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Archive for 2010
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MUSCAT — Oman has announced a significant hike in housing loan limits for low income families and raised the salary ceiling for those eligible to apply for such financial assistance from the government, as the Sultanate yesterday joined other countries in marking world and Arab housing day.
The increase in the upper limit for loans — from RO15,000 to RO20,000 — was made public in a statement issued here by the Ministry of Housing. The new ceiling on monthly salary for applicants is RO400, compared with RO300 earlier. The government also enhanced its non-refundable housing assistance to social security families to RO15,000 from RO10,000.
The ministry said the new decisions were in the wake of the rise in prices of building materials and the increase in salaries of government employees at the beginning of the year. The announcement coincided with yesterday's Arab and world housing day. This year's theme for the former, observed every year on the first Monday of October, is 'Housing is a Human Right'. Word Housing Day is marked on October 1 every year.
The Sultanate has made notable achievements in the field of housing, especially in the backdrop of rapid urbanisation taking place in the country. A highlight has been the focus placed on building residential units with the least cost, properly balancing facilities with citizens' needs and adhering to traditional Omani architecture.
All housing projects, therefore, seek to blend the economic, social and historical aspects of the country and its people, placing emphasis on the country's special ecological situation and environment, a spokesman for the ministry explained, pointing out that the government had laid down comprehensive rules and regulations for such schemes. The authorities had also drawn up policy guidelines for distribution of plots to citizens to construct houses, he added.
"Providing support to social housing schemes for those with limited income has been one of the Sultanate's pivotal housing policies, by offering them necessary financial assistance," the spokesman said.
Hundreds of families in the different governorates and regions have benefited from such schemes and royal grants. Last year, His Majesty Sultan Qaboos bin Said announced a grant to build 1,229 'social' houses in a number of wilayats of the Sharqiyah and Dhakhliyah regions and the Dhofar Governorate in 2006.
The beneficiaries were individuals with monthly incomes not exceeding RO129 and families covered by the social security programme. The number of families that benefited from the housing assistance scheme so far this year is 185.
Meanwhile, work is in progress on 1,399 houses in various parts of the country following orders given by Sultan Qaboos during his annual 'Meet the People' tour last year. The cost of the project is RO47.8 million. And in a gesture marking the advent of the holy month of Ramadan last month, Sultan Qaboos issued a grant writing off housing loans availed of by people with limited income from the Housing Bank. The beneficiaries, totalling nearly 400, were those with monthly incomes not exceeding RO300, and the amount involved was RO5.2 million.
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by Admin»
By A Staff Reporter -MUSCAT — Darwish bin Ismail al Balushi (pictured), Secretary General, Ministry of Finance and the Board Chairman of Oman Housing Bank (OHB), has hailed the extension of the tenure of the bank by a further 20 years, asset out under the recently promulgated Royal Decree 36/2010. The step, he said, will furtheer reinforce the bank’s mission in ennabling Omanis secure subsidised housing loans.
"His Majesty the Sultan’s sublime confidence reflected in extending OHB’s tenure confirms the great succcesses achieved by the bank during the past years in providing appropriate housing facilities for citizens in the differrent wilayats of the Sultanate and assisting the efforts of the government aimed at ensuring a decent life foor them in the prosperous reign of His Majesty,” Al Darwish said.
"The bank also managed, through its board, executive management and all the staff, to achieve the desired balance between providing soft, easy and subsidised housing services, achieving positive results and maintaining the financial status of the bank by addopting conservative policies and finding various alternatives that provide wide optionss for the citizens according to their income levels,” he added.
Since its establishment in 1977, OHB disbursed a total of 229,613 loans of a total value of RO 509,275,6687 as of end-December 2009. Low income citizens were the biggest beneficiaries, accountinng for 87.2 per cent of the total (25,8827 loans) with a total value RO 414,,641,429. Further, 81.4 per cennt of the loanns, totaling RO 225.602 million were disbursed to applicants outside of Muscat Governorate.
