A waterfront in Muscat. Oman's development expenditure rose 10 per cent annually to 765 million rials at the end of October. AFP
A waterfront in Muscat. Oman's development expenditure rose 10 per cent annually to 765 million rials at the end of October. AFP
A waterfront in Muscat. Oman's development expenditure rose 10 per cent annually to 765 million rials at the end of October. AFP
A waterfront in Muscat. Oman's development expenditure rose 10 per cent annually to 765 million rials at the end of October. AFP

Business

Economy

Oman posts $3bn budget surplus in the first 10 months of 2022 on higher oil revenue

Total public spending through the end of October 2022 rose by 14% to $27.6bn

Alvin R Cabral
Alvin R Cabral

December 09, 2022

  • English
  • Arabic

Oman posted a budget surplus of more than 1.2 billion rials ($3.11 billion) in the first 10 months of 2022, compared with a deficit of about 1 billion rials in the same period a year ago, driven by higher oil revenue.

The Gulf country's total public revenue from January to October surged more than 42 per cent to about 11.86 billion rials, up from 8.33 billion rials a year earlier, according to preliminary data from the Ministry of Finance.

Total public spending during the same period increased by 14 per cent to 10.65 billion rials ($27.66 billion).

The sultanate surpassed last year's total of 8.4 billion rials when public spending hit 9.4 billion rials at the end of September, after coming close to matching it in August.

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Development expenditure rose 10 per cent annually to 765 million rials, which represents 70 per cent of the 1.1 billion rials allocated for total developmental spending.

Oman is poised to post its first yearly fiscal surplus in a decade this year, a Fitch Solutions report released in August showed.

The sultanate's 12-month fiscal surplus is expected to amount to 6.5 per cent of its total gross domestic product while revenue is expected to rise further in the second half of the year because of high energy prices, it said.

In November, S&P Global Ratings upgraded Oman’s credit ratings from “BB-” to “BB” with a stable outlook, with the agency indicating that the “significant improvement” in Oman’s fiscal performance and balance of payments positions was driven by continuing fiscal consolidations and higher oil prices.

Hydrocarbon revenue at the end of October by increased more than half to 9.24 billion riyals, compared with 6.14 billion riyals in the same period in 2021.

“Such increase is supported by higher average oil price of $95 per barrel, as well as an increase in oil crude production to 1.056 million barrels per day,” the ministry said.

Net oil revenue in the first 10 months of 2022 jumped about 40 per cent to 6.19 billion rials while gas revenue surged about 80 per cent to 3.05 billion rials.

Brent, the benchmark for two thirds of the world's oil, is expected to average $92 a barrel in 2023, according to the latest estimates from the US Energy Information Administration. That is now $3 less than its previous forecast last month.

The International Monetary Fund predicts that Oman’s real GDP will grow to 4.4 per cent and 4.1 per cent in 2022 and 2023, respectively, from 3 per cent in 2021.

_________________________________

Places to visit in Oman: Nizwa Fort, Mutra Souq, Sultan Qaboos Grand Mosque and more - in pictures

