Time of al Arab

Tag: Oman

  • Oman and Lebanon Ministers Discuss Trade and Investment

    Oman and Lebanon Ministers Discuss Trade and Investment

    Oman and Lebanon Ministers Discuss Trade and Investment

    Oman and Lebanon held talks to strengthen their trade and investment ties. The two countries are looking at new ways to work together, including more investments, developing industries, and improving logistics.

    Oman–Lebanon talks

    The talks were held through a video call between Qais Mohammed Al Yousef, Oman’s Commerce Minister, and Amer Bisat, Lebanon’s Trade and Economy Minister, according to the Oman News Agency.

    They also discussed starting a direct flight between Muscat and Beirut to support tourism and trade. Another proposal was to organize an Oman–Lebanon economic forum and an exhibition to promote Lebanese industries. Both ministers agreed on the need to expand cooperation and build partnerships that support long-term development.

    The meeting was also attended by Oman’s ambassador to Lebanon, Ahmed Mohammed Al Saidi, and other officials from both countries.

    Background

    In February, Omani Foreign Minister Sayyid Badr bin Hamad bin Hamood Albusaidi said Oman wants to reactivate a joint committee with Lebanon. He invited Lebanese President Joseph Aoun to visit Oman, and Aoun accepted.

    Lebanon–GCC cooperation

    President Aoun has also been working to strengthen Lebanon’s ties with Gulf countries. He visited Bahrain in July, where he met King Hamad bin Isa Al Khalifa to discuss boosting trade, investment, and cooperation in several sectors.

    In March, Aoun visited Riyadh and met Saudi Crown Prince Mohammed bin Salman. This was the first visit by a Lebanese president to Saudi Arabia in eight years and showed Lebanon’s efforts to rebuild relations with Gulf nations.

    Published: 22nd August 2025

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  • Oman’s Public Debt Drops to $36.7B Despite Lower Oil and Gas Income

    Oman’s Public Debt Drops to $36.7B Despite Lower Oil and Gas Income

    Oman’s Public Debt Drops to $36.7B Despite Lower Oil and Gas Income

    Oman lowered its public debt to $36.7 billion (OMR 14.1 billion) by the end of the second quarter of 2025, compared to $37.5 billion (OMR 14.4 billion) a year earlier, even though oil and gas revenues declined, government data showed on Sunday.

    Government Revenue

    • Total government revenue fell 6% to $15 billion (OMR 5.8 billion) in Q2 2025, down from $16.1 billion (OMR 6.2 billion) a year ago.

    • Oil income dropped 10% to $7.8 billion (OMR 3 billion) due to lower prices and weaker production.

    • Gas revenue slipped 6% to $2.3 billion (OMR 884 million).

    • Non-oil revenue slightly increased to $4.9 billion (OMR 1.9 billion).

    Government Spending

    • Total spending rose 5% to $15.6 billion (OMR 6 billion) by June 2025, mainly from higher development costs.

    • Current spending grew to $10.7 billion (OMR 4.1 billion).

    • Development spending by ministries and civil units reached $1.8 billion (OMR 688 million), equal to 76% of the year’s budget.

    • The government paid $2 billion (OMR 749 million) in dues to the private sector and allocated $520 million (OMR 200 million) for debt payments.

    • Spending on education, health, housing, and welfare totaled $8.1 billion (OMR 3.1 billion), with education taking the largest share (52%).

    Economic Growth

    • The IMF recently raised its forecast for Oman’s growth to 2.4% in 2025 and 3.7% in 2026, expecting oil recovery once OPEC+ lifts production cuts and steady growth in non-oil sectors.

    • Oman’s economy grew 2.5% year-on-year in Q1 2025, reaching $24.5 billion (OMR 9.4 billion), up from $24 billion (OMR 9.2 billion) in Q1 2024.

    • Growth was 1.7% in 2024, compared to 1.2% in 2023, despite OPEC+ limits on oil output.

    Published: 18th August 2025

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