CAPITAL INTELLIGENCE CHANGES OUTLOOK ON OMAN ARAB BANK’S CREDIT RATING FROM “STABLE” TO “POSITIVE”

/in /by

Muscat, Oman:  Oman Arab Bank (OAB) announced that the international credit rating agency, Capital Intelligence Rating (CI), has changed its outlook on the Long-Term Foreign Currency Ratings (LT FCR) from “Stable” to “Positive”. CI has affirmed OAB’s the LT FCR and Bank Standalone Rating (BSR) of ‘BB+’ and ‘bb+’, respectively. The Bank’s Short-Term Foreign Currency Rating (ST FCR) of ‘B’, Core Financial Strength (CFS) rating of ‘bbb-’, and Extraordinary Support Level (ESL) of Moderate have also been affirmed.

The change follows the recent change of outlook of the Government of Oman’s issuer rating from “Stable’ to “Positive”.

Commenting on the report, Sulaiman Al Harthi, Chief Executive Office of Oman Arab Bank said, “This change of outlook reflects OAB’s well established franchise, and its sound share of the banking system supplemented by the improvement in Oman’s debt burden and prudent fiscal management.

He added, “The affirmation of OAB’s Bank Standalone Rating (BSR0 and Core Financial Strength (CFS) rating demonstrates OAB’s sound and resilient financial metrics at end of H1 24, and the continued support of its major shareholder, Arab Bank Plc (Jordan). The strong position we enjoy demonstrates our strong presence in the conventional banking as well as the Islamic banking via our full ownership of Alizz Islamic Bank, the second largest fully fledged Islamic bank in Oman.

OAB opens a disability-friendly branch in Saham.

/in /by

Muscat: Oman Arab Bank (OAB) recently celebrated the opening of its newest branch in the Wilayat of Saham, under the patronage of His Excellency Dr. Sheikh Sultan bin Abdullah bin Saleh Al-Battashi, Wali of Wilayat Saham, and in the presence of several officials from government institutions, members of the executive management of OAB, and bank customers.

The branch has been equipped with the latest modern facilities and advanced technological infrastructure in line with the bank’s digital transformation strategy to provide customers with an exceptional financial experience.

In a pioneering move by OAB, the Saham branch is designed to be fully prepared to welcome and serve customers with disabilities, thereby achieving full accessibility for this segment of clients. The bank aims to extend this service to all its branches across various governorates.

The opening of the new branch in Saham comes after its relocation to a distinguished site in the center of the wilayat. Its design features a contemporary and unique identity that reflects the brand’s details of OAB. The design integrates modern facilities for welcoming and serving customers with the goal of digital transformation, which focuses on providing an enriching customer experience and enhancing satisfaction levels with the services offered. The branch includes a reception area and dedicated offices for Elite account holders, providing the bank’s Elite customers with a premium and distinguished experience while maintaining the privacy of their transactions.

Khalid Al-Amri, Chief Retail Banking Officer at OAB, said: “Some ideas may seem like a difficult dream to implement until someone believes in them and adopts them to turn them into a beautiful reality. The OAB branch in Wilayat Saham is an example of this, as it offers a comprehensive experience of modern banking services that rely on technology and meet the needs of all segments of society, allowing various customer segments to easily complete their transactions.”

The branch has been prepared to be disability-friendly, facilitating easy access to the services provided by the bank. This includes the provision of all necessary facilities, starting with a ramp designed to assist individuals with mobility disabilities from the entrance of the branch, as well as a designated pathway and waiting area for them. Additionally, there is a counter staffed by a trained employee who can communicate in sign language, along with assistive systems such as an ATM and a site map in Braille to help visually impaired individuals navigate the available services. An auditory device is also available to clearly transmit sound for individuals with hearing impairments.

Al-Amri added: “The new OAB branch in Saham represents a modern banking environment with full services and facilities aimed at providing the best services to our individual and corporate clients, enriching their banking experience through the digital transformation of services. With the opening of this branch, OAB continues its ongoing development of services and facilitates access to them, whether through the growing network of branches or the modern digital services and advanced self-service ATMs.”

Through its expansion plan, OAB aims to be close to its customers, currently operating 50 branches in various regions and governorates. The bank’s network of ATMs is spread across vital locations throughout the Sultanate of Oman, consisting of 147 advanced machines that allow for the completion of many services. Additionally, the bank continuously expands its services through digital channels that enable customers to complete transactions quickly and easily, saving them time and effort.

