logo
Oman participates in Joint Annual Meetings of Arab Financial Institutions

Oman participates in Joint Annual Meetings of Arab Financial Institutions

Times of Oman09-04-2025

Kuwait: The Sultanate of Oman on Wednesday took part in annual joint meetings of Arab financial institutions, which convened in Kuwait.
Oman's delegation to the meetings was headed by Sultan Salim Al Habsi, Minister of Finance.
The delegation included officials from the Ministry of Finance and the Central Bank of Oman.
Al Habsi, who chaired the opening session of the annual joint meetings, stressed the importance of exerting more efforts and extending more cooperation to keep pace with current global events and developments.
He also underlined the need to devise flexible financial strategies capable of addressing global challenges, consolidating economic stability in the region and providing a better investment climate.
Al Habsi pointed out that the Arab region, being an inseparable part of the global economic system, remains vulnerable to any worldwide challenges.
The 16th meeting of the Council of Arab Finance Ministers was held on the sidelines of the joint session, which discussed public debt management and public finance risks, among other issues.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Revenues of 3-5 star hotels tops RO 109 million
Revenues of 3-5 star hotels tops RO 109 million

Observer

time7 hours ago

  • Observer

Revenues of 3-5 star hotels tops RO 109 million

MUSCAT: Revenues from (3-5) star hotels in the Sultanate of Oman saw a 17.3-per cent increase by the end of April 2025, reaching RO 109,213,000, compared to RO 93,094,000 during the same period in 2024, according to statistics released by the National Centre for Statistics and Information (NCSI). The statistics indicate that this growth is attributed to an 8.6-per cent rise in the total number of hotel guests, recording 831,751 guests by the end of April 2025, compared to 766,153 guests in the corresponding period in 2024. Additionally, the occupancy rate increased from 53.4 per cent by the end of April 2024 compared to 61.1 per cent by the end of April 2025, marking a 14.4 per cent growth. The number of guests from Oceania surged by 57.8 per cent, totalling 18,124 visitors, followed by Africa with a 57.6-per cent increase, reaching 5,993 guests. European guests rose by 19.9 per cent, totalling 314,535 visitors. Meanwhile, guests from the Americas increased by 19.1 per cent, reaching 28,843 visitors, while GCC nationals saw a 12.6-per cent increase, totalling 53,642 guests. Asian nationalities recorded a 5.4-per cent rise, with 114,426 visitors. Conversely, the statistics revealed a 0.7-per cent decline in Omani guests, totalling 238,895 visitors by the end of April 2025. Additionally, guests from other Arab nationalities decreased by 2.3 per cent, recording 32,072 visitors.

Hotels in Oman post strong growth in revenues, guests
Hotels in Oman post strong growth in revenues, guests

Muscat Daily

time8 hours ago

  • Muscat Daily

Hotels in Oman post strong growth in revenues, guests

Muscat – Oman's three- to five-star hotel sector posted a strong growth in revenues, guest numbers and occupancy rates in the first four months of 2025, reflecting a continued rebound in the country's tourism and hospitality industry. According to the latest figures released by the National Centre for Statistics and Information (NCSI), total revenues of three- to five-star hotels rose 17.3% year-on-year to RO109.213mn by the end of April this year, compared to RO93.094mn during the same period in 2024. The increase in revenue was supported by a notable rise in the number of guests, which climbed 8.6% to reach 831,751 by the end of April this year, up from 766,153 guests recorded in the corresponding period of 2024. Occupancy rates also saw a significant jump, rising to 61.1% in April 2025 from 53.4% in April 2024 – an increase of 14.4%. NCSI statistics showed strong growth in visitor numbers from several key markets. The number of guests from Oceania registered the highest year-on-year increase of 57.8%, reaching 18,124 visitors. Guests from Africa followed closely with a 57.6% rise to 5,993. European tourists continued to represent a major share, rising 19.9% to 314,535 guests. Arrivals from the Americas grew by 19.1% to 28,843, while GCC nationals increased by 12.6% to 53,642. Asian guest numbers rose 5.4% to 114,426. In contrast, domestic tourism showed a slight decline. The number of Omani guests dropped marginally by 0.7% to 238,895. Guests from other Arab countries also declined by 2.3% to 32,072. The robust growth in international guest numbers and hotel revenues highlights the continued recovery of Oman's hospitality sector and the growing appeal of the sultanate as a regional and global travel destination.

Bank credit in Oman grows 9% to RO33.6bn in April
Bank credit in Oman grows 9% to RO33.6bn in April

Muscat Daily

time8 hours ago

  • Muscat Daily

Bank credit in Oman grows 9% to RO33.6bn in April

Muscat – Oman's banking sector recorded robust credit growth of 9.0% during the first four months of 2025, while deposits surged by over 9.3% year-on-year, according to the latest data from the Central Bank of Oman (CBO). Total outstanding credit extended by the banking sector – comprising both conventional and Islamic banks – rose by nine per cent to RO33.6bn as of the end of April 2025, compared to the same period in the previous year, the CBO stated in its monthly statistical bulletin. Of the total credit extended, loans to the private sector grew by 7.0%, reaching RO27.8bn. Non-financial corporations received the largest share of private sector credit, accounting for approximately 46.6% of the total, followed by the household sector at 44.0%. Financial corporations held a 5.6% share, while other sectors made up the remaining 3.7%. In the conventional banking segment, total credit grew by 7.9% year-on-year as of April 2025. Credit extended to the private sector by conventional banks increased by 5.2% to RO21.3bn, while their investments in securities rose by 2.1% to RO5.8bn, according to CBO figures. Investments in government development bonds by conventional banks rose by 6.2% year-on-year to RO2bn in April 2025, while investments in foreign securities increased by 3.7% to RO2.1bn over the same period. Deposits surge 9.3% Deposits across Oman's banking sector grew significantly by 9.3%, reaching RO32.8bn at the end of April 2025. Private sector deposits increased by 7.1% to RO21.5bn. Within this category, household deposits contributed the largest share, accounting for 50.3% of the total, followed by non-financial corporations at 30.4%, financial corporations at 17.0%, and other sectors at 2.3%. Conventional banks saw aggregate deposits rise by 6.1% year-on-year to RO25.7bn by the end of April 2025. Government deposits with conventional banks increased by 6.2% to RO5.8bn, while deposits from public enterprises grew by 11.4% to RO2.2bn. Private sector deposits, which represent 65.2% of total deposits at conventional banks, rose by 4.5% to reach RO16.8bn. According to the CBO, the weighted average interest rate on Omani rial deposits with conventional banks rose slightly from 2.580% in April 2024 to 2.594% at the end of April 2025. Meanwhile, the weighted average lending rate for the Omani rial decreased from 5.604% to 5.555% over the same period. The overnight Omani rial domestic interbank lending rate declined to 4.392% in April 2025, down from 5.212% a year earlier. This decrease is attributed to the reduction in the average repo rate for liquidity injections by the CBO, which fell to 5.0% from 6.0%, in line with the monetary policy direction of the US Federal Reserve. Islamic banking grows by 18% Oman's Islamic banking sector continues to maintain its strong growth trajectory in 2025, with double-digit increases in both credit and deposits. The total assets of Islamic banks and windows grew by 18.1% year-on-year, reaching RO8.9bn by the end of April 2025. Islamic assets now represent approximately 19.6% of the total assets within Oman's banking system. Islamic banking entities provided financing totalling RO7.2bn by the end of April this year, reflecting a 13.5% increase compared to the previous year. Total deposits held by Islamic banks and windows also surged by 22.6%, reaching RO7.1bn in April 2025.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store