Economy Oman reports $2bn budget surplus despite drop in oil revenues By Pramod Kumar November 10, 2023, 5:08 AM Oman News Agency Oman's smaller surplus this year will partially reflect a projected one percent drop in oil output Oman’s general budget registered a surplus of OMR791 million ($2.05 billion) by the end of the third quarter of 2023, compared to a surplus of OMR1.123 billion a year earlier. The government’s public revenues reached OMR8.89 billion during the nine-month period, down 16 percent, compared to OMR10.57 billion a year ago, state-run Oman News Agency reported citing the finance ministry’s financial performance bulletin. Oman to develop rules for carbon capture and green hydrogen Oman’s crude oil output falls 3.3% to 224m barrels Oman labour reforms raise cost concerns for businesses Net oil revenue stood at OMR4.84 billion, tumbling 10 percent from OMR5.36 billion in the same period last year. The drop was due to a decline in average oil prices to $81 per barrel, compared to $94 per barrel a year ago. Net gas revenue reached OMR1.58 billion, dropping 42 percent year on year. By the end of the third quarter, public spending stood at OMR8.09 billion, a decline of 14 percent year on year. Current expenditure sank 13 percent to OMR6.177 billion, compared to OMR7.07 billion a year earlier. The electricity sector and oil product subsidies reached OMR408 million and OMR236 million, respectively.
Logistics Fall of Assad reopens Syria route to Gulf for Turkey’s truckers The overthrow of the Bashar Al-Assad regime is great news for Turkey’s logistics sector, with hopes that the direct land route to the Gulf region through Syria may soon be re-established. While there will be strong demand for logistics in Syria as the country rebuilds after 13 years of civil war, Turkey’s truckers are looking […] 3 hours ago
Trade End sanctions on Syria, says Saudi Arabia Prince Faisal bin Farhan, Saudi Arabia’s foreign minister, has called for an end to economic sanctions on Syria, as the kingdom looks to repair trade and relations after the overthrow of the Assad regime. Speaking at a ministerial meeting in Riyadh to discuss Syria, Prince Faisal said that “continuing sanctions will hinder the aspirations of […] 2 hours ago
Manufacturing Alba and Ma’aden end merger discussions Aluminium Bahrain (Alba) and the Saudi Arabian Mining Company (Ma’aden) have ended talks over a merger of the two Gulf manufacturing giants. Discussions had been taking place since last year and it had been hoped that a deal could be completed in the first quarter of 2025, according to Alba’s chief executive, Ali Al Baqali. […] 1 hour ago
Finance Aldar secures $2.5bn credit facility to support growth Aldar Properties, Abu Dhabi’s largest developer, has raised AED9 billion ($2.5 billion), taking its overall liquidity to AED27 billion to back its ongoing growth initiatives. The sustainability-linked multi-tranche revolving credit facility attracted orders from 15 global and regional financial institutions. The facility, which has a five-year tenor and incorporates conventional and Islamic tranches across AED […] 58 mins ago