Nizwa Fort in Nizwa, Oman. All pictures: Victor Besa / The National
Nizwa Fort in Nizwa, Oman. All pictures: Victor Besa / The National
It was built in the 1650s by Imam Sultan Bin Saif Al Ya'rubi.
It was built in the 1650s by Imam Sultan Bin Saif Al Ya'rubi.
It is Oman's most visited national monument.
It is Oman's most visited national monument.
Imam Sultan Bin Saif Al Ya'rubi was the second of the Ya'rubi dynasty of imams.
Imam Sultan Bin Saif Al Ya'rubi was the second of the Ya'rubi dynasty of imams.
The fort's underlying structure dates back to the 12th century.
The fort's underlying structure dates back to the 12th century.
Ahmed bin Abdullah Al Amri Trading. The souq has different parts depending on what you want to shop for.
Ahmed bin Abdullah Al Amri Trading. The souq has different parts depending on what you want to shop for.
In the mornings you will see locals buying vegetables and meat. The rest of the souq sells unique souvenirs like taqiya caps, lamps and fresh dates.
In the mornings you will see locals buying vegetables and meat. The rest of the souq sells unique souvenirs like taqiya caps, lamps and fresh dates.
Located near the castle, the souq offers a glimpse of old Oman.
Located near the castle, the souq offers a glimpse of old Oman.
A shop owner brings out his wares. Some sections of the souq have retained its ancient architecture and unrenovated structures.
A shop owner brings out his wares. Some sections of the souq have retained its ancient architecture and unrenovated structures.
Masjid Al Rasool Al A'dham at Mutrah Fish Market.
Masjid Al Rasool Al A'dham at Mutrah Fish Market.
The fish market stretches along the Mutrah waterfront in Muscat. Omani fishermen arrive early to unload, prepare and then sell their day’s catch.
The fish market stretches along the Mutrah waterfront in Muscat. Omani fishermen arrive early to unload, prepare and then sell their day’s catch.
The Mutrah Souq is located along the corniche in Muscat.
The Mutrah Souq is located along the corniche in Muscat.
It is one of the oldest souqs on the Arabian Peninsula.
It is one of the oldest souqs on the Arabian Peninsula.
However, the souq was rebuilt in the 1970s.
However, the souq was rebuilt in the 1970s.
Jamal Muhammad Ali Al Balooshi, shopowner at Mutrah Souq.
Jamal Muhammad Ali Al Balooshi, shopowner at Mutrah Souq.
Mutrah Corniche in Muscat.
Mutrah Corniche in Muscat.
A shopper at Mutrah Souq.
A shopper at Mutrah Souq.
Another person browses at Mutrah Souq.
Another person browses at Mutrah Souq.
Oman's Royal Opera House of Musical Arts in Muscat.
Oman's Royal Opera House of Musical Arts in Muscat.
The 'Oman and the World: A Musical Journey Exhibition' at the opera house.
The 'Oman and the World: A Musical Journey Exhibition' at the opera house.
A person looking around the exhibition.
A person looking around the exhibition.
A restaurant that looks like a fort, located along Sultan Qaboos Street in Muscat.
A restaurant that looks like a fort, located along Sultan Qaboos Street in Muscat.
Mandi, made with Omani samar wood.
Mandi, made with Omani samar wood.
The Rozna restaurant is known for serving the best authentic Omani food in Muscat.
The Rozna restaurant is known for serving the best authentic Omani food in Muscat.
The Sultan Qaboos Grand Mosque in Muscat. The chandelier sits 14 metres above the praying hall.
The Sultan Qaboos Grand Mosque in Muscat. The chandelier sits 14 metres above the praying hall.
In 1992, Qaboos bin Said Al Said, then Sultan of Oman, ordered the building of the grand mosque.
In 1992, Qaboos bin Said Al Said, then Sultan of Oman, ordered the building of the grand mosque.
The chandelier was manufactured by the Italian company Faustig.
The chandelier was manufactured by the Italian company Faustig.
Khalifa Nasser Al Maskery, 70, has been a volunteer tour guide at the mosque for more than eight years.
Khalifa Nasser Al Maskery, 70, has been a volunteer tour guide at the mosque for more than eight years.
A competition for the mosque's design took place in 1993.
A competition for the mosque's design took place in 1993.
Construction started in December 1994.
Construction started in December 1994.
The chandelier used to be the world's largest, before being replaced by one at the Sheikh Zayed Mosque in Abu Dhabi.
The chandelier used to be the world's largest, before being replaced by one at the Sheikh Zayed Mosque in Abu Dhabi.
On Women's Day

Cracks in the Wall

Ben White, Pluto Press 

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The specs

Engine: 6.2-litre supercharged V8

Power: 712hp at 6,100rpm

Torque: 881Nm at 4,800rpm

Transmission: 8-speed auto

Fuel consumption: 19.6 l/100km

Price: Dh380,000

On sale: now 

BUNDESLIGA FIXTURES

Friday (UAE kick-off times)

Cologne v Hoffenheim (11.30pm)

Saturday

Hertha Berlin v RB Leipzig (6.30pm)

Schalke v Fortuna Dusseldof (6.30pm)

Mainz v Union Berlin (6.30pm)

Paderborn v Augsburg (6.30pm)

Bayern Munich v Borussia Dortmund (9.30pm)

Sunday

Borussia Monchengladbach v Werder Bremen (4.30pm)

Wolfsburg v Bayer Leverkusen (6.30pm)

SC Freiburg v Eintracht Frankfurt (9on)

