Dear Shareholders,

On behalf of the Oman Arab Bank (OAB), it is with great pride that I reflect upon our remarkable journey spanning 50 years in Oman. This year, 2023, marks a significant milestone as we celebrate our golden jubilee. Our inception dates back to 1973, when Arab Bank commenced operations in Oman, laying the foundation for what would become a leading financial institution in the region. The establishment of OAB in 1984, through the acquisition of Arab Bank branches, was a pivotal moment in our history. Our growth trajectory continued with the strategic acquisition of all retail branches of the Omani European Bank in 1992. In 2020, a landmark year for us, we expanded our Islamic banking capabilities through the acquisition of Alizz Islamic Bank (Alizz) and subsequently became a public joint-stock company (SAOG), listed on the Muscat Securities Market. As we navigate through the dynamic operating environment, the fiscal reforms undertaken by the Government of Oman have played a crucial role in strengthening the nation’s economy. These prudent measures, along with the favorable oil market conditions, have been recognized by esteemed financial institutions. Notably, Fitch Ratings and S&P have upgraded Oman’s sovereign credit rating to ‘BB+’ from ‘BB’, while Moody’s has elevated its rating from ‘Ba2’ to ‘Ba1’ with a ‘stable’ outlook. This is a testament to the nation’s economic resilience and growth potential.

The National Programme for Fiscal Sustainability and Financial Sector Development, launched in January 2023, is set to further bolster Oman’s financial sector. As a leading bank, OAB is poised to play a significant role in this new era of economic development. In line with Oman’s Vision 2040, we have witnessed significant growth in our business and financial performance, which underscores our commitment to contributing to the Sultanate’s economic prosperity. Financial Performance