Muscat, 10 December 2019: Oman Arab Bank has received the ‘Straight Through Processing’ (STP) excellence award for 2019 from Citibank. This is the second consecutive year the company has earned this award for excellence in its efforts in conducting international payment services. Now in its 14th year, the Citi Excellent STP Award programme is one of the most prestigious awards to honour financial institutions and banks that possess state-of-the-art international payment services with highly qualified international transactions.

Commenting on the award, Mahfoudh Sultan Al Rawahi, the Head of Branches Central Operations at OAB said “We are honoured to receive this prestigious award for the second consecutive year, reaffirming OAB’s position as one of the leading banks in the Sultanate. At OAB we pride ourselves on being a consumer-centric bank, therefore, we ensure the most efficient services by adopting the best international practices, and guarantee the accuracy of our electronic payments. We believe this award stands as a testament to our dedication towards achieving the highest STP rates.”

OAB was presented this award at their head office by Mohsin Al Mahdi, Director of Correspondent Banking Group. Mahfoudh Al Rawahi received the award on behalf of OAB, alongside members of the staff from the Bank’s Central Operations departments were also in attendance.
The award was presented to OAB as a recognition of the quality and accuracy payments sent by OAB, wherein the Bank maintained an outstanding 95% modification-free rate for the bank’s remittances in USD.

“Our instant and simple transfers using STP ensure the best customer experience. OAB will continue to focus on providing the highest global standards in managing our processes, people and service delivery, for our continued success in both our remittances, alongside our retail and commercial products and services, reinforcing our position as one of the leading STP Banks within the Sultanate” Al Rawahi added.

Oman Arab Bank has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, the bank operates a nationwide network of 65 branches and representative offices and 152 ATMs spread across Oman. OAB provides a complete range of financial products and services for personal banking, corporate banking and investments clients.

• Mohammed Mohsin Al Lawati, from LEAD 1, appointed as Deputy CFO
• Mohamed Abdullrauf, from LEAD 2, appointed as Head of Deposits – Retail

Muscat, 25 November 2019: Oman Arab Bank (OAB) has announced the promotions of two LEAD Graduates, Mohammed Mohsin Al Lawati and Mohamed Abdullrauf, to the positions of Deputy CFO and Head of Deposits – Retail respectively. These promotions are in line with the Bank’s focus on talent management and succession planning, a key pillar of the Bank’s operational strategy.

Commenting on the new appointments, Rashad Al Musafir, Chief Executive Officer of OAB said, “Our LEAD programme has been the backbone of our succession planning efforts within OAB with all LEAD graduates being fast tracked to positions of greater responsibility within the Bank. Mohammed Al Lawati, from the first edition of LEAD, and Mohamed Abdullrauf, from the second edition of LEAD, are two candidates who have proven themselves to be capable leaders dedicated towards achieving the goals of the organisation. Furthermore, these appointments are a reflection of our commitment towards training Omani nationals and using their talent and expertise to build a strong and dynamic senior management team at the Bank. I look forward to working with them as we continue to strengthen OAB’s position within Oman.”

Mohammed Al Lawati holds a Bachelor’s degree in Accountancy and Finance from the University of Stirling and has accumulated over 11 years of experience in Financial Control, Management Reporting and Budgeting. He has hands-on experience in leading firm-wide initiatives and managing stakeholders across levels. He joined OAB in 2015, and has since worked closely with the CFO on all Financial and Reporting matters. Mohammed Al Lawati was also a graduate of the Bank’s inaugural LEAD programme.

Commenting on his appointment, Mohammed Al Lawati said, “It’s an absolute honour to be appointed as the Deputy CFO at OAB. I would like to express my sincere gratitude to the CFO, CEO and the Executive Management for giving me this opportunity. I look forward to leveraging the experience I have accumulated over the years, together with the skills and knowledge from the LEAD 1 programme, to build on the solid foundations already in place at OAB and ensure the Bank continues to stay ahead of the curve.”

Promoted alongside Mohammed Al Lawati, is Mohamed Abdullrauf from the LEAD 2 programme. He has over eight years of experience in the finance sector and holds a Bachelor’s degree in Marketing. He joined OAB in 2011 and has since worked closely with his own team as well as the corporate team to achieve the Bank’s targets and goals. He has a clear, logical and practical approach to problem-solving and a drive to see things through to completion, even under extremely demanding environments and against tight timelines.

“Customer deposits is a segment of the Bank that has shown significant growth potential. I look forward to working with the team to further develop the Banks business and ensure continued success for OAB within this segment in Oman,” said Mohamed Abdullrauf. “I would like to thank the OAB management for giving me this opportunity and look forward to working with them to take OAB from strength-to-strength in the coming years ahead.”

