DUBAI: More than 14,000 Omani men and women have been employed by private sector companies across the country according to the Ministry of Manpower, national daily Times of Oman reported.
Out of the total 14,883 employed, 10,092 were men while 4,791 were women.
Construction took in the most at 5,025 (3,974 men and 1,051 women) followed by retail and wholesale trade at 2,103 (1,117 men and 986 women) and manufacturing industries at 2,043.
These people were employed between December 2017 and March 2018.
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More than 14,000 Omanis get private sector jobs
More than 14,000 Omanis get private sector jobs
Saudi Arabia’s Asir region partners with Almosafer to boost tourism potential
RIYADH: Saudi Arabia’s Asir region is edging closer to becoming a premier global tourism destination, thanks to a new partnership with fellow Kingdom-based travel company Almosafer.
Signed with the area’s development authority, the memorandum of understanding aims to leverage the firm’s expertise and diverse range of travel services across its business verticals to drive tourism in the region and curate inspired experiences for visitors, according to a statement.
This move falls in line with both parties’ goal to establish Asir, situated along the Red Sea coast, as a year-round tourism destination for local and global visitors alike.
“Our partnership with Almosafer comes at a significant moment as we are accelerating efforts to enhance the Asir region’s visibility and appeal to domestic and international travelers as a year-round-destination,” said Hashim Al-Dabbagh, acting CEO of Asir Development Authority.
He added: “Through comprehensive training, collaborative marketing, and the integration of Asir’s activities and offerings onto Almosafer’s digital platforms, we aim to showcase the region’s exceptional offerings to the wider world.”
Moreover, Almosafer’s geographical reach and experience in the Kingdom will be pivotal in introducing regional and global tourists to the region.
IFC investments in Egypt near $9bn, says minister
RIYADH: Egypt is emerging as a pivotal player for the International Finance Corp., with investments nearing $9 billion, announced a top minister.
Inaugurating the “IFC Day in Egypt” event, Minister of International Cooperation Rania Al-Mashat underscored that this substantial influx of capital underscores the nation’s stature as one of the foremost countries of operations for the organization within the broader framework of collaboration with the World Bank, a release highlighted.
From July 2023 to May 2024, Egypt witnessed a notable infusion of $900 million in investments from the IFC, marking a testament to the sustained momentum of financial inflows into the country’s economic landscape.
Al-Mashat further declared that in adherence with the directives of President Abdel Fattah El-Sisi, Egypt remains steadfast in its commitment to bolstering the private sector as a driving force in advancing development endeavors.
Middle Eastern airports embrace sustainability and tech amidst rising passenger expectations
RIYADH: Middle Eastern airports are prioritizing sustainability, eco-friendly infrastructure and renewable energy to combat climate challenges, a recent study showed.
In its latest report, Bain & Co., a management consulting firm, also underscored the rising demand for seamless and personalized travel experiences driven by evolving passenger expectations.
To address this, regional airports are also heavily investing in digital solutions that offer real-time communication and integrated mobility platforms.
Discussing the growing emphasis on sustainability initiatives among the region’s airports, Akram Alami, Middle East head of utilities, aviation, and sustainability & responsibility practices at Bain & Co., said: “They aim to reduce their environmental impact through efforts like achieving carbon-neutral certification, designing eco-friendly infrastructure, and adopting renewable energy.”
He added: “These initiatives are part of a broader strategy to address climate change and meet passenger expectations for more sustainable travel options.”
The report also highlighted that airports in the region face several obstacles while implementing these sustainable practices, including high expenses for renewable technologies and regulatory issues.
“Key challenges include high initial costs for green technologies, regulatory constraints, and the need for stakeholder alignment. Technological limitations and the need to integrate sustainability into existing infrastructure without disrupting operations also pose significant challenges,” noted Ilya Yamshchikov, associate partner at Bain & Co. Middle East.
The report stated that other factors driving the growth of airports in the region include the adoption of technology and the commitment to meeting passenger expectations.
Moreover, digital biometric screening and contactless services are streamlining security and boarding processes, it added.
The US-based firm further pointed out that airports are also leveraging technologies like computed tomography baggage scanners and body scanners to expedite security checks without compromising safety.
“These trends are expected to continue shaping the development of airports, leading to more efficient and passenger-centric facilities. They will significantly transform airline operations and the overall travel experience, making air travel more accessible, enjoyable and sustainable for future generations,” said Mauro Anastasi, partner and a member of the Aviation practice at Bain & Co.
In December 2023, Saudi Arabia’s Riyadh Airports Co. partnered with Cognizant to bolster its digital capabilities in finance, human resources, procurement, and planning, with the goal of enhancing traveler experience.