OMAN HOUSING BANK PROVIDES US$76.9 MLN IN LOANS IN 2008.
MUSCAT, April 16 Asia Pulse - In 2008 the Oman Housing Bank provided 1,186 loans worth RO. 29.6 million (US$76.9 million), said Darwish bin Ismail al Balushi, Secretary General of the Finance Ministry and chairman of Oman Housing Bank, in a press statement. Since its inception, the Bank financed the construction of 28,815 houses at a total cost of RO. 487,275,687 including 25,000 houses for the low income individuals, worth of RO. 399 million, he said.
The number of loans provided by the bank to low income individuals amounted to 607 loans worth
RO. 14 million. With 2008 loans provided by the Hosing Bank, the number of loans subsidized by the government and provided by the bank since its inception amounted to 28,815 worth of RO. 487,275,687. This reflected the positive role of Oman Housing Bank and its contribution to the construction
development in the Sultanate. The share of the low income individual is the biggest as the number of subsidized loans granted to them amounted to 25,230 loans worth of RO. 399,013,529, about 87.6 per cent of the total loans availed by the Bank.
Oman Housing Bank also contributes to providing housing loans for citizens who do not meet the requirements to get subsidized loans. The Bank provides these individuals with the opportunity to benefit from the bank's services and find the required finance to have proper accommodations, al Balushi added. The number of loans provided in this field in 2008 amounted to 579 loans, worth of RO. 15,633,100 raising the total number of loans provided by the Bankfor those whose salaries range between RO. 601 to RO. 800, since the introduction of this system in January 1993 till the end of 2008, to 3397 loans worth of RO. 90,978,735.
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by Admin»
Treasury Secretary Timothy Geithner addresses the Conferennce on the Future of Housingg Finance
More than two years after the collapse of the housing market, are we any wiser? If we measuree what we learned from the real- estate bust by the level of agreement at yesterday’s Treasury Departmment Conference on the Future of Housing Finance, we haven’t learned much. “Some suggest that, as a government, we have provided too much support for housing, while others suggest we provided to little,” said Treassury Secretarry Tim Geithner.“It's safe to say there is noot yet any clear consensus.”
Fannie Mae, a private entity supported by the government, was created during the Depresssion to help Americans get aforddable mortgages. Succcessive administrations of both pparties backed a national goal of making as many Americans as possible become homeowners. But after Fannie Mae and Freddie Mac faced collapse in 2008, leaving taxpayers holding the bag, manyy said that maybe more Americans should look at renting.
The fault lines in yesterday's discussion centered on how mucch involvement the governmment should have in the housing--finance market. The implicit promise of support from the federal government to Fanie and Fredie mmay have made banks more reckless in writing mortgages. On the other hand, more support for the government-sponsored entities could be the best way to pull America out of the
current housing slump.
The government currently owns 90 percent of mortgages through Fredie Mac and Fannie Mae, which were bailed out by taxpayers to the tune of $148 billion. Is that to much involvement or not enough?
The most radical perspective of the day came from Bill Gross, founder of the largest U.S. bond fund, Pimco. For him, the answer to what role the government should have in housing finance is simple: complete nationalization. He said that would mean all American mortgage financing would be done under one government roof. "The only way to bring housing back and to create liquid ... mortgage finance going forward would be to provide a government guarantee," Gross said yesterday at the summit. Gross argues that a private-sector approach would dramatically increase the price of home loans, slowing the economy to a “snail’s pace.” Even more striking, Gross says the government should refinance most mortgages in the country, bringing interest down to 4 percent.
Secretary of Housing and Urban Development Shaun Donovan arguedfor going in the other direction. “The government's footprint in the housing market needs to be smaller than it is today,” he said. Donovan emphasized a government role in helping provide cheaper options for rentals.
Unsurprisingly, Alex J. Pollock, of the conservative American Enterprise Institute, says that the government should have almost no involvement in financing mortgages, other than some subsidies for low-income people. “You can either be a private company or a government agency, but not both,” said Pollock. His reasoning is straight from the Bible: "He who stands a surety for the debts of another shall smart for it." Or, in other words, taxpayers shouldn’t be backing loans.
