Oman’s bank credit up 8% to $90bn as non-oil sector expands
Oman’s bank credit up 8% to $90bn as non-oil sector expands /node/2621967/business-economy
Oman’s bank credit up 8% to $90bn as non-oil sector expands
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. Shutterstock
Oman’s bank credit up 8% to $90bn as non-oil sector expands
Updated 09 November 2025
Nour El-Shaeri
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.
Saudi Arabia looks to Swiss-led geospatial AI breakthroughs
IBM’s Zurich lab is shaping tools policymakers could use to protect ecosystems
Updated 12 December 2025
Waad Hussain
ZURICH: For Gulf countries such as Saudi Arabia, AI-powered Earth observation is quickly becoming indispensable for anticipating climate risks, modeling extreme weather and protecting critical national infrastructure.
That reality was on display inside IBM’s research lab in Zurich, where scientists are advancing geospatial AI and quantum technologies designed to help countries navigate a decade of accelerating environmental volatility.
The Zurich facility — one of IBM’s most sophisticated hubs for climate modeling, satellite analytics and quantum computing — provides a rare look into the scientific foundations shaping how nations interpret satellite imagery, track environmental change and construct long-term resilience strategies.
Entrance to IBM Research Europe in Zurich (left); inside IBM’s hardware development lab, (top, right); and IBM’s Diamondback system. (AN Photos by Waad Hussain)
For Saudi Arabia, where climate adaptation, space technologies and data-driven policy align closely with Vision 2030 ambitions, the lessons emerging from this work resonate with growing urgency.
At the heart of the lab’s research is a shift in how satellite data is understood. While traditional space programs focused largely on engineering spacecraft and amassing imagery, researchers say the future lies in extracting meaning from those massive datasets.
As Juan Bernabe-Moreno, director of IBM Research Europe for Ireland and the UK, notes, satellites ultimately “are gathering data,” but real impact only emerges when institutions can “make sense of that data” using geospatial foundation models.
r. Juan Bernabe Moreno, Director of IBM Research Europe for Ireland and the UK/(AN Photo by Waad Hussain)
These open-source models allow government agencies, researchers and local innovators to fine-tune Earth-observation AI for their own geography and environmental pressures. Their applications, Bernabe-Moreno explained, have already produced unexpected insights — identifying illegal dumping sites, measuring how mangrove plantations cool cities, and generating flood-risk maps “for places that don’t usually get floods, like Riyadh.”
The relevance for Saudi Arabia is clear. Coastal developments require precise environmental modeling; mangrove restoration along the Red Sea is a national priority under the Saudi Green Initiative; and cities such as Riyadh and Jeddah have recently faced severe rainfall that strained existing drainage systems.
Opinion
This section contains relevant reference points, placed in (Opinion field)
The ability to simulate these events before they unfold could help authorities make better decisions about zoning, infrastructure and emergency planning. Today’s satellites, Bernabe-Moreno said, provide “an almost real-time picture of what is happening on Earth,” shifting the challenge from collecting data to interpreting it.
This push toward actionable intelligence also reflects a larger transformation in research culture. Major advances in Earth observation increasingly depend on open innovation — shared data, open-source tools and transparent models that allow global collaboration. “Open innovation in this field is key,” Bernabe-Moreno said, noting that NASA, ESA and IBM rely on openness to avoid the delays caused by lengthy IP negotiations.
Scientific posters inside IBM’s research facility showcasing decades of breakthroughs in atomic-scale imaging and nanotechnology. (AN Photo by Waad Hussain)
Saudi Arabia has already embraced this direction. Through SDAIA, KAUST and national partnerships, the Kingdom is moving from consuming global research to actively contributing to it. Open geospatial AI models, researchers argue, give Saudi developers the ability to build highly localized applications adapted to the region’s climate realities and economic priorities.
Beyond Earth observation, IBM’s Zurich lab is pushing forward in another strategic frontier: quantum computing. Though still in its early stages, quantum technology could reshape sectors from logistics and materials science to advanced environmental modeling.
Alessandro Curioni, IBM Research VP for Europe and Africa and director of the Zurich lab, stressed that quantum’s value should not be judged by whether it produces artificial general intelligence. Rather, it should be viewed as a tool to expand human capability.
Dr. Alessandro Curioni, VP of IBM Research Europe and Africa & Director of IBM Research Zurich/ (AN Photo by Waad Hussain)
“The value of computing is not to create a second version of myself,” he said, “it’s to create an instrument that allows me to be super-human at the things I cannot do.”
Curioni sees quantum not as a replacement for classical computing but as an extension capable of solving problems too complex for traditional machines — from simulating fluid dynamics to optimizing vast, interdependent systems. But he cautioned that significant challenges remain, including the need for major advances in hardware stability and tight integration with classical systems. Once these layers mature, he said, “the sky is the limit.”
DID YOU KNOW?
• Modern satellites deliver near real-time views of Earth’s surface.
• Geospatial foundation models transform vast satellite datasets into clear, actionable insights.
• These tools can produce flood-risk maps for cities such as Riyadh, analyze how mangroves cool urban areas, and even detect illegal dumping sites.
Saudi Arabia’s investments in digital infrastructure, sovereign cloud systems and advanced research institutions position the Kingdom strongly for the quantum era when enterprise-ready systems begin to scale. Curioni noted that Saudi Arabia is already “moving in the right direction” on infrastructure, ecosystem development and talent — the three essentials he identifies for deep research collaboration.
His perspective underscores a broader shift underway: the Kingdom is building not only advanced AI applications but a scientific ecosystem capable of sustaining long-term innovation. National programs now include talent development, regulatory frameworks, high-performance computing, and strategic partnerships with global research centers. Researchers argue that this integrated approach distinguishes nations that merely adopt technology from those that ultimately lead it.
Inside IBM’s hardware development lab, where researchers prototype and test experimental computing components. (AN Photo by Waad Hussain)
For individuals as much as institutions, the message from Zurich is clear. As Curioni put it, those who resist new tools risk being outpaced by those who embrace them. Generative AI already handles tasks — from literature reviews to data processing — that once required days of manual analysis. “If you don’t adopt new technologies, you will be overtaken by those who do adopt them,” he said, adding that the goal is to use these tools “to make yourself better,” not to fear them.
From geospatial AI to emerging quantum platforms, the work underway at IBM’s Zurich lab reflects technologies that will increasingly inform national planning and environmental resilience.
For a country like Saudi Arabia — balancing rapid development with climate uncertainty — such scientific insight may prove essential. As researchers in Switzerland design the tools of tomorrow, the Kingdom is already exploring how these breakthroughs can translate into sustainability, resilience and strategic advantage at home.