Oman extends expat visa ban

Oman's expat visa ban is aimed at improving employment rates within the civilian population. (File/Shutterstock)
Updated 28 April 2019
Follow

Oman extends expat visa ban

  • Visa ban will be extended in the construction and cleaning industries
  • The ban has led to a significant reduction in local unemployment

DUBAI: Oman’s visa ban on certain professions has been extended for a further six months as the country continues in its push to cut unemployment among its citizens.

The ban extension issued by the Ministry of Manpower will see a continued freeze on the issuance of visas for people working in the construction and cleaning industries, national daily Times of Oman reported.

There are exceptions to the extension including small and medium enterprises registered with the Public Authority for SME development.

Oman introduced the expat visa bans in January 2018 for a six-month period for certain professions.

There have been two extensions since then and it has also been expanded to cover other industries and professions – during that time tens of thousands of Omanis have found work.

Historically Gulf countries have been dependent on expatriate workers to power their economies; with a 2013 study indicating as much as 71 percent of Oman’s labor force were foreign-nationals.
In Qatar, expatriate workforce was as high as 95 percent while in the UAE it was 94 percent; 83 percent in Kuwait; 64 percent in Bahrain and 49 percent in Saudi Arabia.
The Gulf states have since launched nationalization programs to absorb more of their citizens into the labor force, as well as address high levels of unemployment.
Between December 2018 and November last year, a total of 60,807 expatriate workers left Oman’s labor force or an equivalent 3.6 percent reduction in their numbers.

Oman's expat population has dropped significantly since the introduction of the ban.


Silver crosses $77 mark while gold, platinum stretch record highs

Updated 3 sec ago
Follow

Silver crosses $77 mark while gold, platinum stretch record highs

  • Spot silver touched an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits
  • Spot platinum rose 9.8% to $2,437.72 per ounce, while palladium surged 14 percent to $1,927.81, its highest level in over 3 years

Silver breached the $77 mark for the first time on Friday, while gold and platinum hit record highs, buoyed by expectations of US Federal Reserve rate cuts and geopolitical tensions that fueled safe-haven demand.

Spot silver jumped 7.5% to $77.30 per ounce, as of 1:53 p.m. ET (1853 GMT), after touching an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits, its designation ‌as a US ‌critical mineral, and strong investment inflows.

Spot gold ‌was ⁠up ​1.2% at $4,531.41 ‌per ounce, after hitting a record $4,549.71 earlier. US gold futures for February delivery settled 1.1% higher at $4,552.70.

“Expectations for further Fed easing in 2026, a weak dollar and heightened geopolitical tensions are driving volatility in thin markets. While there is some risk of profit-taking before the year-end, the trend remains strong,” said Peter Grant, vice president and senior metals strategist ⁠at Zaner Metals.

Markets are anticipating two rate cuts in 2026, with the first likely ‌around mid-year amid speculation that US President Donald ‍Trump could name a dovish ‍Fed chair, reinforcing expectations for a more accommodative monetary stance.

The US ‍dollar index was on track for a weekly decline, enhancing the appeal of dollar-priced gold for overseas buyers.

On the geopolitical front, the US carried out airstrikes against Daesh militants in northwest Nigeria, Trump said on Thursday.

“$80 in ​silver is within reach by year-end. For gold, the next objective is $4,686.61, with $5,000 likely in the first half of next ⁠year,” Grant added.

Gold remains poised for its strongest annual gain since 1979, underpinned by Fed policy easing, central bank purchases, ETF inflows, and ongoing de-dollarization trends.

On the physical demand side, gold discounts in India widened to their highest in more than six months this week as a relentless price rally curbed retail buying, while discounts in China narrowed sharply from last week’s five-year highs.

Elsewhere, spot platinum rose 9.8% to $2,437.72 per ounce, having earlier hit a record high of $2,454.12 while palladium surged 14% to $1,927.81, its highest level in more than three years.

All precious ‌metals logged weekly gains, with platinum recording its strongest weekly rise on record.