So we have someone calling for a complete government takeover of mortgage finance, a housing agency saying that we should reduce federal involvement, and another panelist saying the whole industry should be left to private lenders—the full spectrum of possibilities. It is striking that more than two years after the housing crisis, which brought the American economy to its knees, there is still no clarity on the way forward.
More than two years after the collapse of the housing market, are we any wiser? If we measuree what we learned from the real- estate bust by the level of agreement at yesterday’s Treasury Departmment Conference on the Future of Housing Finance, we haven’t learned much. “Some suggest that, as a government, we have provided too much support for housing, while others suggest we provided to little,” said Treassury Secretarry Tim Geithner.“It's safe to say there is noot yet any clear consensus.”
Fannie Mae, a private entity supported by the government, was created during the Depresssion to help Americans get aforddable mortgages. Succcessive administrations of both pparties backed a national goal of making as many Americans as possible become homeowners. But after Fannie Mae and Freddie Mac faced collapse in 2008, leaving taxpayers holding the bag, manyy said that maybe more Americans should look at renting.
The fault lines in yesterday's discussion centered on how mucch involvement the governmment should have in the housing--finance market. The implicit promise of support from the federal government to Fanie and Fredie mmay have made banks more reckless in writing mortgages. On the other hand, more support for the government-sponsored entities could be the best way to pull America out of the
current housing slump.
The government currently owns 90 percent of mortgages through Fredie Mac and Fannie Mae, which were bailed out by taxpayers to the tune of $148 billion. Is that to much involvement or not enough?
The most radical perspective of the day came from Bill Gross, founder of the largest U.S. bond fund, Pimco. For him, the answer to what role the government should have in housing finance is simple: complete nationalization. He said that would mean all American mortgage financing would be done under one government roof. "The only way to bring housing back and to create liquid ... mortgage finance going forward would be to provide a government guarantee," Gross said yesterday at the summit. Gross argues that a private-sector approach would dramatically increase the price of home loans, slowing the economy to a “snail’s pace.” Even more striking, Gross says the government should refinance most mortgages in the country, bringing interest down to 4 percent.
Secretary of Housing and Urban Development Shaun Donovan arguedfor going in the other direction. “The government's footprint in the housing market needs to be smaller than it is today,” he said. Donovan emphasized a government role in helping provide cheaper options for rentals.
Unsurprisingly, Alex J. Pollock, of the conservative American Enterprise Institute, says that the government should have almost no involvement in financing mortgages, other than some subsidies for low-income people. “You can either be a private company or a government agency, but not both,” said Pollock. His reasoning is straight from the Bible: "He who stands a surety for the debts of another shall smart for it." Or, in other words, taxpayers shouldn’t be backing loans.
So we have someone calling for a complete government takeover of mortgage finance, a housing agency saying that we should reduce federal involvement, and another panelist saying the whole industry should be left to private lenders—the full spectrum of possibilities. It is striking that more than two years after the housing crisis, which brought the American economy to its knees, there is still no clarity on the way forward.
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by Admin»
We are moostly focusing on the State Hoousing Bank industry in the emerging world. There are many non governmennt housingbannks and many developed worldhousing banks.The best State Housing Banks include:
Chile, India, Jordan,Thailand, and Mexico.Some key failures include: Argentina, Brazil, Camerooon, Indonesia , and Rwanda.Wehavemore than our share of disasters here in the US.
