Recent disruptions to global supply chains and recognition from policymakers about the urgent need to diversify the economy are combining to stimulate industrial development in Oman, with the country’s network of special economic and free zones having a key role to play in attracting investment and boosting external trade. Fiscal incentives, advanced infrastructure, and strong connectivity with…
– In June the GCC and the UK officially launched negotiations for a free trade agreement – The deal is expected to boost renewable energy and food security in the bloc – The launch comes as the GCC looks to attract investment for diversification plans – A final agreement would expand the GCC’s global trade footprint As part of plans to expand and diversify its global trade partners,…
– Despite high oil prices, many Gulf countries are following fiscally stringent strategies – Saudi Arabia is expecting its first budget surplus in eight years in 2022 – Some countries are introducing corporate taxes and VAT to bolster revenue – Governments are balancing the need for diversification with fiscal realities As oil prices reach 7.5-year highs, a number of countries in the…
– Higher oil prices helped Middle Eastern countries return to growth in 2021 – Notwithstanding the rebound, some governments rolled out fiscal rationalisation plans – Business-friendly and social reforms were implemented to improve competitiveness – Major players stepped up investment in a range of renewable energy solutions On the back of higher oil prices and a stronger global economic…
Oman’s post-pandemic priorities are focused on developing the private sector, accelerating diversification and reducing the national deficit. 2021 marks the beginning of the 10th five-year plan to raise the contribution of non-oil industries to 90% of GDP by 2040, while also reducing government debt. The Sultanate’s economy is forecast to increase by 2.5% and 6.5% in 2021 and 2022, respectively,…
– The UAE has launched two new visas to support growth in its tech ecosystems – Saudi Arabia has taken steps to attract the most highly skilled foreign workers – Other countries have sought to tighten restrictions in order to provide jobs for locals – GCC countries are balancing the need to upskill nationals and bring in global expertise Amid an attempt to drive a post-coronavirus economic…
On the government’s efforts to continue education during the pandemic How is the Covid-19 pandemic shaping national strategies in higher education, scientific research and innovation? RAHMA BINT IBRAHIM AL MAHROOQI: The MoHERI has continued its efforts to develop research and innovation capacity during the pandemic. The ministry contributed funding to the Covid-19 Research Programme launched…
Oman was already working to diversify its economy, but the pandemic-induced disruption to oil and gas has further underscored the importance of developing a broader economic base to absorb the impacts of international crises and downturns in commodity cycles. To this end, policy initiatives and targets have been put forth to spur private sector development and nurture new growth engines. The Medium-Term…
On increasing participation in the stock exchange To what extent has the Covid-19 pandemic impacted equity investments in Oman? ABDULAZIZ AL BALUSHI: The onset of the pandemic had a significant negative impact on all stock markets in the first quarter of 2020. Oman was no exception, with the Muscat Stock Exchange (MSX) 30 Index falling by 20% during that period. However, the MSX has not participated…
– Saudi Arabia recently announced a new law to boost privatisation – Private sector is seen as key to post-coronavirus growth plans – Various Gulf countries are looking to sell off public assets – Increased privatisation is essential to diversification efforts With Saudi Arabia announcing plans to raise $55bn through its privatisation programme, Gulf countries are stepping up efforts…