Oman Arab Bank is proud to have achieved the highest Omanisation percentage within the banking sector, nearing 96 per cent. It also has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, the bank operates a nationwide network of 65 branches and representative offices and 152 ATMs spread across Oman. OAB provides a complete range of financial products and services for personal banking, corporate banking and investment clients.

Muscat, 12 November, 2019: Oman Tourism Development Company (OMRAN), the Sultanate’s executive arm for tourism development recently signed a term financing agreement with Oman Arab Bank (OAB). Under the agreement, OAB will finance OMRAN with a long-term debt for the W Muscat.

This agreement is in line with the objective of supporting the Government’s economic diversification efforts and increased focus on developing the country’s tourism sector, while establishing strong synergies and partnerships to aid the Sultanate’s economic agenda.

The agreement was signed by Peter Walichnowski, the CEO of OMRAN and Rashad Al Musafir, the CEO of OAB at the W Muscat. The signing ceremony was attended by several senior executives from both entities.

Commenting on the new agreement, Peter Walichnowski, CEO of OMRAN said, “Now that the W Hotel has completed construction and officially opened, we can put in place long term debt that will be financed from hotel operations. The involvement of the private sector allows Government funds to be released and used to create new tourism projects that support the 2040 National Tourism Strategy”

“We are extremely pleased to finalise the financing of this W Hotel with OAB. It stands as a testament to how strategic partnerships with private sector companies can enhance Oman’s development and growth.” Walichnowski added.

Rashad Al Musafir stated, “OAB recognises Oman’s potential for growth, especially with regards to tourism, and the need to further diversify the country’s economy. Subsequently, we are committed to supporting the various arms of the government in facilitating their various developments, in turn assist them in any way possible towards achieving Oman’s 2040 National Tourism Strategy goals. This is why we are delighted to be collaborating with OMRAN, a company that has a proven track record of delivering and managing sustainable tourism assets such as the W Muscat.”

The Bank is also installing a State-of-the-art ATM machine within the hotel premises.
OMRAN is the largest hotel investment company in the Sultanate with a portfolio featuring as many as 24 internationally and locally branded hotels and resorts. Through anchor projects and strategic development partnerships with leading regional and international developers, the company expands the capacity of tourism sector and creates new lifestyle and travel experiences.

About Oman Tourism Development Company (OMRAN)

Growth Through Tourism

OMRAN creates sustainable and authentic tourism assets, lifestyle communities and destinations that drive economic growth and contribute to the diversification of the economy.

We achieve our mandate by acting alone or as a catalyst in bringing together the strength of Government with the entrepreneurship of the private sector.

We work with all stakeholders, partners, SMEs and local communities to ensure a positive physical, social, economic contribution to both the environment and people’s lives while respecting the traditional culture and environmental values of Oman.

We are inspired by Oman’s beauty, peace and hospitality.

www.OMRAN.om

About Oman Arab Bank (OAB)

Oman Arab Bank has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, the bank operates a nationwide network of 65 branches and representative offices with 152 ATMs spread across Oman. OAB provides a complete range of financial products and services for personal banking, corporate banking and investment clients.

www.oman-arabbank.com/

Muscat, October 13, 2019: As part of its ongoing efforts to support the SME sector, Oman Arab Bank announced that it has signed a partnership agreement with Zubair Small Enterprises Center (Zubair SEC). Under the agreement, the Bank will take one of the ten Direct Support Programme (DSP) members under its wing for the duration of 2020.

The agreement was signed by Rashad Al Musafir, the CEO, on behalf of Oman Arab Bank and Hani Mohammed Al Zubair, Board Member of The Zubair Corporation, on behalf of Zubair SEC. The signing ceremony took place during the launch of the sixth edition of the Zubair SEC DSP programme, held at the Bait Al Zubair last week. The event was attended by a several members of the executive management from both parties.

Commenting on the signing ceremony, Rashad Al Musafir stated, “We have a strong interest in the small enterprise sector. We believe that it can significantly support the growth of the national economy by diversifying the country’s sources of income and providing employment opportunities for the youth. Zubair SEC has a proven track record of supporting small enterprises, providing them with advisory, administrative and financial support and guiding them on a path towards growth and success. As such, we are honoured to be in a position to support their DSP initiative. Under our agreement, the Bank will support and finance one of the members of the Programme in any way we can. Our team has extensive experience in finance and strategic management, and we aim to put this expertise to good use offering them guidance on how to enhance the performance of their company, achieve sustainable growth, and take their business to the next level.”

Mohammed Mubarak Al Hasani, Chief Communications Officer of The Zubair Corporation, on behalf of Zubair SEC said, “We are confident that our partnership with such a prestigious financial institution as Oman Arab Bank will have a positive effect on the performance of the small enterprise they will be taking under their wing over the next couple of months. Its success will mark yet another milestone in our journey towards establishing a strong base of small enterprises in the country. We would like to thank the Bank’s management for the confidence they have placed in our Centre as well as for its continued support of our initiatives. I would also like to thank them for their adoption of one of our DSP members, which in turn helps take us yet another step closer toward achieving our own goals. This partnership is also a testament to the successes that can be achieved through collaborations between leading private sector institutions and small enterprises in the local market.”