"A vibrant housing finance mar ket is an important pilaar of econommic prosperrity. A strong institutional framework is indisppensable for a functioning housing finance maarket. Home affordability is a funndamental c hallenge in South Asia and can on ly be solvedd by a comprehhensive apprroach involvving developpers, the traditional financial sector, microfinance and other innovative approaches experiencced in recent years." Governor Abdul Fitrat, Da Afghanistan Bank
"The Government's Policies for the housing sector, particularly in the South Asian countries, must foccus on "Inclusive Housing" coupled with "Stability" of the market. The two Objectives are mutually complementary, reinforcing each other. ""Stability" inspires the stakeholders to enhance their participationn, and enables greater institutional and financial depeninng of the sector, both of which are necessary conditions for Inclusive Housing. "" R.V. Vermaa, Managing Director, National Houusing Bank, India
The global financial crisis demonstrated the importance of a strong, disciplined and honest mortgage market. As we learn our lessons, it is critically important that those who have been closed out of the housing sector do not get closed out again. In South Asian and Pacific countries, we hope that a balance can be found between discipline and access. IraPeppercorn, Former deputy federal housing commissioner
Product Description
Rapid economic growth in South Asia, urbanization, and a rising middle class have created considerable pent-up demand for housing and housing finance. More than 14 percent of low-income South Asians have no home. In response, South Asia-s dynamic housing and housing finance markets have grown at rates of around 30%, but are still limited to upper- income groups. The contribution of housing and real-estate sector to overall economic growth, social uplift and employment is considerable.Housing and housing finance services have the clear potential to expand to middle- and even lower- income families. This requires an improved land administration, strengthened legal framework for land titling, registration, and foreclosure, better market data provision, and promotion of long-term funding for mortgage lenders and developers. Innovative traditional mortgage products and Islamic finance could match demand in underserved market segments.This report, a first regional effort on the topic, examines housing shortages in South Asia, as well as outlines shortcomings of the market for home mortgages. Information on good practice and country- specific examples are presented on enabling builder/developers, mortgage lenders, land administration, as well as foreclosure and other relevant regulations, to strengthen home ownership in South Asia. Special emphasis is accorded to low-income housing solutions.
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by Admin»
The banking sector is an important factor in maintaining financial equilibrium and economic stability. The Omani banking sector, which comprises the Central Bank of Oman (CBO) and various commercial and specialised banks operating in the Sultanate, is stable, highly efficient and able to respond to regional and international developments, including the growing trend towards freeing up financial services within the framework of the World Trade Organisation (WTO).
The Central Bank of Oman (CBO):
The Central Bank of Oman is responsible for maintaining the stability of the national currency the Omani Rial (RO) and ensuring monetary and financial stability in a deregulated and open financial
system. The capital base of the CBO which was one million Omani Rials at the commencement of operations in 1975.
system. The capital base of the CBO which was one million Omani Rials at the commencement of operations in 1975.The Omani banking system has experienced several mergers and as a result commercial banks which are locally incorporated and eight are branches of foreign banks.As at the end of 2005, there were also three specialised banks in operation, The Oman Housing Bank (OHB), The Oman Development Bank (ODB), Alliance Housing Bank (AHB).
Manpower in the banking sector
The banking sector is a model of successful Omanisation. The College of Banking and Financial Studies plays a vital role in preparing nationals for banking careers.
The specialist banks
The Specialist banks were set up to support national development efforts in specific fields such as housing, industry, agriculture and fisheries. Currently there are three specialist banks. Two - the Oman Housing Bank and the Oman Development Bank - are government banks, while the third - the Alliance Housing Bank - is privately owned. The three banks operate through number of branches in various parts of the country.
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by Admin»
The National Bank of Oman (NBO) is the second-largest bank in the Sultanate of Oman. Founded in 1973, as of December 31, 2007 it has a net worth of RO (Omani Riyals) 220.5 million, with a paid up capital of RO 92 million (US $ 239 million). The bank runs 54 branches across Oman but has its headquarters based in Muscat, and runs 128 ATMs as well as 5 branches in Egypt and 1 in the United Arab Emirates.
Ownership of the bank comprises a 34.9% share held by a leading private sector investor and 27% of its equity controlled by public sector agencies. The remaining equity is held by leading private sector investors in Oman.
