Mashreq, a prominent financial institution in the MENA region, has officially announced its entry into the Sultanate of Oman, marking a strategic expansion aimed at enhancing its presence in the region. The move is in line with Mashreq’s commitment to contributing to Oman’s Vision 2040, focusing on economic diversification and bolstering the country’s standing in the global financial market.
As demand for tailored financial solutions rises across the MENA region, Mashreq’s expansion into Oman positions the bank to leverage its proven expertise in delivering industry-leading financial services. The bank was recently named the fastest-growing banking brand in the Middle East by Brand Finance’s 2024 Banking 500 rankings and has consistently earned Euromoney’s “Market Leader in the Middle East” title for trade finance and cash management from 2019 to 2023.
Mashreq’s Group CEO, Ahmed Abdelaal, highlighted Oman’s strategic location and dynamic economic landscape as crucial elements of the bank’s growth strategy. “Our entry into Oman aligns with our goal of supporting the nation’s economic objectives through customized financial solutions that foster regional integration and enhance Oman’s global financial influence,” said Abdelaal. He emphasized Mashreq’s commitment to delivering ESG-driven initiatives and optimizing trade, investment, and corporate banking opportunities for the Sultanate’s public and corporate sectors.
Tarek El Nahas, Mashreq’s Group Head of International Banking, emphasized the bank’s global presence and local expertise, which enable it to offer innovative solutions that drive financial efficiency. He pointed out that Mashreq’s broad international footprint, combined with deep local insights, allows the bank to navigate regulatory landscapes with agility and help clients optimize their cross-border operations.
AlSalt Mohammed Al Kharusi, Mashreq’s Country Head for Oman, underlined the bank’s dedication to supporting the nation’s economic growth. “With over five decades of global innovation, Mashreq’s expansion into Oman reinforces our commitment to fostering entrepreneurial talent and driving a knowledge-based economy in line with Oman’s national priorities,” stated Al Kharusi.
Mashreq’s Oman operations will offer a wide range of banking services, including treasury, global transaction banking, and sustainable finance. By focusing on key sectors such as tourism, logistics, manufacturing, and renewable energy, the bank aims to contribute to Oman’s economic development while fostering long-term growth opportunities for its clients.
