In a strategic move to foster cross-border economic collaboration, Sohar International, the second-largest bank in Oman, has secured a no-objection certificate from Saudi Arabia’s central bank, easing the entry of Omani firms into the thriving Saudi market. This development aligns with Sohar International’s growth strategy, demonstrating its ability to identify sustainable expansion opportunities and positioning itself as a significant player in the region. The bank anticipates this move to not only spur cross-border trade but also contribute to job creation, knowledge exchange, and skill development. According to CEO Ahmed Al-Musalmi, entering the Saudi market is more than just geographical expansion; it signifies a strengthening of connections between both nations, showcasing Oman’s economic strength and strategic financial initiatives. Sohar International’s commitment to innovation aims to empower Omani entrepreneurs with advanced tools, keeping them at the forefront of market trends.
This expansion comes amidst Saudi Arabia’s efforts to bolster its finance sector, with the Saudi Central Bank (SAMA) prioritizing the licensing of fintech companies. SAMA’s recent approvals for finance aggregation services by companies like Smart Interaction, Creative Future for Digital Brokerage, and Intelligent Solutions reflect a concerted effort to realize the objectives outlined in Saudi Arabia’s Financial Development Sector Strategy aligned with Vision 2030. The ambitious plan aims to increase the total number of operational fintech companies to 150 by the end of 2023 and expand further to 525 by 2030, underscoring the Kingdom’s commitment to embracing financial innovation for sustained economic growth.