Attractive investment environment stimulates growth in Oman
Oman's economy has achieved a surplus of RO 540 million against the budgeted deficit of RO 640 million for the financial year 2024 and the GDP at constant prices rose by 1.7%, to reach RO 38.305 billion in 2024 compared to 2024.
Further, Oman has reduced its public debt by RO 660 million which stood at RO 14.6 billion by the end of 2024 compared to the previous year. Percentage wise the external debt of the Sultanate of Oman is 38% of the GDP which is far below, compared to our GCC neighbors Bahrain which is estimated at 134% of the GDP at the end of 2024 followed by Qatar at 41% and Kuwait at 39% (2023). UAE with 32% and Saudi Arabia with 25 % (2023) are closely behind.
In line with Oman's progress, the credit rating agencies have given a positive outlook for the Sultanate which is quite encouraging and promising. By the end of September 2024, S&P had upgraded Oman's credit rating from 'BB+' to 'BBB-', thus restoring its investment-grade status after years of downgrades due to the financial crisis associated with falling oil prices and the Covid-19 pandemic.
Similarly other credit rating agencies like Fitch and Moody's had also revised Oman's outlook from stable to positive.
It is very important to understand that a credit rating of BBB- is better than BB+. BBB- is considered investment grade, while BB+ is considered non-investment grade or speculative grade. Generally, higher ratings indicate a lower risk of default and a greater capacity to meet the country's financial obligations. Factors affecting credit ratings vary for governments, corporate bonds, including economic conditions, political stability, industry dynamics, and company-specific factors.
Oman is proud of this evolving economic landscape and is at the same time remain mindful of the global challenges, including ongoing geopolitical tensions and trade disruptions which are quite unfortunate.
But we recognize the unique opportunities they present for the Sultanate. As we move forward let's hope to regain the peace and harmony that existed amongst our brothers which had been the hallmark of the flourishing communities in the Middle East. Let us continue to lead with purpose, serve with integrity, and build with the same spirit that has carried the people of Oman throughout the ages.
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