Latest news with #HaithambinTariq
Arabian Post
13-07-2025
- Business
- Arabian Post
Oman's Landmark Move to Tax High Earners
Oman has become the first Gulf Cooperation Council nation to legislate a personal income tax, with a royal decree introducing a flat 5% levy on residents earning above OMR 42,000 per year. The law takes effect on 1 January 2028 and is expected to impact roughly the top 1% of earners. The decree, Royal Decree No. 56/2025 issued by His Majesty Sultan Haitham bin Tariq, forms part of Oman's broader Vision 2040 strategy aimed at reducing reliance on oil revenues, which can constitute up to 85% of public income. With this move, Oman joins corporate tax, VAT, excise duties, and customs duties as pillars of its expanding fiscal framework. Officials emphasise that most residents will be unaffected. A high exemption threshold ensures that 99% of the population falls below the taxable income bracket. Exemptions and deductions for education, healthcare, housing, inheritance, charitable donations, and zakat are included to align the law with social welfare objectives. ADVERTISEMENT Early adoption of a personal income tax signals a shift in fiscal policy, likely to trigger regional analysis. Tax experts suggest that expatriates and high-net-worth individuals may reassess their residency choices, although the modest 5% rate is not expected to drive widespread departures. Implementation will require the introduction of executive regulations within a year of the law's publication, which is scheduled following its official gazette release. Employers will need to enhance payroll infrastructure to accommodate withholding requirements, while both businesses and individuals must review contracts and compensation strategies ahead of the shift. The International Monetary Fund and regional analysts have long advised GCC states to broaden revenue sources; Oman's measure aligns with this guidance. For neighbouring countries like Saudi Arabia and the UAE, which have implemented VAT and corporate taxes but not personal income levies, Oman's precedent may prompt fresh deliberations. With execution set three years ahead, stakeholders have a window to adjust. Observers note that while Oman's strategy is socially oriented—protecting most citizens—it heralds a transformation in Gulf tax policy that merits close attention from both regional governments and international investors.
Time of India
07-07-2025
- Business
- Time of India
Why Oman is considered the most affordable country in Gulf?
Oman's scenic landscapes and affordable living make it the top GCC destination for cost-conscious residents in 2025/ photo: pixabay Oman has been named the most affordable country to live in across the Gulf Cooperation Council (GCC) for 2025, according to the latest Cost of Living Index released by data platform Numbeo. Long known for its serene landscapes and understated charm, the Sultanate is now gaining recognition for something even more practical, it offers residents the Gulf's most budget-friendly lifestyle. From Maritime Empire to Modern Oasis For centuries, Oman's identity was shaped by the sea. In the 17th and 18th centuries, Muscat was a thriving maritime capital, with Omani ships dominating trade routes along East Africa and the Indian Ocean. The Omani Empire once stretched down the African coast, including Zanzibar, leaving a cultural legacy still visible today in language, architecture, and cuisine. Unlike its flashier Gulf neighbours, Oman retained a distinct approach to modernisation. After Sultan Qaboos bin Said came to power in 1970, Oman underwent rapid transformation, from an isolated desert kingdom with just a few kilometres of paved roads to a modern state with free education, healthcare, and a robust infrastructure network. Yet it did so without embracing the hyper-urbanisation seen in Dubai or Doha. Today, under Sultan Haitham bin Tariq, Oman continues its Vision 2040 reforms, aiming for economic diversification while preserving its cultural authenticity. This balancing act is a large part of why living in Oman feels calmer and less pressured compared to the steel-and-glass intensity of its neighbours. The 2025 Cost of Living Rankings Numbeo's 2025 Cost of Living Index ranks GCC countries from most to least affordable, and Oman stands out as the region's best-value destination: Oman: Monthly family costs average Dh9,597.6 (OMR 1,004.7; approx. USD 2,611.54), with single residents spending around Dh2,773.2 (OMR 290.3; approx. USD 755.56). The Sultanate's cost of living is 26.5% lower than the UAE's, and rent is a staggering 71.7% cheaper. Bahrain: Second most affordable, with Manama's family costs at Dh10,496.8 (BHD 1,076.1) and single costs at Dh2,968.5 (BHD 304.3), nearly 25% cheaper than Dubai. Kuwait: Family living costs Dh11,105.1 (KWD 923.0), singles Dh3,012.5 (KWD 250.4). Living here is roughly 27% cheaper than Dubai, with rent 61% less. Qatar: Doha sees family expenses at Dh11,716.9 (QAR 11,655.5) and individual costs at Dh3,276.7 (QAR 3,259.5), 20.7% cheaper than Dubai. Saudi Arabia: Riyadh's family costs are Dh12,167.9 (SAR 12,424.0) with singles spending Dh3,378.5 (SAR 3,449.6). Living costs are 19.9% lower than Dubai's, and rent is 55.2% less. United Arab Emirates: The UAE remains the region's priciest country. In Dubai, families spend around Dh14,765 monthly and singles Dh4,242.5. Abu Dhabi is slightly cheaper but still significantly costlier than other GCC capitals. Why Oman's Affordability Stands Out Oman's edge lies not only in cost but in quality of life. Its cities are less congested, infrastructure is reliable, and