• A number of members from the Omani Women Association in Muscat were in attendance.

Muscat, March 21, 2021: Oman Arab Bank (OAB) recently organized a financial management workshop for 20 female entrepreneurs, who are members of the Omani Women Association in Muscat. The workshop was conducted as part of the Bank’s strategy to encourage financial inclusion, support local enterprises and provide them with the necessary guidance and counselling, to enhance their capabilities in managing their businesses and finances effectively.

Commenting on the workshop, Jamal Al Wahaibi, Head of Corporate and Institutional Banking Group, said, “The SME sector is one of the most important segments that contribute to both economic growth and employment. Therefore, it is vital that support be provided to them in every way possible. The workshop is designed to enhance the abilities of these business owners and to make sure they are effectively optimising and utilising their resources. This way, they can ensure business continuity by controlling cash flows, which is a critical factor for long-term stability. Through the workshop, we seek to address the challenges faced by SMEs and enable them to grow sustainably by capitalising on available tools to achieve further success and development.”

The workshop was held on March 18 at the OAB headquarters in Ghubrah and saw an attendance of over 20 female entrepreneurs, who are members of the Omani Women Association in Muscat. They were given insight into the latest methods of financial management, including working capital, managing cash flows, methods to control them and the ability to measure it over the stages of project growth. The workshop was conducted by Mohammed Zadjali from the Capital Market Authority and overseen by the Bank’s SME team.

“As the government continues to act on and develop the country’s economic diversification strategy, SMEs will continue to play a key part in its implementation. With OAB being one of the oldest banking institutions in the country, we have vast expertise when it comes to best practices related to financial management. Moreover, it is our responsibility to enlighten startups with this knowledge to support them in their journey towards growth and expansion,” he 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 54 branches and representative offices with 160 ATMs spread across Oman. OAB provides a complete range of financial products and services through its OAB Online App. Customers can now digitally open an account and benefit from several other services, directly from the convenience of their mobile phones.

Muscat, 7 March, 2021: Following the huge success of its first Innovation Hub, OAB announced the launch of the second edition of the hackathon, which will be the first-of-its-kind to take place virtually in Oman on April 2, 2021. The 24-hour challenge will provide a remarkable opportunity for participants from three categories, namely students, Fintech/professionals and OAB employees, to showcase their capabilities and innovative ideas. Anyone wishing to participate can simply register via www.oabinnovation.com.

The first Innovation Hub was launched successfully in 2019 and saw the participation of more than 350 participants across 70 teams. Nine of the participating students joined the Bank’s innovation internship for a period of six months and four of them were offered employment opportunities at OAB.

Rashad Al Musafir, CEO of OAB, stated, “The world is very dynamic and it is our responsibility, as an established financial institution that is passionate about innovation, to pave the way for future generations. By enabling young people to turn their ideas into practical solutions, together with the support of experts in the field, we open a world of opportunity. We look forward to seeing individuals, both within and outside the Sultanate, taking part in the Innovation Hub 2.0 and presenting us with innovations that will shape the future of banking in Oman.”

The Innovation Hub 2.0 will begin at 12:00 pm on Friday, April 2 and will continue until 5:00 pm the following day, Saturday, April 3. All participants will have 24 hours to develop their innovations and POCs, alongside the support extended by several experienced companies supporting the event, including GBM, Phaze Ro, and Phaze Ventures. The virtual hackathon will also include a wide range of speakers and entrepreneurs in the field of financial technology from different countries, who will share their vision for innovation, their journey and success stories and how they have set themselves apart from competitors. These inspiring stories and several other activities will all be available to participants joining the Innovation Hub 2.0.

Leen Al Atassi, Head of Innovation at OAB and the supervisor of the challenge, said, “This year’s edition of the Innovation Hub will focus on two themes, innovation in Fintech and Tourism. During the challenge, participants from each of the three categories will have to develop their ideas and turn them into a prototype within 24 hours. Due to the current prevalent conditions, we have made the Innovation Hub 2.0 virtual, utilizing an online platform to allow all participants to collaborate with their team members and work collectively. Each team from all the categories will then present their ideas to a panel of judges.”

“With regard to the prizes for the hackathon, the winning student team will join a paid innovation internship programme for 6 months at our Innovation Lab, which is the first-of-its-kind in the local banking sector. They will be able to continue working on their idea and turn it into viable practical products or solutions, under the direct supervision of experts from the Bank. In addition, they will receive a cash prize and a chance to be employed by OAB. The winning team from the Fintech category will receive a cash prize, as well as potentially be awarded a contract by OAB to implement the solution and be launched into the market. The OAB staff winning team will be able to join the Innovation Lab to work on their ideas and benefit from the vast expertise provided by the Lab. All participants will receive a certificate of participation that will add value to their CV. The participation is open to the public, and those interested can enter individually or form teams with up to five members.” Leen Al Atassi added.

In the upcoming weeks, OAB will be organising several virtual workshops for students, in order to help them prepare for the Innovation Hub 2.0. The last date for registration is on March 30, 2021.

The 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 55 branches and representative offices with 160 ATMs spread across Oman. OAB provides a complete range of financial products and services for personal banking, corporate banking and investment clients.