 

OAB Organizes a Training Program to Develop Entrepreneurs Skills in Sohar

/in /by

Muscat: Oman Arab Bank (OAB) organized a series of workshops for entrepreneurs in Wilayat Sohar as part of its Small and Medium Enterprises (SMEs) development training program, launched earlier this year. The program aims to empower entrepreneurs to succeed and grow by equipping them with essential knowledge and enhancing their skills in management, financial and economic planning, as well as best governance practices needed for SMEs to achieve sustainable growth.

Sulaiman Al-Hinai, Chief Wholesale Banking Officer at OAB, stated: “We are delighted to meet, through the SME development training program, a promising group of entrepreneurs in Wilayat Sohar, located in the Governorate of North Al Batinah, which is one of the key centers for investment and business in the Sultanate of Oman. It attracts a wide range of Omani and foreign investors and entrepreneurs. The program aims to enhance business management skills and enable small and medium-sized enterprise owners to develop their projects and take advantage of investment opportunities across various sectors. The training content has been designed according to the best global management trends and aligns with the objectives of the entrepreneurship sector in Oman.”

The workshops focused on enhancing financial literacy, strategic planning, and developing practical expertise, along with skills in marketing, human resources, and sustainability practices. Additionally, they aimed at allowing participants to network and exchange their experiences among the entrepreneurial community and large corporations, given the crucial role this integration plays in boosting economic growth and supporting entrepreneurial activities.

Al-Hinai added: “Entrepreneurs represent a segment of clients that supports OAB’s long-term growth strategies, particularly in expanding the bank’s customer base and building strong partnerships with the business community. The entrepreneurship sector is a key pillar for driving economic growth. For this reason, OAB places the development of SMEs at the forefront of its priorities and is committed to continuously developing initiatives and programs that promote the growth of these businesses.”

The training program is part of the initiatives under the “Tumohi” program, which aims to promote the growth of entrepreneurship in the Sultanate of Oman through a comprehensive approach to services and needs. This begins with skill development and providing technical support for projects, and extends to offering advanced financial services that provide diverse financing options and facilitate the ease of doing business. It is also worth to mention that earlier this year, OAB launched a dedicated digital platform designed specifically to cater to the financial service needs of entrepreneurs.

OAB and “Badir” Fund collaborate to develop SMEs

/in /by

Muscat: Oman Arab Bank (OAB) has signed a cooperation agreement with the “Badir” Fund for development of small and medium enterprises (SMEs), which is managed by the Arab Fund for Economic and Social Development in Kuwait (AFESD).

The partnership between the bank and the Badir Fund, both of which have extensive experience in developing small and medium enterprises, aims to support entrepreneurs in the Sultanate of Oman by enhancing their projects and expanding their business scope.

The agreement was signed by Sulaiman Al-Harthy, Chief Executive Officer of OAB, and Bader Mohammed Al-Saad, Director General and Chairman of the Board of the Badir Fund.

Al-Harthy, CEO of OAB, said: “The entrepreneurship sector in Oman continues to thrive amidst the ongoing momentum of economic growth and the significant support this sector receives at all levels. OAB takes pride in its contributions towards creating an encouraging environment for the growth of the private sector and entrepreneurship projects, in line with the objectives of Oman Vision 2040, which relies on the private sector to lead growth and expand economic diversification sectors. The bank’s initiatives have provided substantial support for the growth of SMEs, particularly the ‘Tumouhi’ program, which offers innovative and broad services and products for these enterprises”.

Mr. Al-Harthy expressed his delight in collaborating with the “Badir” Fund, noting that this partnership will undoubtedly enhance the support provided by the bank to SMEs. He also highlighted that the agreement represents a new impetus for maintaining the momentum of growth and development in the entrepreneurship sector, contributing to expanding the horizons of economic diversification in the Sultanate of Oman.

Mr. Al-Saad stated: “We are pleased to sign a cooperation agreement with OAB, which is a prestigious financial institution that occupies a leading position in the Omani banking sector. The bank offers numerous efforts and initiatives to support SMEs in the Sultanate of Oman, contributing to the growth of this promising sector, which is a vital route for achieving sustainable development”.

