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Times of Oman
3 days ago
- General
- Times of Oman
Oman gifts a plaque to WTO commemorating Sayyid Bilarab's visit
Muscat : The Sultanate of Oman presented a commemorative plaque to the World Trade Organisation (WTO) commemorating the visit of His Highness Sayyid Bilarab bin Haitham Al Said to the organisation's headquarters in Geneva on June 21, 2023. This mural is a symbolic gift from His Highness to the organisation, an initiative that embodies the depth of bilateral relations and mutual appreciation between the Sultanate of Oman and the organisation. It highlights three main themes: Historical civilisation, natural diversity, and a bright future, in an artistic representation that reflects Omani values, openness to global issues, and sustainable development. This initiative was supervised by the Ministry of Commerce, Industry, and Investment Promotion, with the participation of the Omani Society for Arts, affiliated with the Ministry of Culture, Sports, and Youth. This initiative reflects institutional cooperation and affirms Oman's active presence in international forums through arts and culture. Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, said: 'This initiative expresses the Sultanate of Oman's appreciation for its constructive relations with the World Trade Organisation and embodies its commitment to promoting cultural communication and dialogue with various countries around the world through art.' He added: 'This initiative comes under the guidance and follow-up of His Highness Sayyid Bilarab bin Haitham Al Said, who attaches special importance to the arts as an effective tool in promoting cultural dialogue and building bridges of communication between the Sultanate of Oman and the world." The minister emphasised that HH Sayyid Bilarab support for this project reflects his belief in the role of culture in consolidating Oman's presence on the international stage and underscores the Sultanate of Oman's commitment to presenting a bright image of its cultural and human heritage. Sayyid Said bin Sultan Al Busaidi, Undersecretary for Culture at the Ministry of Culture, Sports and Youth, said: 'This artistic initiative embodies a civilisational, cultural, and artistic dimension that reflects the Sultanate of Oman's vision of using the arts as a bridge for global dialogue and understanding, and a belief in the importance of culture and the arts as a tool for representing national identity in various forms.' He expressed his pride in presenting the commemorative plaque to the Ministry of Commerce, Industry and Investment Promotion, which is part of the institutional partnership and cooperation supporting the integration of national efforts to represent the Sultanate of Oman in international forums, enhance its national and cultural identity, and disseminate it globally, in line with Oman Vision 2040. He said : "This plaque, which reflects Omani civilization, natural diversity, and a vision for the future, has highlighted the creative energies of young Omani artists and contributed to conveying the message of authentic Omani art to the World Trade Organisation, thereby affirming the role and importance of the arts in building cultural and diplomatic relations." Idris bin Abdulrahman Al Khanjari, Ambassador and Permanent Representative of the Sultanate of Oman to the United Nations and other international organisations in Geneva, explained that this cultural initiative reflects an important cultural and diplomatic dimension in the Sultanate of Oman's relations with the WTO. It also demonstrates the Sultanate's commitment to the approach of human communication through the arts. Al Khanjari expressed his pride that this painting will remain present at the WTO headquarters as a symbol of mutual appreciation and the strong relations between the Sultanate of Oman and the WTO. The Ambassador explained that the painting will be hung in a central hall in the WTO building, called the "Salle des Pas Perdus," which serves as a living museum of pluralism, art, and shared history, with its walls echoing the footsteps of generations of diplomats. It is worth noting that an art competition was organised with the participation of six Omani artists, taking eight months of continuous work under the supervision of a specialised art committee and in coordination with relevant authorities. The painting by Omani artist Salem bin Khamis Al Salami was honoured by His Highness Sayyid Bilarab to represent the Sultanate of Oman and is on permanent display at the World Trade Organization headquarters, as an artistic blend that combines Omani cultural identity with global openness.