In 2006, the Bank won the "Best Bank in Oman 2006" accolade, awarded by The Banker Magazine and Financial Times Business of the United Kingdom. In 2007, the Bank was awarded the "Best Corporate Social Responsibility Award 2007",
The Oman Housing Bank (OHB)
The Oman Housing Bank (OHB) provides housing loans for nationals to enable them to purchase, build or complete their homes. Its capital has been increased to RO30 million to enable it to expand the scope of its operations and obtain loans for a larger number of applicants. The OHB charges a limited service fee for subsidised loans in response to directives issued by Sultan Qaboos. In this way the financial burden on loan applicants is minimised. The bank also grants non-subsidised loans with additional facilities to other applicants. Most of its loans are subsidised as part of the government’s policy of supporting those on limited incomes.
The Oman Development Bank (ODB)
The Oman Development Bank (ODB) was established in 1997 as an Omani public joint-stock company in a merger between the Development Bank of Oman and the Oman Bank for Agriculture and Fisheries. It is now a closed joint stock company, following the issue of Royal Decree No. 18/2006 issued on 11th March 2006. The ODB operates on economic principles while maintaining a proper social perspective by supporting small projects. Projects supported by loans in excess are financed by the Ministry of Commerce and Industry or one of the other financial institutions. The ODB has been granted exemption from all taxes and the government subsidises the interest payable on the soft loans it grants to fund private sector projects. The bank also provides other loans on a medium or long term basis to help fund projects, as well as technical assistance and advisory services to Omani companies. In addition, it acts as an export credit guarantee agent and distributes sums from the Fisheries Research Fund.
The Alliance Housing Bank (AHB)
The Alliance Housing Bank (AHB), which was incorporated in 1997 is the GCC’s first private sector housing bank, and has seven branches and service centres in the Sultanate of Oman. This Bank offers mortgages on properties in the Sultanate of Oman. Its customers are Omani and other GCC nationals. The bank was set up as a joint governmentprivate sector co-operative venture in response to the dramatic growth taking place in the building construction sector over recent years. The AHB offers a range of products to the Omani public in support of the government’s housing policy.
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by Admin»
The Central Bank of Oman hereby announces the new issue of Government development bonds. The size of the new issue is fixed at RO 100 million with a maturity period of 4 years and will carry a coupon rate of 3.25% p.a. The issue will be open for subscription from 24th October to 4th November, 2010 while the auction will be held on Monday, November 8th 2010. The issue /settlement date will be on 11th November, 2010. Interest on the new bonds will be paid on 11th May & 11th November, every year until maturity date on 11th November, 2014.
Investors may apply for these Bonds through the competitive bidding process only. Investors may submit bids through licensed banks operating in the Sultanate of Oman. Investors with applications of R.O One million and above can, if they so wish submit their bids directly to CBO after getting them endorsed from their banks. Prospectus and application forms can be obtained from any licensed bank operating in the Sultanate.
The Bonds are direct and unconditional obligations of the Government of Sultanate of Oman. The Bonds can be used as a collateral security to obtain loans from any local licensed bank.
The Bonds can also be traded at prevailing market rates through the Muscat Securities Market (MSM).
The details of the Bonds allotted will be recorded in the register maintained by the Muscat Clearing & Depositary Company. (MCD).
This particular issue of the Government Bonds is offered to all investors of any nationality residing in the Sultanate of Oman only; it is NOT open for subscription to investors residing abroad.
For further details, prospective investors may contact the Central Bank of Oman (Monetary Operations Domain at (24777425/ 426/ 427) or any of the licensed banks in the Sultanate of Oman
Investors may apply for these Bonds through the competitive bidding process only. Investors may submit bids through licensed banks operating in the Sultanate of Oman. Investors with applications of R.O One million and above can, if they so wish submit their bids directly to CBO after getting them endorsed from their banks. Prospectus and application forms can be obtained from any licensed bank operating in the Sultanate.
The Bonds are direct and unconditional obligations of the Government of Sultanate of Oman. The Bonds can be used as a collateral security to obtain loans from any local licensed bank.
The Bonds can also be traded at prevailing market rates through the Muscat Securities Market (MSM).