Diriyah%20project%20at%20a%20glance
%3Cp%3E-%20Diriyah%E2%80%99s%201.9km%20King%20Salman%20Boulevard%2C%20a%20Parisian%20Champs-Elysees-inspired%20avenue%2C%20is%20scheduled%20for%20completion%20in%202028%0D%3Cbr%3E-%20The%20Royal%20Diriyah%20Opera%20House%20is%20expected%20to%20be%20completed%20in%20four%20years%0D%3Cbr%3E-%20Diriyah%E2%80%99s%20first%20of%2042%20hotels%2C%20the%20Bab%20Samhan%20hotel%2C%20will%20open%20in%20the%20first%20quarter%20of%202024%0D%3Cbr%3E-%20On%20completion%20in%202030%2C%20the%20Diriyah%20project%20is%20forecast%20to%20accommodate%20more%20than%20100%2C000%20people%0D%3Cbr%3E-%20The%20%2463.2%20billion%20Diriyah%20project%20will%20contribute%20%247.2%20billion%20to%20the%20kingdom%E2%80%99s%20GDP%0D%3Cbr%3E-%20It%20will%20create%20more%20than%20178%2C000%20jobs%20and%20aims%20to%20attract%20more%20than%2050%20million%20visits%20a%20year%0D%3Cbr%3E-%20About%202%2C000%20people%20work%20for%20the%20Diriyah%20Company%2C%20with%20more%20than%2086%20per%20cent%20being%20Saudi%20citizens%0D%3C%2Fp%3E%0A
Punchy appearance

Roars of support buoyed Mr Johnson in an extremely confident and combative appearance

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The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%204.0-litre%20twin-turbo%20V8%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E680hp%20at%206%2C000rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E800Nm%20at%202%2C750-6%2C000rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ERear-mounted%20eight-speed%20auto%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E13.6L%2F100km%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Orderbook%20open%3B%20deliveries%20start%20end%20of%20year%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh970%2C000%3C%2Fp%3E%0A
The national orchestra
David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

The Melbourne Mercer Global Pension Index

The Melbourne Mercer Global Pension Index

Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.

The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.

“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.

“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”

Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.

Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.

“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.

Dengue%20fever%20symptoms
%3Cul%3E%0A%3Cli%3EHigh%20fever%3C%2Fli%3E%0A%3Cli%3EIntense%20pain%20behind%20your%20eyes%3C%2Fli%3E%0A%3Cli%3ESevere%20headache%3C%2Fli%3E%0A%3Cli%3EMuscle%20and%20joint%20pains%3C%2Fli%3E%0A%3Cli%3ENausea%3C%2Fli%3E%0A%3Cli%3EVomiting%3C%2Fli%3E%0A%3Cli%3ESwollen%20glands%3C%2Fli%3E%0A%3Cli%3ERash%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3EIf%20symptoms%20occur%2C%20they%20usually%20last%20for%20two-seven%20days%3C%2Fp%3E%0A
Suggested picnic spots

Abu Dhabi
Umm Al Emarat Park
Yas Gateway Park
Delma Park
Al Bateen beach
Saadiyaat beach
The Corniche
Zayed Sports City
 
Dubai
Kite Beach
Zabeel Park
Al Nahda Pond Park
Mushrif Park
Safa Park
Al Mamzar Beach Park
Al Qudrah Lakes 

RESULTS

Light Flyweight (48kg): Alua Balkibekova (KAZ) beat Gulasal Sultonalieva (UZB) by points 4-1.

Flyweight (51kg): Nazym Kyzaibay (KAZ) beat Mary Kom (IND) 3-2.

Bantamweight (54kg): Dina Zholaman (KAZ) beat Sitora Shogdarova (UZB) 3-2.

Featherweight (57kg): Sitora Turdibekova (UZB) beat Vladislava Kukhta (KAZ) 5-0.

Lightweight (60kg): Rimma Volossenko (KAZ) beat Huswatun Hasanah (INA) KO round-1.

Light Welterweight (64kg): Milana Safronova (KAZ) beat Lalbuatsaihi (IND) 3-2.

Welterweight (69kg): Valentina Khalzova (KAZ) beat Navbakhor Khamidova (UZB) 5-0

Middleweight (75kg): Pooja Rani (IND) beat Mavluda Movlonova (UZB) 5-0.

Light Heavyweight (81kg): Farida Sholtay (KAZ) beat Ruzmetova Sokhiba (UZB) 5-0.

Heavyweight (81 kg): Lazzat Kungeibayeva (KAZ) beat Anupama (IND) 3-2.