The Zubair SEC is one of the pioneers in the support and development of small enterprises, assisting them in enhancing their businesses as well as their contribution to the national economy. Since its inception in 2013, the Centre has provided advisory, administrative and financial support to hundreds of entrepreneurs, each of whom are members of the Centre. This is in addition to launching DSP, a programme that each year provides specialised advisory services, business development opportunities, facilitation of commercial contracts and financial support for ten chosen members of the Centre. The number of beneficiaries of the program has so far reached 51 members, and will be joined by a further ten under the recently launched sixth edition of the Programme.

Oman Arab Bank has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, the Bank operates a nationwide network of 65 branches and representative offices with 152 ATMs spread across Oman. OAB provides a complete range of financial products and services for personal banking, corporate banking and investment clients.

Muscat, 20, Oct 2019:  On the eve of Omani Women’s Day, Oman Arab Bank (OAB), has launched a mentoring programme, specifically geared towards women. The launch took place as part of its Women’s Day celebration at the Fraser Suites in Muscat. The event was attended by the Guest of Honour, Ms. Randa Sadik, a Member of the Board of OAB and the Deputy CEO of Arab Bank, as well as over 200 female members of staff and senior management of the Bank. There was also a section dedicated to SMEs established by women at the event, in order to help them promote their business.

The internal women mentoring program is designed to help participants tap into latent or undiscovered talents, and hopes to overcome personal roadblocks to success. Over the course of six months, 26 mentees will be split amongst ten mentors, after being subjected to an initial training course on the ins and outs of mentoring. Mentoring relies on mutual respect and willingness to listen and learn from both mentor and mentee. Rather than a traditional teacher-student dynamic, the relationship built allows an unfettered exchange of experiences and information.

Commenting on OAB’s initiative, Asma Al Zadjali, Head of the Banking Operations Group, stated, “Trust is a very important element in anyone’s success: we need to trust our own talent and ability, and also trust the people around us to help us in achieving our goals. Mentoring builds on this trust relationship. It allows us to share the relevant development areas without the fear of being judged. This helps mentees gain confidence in their abilities and strengthen communication, which in turn leads to further career development.”

OAB has always shown strong support to talent, be it male or female and has a key objective to identify talent early and reward excellence. At the Bank women are on the board, take some of the most strategic roles in senior management and are rapidly making their way up through the ranks to take more and more senior roles. The support of talent is reflective of its own ambition as an employer to support the development of the Omani workforce.

Rashad Al Musafir, CEO of the Bank, commented on OAB’s commitment to talent, stating, “Diversity in the workplace makes good business sense. At OAB, our talent development initiatives are aimed at improving the overall output of our employees, but are also structured in a way that recognises and uplifts all talent to contribute to the overall success of the bank. Our training initiatives, including mentoring, are an extension of our strategy to support our colleagues throughout their journey at OAB.”

To evidence this even further, for its Women’s Day celebrations OAB joined forces with the Sidab Women, which is supervised by the Ministry and Social Development. The organisation seeks to empower Omani women, by establishing projects that benefit their participants. Their current project aims to reduce waste by creating bags using recycled materials.

Randa Sadik, delivered a speech on the occasion in which she said, “I’m very pleased and honoured to be here today celebrating the many achievements and successes of the Omani women and acknowledging their pivotal role and valuable contributions across the different sectors in the Sultanate.” She added, “At home and in the work place, Omani women continue to set a great example for reliability, hard work, professionalism and ambition, working side by side with men in tackling challenges and leveraging opportunities towards building the future.”

OAB, and by extension its Human Resource Division (HRD), has always placed great importance on the empowerment of women, consistently encouraging them to take on positions of greater responsibility within the Bank. They provide them with every tool and opportunity possible to do so, with this mentoring programme as only the very latest in a long line of programmes developed and organised by the Bank. Each of these training programmes have been specifically designed to augment staff skills and competencies; providing them with the tools required to grow professionally.

Furthermore, the HRD has already taken into account training for staff at all levels, right from entry level internship and orientation programmes, all the way to senior level leadership and management programmes. On a broader scale, such a wide range of training programmes also help towards enabling knowledge sharing within the financial sector of the country as a whole.

In addition to these training programmes, the HRD also readily offers its support for both external and internal programmes that celebrate and support women’s empowerment, such as this women’s day celebration.

Oman Arab Bank has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, the bank operates a nationwide network of 65 branches and representative offices with 152 ATMs spread across Oman. OAB provides a complete range of financial products and services for personal banking, corporate banking and investment clients.