The details of the Bonds allotted will be recorded in the register maintained by the Muscat Clearing & Depositary Company. (MCD).
This particular issue of the Government Bonds is offered to all investors of any nationality residing in the Sultanate of Oman only; it is NOT open for subscription to investors residing abroad.
For further details, prospective investors may contact the Central Bank of Oman (Monetary Operations Domain at (24777425/ 426/ 427) or any of the licensed banks in the Sultanate of Oman
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by Admin»
The Central Bank of Oman is responsible for maintaining the internal and external value of the national currency. It is also the single integrated regulator of Oman's financial services industry. It is committed to excellence in providing monetary and financial stability and fostering sound and progressive financial sector to achieve sustained economic growth for the benefit of the nation.
The Central Bank of Oman hereby announces the new issue of Government development bonds. The size of the new issue is fixed at RO 100 million with a maturity period of 4 years and will carry a coupon rate of 3.25% p.a. The issue will be open for subscription from 24th October to 4th November, 2010 while the auction will be held on Monday, November 8th 2010. The issue settlement date will be on 11th November, 2010. Interest on the new bonds will be paid on 11th May & 11th November, every year until maturity date on 11th November, 2014.
During the first quarter of 2010, there were early signs of pick up in the deposit growth while the credit growth continued to remain sluggish. Total assets increased by 8.5 percent in March 2010 to RO 14,869.4 million compared to RO 13,698.4 million in March 2009.
The report highlights the developments and improvement in the regulatory and supervisory functions of CBO and contains an analysis of banks performance in the country. The 2009 report also focuses on the future strategy of regulations and supervision, while shedding light on the development of the banking sector in the Sultanate and the evolution of regulatory and supervisory framework in the Central Bank of Oman.
Central Bank of Oman has decided to stipulate maximum bank charges effective from 1st June 2010, in super session of Circular BM 875 dated 20th October 1999. The Central Bank’s decision, as stated in earlier correspondence and in Bankers’ Meeting of 27th April 2010, is in response to increased number of genuine complaints from the bank customers and is intended not to bring uniformity but to provide a benchmark within which banks need to compete healthily. Central Bank pointed out that it has adopted a deregulated approach in general and follows a consultative process. Whenever any quantitative parameters are stipulated, it takes into consideration the underlying factors. Banks, accordingly, were requested not to treat bank charges, insurance premium etc unduly as an extra source of compensation.
The Central Bank of Oman hereby announces the new issue of Government development bonds. The size of the new issue is fixed at RO 100 million with a maturity period of 4 years and will carry a coupon rate of 3.25% p.a. The issue will be open for subscription from 24th October to 4th November, 2010 while the auction will be held on Monday, November 8th 2010. The issue settlement date will be on 11th November, 2010. Interest on the new bonds will be paid on 11th May & 11th November, every year until maturity date on 11th November, 2014.
During the first quarter of 2010, there were early signs of pick up in the deposit growth while the credit growth continued to remain sluggish. Total assets increased by 8.5 percent in March 2010 to RO 14,869.4 million compared to RO 13,698.4 million in March 2009.
The report highlights the developments and improvement in the regulatory and supervisory functions of CBO and contains an analysis of banks performance in the country. The 2009 report also focuses on the future strategy of regulations and supervision, while shedding light on the development of the banking sector in the Sultanate and the evolution of regulatory and supervisory framework in the Central Bank of Oman.
Central Bank of Oman has decided to stipulate maximum bank charges effective from 1st June 2010, in super session of Circular BM 875 dated 20th October 1999. The Central Bank’s decision, as stated in earlier correspondence and in Bankers’ Meeting of 27th April 2010, is in response to increased number of genuine complaints from the bank customers and is intended not to bring uniformity but to provide a benchmark within which banks need to compete healthily. Central Bank pointed out that it has adopted a deregulated approach in general and follows a consultative process. Whenever any quantitative parameters are stipulated, it takes into consideration the underlying factors. Banks, accordingly, were requested not to treat bank charges, insurance premium etc unduly as an extra source of compensation.
