Saudi Arabia dispatches first crude iron shipment to US

Saudi Arabia dispatches first crude iron shipment to US

RIYADH: The total foreign assets of the Central Bank of Oman increased 27.4 percent year on year to 6.86 billion Omani riyals ($17.82 billion) by the end of July, according to its statistics authority. 

The National Center for Statistics and Information also reported an annual increase of 4.9 percent in local liquidity by the end of July. 

While reporting the figures, Oman News Agency found that private sector deposits in commercial banks and Islamic windows were 18.17 billion riyals by the end of July, up 6.5 percent compared to the year-ago period. 

An Islamic window is a section of a conventional bank offering Shariah-compatible products and services. 

The state-run agency further reported that total loans and financing in commercial banks and Islamic windows grew 8.7 percent year on year to 30.27 billion riyals. 

On Sunday, S&P Global Ratings upgraded Oman’s long-term credit rating from “BB” to “BB+.” 

The report by S&P Global underscores a transformation in Oman’s non-oil sector, which promises substantial growth in the years ahead, particularly between 2023 and 2026. 

“Oman’s economy depends on the oil sector, which accounts for about 30 percent of GDP (gross domestic product), 60 percent of goods exports, and 70 percent of government fiscal receipts. This dependence weighs on our