Oman Housing Bank approves 2,762 housing loans worth RO 120 million
Published: 04:07 PM,Jul 20,2024 | EDITED : 07:07 PM,Jul 20,2024
The number of loans granted to citizens in these governorates reached 2,072, with a total value of RO 88.798 million.
MUSCAT: In 2023, the Oman Housing Bank approved approximately 2,762 housing loans, amounting to RO 120.000 million.
Musa bin Masoud al Jadidi, CEO of the Oman Housing Bank, stated that the bank aimed to extend its services across the various governorates of the Sultanate of Oman, focusing particularly on areas outside the Muscat Governorate. The number of loans granted to citizens in these governorates reached 2,072, with a total value of RO 88.798 million, constituting 74 per cent of the bank's total lending activity.
He added that the total number of loans approved in the Muscat Governorate amounted to 690, with a total value exceeding RO 31.000 million. In the Dhofar Governorate, 105 loans were approved with a total value of more than RO 4.000 million. The North Al Batinah Governorate saw housing loans worth over RO 15.000 million for 381 loans, while the South Al Batinah Governorate had 712 approved loans with a total value exceeding RO 29.000 million.
He further explained that the approved housing loans in the Governorates of South and North Al Sharqiyah amounted to 267, including 111 loans in North Al Sharqiyah and 156 loans in South Al Sharqiyah, with a total value of RO 11.500 million. In the Al Dakhiliyah Governorate, the number of approved loans reached 362, with a total value exceeding RO 16 million.
The CEO noted that the Buraimi Governorate registered 203 housing loans worth over RO 9 million, while the Musandam Governorate witnessed an increase to 42 housing loans with a value exceeding RO 1.500 million.
Al Jadidi also mentioned that the total subsidised loans provided by the bank to citizens since its founding in 1977 until the end of 2023 across various governorates and states of the Sultanate of Oman amounted to 65,778 loans, with a total value of more than RO 1.500 billion.
He emphasised that the Oman Housing Bank achieved positive results by recording good growth rates in most financial indicators. The bank’s total assets increased by eight per cent by the end of 2023, reaching RO 791.600 million compared to RO 729.700 million at the end of 2022. This growth in assets was primarily due to the housing loan portfolio, which totalled RO 770 million compared to RO 693 million at the end of 2022, reflecting a growth rate of eleven per cent.
He pointed out that the Board of Directors of the Oman Housing Bank, in collaboration with the executive management, prepared a development plan for the bank with strategic dimensions and an action plan (2024-2026). This plan aims to achieve financial sustainability by continuing to provide housing loans and expanding the bank's activities and services.
The CEO mentioned that the bank recently launched the “Housing” programme to provide housing financing to citizens on the waiting lists of the bank and the Ministry of Housing and Urban Planning through local banks. Additionally, the “I Will Continue with You” campaign was launched to enhance the bank's developmental roles in various governorates of the Sultanate of Oman and address citizens’ inquiries regarding financing application procedures, loan provider roles, financing amounts, and more.
The campaign will tour several governorates and states, including the Wilayat of Ibri in the Al Dhahirah Governorate, the Wilayat of Al Suwaiq in North Al Batinah, the Wilayat of Jaalan Bani Bu Ali in South Al Sharqiyah, the Wilayat of Bawshar in the Muscat Governorate, and the Wilayat of Salalah in the Dhofar Governorate. — ONA
Musa bin Masoud al Jadidi, CEO of the Oman Housing Bank, stated that the bank aimed to extend its services across the various governorates of the Sultanate of Oman, focusing particularly on areas outside the Muscat Governorate. The number of loans granted to citizens in these governorates reached 2,072, with a total value of RO 88.798 million, constituting 74 per cent of the bank's total lending activity.
He added that the total number of loans approved in the Muscat Governorate amounted to 690, with a total value exceeding RO 31.000 million. In the Dhofar Governorate, 105 loans were approved with a total value of more than RO 4.000 million. The North Al Batinah Governorate saw housing loans worth over RO 15.000 million for 381 loans, while the South Al Batinah Governorate had 712 approved loans with a total value exceeding RO 29.000 million.
He further explained that the approved housing loans in the Governorates of South and North Al Sharqiyah amounted to 267, including 111 loans in North Al Sharqiyah and 156 loans in South Al Sharqiyah, with a total value of RO 11.500 million. In the Al Dakhiliyah Governorate, the number of approved loans reached 362, with a total value exceeding RO 16 million.
The CEO noted that the Buraimi Governorate registered 203 housing loans worth over RO 9 million, while the Musandam Governorate witnessed an increase to 42 housing loans with a value exceeding RO 1.500 million.
Al Jadidi also mentioned that the total subsidised loans provided by the bank to citizens since its founding in 1977 until the end of 2023 across various governorates and states of the Sultanate of Oman amounted to 65,778 loans, with a total value of more than RO 1.500 billion.
He emphasised that the Oman Housing Bank achieved positive results by recording good growth rates in most financial indicators. The bank’s total assets increased by eight per cent by the end of 2023, reaching RO 791.600 million compared to RO 729.700 million at the end of 2022. This growth in assets was primarily due to the housing loan portfolio, which totalled RO 770 million compared to RO 693 million at the end of 2022, reflecting a growth rate of eleven per cent.
He pointed out that the Board of Directors of the Oman Housing Bank, in collaboration with the executive management, prepared a development plan for the bank with strategic dimensions and an action plan (2024-2026). This plan aims to achieve financial sustainability by continuing to provide housing loans and expanding the bank's activities and services.
The CEO mentioned that the bank recently launched the “Housing” programme to provide housing financing to citizens on the waiting lists of the bank and the Ministry of Housing and Urban Planning through local banks. Additionally, the “I Will Continue with You” campaign was launched to enhance the bank's developmental roles in various governorates of the Sultanate of Oman and address citizens’ inquiries regarding financing application procedures, loan provider roles, financing amounts, and more.
The campaign will tour several governorates and states, including the Wilayat of Ibri in the Al Dhahirah Governorate, the Wilayat of Al Suwaiq in North Al Batinah, the Wilayat of Jaalan Bani Bu Ali in South Al Sharqiyah, the Wilayat of Bawshar in the Muscat Governorate, and the Wilayat of Salalah in the Dhofar Governorate. — ONA