Muscat: Sohar International – the fastest growing bank within the Sultanate of Oman, has announced the departure of its esteemed Chairman of the Board of Directors, Mr. Mohamed Mahfoudh Al Ardhi. As per a disclosure on the Muscat Stock Exchange, Mr. Al Ardhi has tendered his resignation from the Board, effective from 1 January 2024, a decision accepted during the Board meeting held on 21 December 2023.  The disclosure also announced the appointment of Mr. Said Mohamed Al-Aufi, the current Deputy Chairman, as the new Chairman of Sohar International, and Mr. Tareq Mohamed Al Mugheiry as the Deputy Chairman effective from 1 January 2024. 

Mr. Mohamed Mahfoudh Al Ardhi has played an indelible role during his tenure as Chairman, orchestrating Sohar International’s ascent to new heights. His dedication, vision, and strategic leadership have been foundational in shaping the bank’s success, marking an era of significant growth and accomplishment.

Under Mr. Al Ardhi’s guidance, Sohar International achieved notable milestones aligned with a robust strategic framework. These milestones encompass the complete rejuvenation of the brand, substantial organic and inorganic growth propelling the bank to become the country’s fastest-growing and second-largest financial institution, and the extension of operations across borders amongst others. In recognition of his outstanding leadership across the organization, Mr. Al Ardhi, has been awarded the “Lifetime Achievement award” by the renowned Alam Al-Iktissad magazine awards. 

Acknowledging his departure, he expressed, “It has been an honor to lead Sohar International through an extraordinary period of growth and success. I am immensely proud of what we have achieved together, and I am confident that the bank will continue to thrive under its capable leadership. I take this opportunity to thank Sohar International, its people, and the people of Oman for making this stint a monumental one.”

Honoring the outgoing Chairman’s legacy, Mr. Al Musalmi, stated, “We extend our heartfelt gratitude to Mr. Al Ardhi for his invaluable leadership that has left an indelible mark on Sohar International, serving as the guiding force behind our journey towards remarkable achievements. His unwavering commitment, visionary guidance, and strategic foresight have been the cornerstone of our success. His acumen has not only shaped the bank's growth but has also inspired all those associated with Sohar International." 

Announcing the appointment of Sohar International’s new Chairman, Mr. Al Musalmi further stated, “As we warmly welcome Mr. Said Al Aufi as the new Chairman, his exceptional track record and forward-thinking vision fortify our commitment to excellence and innovation to our stakeholders. I am confident that under Mr. Al Aufi’s guidance, Sohar International will continue to thrive, staying true to its mission and pursuing its strategic objectives with unwavering dedication."

Mr. Al Aufi, along with the Bank’s Chief Executive Officer, Mr. Ahmed Al Musalmi, is committed to perpetuating the legacy of Sohar International, with no deviation from the proven strategy and direction that have solidified Sohar International's position as a leader in the banking sector.

As the bank continues its growth journey, the legacy of achievements stands as a testament to the past, while the promise of future successes shines brightly ahead. With Mr. Said Mohamed Al-Aufi stepping into the role of Chairman, the bank anticipates a seamless transition towards a future defined by innovation, resilience, and a steadfast commitment to excellence. Supported by the respected CEO, this change in leadership assures continuity in pursuit of the bank's mission and strategic objectives. As one chapter closes, another begins, promising sustained success and advancement for Sohar International in Oman, and beyond.

About Sohar International

With the vision to become a world-class Omani services company that helps customers, community and people to prosper and grow, Sohar International operates with a purpose to help people 'win' by delivering responsive banking for their ever-changing world, complementing their growth and prosperity with international standard service delivery. The Bank seeks to redefine banking in Oman through transformational developments centred on the principles of More Velocity, making everything simple and fast; More Value, ensuring relevance and connectivity to customers’ world; and More Vision, liberating stakeholders through talented leadership. www.soharinternational.com