OMAN

Value of Oman-UK bilateral trade climbs to $1.66bln

The burgeoning trade relationship between the Sultanate of Oman and the United Kingdom has not only showcased impressive growth figures but has also resulted in a substantial trade surplus, according to the latest report of the UK Department for Business and Trade.

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Oman, Saudi Arabia explore means of boosting cooperation in economic fields

Dr. Said Mohammed Al Saqri, Minister of Economy received today Faisal Fadhil Alibrahim, Minister of Economy and Planning of the Kingdom of Saudi Arabia and his accompanying delegation.

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Moody’s upgrades ratings of 5 Omani government-related entities

Moody’s Investors Service on Thursday upgraded the corporate family ratings (CFR) of five government-related issuers (GRIs) domiciled in Oman to Ba1 from Ba2. The outlooks of all five government-related entities have changed to stable from positive.

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Oman, India adopt Joint Vision document to enhance cooperation

The Sultanate of Oman and the Republic of India have adopted a Joint Vision document titled ‘A Partnership For the Future’, encompassing a shared vision of the leadership of Oman and India.

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Oman: State’s public revenue reaches $25.4bln by October end

The State’s Public Revenue at the end of October 2023 amounted to OMR9,800 million, down by 17 percent when compared to OMR 11,862 million registered over the same period in 2022, according to the Fiscal Performance Bulletin issued by the Ministry of Finance.

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GCC

GCC’s non-energy sectors to drive GDP expansion in 2024

The latest Economic Insight report for the Middle East, commissioned by ICAEW and compiled by Oxford Economics, reveals the region is expected to defy the global slowdown in 2024 as non-energy sectors continue to drive growth.

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GCC countries slowly diversifying from US dollar as foreign assets near $4.4trln: Report

Countries in the Gulf Cooperation Council (GCC) countries have been slowly diversifying away from the US dollar, with bilateral trade growing exponentially with other countries — most notably China and India — said a new report.

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2024 MENA markets forecasts: Non-oil sector on the rise, diversification drives growth

Global monetary policy is likely to set the tone for the Gulf Middle East and North Africa (Mena) markets next year, as more countries in the region seek to rebuild their economic development models away from oil, experts note.

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Robust GCC tourism growth defies slowdown in wider MENA region

Tourism in the GCC has maintained robust growth in 2023, led by the UAE and Saudi Arabia, despite regional tensions impacting Q4 numbers for the wider MENA region.

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Saudi minister expects $600bln in petrochemical investments by 2030

Saudi Investment Minister Khaled Al Falih expected investments of up to $600 billion in the Kingdom’s petrochemical sector by 2030.

Speaking at the Saudi-Japanese Investment Forum hosted in Riyadh on Monday, the minister announced the signing of 14 agreements and memorandums of understanding between Saudi and Japanese entities during the forum.

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