Cruise tourism is an important part of Oman economy.

The contribution of travel, hospitality and tourism to the Omani economy totalled around RO 1.293 billion in 2019, up from RO 1.233 billion a year...

The results of the Credit Conditions Survey have been published in the CBO’s recently released Financial Stability Report 2023

Adil Rashid picked up four wickets against Oman, while Jofra Archer and Mark Wood picked up three each.

Discover the magnificent Sultanate of Oman in Photos - 35 pictures to show you the best landscapes in Oman and more

Oman Shell will now have a 100% working interest and operatorship of Block 55.

Work is underway to establish a Turkish Industrial Zone in the Special Economic Zone at Duqm

A satisfyingly strong gin and tonic precedes lunch and I decline the polite offer of another.

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MUSCAT, APRIL 29

The Omani economy is poised for a recovery, buoyed by massive projects, diversification of income sources, and optimal utilisation of financial resources, according to Dr Khalid bin Said al Amri (pictured), Chairman of the Board of Directors of the Omani Economic Society.

Speaking at a lecture organised by the British-Omani Society in London, Dr Al Amri praised the wise leadership of His Majesty Sultan Haitham bin Tarik and the government’s financial plans and programmes, which he believes will help Oman recover in the coming period.

Dr Al Amri also discussed the laws and regulations that will support economic aspects, such as the expected Labour Law, Social Protection Law, and Public Debt Law in 2023.

He predicts that Oman’s credit rating will continue to improve in the coming years with the implementation of financial measures and policies aimed at achieving financial sustainability and regulating public finances.

Despite going through a tough period due to the Covid-19 crisis and the collapse of oil prices, the Omani economy has recovered thanks to the government’s economic reforms, initiatives, and programmes.

Oman is expected to continue working on improving the business environment, providing financing sources with competitive interest rates for various projects, and attracting foreign investment.

The country will also focus on economic diversification plans and developing governorates by granting them more authority, developing economic leadership, activating the role of civil society institutions and regulatory authorities, as well as utilising the surplus in the budget to create export-oriented economic projects that generate jobs, and focusing on education and its quality.

Green hydrogen

Oman will also be an important global centre for the production and export of green hydrogen, with five giant projects expected in the sector.

These include the ‘Duqm Hyperscale Green Hydrogen Project’, the Oman Hydrogen Project, the JEA Green Energy Project, the H2Oman Project, and the Salalah H2 Project.

The Chairman of the Oman Economic Society highlighted the most important financial and economic developments in Oman from February 2020 to March 2023, which included the launch of the National Financial Sustainability Programme and Financial Sector Development to enable the growth of the economy and increase investments, ensuring sustainability and financial stability. His Majesty Sultan Haitham bin Tarik, the economist noted, has extended job security benefits for former employees working for Omani citizens until the end of June 2023 to maintain social and economic stability.

His Majesty has also directed an increase in the financial allocations for the 2022 development budget to RO 1.1 billion, while the Council of Ministers has approved the reduction, cancellation, and merging of 288 fees to support economic activities, enhance national economy competitiveness and facilitate government procedures.

The Tenth Five-Year Plan (2021-2025) will feature several new development projects worth over RO 52 million, including the dualisation of Sultan Qaboos Street in Salalah, rehabilitation and construction of the rainwater drainage system in Sultan Qaboos Street in Salalah, and the implementation of a multipurpose port project in the Wilayat of Masirah.

Other projects include the construction of three hospitals, establishment of 76 government schools, completion of compensations related to the coastal interior road, establishment of a new airport in Khasab, execution of the Dibba-Lima-Khasab road and connecting it to Khamis Mushayt in the Governorate of Musandam, among others.

Monetary and economic indicators show that the Gross Domestic Product (GDP) is expected to reach RO 44.1 billion by the end of 2022, a 30 per cent increase from the previous year.

Foreign currency reserves of the Central Bank of Oman rose to $16.6 billion by the end of June 2022.

Traditional commercial banks’ total deposits increased to RO 26.3 billion, a 5.5 per cent increase, and the total credit balance provided by local banks increased by 3.9 per cent to RO 28.8 billion by the end of September 2022, Dr Al Amri stated.

