Oman posted a budget surplus of 931 million Omani rials ($2.4 billion) for the financial year 2023 as per preliminary data after a more-than-anticipated rise in public revenue due to higher oil and gas production and prices.
The surplus for the year compares with a deficit of around 1.3 billion rials that the country's budget earlier estimated, Oman News Agency reported on Monday, quoting the Ministry of Finance.
Public revenue in 2023 rose to 12.21 billion rials, up by roughly 2.16 billon rials compared to what was approved in the budget, while public spending reached 11.282 billion rials.
Net oil revenue is expected to have risen by 29 per cent to 6.88 billion rials while net gas revenue rose by an estimated 43 per cent to reach about 2 billion rials “as a result of the rise in gas production and prices”, ONA reported.
The government was also able to reduce the public debt by 2.4 billion rials to 15.2 billion rials, which led to saving 140 million rials from the cost of servicing the debt, the ministry said.
The Gulf nation, which is heavily dependent on hydrocarbons, launched a three-year fiscal stability programme in November 2022 to add momentum to its economic recovery from the pandemic-driven slowdown and support the development of the country’s financial sector.
Oman’s economy is estimated to grow by 1.3 per cent in 2023, down from 4.3 per cent in 2022, due to Opec+ oil production cuts, the International Monetary Fund said in November.
However, growth is set to rebound in 2024, supported by higher hydrocarbon production and stronger non-hydrocarbon growth, the IMF said.
Brent, the global benchmark for two thirds of the world's oil, topped $95 a barrel in September as voluntary supply cuts by Opec+ members Saudi Arabia and Russia tightened the crude market.
However, despite geopolitical instability in the Middle East, rising exports from sanctioned countries as well as concerns about the global economy have dragged crude prices lower.
Crude prices posted their biggest annual drop since 2020, with Brent ending 2023 at $77.04 per barrel, down more than 10 per cent on a yearly basis.
In its 2024 budget, Oman expects net oil revenue of approximately 5.91 billion rials, and net gas revenue of around 1.57 billion rials, the ministry said.
Non-oil revenue is estimated to reach 520 million rials.
Total financing needs for the fiscal year will amount to 2.2 billion rials, in addition to loan instalments expected to be repaid during the 12-month period.
The 2024 budget aims to improve the business environment, expand the private sector’s participation in economic development, and support the society by empowering the Social Protection Fund and maintaining the level of spending in basic services such as education, health and housing, the ministry said.
UAE currency: the story behind the money in your pockets
What is hepatitis?
Hepatitis is an inflammation of the liver, which can lead to fibrosis (scarring), cirrhosis or liver cancer.
There are 5 main hepatitis viruses, referred to as types A, B, C, D and E.
Hepatitis C is mostly transmitted through exposure to infective blood. This can occur through blood transfusions, contaminated injections during medical procedures, and through injecting drugs. Sexual transmission is also possible, but is much less common.
People infected with hepatitis C experience few or no symptoms, meaning they can live with the virus for years without being diagnosed. This delay in treatment can increase the risk of significant liver damage.
There are an estimated 170 million carriers of Hepatitis C around the world.
The virus causes approximately 399,000 fatalities each year worldwide, according to WHO.
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final
PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
More from Neighbourhood Watch
Overview
What: The Arab Women’s Sports Tournament is a biennial multisport event exclusively for Arab women athletes.
When: From Sunday, February 2, to Wednesday, February 12.
Where: At 13 different centres across Sharjah.
Disciplines: Athletics, archery, basketball, fencing, Karate, table tennis, shooting (rifle and pistol), show jumping and volleyball.
Participating countries: Algeria, Bahrain, Comoros, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Palestine, Saudi Arabia, Sudan, Syria, Tunisia, Qatar and UAE.
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'Outclassed in Kuwait'
Taleb Alrefai,
HBKU Press
Joe Root's Test record
Tests: 53; Innings: 98; Not outs: 11; Runs: 4,594; Best score: 254; Average: 52.80; 100s: 11; 50s: 27
Thor: Ragnarok
Dir: Taika Waititi
Starring: Chris Hemsworth, Tom Hiddleston, Cate Blanchett, Jeff Goldblum, Mark Ruffalo, Tessa Thompson
Four stars
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Day 1, Abu Dhabi Test: At a glance
Moment of the day Dimuth Karunaratne had batted with plenty of pluck, and no little skill, in getting to within seven runs of a first-day century. Then, while he ran what he thought was a comfortable single to mid-on, his batting partner Dinesh Chandimal opted to stay at home. The opener was run out by the length of the pitch.
Stat of the day - 1 One six was hit on Day 1. The boundary was only breached 18 times in total over the course of the 90 overs. When it did arrive, the lone six was a thing of beauty, as Niroshan Dickwella effortlessly clipped Mohammed Amir over the square-leg boundary.
The verdict Three wickets down at lunch, on a featherbed wicket having won the toss, and Sri Lanka’s fragile confidence must have been waning. Then Karunaratne and Chandimal's alliance of precisely 100 gave them a foothold in the match. Dickwella’s free-spirited strokeplay meant the Sri Lankans were handily placed at 227 for four at the close.
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Fitness problems in men's tennis
Andy Murray - hip
Novak Djokovic - elbow
Roger Federer - back
Stan Wawrinka - knee
Kei Nishikori - wrist
Marin Cilic - adductor
