News
Issue 77. Vol 1- (NOVEMBER 2022)
Oman likely to see 93% surge in international arrivals
Oman can expect an increase of more than 93 per cent international arrivals from European countries, as well as an increase of more than 156 per cent from the regional markets during November and December, a report said.
Oman recorded a significant increase in performance compared to other tourist destinations in the region, according to the latest data airline ticket reservations for the two months released by ForwardKeys, a leading travel data and analytics organisation.
-Zawya-Read More>>Oman’s GDP growth projected at 4.3% in 2022: IMF
Overall GDP growth in Oman rebounded from -3.2% in 2020 to 3% in 2021 and is projected at 4.3% in 2022, supported by increased hydrocarbon production and continued recovery of non-hydrocarbon economic activity.
This is according to the Executive Board of the International Monetary Fund (IMF), which concluded the Article IV consultation with Oman and considered and endorsed the staff appraisal without a meeting.
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Oman’s OQ Group assets cross $31.6bln
The total assets value of OQ, a global integrated energy group in Oman, has exceeded $31.6 billion, making it one of the largest energy companies in the Sultanate.
The operations and activities of OQ cover the entire value chain; starting from exploration and production, operations of refineries and petrochemicals sector, to the added value of oil and gas products, as well as trading and marketing, reported Oman News Agency (ONA).
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Oman posts $2.9bln budget surplus by September
Oman’s budget has achieved a surplus of RO1.123 billion ($2.9 billion) at the end of September 2022 as compared to a deficit of RO1.030 billion over the same period in 2021, according to the Ministry of Finance.
Oman’s public revenue stood at RO10.567 billion at the end of September 2022, up by 43.4% compared to RO7.368 billion registered over the same period in 2021. This is mainly due to an increase in oil price and production, reported Oman News Agency (ONA), citing the Fiscal Performance Monthly Bulletin.
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Jordan-Oman MoU on tourism cooperation published in Official Gazette
The executive programme for activating the memorandum of understanding (MoU) on tourism cooperation between the Jordanian and Omani governments for the years 2023-2026 was published in the latest issue of the Official Gazette.
Within the framework of bolstering growing ties between the two countries and activating the memorandum of understanding on tourism cooperation between the two countries signed on May 25, 2005, the programme aims to promote and develop cooperation in the field of tourism.
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GCC consumers will spend more during World Cup, but inflation will bite
Gulf football fans will spend more on going out and socialising during the 2022 FIFA World Cup than they did during the last one, but inflation will have an impact on how they spend.
A new survey showed that more than half (54%) of respondents in Qatar, 45% in Saudi Arabia and 42% in the UAE will spend more money than they did in the previous World Cup tournaments.
However, around a third in all the countries said the rising cost of living or inflation will impact the food and beverages they consume during matches, as well as the venues they choose to watch the games.
-Zawya-Read More>>GCC fintech hubs 'must build on billion-dollar momentum'
Sustainable fintech growth will boost financial services and the GCC’s overall ambitions of economic diversification and increased innovation, according to Strategy&, Middle East, part of the PwC network.
The number of fintech hubs in the GCC has risen from just one in 2018 to four in 2022 and the volume of late-stage funding rounds has almost doubled in the last five years.
But the region cannot afford to rest on its laurels and must build on the momentum by encouraging fintech entrepreneurs, accelerating and easing access to venture capital (VC), and forming new strategies to resolve the growing digital talent shortage.
-Zawya-Read More>>GCC retail sector ‘to grow 15.7%’
The GCC retail industry will surpass pre-pandemic levels in 2022, register a 15.7 per cent year-on-year growth and reach a revenue of $296.8 billion. The industry is expected to further grow at a compounded annual growth rate (CAGR) of 5.7pc by 2026, says Alpen Capital’s latest retail sector report.
Mega events including the World Cup, the return of tourism and population growth are among factors cited in the return to growth, with Duty Free Sales at airports also expected to grow by 65.5pc year-on-year to reach $2.2bn in 2022 and further projected to reach $3.0bn by 2026, implying a compound annual growth rate (CAGR) of 8.4pc.
-Zawya-Read More>>Saudi Arabia's construction sector worth $68bln
Saudi Arabia's construction market is worth SR255 billion ($68 billion) per annum, thus making it the country's second biggest non-oil sector, reported the Saudi Gazette, citing a senior minister.
There are more than 175,000 companies that are working in the contracting sector with about 4 million workers, stated Minister of Municipal and Rural Affairs and Housing Majid Bin Abdullah Al Hogail after inaugurating the third edition of the International Contracting Conference in capital Riyadh.
-Zawya-Read More>>GCC reviews strategy to review tourism
Bahrain and other GCC countries yesterday held a meeting to review strategies to promote tourism. Bahrain, represented by the Bahrain Tourism and Exhibitions Authority (BTEA), took part in a meeting of GCC tourism under-secretaries to prepare for the sixth meeting of the Committee of GCC Tourism Ministers, held in AlUla in Saudi Arabia.
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