MUSCAT, JAN 26
With a vision to foster innovation and empower local talent, Mashreq —a leading financial institution in the Middle East—is deepening its commitment to Oman by establishing a local presence. In an exclusive interview with the Observer, Ahmed Abdelaal, Group CEO of Mashreq, outlined the bank’s strategic approach, emphasising digital transformation, talent development, and sustainability as key drivers of its contribution to Oman’s economic growth.
“We’ve been privileged to serve the Omani market for decades from afar, and this long-standing relationship has given us a solid understanding of its dynamics, needs, and opportunities. Establishing a physical presence in Oman is a natural next step to enhance our ability to serve the market and contribute to its growth,” Abdelaal said.
LEVERAGING OMAN’S ECONOMIC POTENTIAL
Abdelaal emphasised Oman’s strategic importance within Mashreq’s regional network, citing the country’s potential in key sectors such as energy, logistics, manufacturing, and infrastructure. “Oman complements our GCC presence significantly. This is a very important market with significant potential across a multitude of sectors. Our goal is to leverage this promising economy to support Omani corporates pursuing international activities, as well as international businesses investing in Oman,” he explained.
This expansion aligns with Mashreq’s broader objective of strengthening trade and investment corridors between Oman and global financial hubs, including New York, London, and Hong Kong. “We aim to provide tailored trade finance and market solutions that enable Omani businesses to grow both domestically and internationally,” Abdelaal added.
DIGITAL TRANSFORMATION AT THE CORE
Mashreq’s commitment to digital transformation is at the heart of its strategy. “Digital is hardwired into our DNA,” Abdelaal said. “We’ve been recognised as the Best Digital Bank in the Middle East for four consecutive years, and we aim to bring this cutting-edge expertise to Oman. Our innovation extends beyond consumer banking to corporate and SME solutions, enabling businesses to thrive in an increasingly digital world.”
The bank plans to introduce artificial intelligence (AI) and open banking solutions to Oman, fostering collaborations with local fintechs and telecommunications providers. “We aspire to be a change agent in digital transformation here, just as we’ve done in other markets. Open banking and banking as a service are central to our roadmap,” he said.
EMPOWERING OMANI TALENT
Abdelaal underscored Mashreq’s focus on nurturing local talent as a cornerstone of its operations in Oman. “The majority, if not almost the entire team in Oman, consists of Omanis. Even before establishing our presence here, we invited Omani professionals to join our global ACE programme, which exposes top graduates to best-in-class financial training and international market exposure,” he said. Mashreq also plans to provide international mobility opportunities for Omani employees. “Our aim is to groom local talent, provide them with global exposure, and bring that expertise back to Oman. This strategy reflects our commitment to contributing to the development of the local financial sector,” Abdelaal noted.
COMMITMENT TO SUSTAINABILITY
Sustainability is another key pillar of Mashreq’s approach in Oman. Abdelaal highlighted the bank’s “Climb2Change” initiative, which raises awareness about climate change and promotes environmental stewardship. “We hope to introduce similar programmes in Oman, aligning with the country’s strategic push toward a green economy. Supporting sustainability is not just a CSR activity for us but a critical part of our business strategy,” he explained.
MEASURING SUCCESS IN OMAN
Abdelaal outlined key benchmarks for assessing Mashreq’s success in Oman over the next five years. “For us, success is about delivering a differentiated client experience, investing in technology and digitisation, and introducing cutting-edge solutions that enhance businesses’ ability to grow. We also aim to build a thriving fintech ecosystem here, similar to our efforts in other markets,” he said.
With a robust plan in place, Mashreq’s expansion into Oman is poised to play a pivotal role in the country’s economic transformation, underscoring the bank’s commitment to innovation, sustainability, and talent development.
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