentation. This reflects the Ministry's commitment to settling fully documented private sector dues within an average of five working days. Public revenue by the end of Q2 2025, totaled OMR5,839 million, reflecting a 6% decrease from OMR6,197 million recorded during the same quarter of 2024. The decline is largely due to a fall in hydrocarbon revenue. Furthermore, net oil revenue amounted to OMR3,018 million as of the end of Q2 2025, representing a 10% decrease from OMR3,362 million collected during the same quarter of 2024, due to lower average oil prices and production. Net gas revenue reached OMR884 million as of the end of Q2 2025, reflecting a 6% decline from OMR943 million recorded in the same quarter of 2024. Meanwhile, current revenue totalled OMR1,928 million as of the end of Q2 2025, indicating a 2% increase, i.e., OMR46 million, from OMR1,882 million collected during the same quarter in 2024. By the end of Q2 2025, public spending totalled OMR6,098 million, marking a 5% increase, i.e., OMR292 million, from OMR5,806 million recorded during the same quarter of 2024. This growth is primarily attributed to increased development expenditure compared to the same period in 2024. Current expenditure amounted to OMR4,118 million as of the end of Q2 2025, reflecting a 1% decrease, i.e., OMR53 million, from OMR4,065 million reported during the same quarter of 2024. Development expenditure of the ministries and government units reached OMR688 million as of the end of Q2 2025, representing 76% of total development expenditure, i.e. OMR900 million, allocated for 2025, driven by the accelerated pace of work on ongoing development projects. Contribution and other expenses totalled OMR1,161 million as of the end of Q2 2025, indicating a 7% increase, i.e., OMR73 million, from OMR1,088 million recorded in the same quarter of 2024. Subsidy allocations included OMR339 million to the electricity sector, OMR289 million to the social protection system, and OMR44 million for oil products. Furthermore, OMR200 million was transferred to the future debt obligations budget item. By the end of Q2 2025, spending on social sectors and basic services totalled OMR3,122 million.
Muscat Daily
8 hours ago
- Muscat Daily
Sohar International eyes full acquisition of Bima, majority stake in Saudi's Neo Group
Muscat – Sohar International Bank has unveiled plans for two potential acquisitions as part of its growth and regional expansion strategy, including a move to acquire Oman's first fully digital insurance platform and a majority stake in a Saudi-based financial institution. In a disclosure to the Muscat Stock Exchange, Sohar International said it has sought in-principle approval from the Central Bank of Oman (CBO) to make a non-binding offer for up to 100% of Insurance House LLC, better known as Bima. Licensed by the Financial Services Authority (FSA), Bima operates as Oman's first fully digital insurance platform, enabling customers to compare and purchase products ranging from motor and travel to medical and credit life insurance through multiple providers. Sohar International said the proposed acquisition of Bima aligns with its vision of becoming 'a world-class service company that supports customers, communities and people in their growth and prosperity'. The bank noted that the transaction remains subject to due diligence, negotiations, execution of definitive agreements, and approvals from regulators and other authorities. Separately, in an earlier disclosure, Sohar International last week announced its intention to acquire up to a 55% stake in Neo Group Limited KSA. The bank said it had sought in-principle approval from the CBO to enter into a non-binding Memorandum of Understanding (MoU) with Neo Group Limited UAE, which holds an 80% equity interest in the Saudi entity. Neo Group Limited KSA, licensed by Saudi Arabia's Capital Market Authority, provides asset management and financial advisory services. Sohar International said the proposed acquisition of Neo Group Limited KSA is in line with its regional expansion strategy and its ambition to strengthen Oman's presence in regional financial markets. Both prospective deals are contingent on satisfactory due diligence and the receipt of all necessary corporate and regulatory approvals. Sohar International said it will issue further announcements as developments progress.
Times of Oman
10 hours ago
- Times of Oman
Value of GCC non-oil sector reaches $1.513 trillion
Muscat: The gross domestic product (GDP) of the Gulf Cooperation Council (GCC) countries at current prices in 2023 reached $2.1431 trillion, marking a 2.7% decline compared to $2.2027 trillion at the end of 2022. Data released by the GCC Statistical Centre indicated that the value of the net national disposable income (available for consumption and savings after deducting taxes and other transfers) amounted to $1.9891 trillion, down 3% from $2.0515 trillion in 2022. By the end of 2023, the total value added by the non-oil sector in the GCC reached approximately $1.513 trillion at current prices, while the oil sector contributed $603.5 billion. The data revealed that the non-oil sector's share of the Gulf's total GDP at current prices rose to 71.5% by the end of 2023, up from 65% in 2022, reflecting an annual growth rate of 6.4%. Over the past five years, mining and quarrying activities were the largest contributors to the GCC economy, averaging 28.3%, while manufacturing activities led the non-oil sector's contribution to GDP with an average of 11.7%. Most economic activities saw positive growth rates in 2023, with finance and insurance recording the highest growth at 11.7%, followed by transport and storage (11.6%), real estate activities (8.1%), public administration and defense (7.9%), wholesale and retail trade (7.6%), and education (5.5%). In contrast, mining and quarrying activities, along with manufacturing, experienced declines of 18.8% and 0.7%, respectively. Regarding the components of Gulf GDP expenditure at current prices, GCC Statistical Centre data showed that the value of goods and services exports reached $1.2587 trillion by the end of 2023, accounting for 59.5% of GDP at current prices—a 7.1% decrease. Final consumption expenditure (total spending by households, non-profit institutions, and the government on goods and services to directly meet their needs and desires, without using them in the production of other goods or services) reached $1.2456 trillion, with an annual growth rate of 7.5%.
