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RIYADH: The Saudi Central Bank has announced a significant update to its banking regulations, now permitting the use of the “Visitor ID” as a valid document for opening bank accounts within the Kingdom.

The “Visitor ID,” an official identification document issued by the Ministry of Interior for visitors, can be authenticated via authorized digital platforms. 

The move is a strategic step under ������Ƶ’s Vision 2030, aimed squarely at boosting the tourism sector and creating a seamless, digitally-enabled experience for the millions of tourists, business travelers, and pilgrims who visit the Kingdom annually.

“This decision will enable banks to open accounts for new consumer segments and enhance the visitor experience during their stay in the Kingdom,” SAMA said in a statement.

The statement clarified that this regulatory update stems from a periodic review process, ensuring that policies keep pace with market developments. 

The change is expected to streamline account opening procedures, advance financial inclusion, and further support the ongoing digital transformation of ������Ƶ’s banking services.

This decision effectively bridges a major gap for visitors. Now, with a bank account tied to their Visitor ID — which is issued through the government’s “Absher” platform — they can use local mobile wallets and make digital payments with ease, reducing their reliance on cash. 

JEDDAH: Oman’s conventional commercial banks expanded credit by 8 percent year on year by the end of July 2025, official data showed. 

Private sector lending rose 4.6 percent to 21.3 billion rials ($55.4 billion), according to the Central Bank of Oman. Investments in securities fell 3.4 percent to 5.8 billion rials, with holdings of government development bonds climbing 6.3 percent to 2 billion rials, while foreign securities declined 15.7 percent to 2.1 billion rials. 

The central bank’s 2025 Financial Stability Report pointed to strong capital buffers and high-quality assets, noting that Oman’s banking sector remains profitable and well-positioned to absorb external shocks. 

“Private sector deposits increased 4.1 percent to 17 billion rials by the end of July, accounting for 66.3 percent of total deposits with conventional commercial banks,” ONA reported, citing the report’s findings. 

On the liabilities side, the recent official data noted that the total deposits with conventional commercial banks grew 3.6 percent to 25.7 billion rials by the end of July. It added that government deposits rose 7.1 percent to 5.8 billion rials, while deposits from public sector institutions fell 11 percent to 1.7 billion rials. 

Real estate trade value hits 2.12bn rials    
According to the National Centre for Statistics and Information, Oman’s total real estate transaction value reached 2.124 billion rials by the end of August, marking a 9.9 percent increase from 1.933 billion rials in the same period last year. 

Fees for legal transactions rose 81.7 percent to 79 million rials. Similarly, sale contract values grew 16.1 percent to 831 million rials, despite a slight 1 percent drop in the number of contracts to 43,971. 

Meanwhile, mortgage contract values rose 6.4 percent to 1.285 billion rials, while exchange contract values declined 17.7 percent to 7.6 million rials. Additionally, property ownership transfers rose 2.6 percent to 153,764, though transfers to GCC nationals fell 12.8 percent to 859 ownerships. 

S&P affirms Oman’s BBB- rating 

The global financial rating agency S&P has affirmed Oman’s long-term foreign and local currency sovereign credit rating at “BBB-” with a stable outlook, citing the government’s commitment to financial reforms and its ability to maintain economic stability despite oil price fluctuations. 

“The report noted that the government’s reforms — including restructuring state-owned enterprises, diversifying income sources, and establishing the Oman Future Fund — have strengthened economic resilience and attracted foreign investment,” ONA reported. 

The agency expects Oman’s real GDP growth to rise from 1.7 percent in 2024 to over 2 percent annually during 2025–2028, supported by non-oil sector expansion. 

It forecasts Brent crude prices to climb from $60 per barrel in late 2025 to $65 in 2026–2028, with public debt falling from 36 percent of GDP in 2024 to 33 percent by 2028. Inflation is expected to average 1.5 percent, government net assets to remain at 8 percent, and non-oil growth to hold at 2.9 percent annually.  

S&P also noted a small fiscal deficit of 0.5 percent of GDP in 2025, moving to a balanced budget by 2026, with an average current account deficit of 1.9 percent of GDP.