Muscat: In 2023, Oman Housing Bank approved a total of 2,762 housing loans worth RO 120 million, according to Musa bin Masoud Al Jadidi, CEO of Oman Housing Bank. The bank’s efforts were particularly focused on areas outside the Muscat Governorate, where 2,072 loans valued at RO 88.798 million were granted, representing 74% of the bank’s total lending activity.
Al Jadidi detailed the distribution of loans, highlighting that 690 loans, totaling over RO 31 million, were approved in Muscat Governorate. In Dhofar Governorate, 105 loans were approved, exceeding RO 4 million. North Al Batinah Governorate received 381 loans worth over RO 15 million, while South Al Batinah saw 712 approved loans totalling more than RO 29 million.
The governorates of South and North Al Sharqiyah received 267 housing loans combined, with 111 in North Al Sharqiyah and 156 in South Al Sharqiyah, amounting to RO 11.5 million. Al Dakhiliyah Governorate had approved 362 loans worth over RO 16 million.
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In Al Buraimi Governorate, 203 housing loans worth over RO 9 million were registered, and Musandam Governorate saw an increase in housing loans, with 42 loans worth more than RO 1.5 million.
Since its establishment in 1977, Oman Housing Bank has provided 65,778 subsidized loans valued at over RO 1.5 billion across the Sultanate. Al Jadidi emphasized the bank’s positive growth, with total assets increasing by 8% to RO 791.6 million by the end of 2023, up from RO 729.7 million in 2022. This growth was largely driven by the housing loan portfolio, which rose to RO 770 million, marking an 11% increase.
The Board of Directors, in collaboration with the Executive Management, has developed a strategic plan for 2024-2026 aimed at achieving financial sustainability and expanding the bank’s services. Recently, the bank launched the “Iskan” program to provide housing finance to citizens on waiting lists and the “Wasalikum” campaign to enhance developmental roles and assist citizens with financing application procedures.
The “Wasalikum” campaign will tour various governorates, including Wilayat of Ibri in Al Dhahirah, Wilayat of Suwaiq in North Al Batinah, Wilayat of Jalan Bani Bu Ali in South Al Sharqiyah, Wilayat of Bausher in Muscat, and Wilayat of Salalah in Dhofar.