The Financial Balance Plan aims to reduce public debt as a percentage of GDP from 69.7 per cent in 2020 to 46.5 per cent in 2022 by reducing external borrowing, repurchasing sovereign bonds, paying off high-cost loans, and issuing local bonds for trading on the Muscat Stock Exchange at a relatively low cost.

The plan was developed due to the sharp and sudden drop in oil prices, which remained low for an extended period, and the public spending’s inability to adapt to the situation, he added.

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The project will be developed by Universal FINE Chemicals SPC

Omani Shuwa is marinated lamb slow cooked for hours until juicy and tender. A delicacy usually prepared during festivals and special occasions.

RIYADH: Saudi Arabia’s trade and economic relationship with Oman is set to be enhanced after leading institutions from the two countries signed a memorandum of understanding. The Kingdom’s Public Investment Fund inked the deal with the Oman Investment Authority in a move that will help PIF and its portfolio companies unlock investment opportunities in the Gulf nation. Saudi Arabia’s economic relationship with Oman has always been strong, and in 2022 trade between both nations surged by 123 percent compared to the previous year to reach $7.01 billion.

According to preliminary data issued by the National Centre for Statistics and Information, the oil and gas extraction sector has acquired the largest volume of foreign direct investment

Here's everything you need to know about Oman Air reviews and transit in Muscat. From visa requirements to what you need to consider before flying with Oman Air, is Oman Air good compared to other airlines in the Middle East?

You can entrust the hard work to our group at Omani Best and find the best finance companies in Oman on the list we have pulled together.

The Ministry has allocated public mining sites for industrial minerals to local companies

Examining Saudi Arabia, Bahrain, Kuwait, Oman, Qatar, and the United Arab Emirates, this title in the World Economies series provides a synthesis of the modern economic history and political economy of countries that collectively are a hugely important component within the global economy. Focusing on the period since 1945 and especially on the last twenty years, the book outlines the main factors to have shaped these diverse nations, including problems of state formation and ruling elite legitimacy, the role of oil and energy, the challenges of economic geography, the wider international political setting and its impacts, and constraints to economic reform. It also explores topics more often overlooked, such as the personalization of economics, social forces such as women, youth, and expatriate workers, climate change and environmental problems, and income distribution. The book highlights the key structures that have shaped Gulf economic systems tightly controlled by the state, and a core group of political elites including royal and merchant families. These frameworks include rentierism, new state capitalism, economic statecraft, and broad narratives of regime legitimacy in each country via which the book analyzes both similarities and differences between them. Assessing the full panoply of formal economic indicators and statistics, the book also considers human factors uniquely important to development. Concluding with an analysis of future challenges to the Gulf States' economies, this book provides a fascinating and insightful overview suitable for a range of students and professionals.

The Oman Ministry of Transport, Communications, and Information Technology has unveiled a cutting-edge data hosting and bitcoin mining center.

Germany’s Securing Energy for Europe will receive 0.58 mta of LNG per year from Oman LNG

RIYADH: Oman is on course to surpass its 2023 employment and replacement plan after hitting 53 percent of its target for job creation in the first half of the year. The latest figures from the Labor Ministry show the total number of new jobs in government and private sector entities touched 18,716 by the end of June. In April, Omani Labor Minister Mahad Said Ba’Owain said his ministry aimed to provide at least 35,000 job opportunities in 2023.

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Union Cabinet approves setting up of 7 PM Mega Integrated Textile Region & Apparel (PM MITRA) parks with a total outlay of Rs 4,445 crores over 5 years. Move inspired by 5F vision of PM Modi - Farm to Fibre to Factory to Fashion to Foreign, said Goyal.

oman will be able to resist any fluctuations in oil prices due to efficiency and reduced costs a top

Als eines der schönsten Dörfer Omans gilt der kleine Ort Al Misfah in den Bergen. Ein riesiges Schild heißt die Touristen willkommen.

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Im Oman kann man sich den Traum von 1001 Nacht tatsächlich erfüllen. Begleite mich eine zauberhafte Welt von Plamenhainen, Bergen, Wüste, tiefblauem Meer und legendärer Gastfreundschaft.

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Südlich von Muscat erstreckt sich eine wilde und zerklüftete Landschaft mit hohen Bergen und Schluchten. Hier offenbart Oman seine wahre Schönheit.

Al Mouj Muscat Marathon, held earlier this year has highlighted the economic benefits of hosting major international sporting events in Oman.