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- Bahrain All Share Index, Islamic Index close lower
- NBK launches a new suite of updates and enhancements to its Mobile Banking App
- Global stocks drop at end of record year for markets
- Bank Muscat successfully manages OMR200mn Sovereign Sukuk Issuance
- Projects worth over OMR363mn awarded
- Oman Broadband aims to connect 1mn homes with fiber-optic network
- UAE raises minimum wage for Emiratis to AED6,000 per month
- Bank Nizwa closes $519m Omani sovereign sukuk issue
- Gold set for best year in nearly half a century
- ACWA Power agrees to buy stakes in 5 China wind power projects
23/06/2025 05:11 AST
The World Bank's 2024 Gulf Economic Update report highlighted that the Sultanate of Oman has achieved significant positive fiscal and economic results despite regional and global challenges.
The report affirmed that Oman's economic performance reflects the success of its fiscal and economic policies amid global changes, aligning with the priorities of economic diversification and financial sustainability under "Oman Vision 2040."
It noted that Oman has recorded fiscal surpluses in recent years due to government measures to improve financial performance, as well as a current account surplus driven by growth in non-oil exports and services exports, strengthening its external position.
The report praised Oman's reduction of public debt from 68% to 35% of GDP, demonstrating its commitment to fiscal sustainability, along with its credit rating upgrade to an investment-grade level (BBB-) by S&P in 2024.
Additionally, Oman maintained low inflation at 0.6% in 2024, compared to the GCC average of 2%. Looking ahead, the report projected continued current account surpluses and growth in non-oil exports, supported by fiscal discipline and economic diversification efforts.
For the broader GCC, the report forecasted economic growth of 3.2% in 2025 and 4.5% in 2026, with the oil sector expected to grow by 5.7% and the non-oil sector by 4.9% in the medium term, while inflation remains low.
Times of Oman
03/12/2025
OQ Gas Networks (OQGN), the sole operator of Oman's natural gas transportation network, has signed an agreement to acquire a gas transportation pipeline in Block 61, which hosts the Khazzan and Ghaze
Muscat Daily
04/08/2025
Integrated Gas Company (IGC), the state-owned entity overseeing Oman's entire gas supply chain, has announced its approval for the implementation of a major new gas pipeline project to meet the grow
Muscat Daily
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01/01/2026
The Tender Board on Wednesday approved a major portfolio of government contracts and project amendments valued at more than OMR363 million during its fourth meeting of the year (2025).
The me
Times of Oman
01/01/2026
Oman Broadband Company plans to cover one million residential units over the next three years, strengthening the sultanate's core digital infrastructure and expanding access to high-quality services
Muscat Daily
01/01/2026
The UAE Ministry of Human Resources and Emiratisation (MoHRE) has increased the minimum wage for Emiratis employed in the private sector to AED6,000 per month, effective January 1.
This also
Trade Arabia
01/01/2026
Alfanar Engineering Services has signed a land lease agreement with the Royal Commission for Jubail and Yanbu to develop a large-scale specialised facility in Yanbu Industrial City, dedicated to the
Trade Arabia
01/01/2026
The committee responsible for the GCC Tourism Capital has officially announced Doha as the GCC Tourism Capital for 2026, within the framework of strengthening joint tourism cooperation among GCC memb
Trade Arabia
Financial Information Co.
Saudi Arabia