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Economy ME
07-07-2025
- Business
- Economy ME
Oman's real GDP expands 2.5 percent to $24.52 billion in Q1 2025
Oman's economy demonstrated a consistent growth of 2.5 percent in real GDP by the end of Q1 2025, reaching OMR9.43 billion ($24.52 billion) at market prices—an increase from OMR9.2 billion during the same timeframe in 2024, as reported by Oman's National Centre for Statistics and Information. This rise in GDP was primarily fueled by robust performance in non-oil sectors, which experienced a 4.4 percent increase in added value, climbing to OMR6.92 billion compared to OMR6.63 billion in Q1 2024. In contrast, oil activities experienced a slight decline of 0.4 percent, contributing OMR2.92 billion in Q1 2025, down from OMR2.94 billion the previous year. Crude oil production decreased by 2.2 percent to OMR2.45 billion, while natural gas production emerged as a positive factor, soaring 9.5 percent to OMR475.3 million. IMF hails Oman's economic policies Oman recorded a budget surplus of 6.2 percent and a current account gain of 2.4 percent in 2024, driven by prudent fiscal policies, elevated oil prices, and growth in nonhydrocarbon exports. In its 2024 Article IV consultation, the International Monetary Fund attributed these outcomes to effective economic management. Despite increased social spending under a new protection law, the nonhydrocarbon primary deficit as a share of nonhydrocarbon gross domestic product remained stable, underscoring the government's commitment to financial discipline. Government debt as a percentage of GDP further declined, reaching 35 percent in 2024, reflecting ongoing improvements in Oman's economic fundamentals. Read more: Oman government Treasury bills issuance reaches $101.4 million Oman's average inflation rate The Sultanate of Oman experienced an average inflation rate of 0.81 percent during the initial five months of 2025 compared to the same period last year, according to the Consumer Price Index data released by the Ministry of Economy. The report highlighted a 1.3 percent rise in the general import price index and a 4.1 percent increase in the producer price index by the end of the first quarter of 2025 compared to the corresponding period in 2024. Geographical distribution revealed varied inflation rates across governorates, with South Al Batinah recording a slight decline of 0.04 percent, while A'Dakhiliyah saw the highest rate at 1.58 percent, followed closely by Musandam at 1.51 percent and South A'Sharqiyah at 1.24 percent. More moderate increases were observed in North A'Sharqiyah (0.21 percent) and North Al Batinah (0.42 percent), with other governorates remaining below one percent. Dr. Salim Abdullah Al-Sheikh, official spokesperson for the Ministry of Economy , indicated that the moderation in consumer price inflation was influenced by falling prices in the food and non-alcoholic beverages category, along with stable costs for housing, water, electricity, gas, and fuel. These categories account for over half of the consumer price index weight in Oman. To enhance food security, Oman has established over 80 markets, slaughterhouses, and kiosks since 2021 under its governorates development program, he elaborated. Meanwhile, the FAO Food Price Index noted a year-on-year increase of 7.2 points (6.0 percent) in May 2025 compared to the same month last year. On a monthly basis, the index averaged 127.7 points in May 2025, reflecting a slight decline of 1.0 point (0.8 percent) from April 2025. This fluctuation was driven by rising prices in dairy and meat products, while cereals, sugar, and vegetable oils saw price reductions.
Arabian Business
06-07-2025
- Business
- Arabian Business
Oman GDP grows 2.5% in Q1 2025 reaching $24.5bn
Oman 's economy expanded by 2.5 per cent in the first quarter of 2025, with real GDP reaching RO 9.43 billion at market prices, according to data from the National Centre for Statistics and Information. The figure represents an increase from RO 9.2 billion recorded during the same period in 2024, marking growth across multiple sectors of the sultanate's economy, WAM reported. Oman non-oil sectors drive 4.4% growth in first quarter of 2025 Non-oil sectors led the expansion, posting a 4.4 per cent increase in added value to reach RO 6.92 billion in Q1 2025, compared to RO 6.63 billion in the corresponding quarter of 2024. Oil activities experienced a decline of 0.4 per cent, contributing RO 2.92 billion to the economy in Q1 2025, down from RO 2.94 billion in the previous year's first quarter. Crude oil production fell by 2.2% to RO 2.45 billion during the period under review. However, natural gas production provided a counterbalance, increasing by 9.5 per cent to RO 475.3 million. The National Centre for Statistics and Information released the data as part of its quarterly economic assessment, highlighting the diversification efforts within Oman's economy. The growth figures demonstrate the increasing contribution of non-oil sectors to the country's economic output, whilst traditional energy sectors showed mixed performance. Natural gas production emerged as a growth driver within the energy sector, offsetting some of the decline seen in crude oil output during the three-month period.