Muscat, January 27, 2021: Oman Arab Bank (OAB) has announced the names of the 131 winners of its monthly Hasaad Savings Scheme for December  2020 on January 26, 2021 at its Elite centre. This included 94 winners of the monthly branch draws of OMR 1,000 each, ten winners of the Children’s Account draw (OMR 100 each), twenty winners of the Youth Account draw (OMR 100 each), five winners of OMR 500 of the Bank’s Salary Transfer draw, one winner of OMR 50,000 of the Elite draw from Al Qurum branch and one winner of OMR 25,000 from Big Prize draw for the last quarter from Bahla branch. 2020 has seen the highest number of winners for OAB’s Hasaad Savings Scheme, totalling over 1796 winners over the year.

Commenting on the conclusion of the draw, Rashad Al Shaikh, Acting Head of the Retail Banking Division at OAB, said, “As the year comes to a close, so does our Hasaad Scheme for 2020. We are proud to note the success of this programme due to a large number of winners across the wide pool of draws. As we welcome the new year, which will bring with it the launch of the new Hasaad Scheme and even more exciting prizes, we hope that all our customers will continue to maintain their savings culture, to build a more stable financial future for themselves and their future generations.”

“On behalf of OAB, I extend my warmest congratulations to the winners of the final draw, as well as everyone that has won during the year. I encourage all our customers to keep on saving, even more so as we launch our Hasaad Scheme for 2021, to increase their chances of winning. We wish everyone the best of luck,” Rashad 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 54 branches and representative offices with 160 ATMs spread across Oman. OAB provides a complete range of financial products and services for personal banking, corporate banking and investment clients.

Muscat, January 03, 2021: In cooperation with the Ministry of Heritage and Tourism, Oman Arab Bank launched a new service through its digital channels. The new development will allow entities in the tourism industry to directly pay their fees to the Ministry’s account, easily and efficiently.

Commenting on the new service, Khalid Khalaf Al Awfi, Assistant General Manager for Financial & Administrative Affairs, at the Ministry of Heritage and Tourism, said, “The Ministry of Heritage and Tourism continuously seeks to facilitate and develop procedures for investors within the tourism and hotel establishments by digitising relevant processes, together with private sector institutions. Through our partnership with Oman Arab Bank, we will see the provision of a suitable technical solution that links the payment of tourism fees via the Bank’s digital platforms, which is also in line with national e-government strategy.”

Abdullah Salim Al Hajri, General Director of Financial & Administrative Affairs, said, “We are confident entities in the tourism industry will appreciate this new service, which enables timely fee payments, no delay and promotes ease and convenience. This will reflect positively on the sustainability of their businesses, especially in light of the current circumstances and the tremendous challenges facing the sector. The government, represented by the Ministry of Heritage and Tourism, is working in cooperation with all concerned parties to overcome these obstacles and enable the advancement of the sector, sustainably.”

From his side, Sulaiman Al Hinai, General Manager, Head of Treasury, Investments & Government Relations Division at OAB said, “Oman Arab Bank is committed to developing technology solutions that enhance customer experience, for both individual and corporate clients. Today, we celebrate the launch of this new service, in collaboration with the Ministry of Heritage and Tourism. The new facility will allow owners of tourism-based entities such as hotels, restaurants, etc., to pay their tourism fees through our digital platforms, including the OAB Online App, our online banking services and ATMs across all governorates in the Sultanate. They can simply visit the app, navigate to the icon for paying the fees and fill in the required information. Once completed, users will have to enter the amount of money due, which will then be transferred directly to the Ministry’s account.”

Oman Arab Bank is considered one of the most advanced local banks in terms of digital services. The Bank’s journey began several years ago, with huge investments in its digital infrastructure which is now capable of providing efficient services to all of the Bank’s customers.

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 55 branches and representative offices with 160 ATMs spread across Oman. OAB provides a complete range of financial products and services for personal banking, corporate banking and investment clients.

• The accolade was bestowed as part of its participation in the Business Summit

Muscat, December 20, 2020: Oman Arab Bank (OAB) received the Human Resources Excellence Award recently, during its participation in the Business Summit organised by the Oman Economic Review magazine. This award is in recognition of the Bank’s achievements, made in the field of human capital management during 2020, as part of its strategy and programmes aimed at creating a work environment that is one of the best within the private sector.

Upon receiving the accolade, Adil Al Rahbi, Head of the Human Resources Division at OAB, said, “The Oman Arab Bank management believes that the cornerstone of the Bank’s success in achieving its objectives is directly dependent on implementing a forward-looking strategy in the talent management and development field. This is possible by preparing and qualifying the team and enhancing their skills, in line with the highest international standards, as well as developing a clear succession and career growth plan and a performance-driven culture”

A few years ago, OAB launched its new transformation strategy based on four main pillars: customer service, innovation, strategic partnerships and talent management. The strategy’s main objective is to place OAB at the forefront of the local banking sector.

“During the past few years, the Bank has designed various training programmes to enhance the skillsets of its members at all job levels. This included an intensive training programme, ‘Ta’heel’, for general services employees and the ‘LEAD’ programme, for second and third-level employees, with the third batch set to graduate soon. Emerging leaders and high potential employees had the opportunity to take part in specialised training programmes, which were conducted within and outside the Sultanate as well as joining ‘internal job rotation’ activities. These provided them with the opportunity to diversify their knowledge and skill as a means to build their capacities as well-rounded bankers in the future,” Al Rahbi added.

Oman Arab Bank is a proud achiever of one of the highest percentages of Omanisation in the banking sector, currently at 96%. The 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 55 branches and representative offices with 160 ATMs spread across Oman. OAB provides a complete range of financial products and services for personal banking, corporate banking and investment clients.