Oman, the biggest Middle East oil producer outside Opec, is forecasting economic growth of at least 3 per cent and a fiscal deficit for 2018 equaling the shortfall of 2017 as the sultanate's spending boost is offset by an uptick in revenues on the back of higher oil prices.
The Arabian Gulf state is projecting a 3 billion rial (Dh28.65bn) fiscal deficit that is equivalent to 10 per cent of its GDP, the finance ministry said in a statement carried by the state-run Oman News Agency on Monday.
Government revenue is projected to rise by 3 per cent to 9.5bn rials, based on an oil price projection of US$50 a barrel this year, while spending will increase by 6.8 per cent, or 800 million rials, in 2018 to 12.5bn rials.
Last year’s budget was based on an oil price estimate of $45 a barrel.
The sultanate is projecting its GDP to expand by at least 3 per cent this year, supported by the recovery in oil prices and its diversification drive. Oman is one of the smaller producers of oil in the Arabian Gulf region and is struggling to narrow its fiscal deficit in the aftermath of Brent oil prices falling from the mid-2014 high of $115 a barrel to the current level of around $65 a barrel. The country is trying to diversify its economy away from oil and plans fiscal reforms to offset the impact of lower oil proceeds as it lacks the financial buffers enjoyed by several of its peers such as Saudi Arabia and the UAE.
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Dubai approves largest ever government budget for 2018 as it boosts spending on Expo 2020
Saudi Arabia unveils biggest ever budget to propel growth
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Oman's growth forecast is in line with that of the IMF, which estimates its GDP will accelerate by 3.1 per cent in 2018, compared with 2.5 per cent expansion in 2017.
The IMF is also projecting a fiscal deficit of 11.4 per cent of GDP for 2018, versus an estimated shortfall of 13 per cent of GDP for 2017.
Oman joins the list of Gulf monarchies such as Saudi Arabia and Dubai that have also unveiled expansionary budgets for 2018, their biggest ever, as they seek to propel growth.
Saudi Arabia, the Arab world's biggest economy, approved a budget of 926bn riyals (Dh906bn), with a deficit forecast of 195bn riyals or 7.3 per cent of the GDP, compared with a shortfall of 230bn riyals (8.9 per cent of GDP) in 2017. Dubai's expenditure will surge 19.5 per cent to Dh56.56bn in 2018 as the emirate ramps up infrastructure spending to finance Expo 2020-related projects.
Oman plans to finance 84 per cent of its 2018 fiscal deficit or 2.5bn rials through domestic and foreign borrowings and the remainder of 500m rials via drawdowns of reserves.
The sultanate plans to privatise six companies in 2018 to help lift non-oil revenues and increase the private sector participation in the overall economy, the ministry said without naming the companies. The private sector’s participation in investment programmes has increase to 60 per cent in 2017 from 52 per cent in 2014, the ministry added.
The lion’s share of spending or 3.88bn rials will go to the education, health, housing and welfare sectors, while 3.3bn rials will be earmarked for public sector wages and benefits, it said.
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Start times
5.55am: Wheelchair Marathon Elites
6am: Marathon Elites
7am: Marathon Masses
9am: 10Km Road Race
11am: 4Km Fun Run
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The Baghdad Clock
Shahad Al Rawi, Oneworld
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
MATCH INFO
Leeds United 0
Brighton 1 (Maupay 17')
Man of the match: Ben White (Brighton)
How much sugar is in chocolate Easter eggs?
- The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
- The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
- The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
- The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
- The Cadbury Creme Egg contains 26g of sugar per 40g egg
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