He added that the “Badir” Fund aims to assist in the development and enhancement of the capabilities of the private sector and SMEs in Arab countries by providing appropriate technical and advisory assistance, as well as contributing to financing private sector projects on commercial and developmental bases, to achieve effective contributions to economic development in Arab countries.

OAB is dedicated to fostering entrepreneurial projects by continually enhancing its initiatives and financial and technical support programs. This commitment paves the way for the success of these ventures, reflecting the bank’s belief in their crucial role in driving economic growth and creating job opportunities for Omani citizens.

The “Badir” Fund plays a significant role in providing financial resources and attracting the necessary capital to finance and support private sector projects and SMEs in Arab countries. The fund was established as part of the decisions made at the Arab Economic Summit held in Kuwait in 2009, and it is managed by the Arab Fund for Economic and Social Development.

OAB enhances students’ financial literacy with memorable experiences at its OAB Kids Branch

/in /by

Muscat: Oman Arab Bank (OAB) organized visits for school students to the Kids Branch at the Bank’s Head Office, as part of its new initiatives to develop future generations and instill financial awareness among young people.
The Bank believes in the importance of community partnership in providing practical experiences that complement school curricula and contribute to enhancing the skills of young people and preparing them for their role in development in the future and keeping pace with various local and global progresses.

Sulaiman Al Harthy, CEO of OAB, said: “Over decades of distinguished banking, OAB has strengthened its extraordinary position in the Omani banking sector by developing its services according to the highest international standards and investing in its human resources, believing that individuals are the basis for growth and success.
The bank focuses its long-standing expertise in human resource development to support the achievement of national targets in light of the Oman’s future vision. OAB has presented many unprecedented initiatives in the Sultanate of Oman to build future generations, such as “Ruwad Al Arabi” program to develop national leadership, “Ruwad Al Arabi” program to empower university graduates in the labor market, and the opening of the first Kids Branch of its kind in the Sultanate of Oman, through which the bank aims to provide a wide range of activities to raise awareness of the importance of saving and spread financial culture to children”.
He added: “The visits organized for students to the OAB Kids Branch encourage the spirit of innovation and increase awareness of financial culture among younger generations. We are keen to boost learning and provide notable experiences during students’ visits, which contributes to broadening their horizons and stimulating their passion to think about the future from an early age, as this constitutes one of the important foundations for creating a generation capable of successfully managing its financial affairs and looking forward to a promising professional life from a young age, especially in the fields of freelancing and entrepreneurship”.
During their visits to the OAB Kids Branch, students are divided into two groups to simulate different banking experiences. The first group plays the role of a customer to learn about the processes of receiving a cheque book, opening a bank account, and obtaining bank cards, in addition to simulating spending and saving, as well as long-term financial planning. The other group of students put on different roles such as a branch manager, assistant branch manager, or cashier.
The exciting and enriching experiences that students undergo during their visit to the OAB Kids Branch represent a unique involvement that complement their educational curricula, and augments the concept of broad education and contributes to spreading financial culture among our young students.

OAB celebrates back to school with children

/in /by

Muscat: To celebrate the joy of returning to school with children, Oman Arab Bank (OAB) organized various activities in both City Centre Muscat and ,Mall of Oman which included many interesting educational activities, competitions, and offering valuable gifts and prizes, including competitions, gifts, and raffles for valuable prizes, including Samsung tablets, to encourage young students to be interested in studying and academic achievement.

Khalid Al Amri, Chief of Retail Banking Officer at OAB, said: “We are pleased at OAB to share the joy of the new academic year with the children and their parents, as it will be full of exciting educational experiences for the students. OAB has enhanced these experiences with a program full of events that develop knowledge and encourage the spirit of competition and innovation. We also ensured that the events provide the opportunity to educate children financially and introduce children’s saving accounts at OAB to their parents.”

OAB provides many advantages for children’s accounts, including the ability for customers to easily open an account for their children through the bank’s application or online banking platforms without needing to visit its branches.

The children’s savings account offers many advantages, such as account monitoring via mobile application, a free direct debit card, easy and secure transfer between accounts, interest of up to 2.25% p.a. , the highest return among banks in the Sultanate of Oman, life insurance of up to OMR 50,000, gifts on the child’s birthday, and discounts in many stores.

