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04/04/2025 10:20 AST
Dr. Nasser Al-Maawali, Undersecretary of the Ministry of Economy, has addressed the United States' decision to impose new tariffs on Omani imports, indicating that the impact on Oman's economy is anticipated to be relatively limited and not a cause for concern in the medium to long term. He clarified that the new tariffs do not apply to US imports of Omani oil, gas, and refined products.
Dr. Al-Maawali acknowledged that potential economic effects on Oman could arise from global trade disruptions and a slowdown in global economic growth. However, he also emphasised the potential for Oman to capitalise on opportunities presented by these challenges. He suggested that the high US tariffs on other nations could allow Oman to enhance its trade relationships with those affected and attract foreign investment. Additionally, Oman could strengthen supply chains with countries negatively impacted by the tariffs and leverage its strategic position as a transit hub to facilitate access to the US market for those facing increased tariffs.
Dr. Al-Maawali stressed Oman's capacity to transform challenges into opportunities by utilising its geographical advantages and implementing proactive economic strategies. These actions align with Oman's broader economic vision.
Times of Oman
04/04/2025
Gulf Cooperation Council nations will face a 10 percent US tariff under Donald Trump's new trade policy, aimed at addressing what he called long-standing unfair practices.
While the GCC was
Arab News
03/04/2025
Economies across the Gulf Cooperation Council region are closing the gap with advanced nations when it comes to digital transformation, according to a new International Monetary Fund report. The st
Arab News
03/04/2025
Inbound tourism spending in Saudi Arabia surged to a record SR153.61 billion ($40.95 billion) in 2024, marking a 13.82 percent annual increase, according to data from the Saudi Central Bank.
Arab News
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04/04/2025
Qatar is transforming into a hub for startups and innovation, especially in sectors like technology, fintech, and healthcare. An official remarked that Venture Capital (VC) can promote this thriving
The Peninsula
04/04/2025
Saudi Arabia has solidified its position as the leading hub for billionaires in the Arab world with 15 making it onto the Forbes global 2025 list - the highest in the region.
According to t
Arab News
04/04/2025
His Highness Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, issued Law No. (1) of 2025 on Friday, introducing a legal framework aimed at increasing transparency, prote
Gulfnews
03/04/2025
The capitalization levels of Qatar banks remained robust. Average capital adequacy ratio (CAR) came in at a robust 19.8 percent with all banks generating strong CARs. Qatar's banking sector posted an
The Peninsula
03/04/2025
Saudi Arabia's newly announced real estate directives underscore the Kingdom's commitment to increasing homeownership among its citizens, according to the finance minister.
The changes were
Arab News
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