Economy Oman estimates budget deficit of $1.6bn in 2025 By Pramod Kumar January 3, 2025, 10:25 AM Oman News Agency 42 percent of Oman's total public spending has been earmarked for social sectors, including 22 new schools Spending to increase 1.5% Forecast based on $60 oil price Target of 3% GDP growth Oman estimates a budget deficit of OR620 million ($1.61 billion) in 2025, with total spending likely to reach OR11.8 billion, a 1.5 percent increase year on year. The revenue forecast is based on an average oil price of $60 a barrel, state-run Oman state news agency reported. The deficit will be funded through local and external borrowing of OR220 million and withdrawing OR400 million from reserves. Public debt repayments are forecasted at OR1.8 billion. The budget aims to strengthen financial sustainability and targets real GDP growth of nearly 3 percent in 2025, local media reported, citing finance minister Sultan bin Salim Al Habsi at a press conference. Nearly OR5 billion, or 42 percent of total public spending, has been earmarked for social and basic sectors, with 39 percent allocated for education, 28 percent for social security, and 24 percent for healthcare, he said. Key infrastructure initiatives include constructing 20 government schools, issuing tenders for 22 new schools, expanding the Muscat Expressway, and developing new ports and dams. In numbers: Oman's economy Oman appoints Al Musalmi to head central bank Oman imposes 15% tax on multinationals Preliminary results for the 2024 budget show a surplus of OR540 million, a turnaround from the previously expected deficit of OR640 million. Revenues increased by 15 percent to OR12.7 billion, while public spending reached OR12 billion. The ministry said the additional revenue generated in 2024 was directed towards social spending and reducing public debt.
Education Gems Education announces $100m Dubai school Gems Education has revealed plans to open the most expensive school in the Gulf, which is set for completion later this year. It is spending $100 million to develop Gems School of Research and Innovation in Dubai Sports City. Annual fees will start from AED116,000 ($31,582) for early-years education and rise to AED206,000 by the […] 4 hours ago
Energy Aramco announces $9bn of localisation investment Saudi Aramco has identified 210 localisation opportunities within 12 sectors with an estimated market size of $28 billion. Wail Al Jaafari, Aramco vice president of technical services, made the comments on the opening day of the Iktva Forum in Dhahran on Monday. Iktva, which stands for “in-kingdom technical value add”, “is a top priority in […] 3 hours ago
Mining Brazil and UAE sign minerals exploration deal The UAE and Brazil have signed an agreement potentially worth billions of dollars to invest in the search for minerals that are essential to the green energy transition. The memorandum of understanding aims to promote exploration for and development of “strategic” minerals, in a partnership that could reach R$15 billion ($2.45 billion) in investments, Brazil’s […] 3 hours ago
Energy Turkey needs $80bn for energy transition, says minister Turkey needs $80 billion to meet growing energy demand, which has tripled in the last two decades, the energy minister said on Monday. “We need to attract capital into our energy markets. We need to find new business solutions,” Alparslan Bayraktar said at the International Renewable Energy Agency assembly in Abu Dhabi, adding that the […] 3 hours ago
