Following the passing of the region’s longest-serving ruler, HM Sultan Qaboos bin Said, Construction Week remembered how Sultan Qaboos impacted Oman’s construction sector during his 50-year reign.
Oman government
Aid package
Oman has not discussed any Gulf aid package, says Central Bank
Central Bank president Tahir Al Amri said that from the bank’s perspective, the answer is ‘categorically no’
bankruptcy law
Video: Oman’s new business laws explained
12% GDP growth is what Oman posted in 2018, bucking the global trend of decelerating growth and economic growth.
budget deficit
Oman’s budget deficit drops to lowest in 5 years
Oman’s state budget predicts a deficit of $7.27bn for 2019
BP
Energy giants Eni, BP ink Oman gas exploration deal
Eni, BP enter into a gas exploration and production sharing agreement with the Government of Oman
economic reforms
No plans to delay introduction of VAT in Oman, says finance ministry
Ministry of Finance said various financial measures, including spending control, have had a positive impact
economic reforms
Oman said to delay VAT amid weaker economic performance
Oman’s economy is expected to record weaker growth of 2.8 percent this year, down from 3.3 percent in 2018
budget deficit
Oman’s latest budget update reveals deficit narrowing
Downgraded by all three major rating companies, the sultanate has stopped providing data on its budget performance
Central Bank of Oman
Oman establishes credit rating agency
Oman’s credit rating agency will collect individual and company data related to loans, delays and defaults
budget deficit
S&P cuts Oman’s rating ‘in the absence of substantial fiscal measures’
S&P cut Oman’s outlook to negative while affirming its debt score at BB, on par with Paraguay and Serbia
Bank of America Merrill Lynch
Oman’s lower borrowing plans ‘won’t alter creditworthiness’
Bank of America Merrill Lynch says Oman’s plans to cut borrowing are positive but creditworthiness path remains unchanged
economic reforms
Moody’s cuts Oman rating over lack of meaningful fiscal reforms
Moody’s forecasts Oman’s fiscal deficit will remain high, ranging from 7% to 11% of GDP in the next three years
Expats in Oman
Oman to establish National Centre for Employment
The centre will ensure that expat visas are only given if qualified Omanis cannot be found to fill a position