Oman

2021 Budget first step in delivery of Oman 2040 Vision

Oman’s 2021 General Budget, replete with bold but judicious measures to drive fiscal sustainability amid a severe economic crunch, sets the tone for the implementation of the road map for achieving the country’s long-term growth objectives enshrined in the Oman 2040 Vision blueprint.

According to a key Muscat-based tax expert, the Budget also has the potential to put the Omani economy, weighed down by low oil prices and the coronavirus pandemic, on a promising path to recovery. -Zawya-Read More>>

Over $596.6mln spent on heritage and culture in Oman

In 2019, over OMR 230 million was spent by the government on promoting heritage and culture. OMR 10.5 was the average monthly household spending on recreational and cultural activities according to a new book titled 'Culture is participation and spread' issued by the National Centre for Statistics and Information (NCSI).

The NCSI said in a statement: "The importance of this publication stems from the fact that it gives statistical and informational inference evidence serving planners and those interested in cultural aspects that include a variety of religious, material, intellectual and emotional peculiarities that characterize a particular community or group." -Zawya-Read More>>

VAT, selective tax are new sources of revenue in Oman's state budget

The value-added tax (VAT) and selective tax are new sources of revenue in the state budget 2021 at a value of OMR 413 million.

The state's general budget for 2021 aims to raise the total government revenues to about OMR 8.64 billion, an increase of 2 per cent over the expected revenues for the year 2020. -Zawya-Read More>>

Oman turns stock exchange into closed joint stock company

Oman's stock market, the Muscat Securities Market, has been converted into a closed joint stock company and put under the ownership of the state-owned Oman Investment Authority, state media said on Wednesday.

It will be called the Muscat Stock Exchange and all assets and employees of the Muscat Securities Market will be transferred to that new entity, Oman news Agency said. -Zawya-Read More>>

Oman to get its first crown prince in constitutional overhaul

Oman's sultan announced on Monday a constitutional shakeup that includes the appointment of a crown prince for the first time and new rules on how parliament will work, state media said.

A new basic law issued by Sultan Haitham bin Tariq al-Said also emphasises the role of the state in guaranteeing more rights and freedoms for citizens - including equality between men and women, state news agency ONA said. -Zawya-Read More>>

GCC

Resolution of Qatar dispute will broadly improve GCC business, investment: S&P

The restoration of the Gulf Cooperation Council’s relationship with Qatar will improve cooperation but the damage done by the rift is likely to remain, says S & P.

Following the resolution of the dispute between Qatar and the other GCC states, S & P said political and economic cooperation will both improve, but the damage done to the three-year boycott, both real and perceived, will remain. -Zawya-Read More>>

Saudi Causeway re-opening to "add nearly $3bln" to Bahrain economy

The re-opening of the King Fahd Causeway will add $2.9 billion dollars to Bahrain's economy as visitor levels return to pre-pandemic levels, according to a top official of the Bahrain Economists Society.

Dr. Ali Al-Moulani, president of the society, hailed the Saudi "longstanding tourism and trade ties" with Saudi Arabia following news that the country's travel restrictions will soon be lifted. -Zawya-Read More>>

GCC’s diversity can help bring peace to region

At long last, the 41st summit of the Gulf Cooperation Council (GCC) last week marked the end of a severely damaging rift that had divided its members since the summer of 2017. The “solidarity and stability” agreement, announced by Crown Prince Mohammed bin Salman and mediated by Kuwait and the US, ended the boycott of Qatar and created a path toward restoring relations.

What have been described as irreconcilable differences between the members of the GCC reflect a debate with a wide range of opinions about major challenges confronting the Arab and Muslim worlds. They include such issues as political Islam, terrorism, peace with Israel, and relations with Egypt, Turkey and Iran. All these questions are entangled with the various conflicts and crises in the broader region: Syria, Libya, Yemen, Palestine, Lebanon, and Iraq. Competition between the GCC states in support of opposing factions in these regional conflicts has had disastrous consequences. -Zawya-Read More>>

Middle East GDP set to rise 2.1% in 2021: World Bank

GDP in the Middle East, is expected to rise 2.1 per cent this year, supported largely by firming global oil demand and easing domestic lockdowns, according to the World Bank.

"The recovery is contingent on containment of the pandemic, stabilising oil prices, no further escalation of geopolitical tensions and the assumption of a vaccine rollout in the second half of the year," the latest Global Economic Prospects report said. -Zawya-Read More>>

Negative outlook for GCC sovereigns as recovery could take up to 3 years - Moody's

It will take two to three years for real, inflation-adjusted GDP in GCC sovereigns to return to pre-pandemic levels, Moody’s Investors Service said in a report Wednesday.

Even then recovery will take the longest in the more economically diversified sovereigns, where key sectors such as transportation and tourism will be slow to bounce back, the ratings agency said in its outlook for sovereign creditworthiness among GCC members. -Zawya-Read More>>