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RIYADH: The total credit extended by the banking sector in Oman rose by 8 percent year on year to reach 34.5 billion Omani rials ($89.7 billion) by the end of September, official data showed.  

According to data released by the Central Bank of Oman, credit granted to the private sector accounted for the majority of this growth, increasing by 5.7 percent to 28.2 billion rials. 

The distribution of private sector credit showed that non-financial corporations held the largest share at 46.7 percent, followed by individual borrowers at 44.7 percent. Financial corporations accounted for 5.8 percent, while other sectors made up the remaining 2.8 percent. 

Total deposits with the banking sector also increased, rising by 4.7 percent to 33.1 billion rials by the end of September. 

These developments in credit and deposit growth reflect broader macroeconomic trends, particularly the expansion of Oman’s non-hydrocarbon sector. Preliminary national accounts data for the first half of 2025 show a 4.1 percent increase in non-oil activities, which was the main driver behind a 2.3 percent rise in real gross domestic product. 

Private sector deposits grew at a faster pace, registering a 7.5 percent year-on-year increase to reach 22.3 billion rials. Within this segment, individuals held approximately 50 percent of total deposits, followed by non-financial corporations at 30.5 percent, financial corporations at 17.3 percent, and other sectors at 2.2 percent. 

Real estate transactions 

The total value of real estate transactions in Oman rose to 2.35 billion rials by the end of September, marking a 9.2 percent increase from 2.15 billion rials recorded during the same period in 2024. 

Fees collected from all legal property transactions surged by 74 percent to 85.8 million rials, compared to 49.3 million rials in the corresponding period last year, Oman’s state news agency reported, citing data from the National Centre for Statistics and Information. 

The value of sale contracts grew by 13.5 percent to 928.6 million rials, while the number of such contracts edged up by 0.3 percent to 50,175. 

Mortgage contract values rose 6.7 percent year on year to reach 1.41 billion rials across 16,432 contracts, up from 1.32 billion rials for 15,145 contracts a year earlier. In contrast, the value of exchange contracts declined by 16.6 percent to 8.2 million rials, covering 884 contracts. 

The total number of issued property titles increased by 3.5 percent year on year to 175,436. However, titles issued to Gulf Cooperation Council nationals dropped by 10.9 percent to 987, down from 1,108 a year earlier.