Zawya
28-05-2025
- Business
- Zawya
Oman maintains fiscal discipline in Q1 amidst lower oil revenue
MUSCAT: The Sultanate of Oman posted a fiscal deficit of RO 136 million in the first quarter of 2025, demonstrating continued government commitment to prudent financial management and strategic investments, even amidst a drop in hydrocarbon revenue and tightening global economic conditions. This is according to the Ministry of Finance's Fiscal Performance Bulletin for the January–March period. During the first quarter of 2025, total public revenue reached RO 2.635 billion. This represented a year-on-year decline of seven per cent compared to the RO 2.826 billion recorded in the same period of 2024. The decline was driven primarily by a reduction in oil and gas revenue. Net oil revenue stood at RO 1.468 billion, falling by 13 per cent from RO 1.688 billion a year earlier. Net gas revenue also declined marginally by two per cent to RO 436 million, down from RO 444 million. In contrast, current revenue increased by five per cent to RO 725 million, compared to RO 691 million in the same period last year. Despite revenue pressures, public spending rose to RO 2.771 billion, a four per cent increase compared to RO 2.664 billion in the first quarter of 2024. The increase is attributed to a strong rise in development expenditure, which grew by 27 per cent to RO 254 million. Meanwhile, current expenditure slightly decreased by one per cent to RO 1.967 billion. The government also allocated RO 490 million towards contributions and other expenses, including RO 144 million for the social protection system and RO 27 million in fuel subsidies. Additionally, RO 100 million was allocated to the budget line designated for future debt obligations. Spending on social sectors and basic services totalled RO 1.668 billion by the end of March 2025. This amount represented 40 per cent of total public spending. Of this allocation, 52 per cent was directed towards social welfare and security, twenty-five per cent towards education, sixteen per cent towards health services and seven per cent towards housing. The Ministry of Finance also maintained strong support for the private sector by paying more than RO 304 million to suppliers and contractors through the government's financial system. These payments were made within an average of five working days after the submission of complete documentation, reflecting the government's reliability and efficiency in fulfilling its financial obligations. Public debt declined to RO 14.3 billion at the end of the first quarter of 2025, compared to RO 15.1 billion in the same period of 2024. The Ministry attributed this reduction to the proactive repayment of outstanding financial obligations. To address financing needs for 2025, the government has announced a borrowing plan of RO 2.454 billion. This includes RO 1.836 billion to cover maturing debt instalments and RO 620 million to finance the anticipated fiscal deficit. The government aims to meet these requirements through a mix of Government Development Bonds and Local Sovereign Sukuk, with a total issuance value of RO 750 million planned across the year. This strategy is designed to ensure funding at sustainable cost and risk levels. The financing plan also supports three key objectives: enhancing the domestic debt market, diversifying investor participation and mitigating risks associated with public debt. According to the International Monetary Fund's April 2025 World Economic Outlook, global economic growth is projected to slow to 2.8 per cent in 2025. The global inflation rate is expected to ease to 4.2 per cent. Oil prices are forecast to average $66 per barrel in 2025, down from $73 per barrel during Oman's first quarter. Despite external headwinds, the Omani economy continued to expand. The gross domestic product at constant prices grew by 1.7 per cent in 2024, reaching RO 38.305 billion, up from RO 37.674 billion in 2023, according to the National Centre for Statistics and Information. Oman's first quarter fiscal performance reflects a government focused on stability, resilience and forward-looking reforms. With increased investments in development and social sectors, accelerated debt reduction and timely payments to the private sector, the government remains aligned with the goals of Oman Vision 2040. Despite global uncertainties, the Sultanate of Oman is maintaining a steady course towards sustainable growth and economic diversification. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Zawya
28-05-2025
- Business
- Zawya
Oman: Ministry of Economy highlights steps to enhance business climate
Muscat: As part of its review of the proposal titled 'Competitiveness and Attractiveness of the Business Environment in the Sultanate of Oman,' the Economic and Financial Committee of the Shura Council hosted on Tuesday Dr. Nasser bin Rashid Al Maawali, Undersecretary of the Ministry of Economy, along with a number of specialists from the ministry. The study aims to support economic development efforts, enhance the business environment in line with Oman Vision 2040, attract investment, and diversify sources of national income. The meeting took place during the Committee's 12th session of the second annual convening (2024–2025) of the Council's tenth term, chaired by Ahmed Said Al-Sharqi, Chairman of the Committee, and attended by members. At the outset, the Undersecretary delivered a visual presentation covering global economic trends and challenges, as well as the performance of Oman's economy, including growth in both oil and non-oil sectors. The presentation also highlighted the Ministry of Economy's key efforts to improve the business climate and attract investment, outlining the main challenges facing foreign investment. The presentation identified the key pillars for enhancing Oman's investment environment, including streamlining procedures, reducing costs, offering flexible and accessible financing options that meet current global developments and investment needs, and introducing government incentives and initiatives that support and encourage investment. The meeting addressed several core topics, most notably the strategies, plans, and economic policies under the Tenth Five-Year Plan aimed at improving Oman's business environment and boosting competitiveness. It also reviewed major initiatives and projects driving economic growth and enhancing investment appeal in the Sultanate. Discussions included the latest statistics and data on Oman's business environment competitiveness in comparison with other GCC and regional countries. The meeting also touched on current efforts and future plans to strengthen Oman's global investment appeal and create a competitive work environment. Participants discussed the role of the National Competitiveness Office in improving Oman's rankings in global competitiveness indices, assessing its achievements, and examining its contributions in addressing economic challenges and proposing solutions to improve the national business environment. The meeting further explored major challenges facing the business environment in Oman, proposed measures to enhance its competitiveness and global appeal, and the ministry's insights regarding the Foreign Capital Investment Law following its implementation. © Muscat Media Group Provided by SyndiGate Media Inc. (
Times of Oman
27-05-2025
- General
- Times of Oman
President of Iran accorded official reception at Al Alam Palace
Muscat: An official reception ceremony was held at Al Alam Palace today in honour of President Dr. Masoud Pezeshkian of the Islamic Republic of Iran, on the occasion of his official visit to the Sultanate of Oman. Upon the arrival of the Iranian President's motorcade at the courtyard of Al Alam Palace, a cavalcade from the Royal Cavalry lined up to welcome the Sultanate of Oman's esteemed guest. When the vehicle boarded by President Pezeshkian arrived at Al Alam Palace, His Majesty Sultan Haitham bin Tarik gave a warm welcome to the President, wishing him and his accompanying delegation a pleasant stay in Oman and a successful visit. Then, His Majesty the Sultan accompanied President Pezeshkian to the dais where the Iranian national anthem was played, while the artillery fired a 21-gun salute to the President. After this protocol, His Majesty the Sultan shook hands with the official delegation accompanying President Pezeshkian. The President was greeted by Omani Royal dignitaries, ministers and military commanders.
