Muscat, April 4^th  2023 – Oman Arab Bank (OAB) began its wide-ranging program of community events, in celebration of the holy month of Ramadan with a special visit bringing smiles and joy to young patients undergoing cancer treatment at the National Oncology Center at The Royal Hospital in Muscat. The bank in collaboration with ‘For You We Serve Cancer Patients’ group hosted a memorable Iftar gathering for young cancer patients and their families, who received gifts and played a number of interactive games with OAB staff members along with sharing messages of hope and encouragement.

The bank staff also toured the cancer unit, learning about the care and treatment provided. They also expressed their gratitude and admiration for the hospital staff’s dedication and commitment to the children’s well-being.

Next week, a festive Qaranqashoo evening will be held at the Child Welfare Center. The four-week Ramadan program is part and parcel of OAB’s ongoing commitment to continue making a positive impact in various communities across the Sultanate.

Muscat, 2 October 2023 – Oman Arab Bank (OAB) announced its ‘Roots of Oman’ campaign, which aims to plant 5,000 trees across the Sultanate by the end of the year, coinciding with the bank’s 50th anniversary. The bank is also inviting the public to participate giving them an opportunity to join OAB’s efforts and contribute to making Oman greener.

Sulaiman Al Harthi, CEO of Oman Arab Bank, said: “Coinciding with OAB’s 50th anniversary celebrations, Roots of Oman is part of the bank’s ongoing efforts to give back to our beloved nation. The initiative was conceived to make the Sultanate greener and to inspire environmental efforts across the country. Together, we can help reduce our carbon footprint as we continue the journey towards achieving net zero in our nation.”

Sayyid Salim bin Musallam bin Ali al Busaidi, Undersecretary at the Ministry of Labour, and Sulaiman Al Harthi, CEO of OAB recently set the Roots of Oman in motion when they jointly planted a symbolic tree at the bank’s Awqad branch, located in the Dhofar Governorate. The initiative highlights OAB’s continued commitment to fostering  positive and far-reaching effects on both the nation and its citizens as the Sultanate strives for carbon neutrality in 2050.

OAB is encouraging individuals to engage by posting pictures showcasing their tree planting efforts on Instagram, accompanied by the hashtags #OABRootsofOman or #عمان_تزهر#. Participants not only contribute to this cause but also stand a chance to win enticing prizes by actively taking part. This campaign aims to heighten environmental consciousness and amplify Oman’s green initiatives.

Muscat, 09 April 2023 – The outlook on Oman Arab Bank (OAB) Long-Term Foreign Currency Rating (LT FCR) and Bank Standalone Rating (BSR) was revised from ‘stable’ to ‘positive’ by Capital Intelligence Ratings (CI Ratings).”

The bank’s LT FCR and BSR are respectively ‘BB’ and ‘bb’, while its Short-Term Foreign Currency Rating (ST FCR) has been affirmed at ‘B’, its Core Financial Strength (CFS) at ‘bbb-’ and its Extraordinary Support Level (ESL) at ‘moderate’. The move follows CI Ratings’ similar revision of Oman’s sovereign ratings outlook to ‘positive’ from ‘stable’.

Sulaiman Al Harthi, CEO at OAB, said: “Reflecting the similarly positive momentum across the Sultanate’s wider economy, we are extremely pleased to share the news of Capital Intelligence Ratings’ revisions for OAB. We see this move as strong backing for the bank that will inspire further confidence in everything we are striving to achieve.”

He added, “Over the coming year, I share CI Ratings’ views and believe that OAB will continue to go from strength to strength, supported by strong economic growth. It’s a journey on which I am enthused to be steering us all.”

CI Ratings expects OAB’s ratings to be upgraded in the next 12 months, reflected by the ‘positive’ outlook, thanks to an improving operating environment, supported by stronger economic growth, with positive movement anticipated in terms of loan and deposit expansion prospects. Post-pandemic recovery is also seen as likely to stabilize loan asset quality, while rising interest rates provide a boost to earnings.

Other facets noted by CI Ratings included that OAB is well capitalized, with capital ratios fairly solid, and key metrics continued to be well above regulatory requirements. OAB’s LT FCR and BSR could be upgraded by more than one notch dependent on several factors, including if similar action is taken on a national scale.

Most recently, Oman outlook was revised to ‘positive’ by S&P Global.  This assessment reflects the efforts made by the government to diversify the economy, strengthen fiscal position, reduce gross debt stock and implement reforms to improve the business environment and attract foreign investment.

Muscat, 27 February 2023 – Oman Arab Bank (OAB) customers can now use their mobile banking app to subscribe digitally to the initial public offering of Abraj Energy Services Company (under transformation), a subsidiary of OQ, the global integrated energy group. Completely paperless and without the need to physically visit a branch, customers will be able to benefit from a seamless digital experience instantly through a click of a button from the comfort of their home, office, or on the go.

The bank is also one of the few financial institutions that is offering customers short term loans to finance up to 50% of their total IPO investment which expires on February 28^th.

“By leveraging cutting-edge technology, we are making investing simpler, easier, more accessible and secure for our customers,” expressed Sulaiman Ali Al Hinai, General Manager – Head of Treasury, Investment and Government Relations/FI Banking Group at Oman Arab Bank. “We are both proud and excited to be supporting the government achieve the economic diversification objectives of Oman Vision 2040 by providing seamless access to market opportunities through our mobile banking proposition that will facilitate greater private sector participation.”

He added, “Innovation is at the core of everything we do and is driving the acceleration and scaling of our digital transformation plan to deliver greater value to customers. We are committed to constantly keep pace with the latest trends to enhance our offerings and provide the best possible service across all our channels.”

OAB has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, OAB operates a nationwide network of 47 conventional branches and 142 conventional ATMs across the Sultanate. OAB provides a complete range of financial products and services through its OAB Online App. Customers can now digitally benefit from several other services directly from the convenience of their mobile phones.

Customers can easily apply for the Abraj Energy Services Company IPO subscription through the mobile banking app, which is available for download on both the App Store and Google Play.

Muscat, 15 October 2023 – Oman Arab Bank (OAB) has announced the redemption of the Perpetual Subordinated Bonds (OAB PERPET. SUB OABB) on 14 September 2023 in MSX (Muscat Stock Exchange). The bonds for OMR 42.553 million were issued by the Bank on 17 October 2018, at an interest rate of 7.50% p.a. and listed on the MSX Bonds Market.

Sulaiman Ali Al Hinai, General Manager – Head of Wholesale Banking Group at Oman Arab Bank, said: “Oman Arab Bank has been working domestically, regionally and internationally on bonds offerings for many years, such as our successful completed the first issuance of AT1 Perpetual bonds of OMR 30 million on the 29^th of December, 2016, listed in the MSX. Upon the completion of this issuance, the capital position of the bank strengthened significantly and our ongoing work on such initiatives is continuing to make OAB’s position in the market ever stronger.”

He added: “We will continue to diversify funding sources and strive to attracting foreign direct investment in Oman, these successful redemptions underline our ability to service our obligations and enhance investor confidence.”

As per the terms and conditions of the OAB PERPET. SUB (OABB) bonds, the bank has issued an irrevocable notice to holders of these bonds on 14 September, 2023 that it will fully redeem all the bonds on the redemption date, 17 October, 2023, by paying the principal amount together with interest accrued for the period.

Post-redemption, the bonds will be delisted from the MSX Bonds Market. The process of transferring amounts to bondholders, based on investor records, will be carried out by the Muscat Clearing and Depository Company (MCDC).