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.
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
MATCH INFO
Iceland 0 England 1 (Sterling pen 90 1)
Man of the match Kari Arnason (Iceland)
RESULTS
6.30pm Handicap (TB) $68,000 (Dirt) 1,200m
Winner Canvassed, Par Dobbs (jockey), Doug Watson (trainer)
7.05pm Meydan Cup – Listed Handicap (TB) $88,000 (Turf) 2,810m
Winner Dubai Future, Frankie Dettori, Saeed bin Suroor
7.40pm UAE 2000 Guineas – Group 3 (TB) $125,000 (D) 1,600m
Winner Mouheeb, Ryan Curatolo, Nicholas Bachalard
8.15pm Firebreak Stakes – Group 3 (TB) $130,000 (D) 1,600m
Winner Secret Ambition, Tadhg O’Shea, Satish Seemar
9.50pm Meydan Classic – Conditions (TB) $$50,000 (T) 1,400m
Winner Topper Bill, Richard Mullen, Satish Seemar
9.25pm Dubai Sprint – Listed Handicap (TB) $88,000 (T) 1,200m
Winner Man Of Promise, William Buick, Charlie Appleby
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
RESULTS
Women:
55kg brown-black belt: Amal Amjahid (BEL) bt Amanda Monteiro (BRA) via choke
62kg brown-black belt: Bianca Basilio (BRA) bt Ffion Davies (GBR) via referee’s decision (0-0, 2-2 adv)
70kg brown-black belt: Ana Carolina Vieira (BRA) bt Jessica Swanson (USA), 9-0
90kg brown-black belt: Angelica Galvao (USA) bt Marta Szarecka (POL) 8-2
Men:
62kg black belt: Joao Miyao (BRA) bt Wan Ki-chae (KOR), 7-2
69kg black belt: Paulo Miyao (BRA) bt Gianni Grippo (USA), 2-2 (1-0 adv)
77kg black belt: Espen Mathiesen (NOR) bt Jake Mackenzie (CAN)
85kg black belt: Isaque Braz (BRA) bt Faisal Al Ketbi (UAE), 2-0
94kg black belt: Felipe Pena (BRA) bt Adam Wardzinski (POL), 4-0
110kg black belt final: Erberth Santos (BRA) bt Lucio Rodrigues (GBR) via rear naked choke
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
RESULT
West Brom 2 Liverpool 2
West Brom: Livermore (79'), Rondón (88' )
Liverpool: Ings (4'), Salah (72')
COMPANY%20PROFILE
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
THE BIO
Favourite place to go to in the UAE: The desert sand dunes, just after some rain
Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude
Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE
Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally
Favourite subjects in school: Mathematics and science
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%204-cyl%20turbo%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E190hp%20at%205%2C600rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C500-4%2C000rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E7-speed%20dual-clutch%20auto%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E10.9L%2F100km%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh119%2C900%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
The%20specs
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