Times of Oman
27-05-2025
- Business
- Times of Oman
Sayyid Asa'ad leads Oman's delegation at ASEAN-GCC-China Summit
Kuala Lumpur: On behalf of His Majesty Sultan Haitham bin Tarik, HH Sayyid Asa'ad bin Tarik Al Said, Deputy Prime Minister for International Relations and Cooperation Affairs and Personal Representative of His Majesty the Sultan, headed the Sultanate of Oman's delegation at the ASEA-GCC-China Summit, which commenced on Tuesday in the Malaysian capital, Kuala Lumpur. The summit's opening featured addresses by heads of delegations, as HH Sayyid Asa'ad delivered a speech, during which he emphasised that the historical relations built on shared values, mutual interests, cooperation, and respect—reflected in the ancient Silk Road and the Belt and Road Initiative. The full text of the speech reads as follows: 'Our relations are historical, built on shared values and mutual interests, as well as cooperation and mutual respect—a legacy reflected in the ancient Silk Road and the Belt and Road Initiative. Today, we are writing a new chapter in the friendship between our nations. Together, we possess immense potential to drive positive change. Our combined population exceeds 2 billion people, with a GDP reaching $24 trillion, making our nations among the world's fastest-growing markets. The energy resources of this group, its workforce, and the goals we seek to achieve across various transformation sectors present significant investment opportunities in solar, wind, and green hydrogen energy. These foundations enable us to meet our future energy needs while advancing sustainable development in our countries—an aspiration we all share. Strengthening partnerships in transportation, logistics, and financial technology will enrich trade, investment, and tourism opportunities. It will enhance service efficiency, cross-cultural understanding, and support for small and medium enterprises, as well as knowledge exchange and private-sector partnerships among our nations. This will accelerate innovation, generate jobs, and empower our people to lead a future of sustainable prosperity. We must also emphasize that the Sultanate of Oman strongly supports expanding and liberalising trade between the Gulf Cooperation Council (GCC) countries, the Association of Southeast Asian Nations (ASEAN), and China. Oman is optimistic about the future of the Middle East, and we express our deep appreciation to our partners in ASEAN and China for their constructive role in this regard. Lasting regional peace will only be achieved if Israel ceases its policy of genocide against the Palestinians. The international community and all nations represented at this summit must take all political, diplomatic, and economic steps to end Israeli violence and ensure the delivery of humanitarian aid to Gaza. The vision of Oman and the overwhelming majority of the world's nations is to support a just and lasting peace based on the two-state solution, which requires the withdrawal of Israeli forces from the occupied Palestinian territories and the full recognition of Palestine as a full-fledged member of the United Nations. As a maritime nation and a friend to all, the Sultanate of Oman remains open to all initiatives aimed at strengthening partnerships between the Gulf region, ASEAN, and China. We always look forward to welcoming our friends and partners, working with them in a spirit of cooperation, progress, and constructive engagement.' On his turn, Sheikh Sabah Khaled Al Hamad Al Sabah, Crown Prince of the State of Kuwait, emphasised the summit's role in fostering multilateral cooperation and strategic partnerships based on integration, sustainable development, and mutual respect amid global economic and geopolitical challenges. He noted that GCC-China and GCC-ASEAN relations exemplify advanced cooperation models, with the 2022 GCC-China first Summit in Riyadh marking a strategic shift toward comprehensive economic, technological, and environmental collaboration. Chinese Premier Li Qiang highlighted the importance of regional openness and a unified "trilateral market," stating that integrating the GCC, ASEAN, and China—representing a quarter of the global population and GDP—would unlock growth opportunities. He welcomed progress on upgrading the China-ASEAN FTA and accelerating GCC-China FTA negotiations. Premier Li stressed turning developmental disparities into strengths through mutual respect, economic strategy alignment, and industrial role distribution. He endorsed Malaysian PM Anwar Ibrahim's "Dialogue of Civilizations" initiative to promote cultural understanding and global peace. The summit reviewed joint action plans, strategic dialogue with China, and cooperation in renewable energy, technology, education, health, AI, and scientific innovation.
