Oman recorded a 210 million Omani riyals ($546m) budget surplus at the end of February, compared with 457 million riyals deficit a year earlier, as oil prices nearly doubled, according to the Ministry of Finance.
Net oil revenue in 2022 rose 81 per cent year on year to 1.09 billion riyals during the first two months, as the country sold its crude for an average of $81 per barrel compared with $42 per barrel a year ago, according to the ministry's monthly bulletin on fiscal performance.
Average oil production increased to 1.01 million barrels per day, compared with 953,000 barrels per day during the same period in 2021, it said.
The Ministry of Finance "seeks to utilise the surplus arising from higher oil prices to reducing fiscal deficit and minimising the cost and risks of its debt portfolio", it said.
Last month, Sultan Haitham, Ruler of Oman, said that the country plans to use revenues from soaring oil prices to reduce its public debt and support spending on government projects, while ensuring inflation does not affect basic commodity prices.
Crude prices hit a 14-year high in March, touching nearly $140 a barrel as the Russia-Ukraine conflict led to sanctions on the world's second-largest energy exporter, threatening to widen the gap between stagnating supply and growing demand.
While prices have retreated they remain above $100 a barrel, with Brent, the global benchmark for two thirds of the world's oil, up about 37 per cent since the start of this year.
Oman, a relatively small crude producer compared with its Gulf neighbours, is more sensitive to oil-price swings and was hit hard by the Covid-19 pandemic and the collapse in oil prices in 2014.
However, higher oil prices in 2021, along with fiscal reforms, helped narrow government deficits.
Oman's government revenue rose an annual 75.6 per cent to 1.9bn riyals by the end of February, on higher oil and gas revenue, VAT receipts and higher collection of fees, the finance ministry said.
Public spending rose 10.2 per cent year on year to 1.7bn riyals driven by interest payments, investments for civil ministries and gas purchases and transport, the monthly bulletin showed.
The Ministry of Finance said it will reduce the public debt by more than 2.85bn riyals at the end of April 2022, as part of its debt management strategy.
Oman's 2022 budget allocated 4bn riyals to meet debt obligations, including the repayment of 2.7bn riyal loan principals and payment of 1.3bn riyals in loan interests.
In terms of debt management, Oman repaid 1.49bn riyals in loans at the end of March, including an 850m riyal loan prior to its maturity, the finance ministry said.
Oman is also preparing to pre-pay 1.36bn riyals worth of loans at the end of this month, it said.
The country has also reprioritised its development projects in terms of their urgency, cost, and economic and social return, the ministry said. Total spending on development projects during 2022 rose to 1.1bn riyals after Sultan Haitham issued directives to add 200m riyals to the development budget.
More than half of the government's development budget (53.5 per cent) will be allocated to infrastructure projects including roads, airports, ports, irrigation and water resources, town planning and municipal services, government administration, environment and pollution control.
Another 23.5 per cent of the budget will be allocated to social services such as education, vocational training, health, information, culture and religious affairs, community centres and youth centres.
About 15 per cent is allocated for services such as housing, utilities and tourism. About 7.7 per cent will be spent on production of goods from crude to fish.
Last week, S&P Global Ratings upgraded Oman’s long-term foreign and local currency sovereign credit rating for the first time since 2007 to BB- from B+, citing higher oil prices, rising hydrocarbon production and the government’s fiscal reform programme. The credit rating agency also revised the Gulf country's outlook to stable.
A BB rating is a speculative grading that implies the issuer is less vulnerable in the near term.
“The stable outlook balances the significant improvement in the government’s balance sheet over the next three years against higher medium-term fiscal pressure,” S&P said.
The agency expects Oman's economy to grow in 2022 and 2023 with GDP expanding nearly 4 per cent this year and then moderating to about 2.2 per cent on average over 2023-2025.
“Over the next three years, we expect the non-oil sector to be the leading driver of growth. We forecast non-oil growth averaging 2.2 per cent over 2023-2025, relative to 1.8 per cent in 2022,” the agency said.
It expects Oman to achieve a fiscal surplus of 5.7 per cent of GDP this year, from the budgeted deficit of 4.6 per cent of GDP.