THE%20FLASH
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Andy%20Muschietti%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Sasha%20Calle%2C%20Ben%20Affleck%2C%20Ezra%20Miller%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
While you're here
On Women's Day
Breast cancer in men: the facts

1) Breast cancer is men is rare but can develop rapidly. It usually occurs in those over the ages of 60, but can occasionally affect younger men.

2) Symptoms can include a lump, discharge, swollen glands or a rash. 

3) People with a history of cancer in the family can be more susceptible. 

4) Treatments include surgery and chemotherapy but early diagnosis is the key. 

5) Anyone concerned is urged to contact their doctor

 

Gothia Cup 2025

4,872 matches 

1,942 teams

116 pitches

76 nations

26 UAE teams

15 Lebanese teams

2 Kuwaiti teams

While you're here
TRAP

Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue

Director: M Night Shyamalan

Rating: 3/5

Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20WonderTree%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20April%202016%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Muhammad%20Waqas%20and%20Muhammad%20Usman%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Karachi%2C%20Pakistan%2C%20Abu%20Dhabi%2C%20UAE%2C%20and%20Delaware%2C%20US%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Special%20education%2C%20education%20technology%2C%20assistive%20technology%2C%20augmented%20reality%3Cbr%3EN%3Cstrong%3Eumber%20of%20staff%3A%20%3C%2Fstrong%3E16%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EGrowth%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Grants%20from%20the%20Lego%20Foundation%2C%20UAE's%20Anjal%20Z%2C%20Unicef%2C%20Pakistan's%20Ignite%20National%20Technology%20Fund%3C%2Fp%3E%0A
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2)
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%206.7%E2%80%9D%20LPTO%20Amoled%2C%202412%20x%201080%2C%20394ppi%2C%20HDR10%2B%2C%20Corning%20Gorilla%20Glass%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Qualcomm%20Snapdragon%208%2B%20Gen%202%2C%20octa-core%3B%20Adreno%20730%20GPU%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208%2F12GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECapacity%3A%3C%2Fstrong%3E%20128%2F256%2F512GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPlatform%3A%3C%2Fstrong%3E%20Android%2013%2C%20Nothing%20OS%202%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%3A%3C%2Fstrong%3E%20Dual%2050MP%20wide%2C%20f%2F1.9%20%2B%2050MP%20ultrawide%2C%20f%2F2.2%3B%20OIS%2C%20auto-focus%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%20video%3A%3C%2Fstrong%3E%204K%20%40%2030%2F60fps%2C%201080p%20%40%2030%2F60fps%3B%20live%20HDR%2C%20OIS%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%3A%3C%2Fstrong%3E%2032MP%20wide%2C%20f%2F2.5%2C%20HDR%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%20video%3A%3C%2Fstrong%3E%20Full-HD%20%40%2030fps%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%204700mAh%3B%20full%20charge%20in%2055m%20w%2F%2045w%20charger%3B%20Qi%20wireless%2C%20dual%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%2C%20Bluetooth%205.3%2C%20NFC%20(Google%20Pay)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBiometrics%3A%3C%2Fstrong%3E%20Fingerprint%2C%20face%20unlock%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20USB-C%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDurability%3A%3C%2Fstrong%3E%20IP54%2C%20limited%20protection%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECards%3A%3C%2Fstrong%3E%20Dual-nano%20SIM%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Dark%20grey%2C%20white%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20Nothing%20Phone%20(2)%2C%20USB-C-to-USB-C%20cable%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%20(UAE)%3A%3C%2Fstrong%3E%20Dh2%2C499%20(12GB%2F256GB)%20%2F%20Dh2%2C799%20(12GB%2F512GB)%3C%2Fp%3E%0A
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Founders: Michele Ferrario, Nino Ulsamer and Freddy Lim
Started: established in 2016 and launched in July 2017
Based: Singapore, with offices in the UAE, Malaysia, Hong Kong, Thailand
Sector: FinTech, wealth management
Initial investment: $500,000 in seed round 1 in 2016; $2.2m in seed round 2 in 2017; $5m in series A round in 2018; $12m in series B round in 2019; $16m in series C round in 2020 and $25m in series D round in 2021
Current staff: more than 160 employees
Stage: series D 
Investors: EightRoads Ventures, Square Peg Capital, Sequoia Capital India

UAE currency: the story behind the money in your pockets
MATCH INFO

Manchester United 1 (Rashford 36')

Liverpool 1 (Lallana 84')

Man of the match: Marcus Rashford (Manchester United)

Updated: December 09, 2022, 11:52 AM`
EconomyOmanEnergy