The account also provides flexibility in managing the savings by setting the monthly savings amount and modifying monthly deposits at any time without any fees, with a convenient savings plan by sending monthly deduction instructions for free once the account is opened, which will automatically deduct the amounts every month and transfer them to the child’s account over the plan.

Through these services and benefits, the bank continues to provide the best services to its customers, encourage and develop a culture of saving among children and members of society, and help them plan for their children’s future early.

Moody’s Ratings Changes Outlook On Long-Term Deposit Ratings Of Oman Arab Bank From “Stable” To “Positive”

/in /by

5thSeptember 2024: Muscat, Oman:  Oman Arab Bank (OAB) announced that the international credit rating agency, Moody’s Ratings (Moody’s), has changed its outlook on the Long-Term Deposit Ratings from “Stable” to “Positive”. Moodys’ affirmed the long-term local and foreign currency deposit ratings at Ba1 and the bank’s Baseline Credit Assessments (BCA) at ba3 and the Adjusted BCA at ba2.

This change follows the recent change of outlook of the Government of Oman’s issuer rating from “Stable’ to “Positive”.

Commenting on the report, Sulaiman Al Harthi, Chief Executive Office of Oman Arab Bank said, “This change of outlook reflects the positive impact of the improvement in Oman’s debt burden and prudent fiscal management which increases the government’s capacity to absorb fluctuations in the global energy market and interest rates.

He added, “The affirmation of OAB’s ratings reflect the bank’s solid revenues and the importance of OAB to the local financial system, given its strong market share and its Islamic foot print in the country via its full ownership of Alizz Islamic Bank, the second largest fully fledged Islamic bank in Oman. The strong position we enjoy demonstrates our strong presence in the market paved by following a customer-focused culture and focused approach to risk management, as we look forward to further development and growth.”

Oman Arab Bank Introduces Elite Exclusive segment and Visa Elite Exclusive Metal Card

/in /by

06th Aug 2024, Muscat: Continuing its efforts to reinforce its leading position in delivering unparalleled banking experiences, Oman Arab Bank (OAB) recently introduced a new segment of premium banking services tailored for elite customers, named “Elite Exclusive”. This distinguished offering was unveiled during an exclusive ceremony hosted by the bank at the Crowne Plaza Salalah. The event was held under the patronage of HH Sayyid Marwan Bin Turki Al Said, the Governor of Dhofar.

Positioned as the pinnacle of excellence in Oman’s banking sector, the new “Elite Exclusive” segment boasts stringent eligibility standards while offering exclusive services and unparalleled benefits. Customers within this elite group will receive a state-of-the-art metal card, the first of its kind in the market. This card epitomises elegance, durability, and sophistication, serving as a symbol of luxury and providing enriching, exclusive experiences

Commenting on the launch of this exclusive offering, Khalid Al Amri, Chief Retail Banking Officer at OAB, stated: “The introduction of the new segment aligns with the bank’s ongoing efforts to redefine exclusive banking. Clients in this segment expect exceptional care, and their expectations must be not only met but surpassed. Therefore, we have crafted this segment to provide them with special privileges tailored to their lifestyle. Our primary goal is to deliver the highest levels of excellence in banking and personal services. Being an Elite Exclusive client means receiving unparalleled service locally, regionally, and globally.”

Designed to provide an unparalleled banking experience that defines luxury and exclusivity, the Elite Exclusive segment offers a range of exceptional benefits, including a dedicated relationship manager available around the clock to cater to clients’ banking needs, special wealth management services and exclusive insurance coverage, as well as a private deposit box.

Additionally, clients will enjoy exclusive memberships to world-class golf clubs, special invitations to prestigious events and parties, complimentary chauffeur services, and unlimited premium lounge access to over 1,000 VIP lounges in more than 300 global airports.

Furthermore, clients can indulge in complimentary room upgrades at luxury hotels, inclusive of breakfast and a special USD 100 credit for spa and health club services. Membership in this elite segment also grants access to exclusive discounts on villa rentals and premium accommodations, as well as private chef services and more, ensuring a lifestyle of unparalleled luxury and convenience.

Additionally, the membership offers a plethora of unique benefits, including fine dining experiences at over 40 Michelin-starred restaurants, with guaranteed discounts of up to 50% for an unlimited number of guests. Members also enjoy a 35% discount on car rentals and a 10% discount on flight tickets.

