The board of directors of Sohar International Bank SAOG (“Sohar International”) has announced through disclosure to the Muscat Securities Exchange (MSX) the resignation of Mr. Mohammed Mahfoudh Al Ardhi, Chairman of the Bank.

The decision was made during the Board’s meeting today, with the resignation set to take effect from the 1st of January 2024.

Mr. Al Ardhi, who has been at the helm of Sohar International, is acknowledged for his remarkable contributions and leadership during his tenure. Under his guidance, the Bank achieved historic milestones, marking a period of substantial growth and success.

The disclosure revealed that the Board expressed its sincere thanks and appreciation to Mr. Al Ardhi, wishing him success in his future endeavours.

The Board also revealed the appointment of Mr. Said Mohamed Al-Aufi, the current Deputy Chairman, as the new Chairman of Sohar International.

Mr. Said Al Aufi proudly holds a distinguished educational background with a Double Degree in Commercial Law & Banking and Finance, acquired from Monash University in Australia. His professional qualifications include being a Chartered Financial Analyst (CFA) and a Chartered Alternative Investment Analyst (CAIA). In addition to his academic achievements, Mr. Al Aufi has enriched his expertise through the completion of several executive management programmes.

These programmes have focused on diverse areas, ranging from executive leadership to cutting-edge fields such as Blockchain, Cryptocurrency, Fintech, Artificial Intelligence, Internet of Things (IoT), and Venture Capital.

Additionally, Mr. Tareq Mohamed Sultan Al Mugheiry has been appointed as the new Deputy Chairman. Both appointments will be effective from the 1st of January 2024.

The Board extended its best wishes to the incoming Chairman and Deputy Chairman, expressing confidence in their ability to uphold and further enhance the bank’s journey of growth.