Oman has achieved a significant milestone through the RO 30.6 Billion Credit Landmark. This achievement indicates the growth trajectory and economic resilience. The Sultanate of Oman is a hub of investment and economic development. Oman is poised for growth through the RO 30.6 Billion Credit Landmark. Similarly, The significant credit balance includes various sectors energy, banking, infrastructure, and small and medium-sized enterprises (SMEs).
The banking sector’s role in assisting credit expansion is very crucial. Moreover, the initiative of the government to support SMEs and contribute to the credit market is significant. Moreover, the commitment of Oman to diversify its economy is from the availability of credit. Credit balance stimulates economic activity and also attracts investors seeking the opportunity in the Sultanate.
Oman’s Credit Balance Soars
The banking sector of Oman guaranteed credit balance in the region in February 2024 which reaches RO 30.6 billion by increasing 2.7%. Similarly, In the private sector credit balance growth of 3.9% which is almost RO 25.8 billion at the end of February. As well as The statistics of the Central Bank of Oman showed that the largest credit balance guaranteed by non-financial companies is about 45.7% and 45.3% in the individual sector.
5.3% is distributed in the financial sector and 3.7% is distributed in the other sectors. RO 30.1 billion which is 13.3% is deposited in the banking sector by the end of February. Additionally, the deposits in the private sector in the banking system increased by 14.8% to achieve RO 20.1 billion. Moreover, The total distribution in the private sector among different sectors is as follows. In the individualistic sector, the share is at 48.4%, in non-financial companies 32.3%, and in financial companies 16.5%. 2.8% remaining percentage is distributed in other sectors.
Journey of Oman Towards Economic Diversification
The journey of Oman towards sustainable development and economic diversification is continued. And it aims to maintain a healthy credit balance. Additionally, This requires collaboration among private sectors and financial and government institutions. The credit balance played a key role in creating opportunities in the kingdom which is crucial in attracting investors towards the region.
Muscat Auditing’s Perspective
Muscat Auditing believes that the achievement of the RO 30.6 Billion Credit Landmark indicates dynamism, resilience, prosperity, and commitment to fostering economic growth. With strategic investments, Oman is poised on emerging opportunities in the region as a leading economic player.