Also, Elite members gain access to the global yacht programme, complete with a credit balance of EUR 5,000. The exclusive luxury yacht programme available to Elite members includes distinguished voyages with The Ritz-Carlton Yacht Collection, Ponant, and Regent Seven Seas Cruises. Members can also take advantage of a complimentary shore tour and receive up to USD 250 in onboard credit for themselves and their families, ensuring a truly luxurious and memorable experience.

“Elite Exclusive is the epitome of exclusivity. This segment is not open for application; it is available by invitation only. Membership in this exclusive tier guarantees that one is among the elite, enjoying unparalleled privileges and bespoke services,” Al Amri further stated.

Oman Arab Bank And National Hospitality Institute Partner To Upskill Omanis In Hospitality Sector

/in /by

 

 

 

MUSCAT, June 10th 2024 —  Oman Arab Bank (OAB) has announced a partnership with the National Hospitality Institute, to provide funding support to students and job seekers pursuing career opportunities in the tourism and hospitality sector. Aligned with the objectives set by the National Employment Program and the Ministry of Labor, this collaboration underscores a strong national focus on professional development, providing essential training opportunities and guidance to Omani youth that will facilitate their successful entry into the job market.

Khalid Al Amri, Chief Retail Banking Officer at OAB, said, ‘The tourism and hospitality sector is a critical pillar for diversification in Oman, offering significant employment potential due to its rapid growth. We’re delighted to partner with the National Hospitality Institute, a key player in training Omani youth for the sector’s job market.”

He went on to add, “This partnership reaffirms OAB’s commitment to supporting the development and growth of our national talents. We recognize the importance of collaboration to empower young Omanis and enhance their skills across all sectors. Through this program, OAB will provide financial support to participants, enabling them to gain the necessary skills to thrive in this dynamic market. This aligns with our initiatives like ‘Ruwad Al Arabi’ and ‘Ruwad Al Arabi for Leadership Development,’ which stem from our vision to empower and train young Omanis.”

The Principal of the National Hospitality Institute Robert McLean said the partnership with Oman Arab Bank affirms the bank’s commitment to social responsibility, particularly in supporting strategic national goals to equip national cadres with the skills necessary to be productive in the labor force. He noted in particular the promising employment potential of the hospitality and tourism sector in the Sultanate of Oman.

The training and qualification programs offered by the National Hospitality Institute provide extensive opportunities for Omani nationals to enter the labor market, offering avenues for professional development and hands-on work experience.

OAB appointed as lead arranger in $1.2B syndicated loan for OQ Gas Networks

/in /by

Muscat: Oman Arab Bank (OAB) has been appointed as one of the lead arrangers for a $1.2 billion syndicated loan for OQ Gas Networks (OQGN), the exclusive operator of Oman’s gas transportation system.

As the only Omani bank among the lead arrangers, along with a few select International and Regional banks, Oman Arab Bank demonstrated its expertise, strong relationships, and unwavering commitment to its clients and proved its ability to undertake such complex and large corporate deals.

Sulaiman Al Harthi, CEO of Oman Arab Bank said, “We are honoured to have been appointed as a strategic financial partner for OQGN, as they pursue their ambitions and robust growth strategy. Combining their vision with our financial expertise, we aim to facilitate their journey towards becoming a crucial infrastructure player in the country. We will continue to leverage our extensive resources, industry knowledge, and financial solutions to provide the necessary support to OQGN.”

He added, “The oversubscription of the syndicated loan facility underscores our strong reputation and expertise in structuring such financing arrangements. The syndicated loan not only reflects the confidence of the financial community in OQGN’s potential but also serves as a testament to OAB’s capabilities in providing tailored financing solutions and leading large-scale transactions.”

Sulaiman Al Hinai, Head of Wholesale Banking at Oman Arab Bank added: “Oman Arab Bank continues to be the partner of choice for numerous key socio-economic projects, enabling the growth and progress of the nation in developmental, economic and urban fields, all the while contributing to the evolving financial system.”

To date, Oman Arab Bank, as a group, along with its strategic partner Arab Bank PLC and its Sharia-compliant 100% subsidiary Alizz Islamic Bank, has spearheaded the financing of several notable mega-scale projects, helping Oman attract more FDI into the country. Through meticulous planning, strategic partnerships, and a dedicated team who have the expertise, knowledge and skill sets, the bank has consistently set new benchmarks in the industry.