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by Admin»
The banking sector is considered to be an important source of financing for most businesses. The common assumption, which underpins much of the financial performance research and discussion, is that increasing financial performance will lead to improved functions and activities of the organizations. The subject of financial performance and research into its measurement is well advanced within finance and management fields. It can be argued that there are three principal factors to improve financial performance for financial institutions; the institution size, its asset management, and the operational efficiency. To date, there has been little published studies to explore the impact of these factors on the financial performance, especially the commercial banks.
This study proposes that there are measurable linkages among bank's size, asset management, the operational efficiency, and the financial performance. in addition, to examine the relationships among measures such as bank's size, operational efficiency, asset management, return on assets ( ROA), interest income, and to discuss their impact on the bank's performance. Financial analysis is used to quantitatively examine the differences in performance among commercial banks in Oman, and the banks are ranked based on their financial measures and performance for each bank.
Their financial characteristics as a guide line for future development, and to assess their financial performance. In order to evaluate the internal performance of a commercial bank, financial indicators are constructed from the bank financial statements. Financial ratios like ROA, asset utilization, and operational efficiency are calculated, Also, measures as assets size, and the interest income size are used to assess the performance of a commercial bank. there exist positive correlations among return on assets, asset management, operational efficiency, bank size, and the interest income size. In addition, there exist an impact of asset management, operational efficiency, and the bank's size on the financial performance of the bank.
Their financial characteristics as a guide line for future development, and to assess their financial performance. In order to evaluate the internal performance of a commercial bank, financial indicators are constructed from the bank financial statements. Financial ratios like ROA, asset utilization, and operational efficiency are calculated, Also, measures as assets size, and the interest income size are used to assess the performance of a commercial bank. there exist positive correlations among return on assets, asset management, operational efficiency, bank size, and the interest income size. In addition, there exist an impact of asset management, operational efficiency, and the bank's size on the financial performance of the bank.
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by Admin»
The Oman Housing Bank was established in 1996 to develop housing throughout the country of Oman. A strategic plan was formed for the period 1999-2010 and now a new ten-year strategic plan is being developed. This proposal will outline the financial review and development of the financial strategy including supporting action plans.
The housing sector of Oman has enjoyed strong growth and has also weathered the recent financial turmoil across the world. The institution of housing for low income people in 1973 followed by the Social Housing Law in 1977 set the stage for OHB's pivotal position in Oman.
Global housing markets are recovering. The Omani government recognizing the eventual decline of the oil sector has developed and launched a diversification into gas and other sectors. Recently the government as reaffirmed its commitment to the housing sector and the Oman Housing Bank.
Oman enjoys a special position relative to it's region. Leading global institutions like the World Bank rank Oman high as a place to do business some even third or further among the 22 MENA countries.
Oman's diversification strategy from oil to gas, from natural resource extraction to natural resource utilization like tourism is well underway. Oman offers world class scuba diving, mountaineering, rock climbing, hiking, angling, photographing, even bull fighting among other endeavors. It's cuisine is reflective of both it's European and it's Asian connections.
The housing sector of Oman has enjoyed strong growth and has also weathered the recent financial turmoil across the world. The institution of housing for low income people in 1973 followed by the Social Housing Law in 1977 set the stage for OHB's pivotal position in Oman.
Global housing markets are recovering. The Omani government recognizing the eventual decline of the oil sector has developed and launched a diversification into gas and other sectors. Recently the government as reaffirmed its commitment to the housing sector and the Oman Housing Bank.
Oman enjoys a special position relative to it's region. Leading global institutions like the World Bank rank Oman high as a place to do business some even third or further among the 22 MENA countries.
Oman's diversification strategy from oil to gas, from natural resource extraction to natural resource utilization like tourism is well underway. Oman offers world class scuba diving, mountaineering, rock climbing, hiking, angling, photographing, even bull fighting among other endeavors. It's cuisine is reflective of both it's European and it's Asian connections.
