Author: Anirban

Oman’s Fiscal Performance in Q1 2024 Oman’s Ministry of Finance recently released data on the country’s fiscal performance in the first quarter of 2024. Total public revenues dropped by 12% to RO2.826bn compared to Q1 2023, mainly due to a decline in net oil and gas revenues. Net oil revenue decreased by 1% to RO1.688bn, with an average oil price of $83 per barrel. On the expenditure side, total public spending decreased by 4% to RO2.664bn, with current expenditure of civil ministries dropping to RO1.978bn. Development expenditure reached RO200mn. The increase in total contributions and other expenses by 78% to…

Oman Reports Significant Reduction in Public Debt in Q1 2024 The Ministry of Finance in Oman announced a notable decrease in the country’s outstanding public debt in the first quarter of 2024. The total public debt decreased to RO15.1bn from RO15.3bn compared to the end of 2023, showcasing the government’s efforts in managing financial obligations. By implementing various strategies like buying back sovereign bonds, replacing high-cost loans with low-cost ones, and issuing sukuk, Oman has successfully reduced its debt-to-GDP ratio from its peak of 67.9% in 2020 to 36.5% by the end of 2023. The ministry aims to further lower…

Oman’s Economic Growth Outlook The International Monetary Fund (IMF) recently stated that Oman’s near- to medium-term growth outlook is promising, with balanced risks. The IMF staff team, led by Cesar Serra, visited Muscat to discuss economic developments and policy priorities, concluding that Oman’s economic activity is expanding and inflation remains low. Despite OPEC+ oil production cuts, Oman’s real GDP grew by 1.3% in 2023, with growth expected to reach 0.9% in 2024 and accelerate to 4.1% in 2025. Non-hydrocarbon growth is projected to increase, supported by reforms and investment projects. The fiscal surplus is forecasted to continue, with debt as…

Shell Oman: Driving Innovation and Sustainability Muscat- Shell Oman Marketing Company, a pioneer in the fuel marketing industry in Oman, has been recognized as Oman’s Most Trusted Brand in the fuel station and lubricant categories. In an exclusive interview with Muscat Daily, Suresh Nair, General Manager – Mobility at Shell Oman, sheds light on the company’s success and future vision, emphasizing their innovative products and sustainable strategies. Shell Oman attributes its success to a steadfast dedication to excellence, customer satisfaction, and adherence to high standards of Health, Safety, Security, and Environment (HSSE). With a focus on quality products and exceptional…

Muscat – In a significant move towards enhancing Oman’s power generation and water desalination capacities, Nama Power and Water Procurement Company (Nama PWP) recently signed new agreements with four key plants in Oman, totaling over RO500mn in costs. The agreements were formalized with Barka 1 Independent Water and Power Plant, Barka 2 Independent Water and Power Plant, Al Rusail Power Plant, and Manah Independent Power Plant. The signing ceremony was graced by H E Abdulsalam bin Mohammed al Murshidi, Chairman of Oman Investment Authority, and Eng Ahmed bin Hamad al Subhi, Chairman of Nama Group. The contracts, lasting up to…