its social fabric remains close-knit. For expatriates, Oman offers a rare combination: safety, economic value, and cultural richness without the relentless pace and consumerism of larger Gulf hubs. Moreover, Oman's natural beauty, from the jagged Hajar mountains to golden Wahiba Sands and tranquil coastline, makes daily life feel like a permanent getaway. Its policies on rent control and subsidy structures also keep costs in check. Impact on Regional Migration and Policy This affordability index matters beyond lifestyle choices. It could reshape migration patterns within the GCC, with more professionals and families considering Muscat over Dubai or Doha. For policymakers, the data is a reminder that economic growth strategies must balance high-end development with liveable, affordable environments. What is Numbeo's Cost of Living Index? The Cost of Living Index is a global tool comparing the average expenses needed to maintain a certain standard of living. It measures housing, food, utilities, transport, and miscellaneous daily costs, offering insights to individuals, businesses, and governments worldwide. Numbeo, the platform behind it, crowdsources data globally to present real-time snapshots of affordability. Oman's Path Ahead As the Gulf transitions into a post-oil era, Oman's steady approach may prove wise. Its diversified economy, ranging from tourism to logistics, combined with affordable living, positions it as the region's rising dark horse. While Dubai dazzles and Riyadh rebrands, Oman remains Oman, tranquil, traditional, and surprisingly cost-effective. For those seeking a life of dignity without drowning in debt, it may just be the Gulf's best-kept secret.
Egypt Independent
02-07-2025
- Business
- Egypt Independent
FM praises strong ties between Egypt, Oman
Minister of Foreign Affairs, Emigration and Egyptian Expatriates Badr Abdelatty has affirmed the depth of cooperation between Egypt and the Sultanate of Oman. This came during a joint press conference held Tuesday, July 1, 2025, with Omani Foreign Sayyid Badr bin Hamad Al Busaidi. Abdelatty welcomed his Omani counterpart and his accompanying delegation, referring to Egypt as their 'second home.' The minister noted that he and his Omani counterpart co-chaired the 16th session of the Egyptian-Omani Joint Committee, which is held at a significant time as bilateral relations are witnessing a major leap forward. Abdelatty said this progress reflects the directives of President Abdel Fattah El Sisi and Sultan Haitham bin Tariq of Oman who have both called for further strengthening of ties across all fields and broadening cooperation horizons in light of the strong bonds between the two leaders and the deep-rooted ties between the Egyptian and Omani peoples. Abdelatty stated that the sessions of the Joint Committee, which were attended by Minister of Labor Mohamed Gebran, witnessed the signing of memorandums of understanding (MoUs) and executive programs in various fields, including investment, mineral wealth, food safety, religious endowments, higher education, scientific research and innovation, media, labor, training, and human capital development. He pointed out that the meetings of the current session reflect the mutual keenness of both Egypt and Oman to build upon the outcomes of the 15th session held in Muscat in 2023, and the momentum created by the important visit of President Abdel Fattah al-Sisi to Muscat in June 2022, which was followed by the visit of Sultan Haitham bin Tariq to Cairo in 2023. These milestones clearly demonstrate the strong political will to deepen the strategic partnership, he reiterated. The minister said he held extensive talks with his Omani counterpart, emphasizing both countries' strong commitment to further advancing bilateral relations. Abdelatty expressed his hope that economic, trade, and investment ties will catch up with the already robust political relations, noting that bilateral trade volume has exceeded $1 billion and emphasizing the strong potential to expand trade cooperation. He further stated that Egypt highly appreciates the work of Omani companies operating in its market and highlighted that there are many Egyptian companies now active in the Omani market to support the goals of Oman Vision 2040 across various priority sectors. Abdelatty stressed the enormous opportunities for economic integration and stronger business links between the two countries, underlining the importance of launching more investment partnerships. He also stressed the vital need to activate the Egypt-Oman Business Council, citing his visit to Muscat in January to attend the Council's meetings. The talks also covered human capital development, particularly the remarkable progress in the technical training and development sector, the minister said, underlining the need to strengthen digital connectivity between Egypt and Oman. Abdelatty said the discussions also touched on the security situation in the region, as well as the high levels of uncertainty and polarization at the international level. The two sides agreed on enhancing consultation and cooperation, he added. He stated that both Egypt and Oman share a common vision focused on de-escalation and finding political peaceful solutions to the crises affecting the region, stressing that there are no military solutions for ongoing conflicts that destabilize the region. Abdelatty reaffirmed that the security of the Sultanate of Oman and the Gulf region is an integral part of Egypt's national security. The two ministers also discussed the Palestinian cause, which they consider the core of the