RIYADH: Oman’s banking sector saw a 6.8 percent year-on-year increase in outstanding credit balances, reaching 30.4 billion Omani rials ($79 billion) by the end of August. Within the same timeframe, the private sector in the country saw a 7 percent increase in credits, amassing a total balance of 25.6 billion rials, as reported by the Oman News Agency, citing the country’s central bank. Regarding credit distribution among various sectors, non-financial enterprises held the majority, with a 45.8 percent share by the end of August. The individual sector closely followed, representing 44.6 percent of the credit distribution. Furthermore, the banking sector’s total deposits amplified by 6.6 percent, culminating at 27.9 billion rials. An additional breakdown revealed a 7 percent ascent in the private sector’s deposits, totaling 18.6 billion rials in the same period. Mineral production sees 7.7% dip in 2022 Oman reported a 7.7 percent decrease in mineral production in 2022, producing approximately 63.66 million tons, down from 68.96 million tons in the previous year, according to figures from the country’s National Center for Statistics and Information. The data also revealed a notable trend in mineral sales for the nation. In 2022, Oman sold about 57.31 million tons of minerals, garnering a revenue of 98.97 million rials. However, this was lower than the 2021 sales, which amounted to 66.63 million tons, generating 107.32 million rials in revenue. Preparations underway for National Aviation Strategy 2040 The Civil Aviation Authority of Oman has embarked on developing the National Aviation Strategy 2040, which aims to achieve synergies with various sectors, mainly tourism and logistics. It is expected that the results of this initiative will be announced in the first half of 2024, according to a report by Oman News Agency. Naif Al-Abri, president of the CAA, stated that this strategy would bolster the country’s aerial position as a gateway between the East and West. He emphasized the growing interest and appeal of Oman’s airspace, noting that the current number of aircraft traversing the country’s skies has surpassed 1,600, beating the tally recorded in 2019.