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Oman News

  • UNWTO: International tourism – strongest half-year results since 2010

    AFGHANISTAN, 2017/09/09 Destinations worldwide welcomed 598 million international tourists in the initial six months of 2017, some 36 million additional than in the same period of 2016. At 6%, increase was well above the trend of recent years, making the current January-June period the strongest half-year since 2010. Visitor numbers reported by destinations around the world reflect strong request for international travel in the initial half of 2017, according to the new UNWTO World Tourism Barometer. Worldwide, international tourist arrivals (overnight visitors) increased by 6% compared to the same six-month period last year, well above the sustained and consistent trend of 4% or higher increase since 2010. This represents the strongest half-year in seven years.
  • Demographics and reforms expected to benefit Oman’s real estate sector

    OMAN, 2017/08/01 While real estate transaction figures continue to reflect a additional cautious macroeconomic environment, potential reforms could pave the way for Oman’s property market to regain some of its dynamism going forward. The price of property traded in the sultanate between January and June this year fell by 69.9% year-on-time(y-o-y) to OR1.4bn ($3.6bn), according statistics released by the government’s National Centre for Statistics and Data (NCSI). Over the same period the traded price of mortgage contracts fell by 80.7% to OR797.7m ($2.1bn), while the number of sales contracts eased by 23.9% to 30,635.
  • First-quarter figures show increase in money supply at Oman’s banks

    OMAN, 2017/06/30 Central Bank of Oman (CBO) statistics show an upswing in money supply part the country’s banks in the initial quarter of 2017, with total deposits to conventional banks rising by 4.2% to OR19.02bn ($49.4bn), compared to increase of 2% in quarter one 2016. The increase was supported by a 6.9% quarter-on-quarter (q-o-q) rise in government deposits to commercial banks between January and March, inclunding q-o-q expansion of 5.7% and 3% in public enterprise deposits and private sector deposits, respectively. In a June statement, ratings agency Moody’s said that 34% of banking system deposits were made by the government and related entities over the period, citing higher oil prices as behind improved national revenues and deposit increase.
  • Policy Differences Emerge Among Gulf States Days After Wooing President Trump

    BAHRAIN, 2017/05/29 Cracks have appeared in a Saudi-led, US-backed anti-terrorist political and military alliance days next US President Donald J. Trump ended a historic visit to Saudi Arabia. The cracks stem from Qatar’s long-standing fundamental policy differences with Saudi Arabia and the United Arab Emirates about Iran and the role of political Islam. The cracks emerged as the result of an anti-Qatar media and cyber campaign involving a spate of anti-Qatar articles in US and Gulf media; the blocking of Qatar-backed media websites and broadcasts in Saudi Arabia, the United Arab Emirates and Egypt; statements by prominent former US government officials; and a recent seminar by the Washington-based Foundation for the Defense of Democracies that has long asserted that Qatar supports militant groups.
  • Oman Year in Review 2016

    OMAN, 2017/04/16 As nations across the GCC faced revenue pressures due a lower oil price environment, Oman balanced reduced public spending with economic diversification efforts to keep increase on a positive trajectory. In its October “World Economic Outlook” the IMF estimated Oman’s GDP would expand by 2.1% in 2016, with increase set to pick up slightly to 2.68% this year and to 3.8% in 2018. This upward momentum is expected approaching from a modest recovery in oil prices, combined with the effects of ongoing reform efforts and strategies aimed at enhancing non-oil activity.
  • Oman’s business environment gets major boost from e-services

    OMAN, 2017/04/16 Last year saw a surge in activity on Oman’s Invest Easy portal – a one-stop shop for investment and business procedures – with the authorities as well rolling out key reforms aimed at attracting investors. According to the new figures from the Ministry of Commerce and Industry (MoCI), additional than 193,000 commercial transactions were carried out through the online service in 2016 – a 448.6% increase on 2015.
  • Private projects to keep construction humming in Oman

    OMAN, 2017/04/15 The government’s development plan for 2016-20 – the final component of its Vision 2020 long-term blueprint for economic diversification – allocates national development spending of OR1.66bn ($4.3bn) per year for a range of projects, such as a waterfront complex at Port Sultan Qaboos, a new international airport terminal in Muscat and a national railway system. A recent pick-up in investment activity reflects the plan’s call for an enhanced private sector role in ownership, financing and management of such undertakings.
  • Higher earning Why a university degree is worth more in some countries than others

    AFGHANISTAN, 2016/12/11 A university education may expand your mind. It will as well fatten your wallet. Data from the OECD, a club of rich nations, show that graduates can expect far better lifetime earnings than those without a degree. The size of this premium varies. It is greatest in Ireland, which has a high GDP per chief and rising inequality. Since 2000 the unemployment rate for under-35s has swelled to 8% for those with degrees – but to additional than 20% for those without, and nearly 40% for secondary school drop-outs. The country’s wealth presently goes disproportionately to workers with letters next their names.
  • Moody's: Oman exposed to economic risk

    OMAN, 2016/07/16 The heavy economic reliance on oil and gas for revenue means Oman is more exposed to economic risk that its peers, Moody's Investors Service said.
  • Paltry 0.4pc growth in industrial activities

    OMAN, 2016/07/10