conflict in the region. Both ministers expressed rejection of all displacement plots and condemned the crimes committed daily against the innocent Palestinian people, who simply aspire to live a dignified life on their homeland. Abdelatty reiterated condemnation of the brutal aggression on Gaza and the West Bank, stressing rejection and denunciation of Israel's systematic starvation policy. He briefed his Omani counterpart about the latest developments regarding Egypt's ongoing mediation efforts with Qatar and the United States to swiftly reach a ceasefire agreement that would include the release of hostages and help spare further bloodshed of the Palestinian people. Abdelatty stressed that Israel bears full responsibility for the current situation as the occupying power, emphasizing the critical need for applying unified standards and adhering to the rules of international law and international humanitarian law. Both ministers agreed that no lasting solution in the region can be achieved without recognizing the full and legitimate rights of the Palestinian people, including that of the establishment of a sovereign Palestinian state with East Jerusalem as its capital. The two ministers also expressed their support for the Arab-Islamic plan for early recovery and reconstruction in Gaza. Abdelatty said the date of an international conference for early recovery and reconstruction in Gaza, to be hosted in Egypt, will be announced once a ceasefire agreement is reached. The talks also covered the Iranian nuclear file, with both Egypt and Oman sharing the same stances on the need to back a political and peaceful solution to the issue. Abdelatty lauded Oman's efforts to de-escalate tensions, bring parties back to the negotiating table, and reject military solutions. He reiterated that any settlement should be made within the framework of the principles of the Nuclear Non-Proliferation Treaty (NPT). The minister added that he agreed with his Omani counterpart to have daily contact in order to support and maintain the Iranian-Israeli ceasefire agreement.
LeMonde
24-06-2025
- Business
- LeMonde
Oman taxing the richest: 'It will be interesting to see if Muscat starts a trend'
"In France, we don't have oil but we have ideas," was a refrain during the first oil crisis in 1973. It is likely that at the same time, in the Gulf monarchies, people were saying: We have oil, it pollutes, but we don't have income tax. There was no need to tax residents when hydrocarbon revenues filled the state coffers. But times have become tough for everyone. Even Oman has had to come to terms with taxing the wealthiest, becoming the first oil-rich country to take that step. In a royal decree published Sunday, June 22, Sultan Haitham bin Tariq ratified the introduction of a 5% income tax starting in 2028 on Omanis earning more than 42,000 Omani rials (€94,400) per year. Deductions will apply for expenses related to primary residence, health, or charitable donations. According to the sultanate's estimates, 99% of the population will not be affected by the new tax. Turning on the tax tap was seen as necessary to reduce the country's extreme dependence on oil revenues. Fossil fuels account for 85% of the Omani state's income, compared to an average of 60% for the region. Diversifying the economy The sustained drop in global crude oil prices – below $68 (€58.65) for North Sea Brent crude on Tuesday, amid hopes for a possible resolution of the Israel-Iran conflict – has weakened Gulf economies. "The average fiscal breakeven price for countries in the region (the oil price required to balance their budgets) has continued to rise in recent years. In 2024, it reached $83.20, an increase of $10 compared to 2020," said Stéphane Alby, economist at BNP Paribas, in a recent study. As a result, "from a situation of near balance in 2023-2024, the combined budget balance of the Gulf countries will slip into deficit, with a shortfall expected to exceed 3% of GDP [gross domestic product] in 2025-2026."
Daily News Egypt
22-06-2025
- Politics
- Daily News Egypt
Egypt's President, Oman's Sultan discuss de-escalating Iran-Israel conflict
Egyptian President Abdel Fattah Al-Sisi and Oman's Sultan Haitham bin Tariq discussed regional developments in a phone call on Tuesday, with Sisi stressing the importance of halting the current escalation between Israel and Iran, the Egyptian presidency said. A statement from the presidency spokesman said Al-Sisi warned of the serious consequences of expanding the circle of conflict in the region and emphasised the need to return to negotiations to prevent bloodshed. The president also praised Oman's role in mediating between Iran and the United States, affirming the need to restore and strengthen the negotiation process to spare the region from war. For his part, the Sultan of Oman commended Egypt's efforts to stop violence in the region and affirmed his country's keenness to work jointly on the matter. Egyptian Presidency spokesperson Mohamed El-Shennawy added that both leaders stressed the priority of working towards a ceasefire in Gaza and ensuring the delivery of humanitarian aid to the enclave 'to save its people from the humanitarian tragedy they are facing due to the Israeli aggression.' They also stressed that the establishment of an independent Palestinian state is the fundamental guarantee for sustainable stability in the Middle East. The spokesperson added that the two leaders affirmed the depth of Egyptian-Omani relations and their keenness to advance joint work in various fields, in line with the historical ties between the two countries.