KLOPP%20AT%20LIVERPOOL
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Kill%20
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Killing of Qassem Suleimani
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
ADCC AFC Women’s Champions League Group A fixtures
October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA
Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
UAE currency: the story behind the money in your pockets
The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
PREMIER LEAGUE FIXTURES
All times UAE ( 4 GMT)
Saturday
West Ham United v Tottenham Hotspur (3.30pm)
Burnley v Huddersfield Town (7pm)
Everton v Bournemouth (7pm)
Manchester City v Crystal Palace (7pm)
Southampton v Manchester United (7pm)
Stoke City v Chelsea (7pm)
Swansea City v Watford (7pm)
Leicester City v Liverpool (8.30pm)
Sunday
Brighton and Hove Albion v Newcastle United (7pm)
Monday
Arsenal v West Bromwich Albion (11pm)
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Bullet%20Train
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Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EHayvn%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EChristopher%20Flinos%2C%20Ahmed%20Ismail%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EAbu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3Efinancial%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3Eundisclosed%3Cbr%3E%3Cstrong%3ESize%3A%3C%2Fstrong%3E%2044%20employees%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Eseries%20B%20in%20the%20second%20half%20of%202023%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EHilbert%20Capital%2C%20Red%20Acre%20Ventures%3C%2Fp%3E%0A
Indoor Cricket World Cup Dubai 2017
Venue Insportz, Dubai; Admission Free
Day 1 fixtures (Saturday)
Men 1.45pm, Malaysia v Australia (Court 1); Singapore v India (Court 2); UAE v New Zealand (Court 3); South Africa v Sri Lanka (Court 4)
Women Noon, New Zealand v South Africa (Court 3); England v UAE (Court 4); 5.15pm, Australia v UAE (Court 3); England v New Zealand (Court 4)
Fixtures and results:
Wed, Aug 29:
- Malaysia bt Hong Kong by 3 wickets
- Oman bt Nepal by 7 wickets
- UAE bt Singapore by 215 runs
Thu, Aug 30:
- UAE bt Nepal by 78 runs
- Hong Kong bt Singapore by 5 wickets
- Oman bt Malaysia by 2 wickets
Sat, Sep 1: UAE v Hong Kong; Oman v Singapore; Malaysia v Nepal
Sun, Sep 2: Hong Kong v Oman; Malaysia v UAE; Nepal v Singapore
Tue, Sep 4: Malaysia v Singapore; UAE v Oman; Nepal v Hong Kong
Thu, Sep 6: Final
First Person
Richard Flanagan
Chatto & Windus
Squads
Australia: Finch (c), Agar, Behrendorff, Carey, Coulter-Nile, Lynn, McDermott, Maxwell, Short, Stanlake, Stoinis, Tye, Zampa
India: Kohli (c), Khaleel, Bumrah, Chahal, Dhawan, Shreyas, Karthik, Kuldeep, Bhuvneshwar, Pandey, Krunal, Pant, Rahul, Sundar, Umesh
RESULTS
6pm: Al Maktoum Challenge Round-2 – Group 1 (PA) $55,000 (Dirt) 1,900m
Winner: Rajeh, Antonio Fresu (jockey), Musabah Al Muhairi (trainer)
6.35pm: Oud Metha Stakes – Rated Conditions (TB) $60,000 (D) 1,200m
Winner: Get Back Goldie, William Buick, Doug O’Neill
7.10pm: Jumeirah Classic – Listed (TB) $150,000 (Turf) 1,600m
Winner: Sovereign Prince, James Doyle, Charlie Appleby
7.45pm: Firebreak Stakes – Group 3 (TB) $150,000 (D) 1,600m
Winner: Hypothetical, Mickael Barzalona, Salem bin Ghadayer
8.20pm: Al Maktoum Challenge Round-2 – Group 2 (TB) $350,000 (D) 1,900m
Winner: Hot Rod Charlie, William Buick, Doug O’Neill
8.55pm: Al Bastakiya Trial – Conditions (TB) $60,000 (D) 1,900m
Winner: Withering, Adrie de Vries, Fawzi Nass
9.30pm: Balanchine – Group 2 (TB) $180,000 (T) 1,800m
Winner: Creative Flair, William Buick, Charlie Appleby
How to join and use Abu Dhabi’s public libraries
• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.
• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.
• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.
• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.
• For more information visit the library network's website.
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