Moreover, in November 2023, Abdulaziz Al-Duailej, president of Saudi Arabia’s General Authority of Civil Aviation, stated that the Kingdom is working to finalize a comprehensive systematic plan to address environmental sustainability in the aviation sector.
In terms of passenger expectations, a report released by GACA in April revealed that all airports in Saudi Arabia that received passenger complaints in March resolved them on time.
Saudi Arabia leads GCC IPO market with 594% surge in proceeds: Markaz
RIYADH: Saudi Arabia led the Gulf Cooperation Council initial public offering market with an annual 594 percent surge in the first quarter of 2024, according to Kuwait Financial Centre.
A report issued by the organization, commonly known as Markaz, detailed the dynamic landscape of IPO activities across the GCC region, revealing significant shifts and trends in investment flows.
The report highlighted that Saudi Arabia has demonstrated considerable growth, raising a total of $503 million from eight offerings.
Despite the Kingdom’s activity, the overall GCC region witnessed a downturn in IPO activity in terms of value, with total proceeds amounting to $931 million through nine offerings in the first three months of 2024 – a 73 percent year-on-year decline.
The same period of 2023 saw issuers raise $3.5 billion through 12 offerings.
For the first quarter of 2024, Saudi Arabia capturing 54 percent of the total proceeds in the GCC, while the UAE accounted for the remaining 46 percent, which came from just one offering – signaling an 87 percent decrease compared to the same period last year.
Other countries in the group did not witness any new listings activity during this quarter.
On a sectoral basis, transportation emerged as the frontrunner, driven by Dubai-based Parkin Co.’s offering, which raised $429 million, constituting nearly 46 percent of total GCC IPO proceeds during the period.
Additionally, Saudi Modern Mills Co.’s listing in the food and beverage sector garnered over $314 million, contributing 34 percent to the total proceeds.
Following these were IPOs from the pharmaceutical, healthcare equipment, and materials sectors, accounting for 14 percent, 2 percent, and 1 percent, respectively.
Exchange-wise, $445 million came from listings on the Kingdom’s Main Market, with $57 million on the Nomu-Parallel Market.
Meanwhile, the UAE markets accounted for the remaining 46 percent, with $429 million listed on Dubai’s exchange, showcasing the vibrancy of both countries’ capital markets.
Oil Updates - crude extends fall on signs of weak fuel demand, strong dollar
SINGAPORE: Oil prices extended declines on Monday amid signs of weak fuel demand and as comments from US Federal Reserve officials dampened hopes of interest rate cuts, which could slow growth and crimp fuel demand in the world’s biggest economy, according to Reuters.
Brent crude futures slid 25 cents, or 0.3 percent, to $82.54 a barrel by 8:05 a.m. Saudi time, while US West Texas Intermediate crude futures were at $78.07 a barrel, down 19 cents, or 0.2 percent.
“Oil markets shrugged off the impact of the Middle East conflicts and shifted attention to the world economic outlook again,” Auckland-based independent analyst Tina Teng said.
China’s producer price index contracted in April, suggesting that business demand remained sluggish, she said, adding that recent US economic data signalled a slowdown as well.
Both benchmarks settled about $1 lower on Friday as Fed officials debated whether US interest rates are high enough to bring inflation back to 2 percent, offsetting gains earlier last week from the Israel-Gaza conflict.
Analysts expect the US central bank to keep its policy rate at the current level for longer, supporting the dollar. A stronger greenback makes dollar-denominated oil more expensive for investors holding other currencies.
Oil prices also fell amid signs of weak demand, ANZ analysts said in a note, as US gasoline and distillate inventories rose in the week ahead of the start of the US driving season.
Refiners globally are struggling with slumping profits for diesel as new refineries boost supplies and as mild weather in the northern hemisphere and slow economic activity eat into demand.
Still, the market remained supported by expectations that the Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+, could extend supply cuts into the second half of the year.
Iraq, the second-largest OPEC producer, is committed to voluntary oil production cuts agreed by OPEC and is keen to cooperate with member countries on efforts to achieve more stability in global oil markets, its oil minister told the state news agency on Sunday.
The minister’s comments followed his suggestion on Saturday that Iraq had made enough voluntary reductions and would not agree to any additional cuts proposed by the wider OPEC+ producer group at its meeting in early June.
Earlier this month, OPEC+ called out Iraq for pumping over its output quota by a cumulative 602,000 barrels per day in the first three months of 2024.
The group said that Baghdad had agreed to compensate with additional production cuts over the rest of the year.
In the US, the oil rig count fell by three to 496 last week, their lowest since November, Baker Hughes said in its weekly report on Friday.
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