Oman: In the first half of 2023, OHB approved housing loans totaling more than OMR86 million, benefiting numerous families across the Sultanate of Oman with over 2,000 housing loans, a testament to Oman Housing Bank’s (OHB) commitment to providing subsidized housing solutions to eligible citizens.
The efforts were widespread, with the Muscat branch granting 502 loans, the Salalah branch approving 92 loans, and the Sohar branch supporting 276 loans. Other branches also played a crucial role: the Sur branch facilitated 115 loans, the Nizwa branch 267, the Khasab branch 17, the Al Buraimi branch 147, and the Ibra branch 89. The A’Rustaq branch stood out with an impressive 515 loan approvals.
Moosa Masoud Al Jadidi, the Chief Executive Officer of OHB, expressed his thoughts on the bank’s performance in the first half of the year: “Urban development embodies a holistic journey towards progress. The expansion of Oman’s housing sector perfectly harmonizes with our nation’s strategies and aspirations, nurturing a path to sustainable growth echoing one of the key principles of Oman Vision 2040, with a primary goal of establishing modern urban communities and enriching the lives of Omani’s throughout the nation.”
Al Jadidi emphasized, “Enhancing living standards for everyone is one of the government’s core mandates. As OHB we are working to play our part in this vision by prioritising the development of the housing sector through subsidized housing loans to eligible citizens. Looking at our track record, since our inception in 1977 up until the end of 2022, we’ve extended an impressive 52,000 loans totaling over OMR 1.4 billion.”
Presently, OHB is diligently crafting a comprehensive national program to expedite housing loan applications and reduce wait times for those seeking subsidized housing. This strategic move aligns with the bank’s goal of promoting urbanization while ensuring eligibility criteria are met and citizen expectations are fulfilled. Al Jadidi added, “This program will also help us better understand the needs of our beneficiaries, particularly when it comes to subsidized housing loans.”
It’s important to highlight that OHB plays a pivotal role in Oman’s development, offering subsidized housing and financial options throughout the country in accordance with government directives. By providing banking solutions, OHB contributes to economic growth, especially for individuals with modest to moderate incomes. Through these efforts, the bank meets shareholder expectations while enhancing the overall well-being of Oman’s people.