Zawya
01-07-2025
- Business
- Zawya
Kuwait strengthens anti-money laundering legislation
Kuwait has strengthened its anti-money laundering and counter-terrorism financing law, which will impose tougher penalties for violators, as it seeks to avoid falling foul of a global financial crime watchdog. The Paris-based Financial Action Task Force (FATF), a global money laundering watchdog, said in October that Kuwait's legal and supervisory framework had "serious shortcomings delivering effective outcomes", citing failures in addressing terrorist financing. The FATF requested the establishment of a domestic process tasked with freezing terrorist assets and publishing a full list of individuals under targeted financial sanctions (TFS). Under a decree issued on Monday, a government committee can now be delegated powers to implement resolutions aimed at combating terrorism, its financing and the spread of weapons of mass destruction, with immediate effect. These were previously reserved for the cabinet. It also set fines of up to 500,000 Kuwaiti dinars ($1.64 million) for violations. Finance Minister Nora Al-Fassam said in a statement that the amendments would help Kuwait improve transparency and meet international standards. The government has also introduced the requirement for companies to identify the "beneficial owner", who exercises ultimate control over the firm, and transferred supervision of exchange houses activities from the commerce ministry to the central bank. Kuwait's new law grants the government direct authority to freeze funds and assets suspected of links to money laundering or terrorism financing without a court order, lawyer Fawaz Al-Khatib told Reuters, adding the amendment "brings Kuwait closer to FATF international standards." In the Gulf, the United Arab Emirates, home to financial centres such as Dubai and Abu Dhabi, was dropped from the FATF's so-called "grey list" of countries at risk of illicit money flows in February 2024 after a little less than two years. (Reporting by Ahmed Hagagy, editing by Federico Maccioni and Rachna Uppal)
Khaleej Times
28-06-2025
- Politics
- Khaleej Times
UAE diplomat calls on Iran to rebuild 'damaged trust' with Gulf countries
UAE diplomat Anwar Gargash today said that Iran must rebuild trust with other Gulf countries and that the nation's decision affects them all, days after Tehran sent missiles to the Al Udeid military base in Qatar. In a comment on X, he said that the nations in the region had taken a stance against the Israeli war on Iran, "working through all international platforms to de-escalate the situation and calling for a resolution of outstanding issues—chief among them the nuclear file—through political means." Despite this, he added that Iran "targeted the sovereignty of the brotherly State of Qatar, an act that affects us all." He said, "The Gulf states took a strong and impactful stance against the Israeli war on Iran, Today, as we turn the page on the war, Tehran remains required to rebuild trust with its Gulf neighbors, having damaged it through this aggression." Iran launched a retaliatory strike aimed at the United States' Al Udeid military base in Qatar, the largest US military facility in the Middle East. Qatar said it had successfully intercepted the attack, which it called a "flagrant violation" of sovereignty and said it reserved the right to respond. No casualties were reported at the base, a US official said. US President Donald Trump dismissed the attack as "very weak." He said Iran gave "early notice" of the strike, thanking the Islamic republic for the move that "made it possible for no lives to be lost, nobody to be injured." "Perhaps Iran can now proceed to Peace and Harmony in the Region, and I will enthusiastically encourage Israel to do the same," he wrote on his Truth Social platform.
Khaleej Times
26-06-2025
- Business
- Khaleej Times
Look: UAE President, Qatar ruler discuss Iran-Israel ceasefire in Doha
UAE President Sheikh Mohamed met with Sheikh Tamim bin Hamad Al Thani, Emir of the State of Qatar, in Doha to discuss the strong relations between the two countries and ways to further strengthen them for the benefit of both nations and their peoples. The two leaders also reviewed the latest developments in the Middle East and ongoing efforts to promote peace and stability in the region, with the aim of advancing prosperity and progress for all. Sheikh Tamim welcomed the UAE President, who is on a fraternal visit to Qatar aimed at reinforcing the deep-rooted ties between the two countries, in line with their shared commitment to supporting joint Gulf cooperation. The two sides exchanged views on regional and international developments, with a particular focus on the situation in the Middle East following the announcement of a ceasefire between Iran and Israel. Stay up to date with the latest news. Follow KT on WhatsApp Channels. The UAE ruler praised the efforts of Sheikh Tamim in facilitating the ceasefire agreement between Iran and Israel. He underlined the importance of coordinated international efforts to create conditions conducive to safeguarding the security and stability of the region. View this post on Instagram A post shared by Group Fazza | �ر�ب �زاع (@groupfazza) Sheikh Mohamed reaffirmed the UAE's solidarity with Qatar and its people in the wake of the recent attack on its territory. He expressed the UAE's full support for any measures taken by Qatar to safeguard its security and protect its citizens. Sheikh Tamim thanked the UAE President for his sincere sentiments towards the Qatari people, and praised the UAE's supportive stance and solidarity with Qatar in light of recent events. Both leaders underscored the importance of advancing dialogue and diplomatic solutions as the preferred path to overcoming crises and preserving regional and global security. The meeting was attended by members of the delegation accompanying His Highness the UAE President during his visit, including Sheikh Hamdan, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defence; Sheikh Hamdan bin Mohamed bin Zayed Al Nahyan, Deputy Chairman of the Presidential Court for Special Affairs; Sheikh Mohammed bin Hamad bin Tahnoon Al Nahyan, Advisor to the UAE President; and several ministers and senior officials. Following the meeting, Sheikh Mohamed departed Qatar, where he was bid farewell by Sheikh Tamim, along with a number of sheikhs and senior officials.
