By: Ramy Samih
Mubasher: Oman Arab Bank (OAB) is now focusing on the retail sector and investing in secured assets with low-risk yields to face any slowdown may occur to the financing of major projects on back of oil drops, according to OAB’s wholesale banking manager Abdullah Al-Dahab.
“Now, we are adopting stronger marketing strategies for our products to boost our activities in the retail sector, which mainly depends on investor spending,” Al-Dahab told Mubasher on Thursday.
“This step comes in light of the continuous declines in oil that could be a drain on the funds we provid for major projects, so we are focusing on investing in secured assets with low-risk yields,” he added.
Al-Dahab explained that there are many global projects stalled on falling oil, and companies that became unable to cover its expenses. “The situation is getting worse, and it’s hard to predict what will happen next”.
Al-Dahab also expected stable performance by the banking sector this year, saying that there are projects that came into effect, which translates to financing demands.
“The banking sector’s position is good at the current time, despite the surrounding circumstances, but it may weaken in 2017 if the drop in oil lasted,” Al-Dahab clarified.
Translated by: Elwy el-Manzalawy
