$16b Total Assets of Oman’s Islamic Banking Sector

The headquarters of the Central Bank of Oman in the capital, Muscat. (Getty Images)
The headquarters of the Central Bank of Oman in the capital, Muscat. (Getty Images)
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$16b Total Assets of Oman’s Islamic Banking Sector

The headquarters of the Central Bank of Oman in the capital, Muscat. (Getty Images)
The headquarters of the Central Bank of Oman in the capital, Muscat. (Getty Images)

The total assets of Oman’s Islamic banking sector, including Islamic banks and windows operating in the sultanate, jumped by 9.1 percent year-on-year to reach at RO6.4 billion ($16.6 billion) by late September 2022.

Oman’s Islamic banking assets now account for 16.2 percent of the country’s total banking system assets, according to latest data released by the Central Bank of Oman (CBO).

According to Oman’s official news agency ONA, the total balance of financing granted by the sector also increased by 11.8 percent to about RO5.3 billion ($13.7 billion).

The total deposits held with Islamic banks and windows also increased by 12.5 percent to RO4.8 billion ($12.5 billion) in September.

Meanwhile, Standard and Poor’s (S&P) upgraded the country’s credit rating from “BB-”to “BB”, with stable future outlook due to its improved fiscal performance.

The rating agency underlined in its credit rating report on Saturday the sultanate’s improved performance in the balance of payments, measures undertaken by the government within the Medium Term Fiscal Plan (MTFP) and a rise in oil prices as factors projecting positive outlook, coupled with the improvement in the net asset position in 2023.

It expected a decline in the public debt rate vis-à-vis the Gross Domestic Product (GDP) from 61% in 2021 to 44% in 2022.

The agency also projected a rise in Oman’s revenues over the next two years, along with sustained fiscal surplus in its budget for 2024, which will enhance levels of the country’s financial reserves and achieve a 5.8% financial surplus over the GDP in 2022.

It expected the sultanate’s current account to post a 5.2% surplus vis-à-vis the GDP, compared to deficits of 4.9% and 16.2% in 2021 and 2020, respectively.

It said that economic growth in Oman will be supplemented by a projected rise in hydrocarbon production, improved investment rates and government measures directed at supporting society and the private sector.

S&P further expected Oman’s GDP to pick up by about 4% in 2022 and 3% in 2023.

Meanwhile, non-oil activities are scheduled to be the prime motivator of growth over the coming years, according to S&P, which projects a private sector growth of 1.8% in 2022 and 2.5% over the period 2024-2025.

The international agency commended the government’s tangible efforts in consolidating the principle of transparency and disclosure of financial statements and GDP data through the publication of regular circulars.

S&P noted that Oman’s credit rating may persist in its upward trend, provided measures to enhance the State’s financial position are maintained by channeling more financial surplus into the public debt reduction course and augmenting fiscal flexibility to help address any unexpected crises or upheavals.



Egypt: BP Completes 2 New Gas Wells in Raven Field

Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, accompanied by several leaders from the petroleum sector, inspect the development and production of natural gas from the West Nile Delta offshore fields in the Mediterranean Sea (Ministry of Petroleum and Mineral Resources) 
Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, accompanied by several leaders from the petroleum sector, inspect the development and production of natural gas from the West Nile Delta offshore fields in the Mediterranean Sea (Ministry of Petroleum and Mineral Resources) 
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Egypt: BP Completes 2 New Gas Wells in Raven Field

Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, accompanied by several leaders from the petroleum sector, inspect the development and production of natural gas from the West Nile Delta offshore fields in the Mediterranean Sea (Ministry of Petroleum and Mineral Resources) 
Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, accompanied by several leaders from the petroleum sector, inspect the development and production of natural gas from the West Nile Delta offshore fields in the Mediterranean Sea (Ministry of Petroleum and Mineral Resources) 

British Petroleum (BP) has successfully completed two additional gas wells in the Raven Field, part of its significant West Nile Delta (WND) development off Egypt’s Mediterranean coast, the Ministry of Petroleum announced in a statement on Sunday.
The drilling was carried out using the Valaris DS-12 drillship, which began operations in mid-2024.
In a statement received by Asharq Al-Awsat, the Ministry said subsea activities are currently ongoing to tie the two wells to the existing network in the Mediterranean, paving the way for production to commence.
Gas production is now expected to begin in February 2025, three months ahead of schedule, following expedited drilling and installation efforts.
“After completing operations at Raven, the Valaris DS-12 has moved on to the King exploration area, where it will target natural gas in the Lower Miocene layer,” the Ministry said.
It added that the reservoir is anticipated to be reached by late February 2025.
The proximity of the King area to BP’s existing West Nile Delta infrastructure will facilitate a seamless connection to the company’s production facilities, supporting Egypt’s broader strategy to boost local gas output.
This development is part of the Ministry of Petroleum’s wider initiative to expand offshore drilling in the Mediterranean.
Recent projects include Chevron’s Khanjar-1, ExxonMobil’s Nefertari-1, BP’s Raven field operations, and Eni’s resumed drilling at the Zohr field.
These efforts are crucial to strengthening Egypt’s position as a regional energy hub, the Ministry said.