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.
Roll of honour 2019-2020
Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain
West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership
UAE Premiership
}Winners: Dubai Exiles
Runners up: Dubai Hurricanes
UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II
UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
When Umm Kulthum performed in Abu Dhabi
Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.
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Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
The five pillars of Islam
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Global state-owned investor ranking by size
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GOLF’S RAHMBO
- 5 wins in 22 months as pro
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- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
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Benefits of first-time home buyers' scheme
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- 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
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
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Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
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