DUBAI: Oman is banking on its non-oil sectors, including small-to-medium enterprises and tourism, to revive the local economy, national daily Times of Oman has reported.
The Oman Chamber of Commerce and Industry has predicted a 2.5 percent economic growth next year.
“We feel that by next year the COVID-19 pandemic will be over, and this means we could actually have some growth,” Ahmed Al-Hooti, the Chamber’s head of economic research, said.
The country will see an improvement in economic activity, especially for the hard-hit tourism sector, if the pandemic slows down next year, he said.
“If the coronavirus remains or comes back stronger, then we cannot do anything about it,” Al-Hooti added.
But the official said they are observing a positive trend when it comes to local tourism.
“Omanis are actually travelling inside the country, and they are using the utilities inside the country, such as hotels and restaurants and such,” he explained.
Al-Hooti further called for more support to the country’s SME sector, which he said could play a vital role during the pandemic.
“We are now pushing the banking and financing sectors to pump some money and help the small and medium enterprises to do better than now,” he said.
Meanwhile, Omani government data suggests that 77 percent of COVID-19 cases in the country are mainly from three governorates – Muscat, North Batinah and South Batina.
Of the 101,270 confirmed cases of the disease in the country, 48,990 are in Muscat, corresponding to 48.3 per cent of all reported infections, the data showed.
Oman banks on SMEs, tourism to revive economy
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Oman banks on SMEs, tourism to revive economy
- The Oman Chamber of Commerce and Industry has predicted a 2.5 percent economic growth next year
- Omani government data suggests that 77 percent of COVID-19 cases in the country are mainly from three governorates
Education spending surges 251% as students return from autumn break: SAMA
RIYADH: Education spending in Saudi Arabia surged 251.3 percent in the week ending Dec. 6, reflecting the sharp uptick in purchases as students returned from the autumn break.
According to the latest data from the Saudi Central Bank, expenditure in the sector reached SR218.73 million ($58.2 million), with the number of transactions increasing by 61 percent to 233,000.
Despite this surge, overall point-of-sale spending fell 4.3 percent to SR14.45 billion, while the number of transactions dipped 1.7 percent to 236.18 million week on week.
The week saw mixed changes between the sectors. Spending on freight transport, postal and courier services saw the second-biggest uptick at 33.3 percent to SR60.93 million, followed by medical services, which saw an 8.1 percent increase to SR505.35 million.
Expenditure on apparel and clothing saw a decrease of 16.3 percent, followed by a 2 percent reduction in spending on telecommunication.
Jewelry outlays witnessed an 8.1 percent decline to reach SR325.90 million. Data revealed decreases across many other sectors, led by hotels, which saw the largest dip at 24.5 percent to reach SR335.98 million.
Spending on car rentals in the Kingdom fell by 12.6 percent, while airlines saw a 3.7 percent increase to SR46.28 million.
Expenditure on food and beverages saw a 1.7 percent increase to SR2.35 billion, claiming the largest share of the POS. Restaurants and cafes retained the second position despite a 12.6 percent dip to SR1.66 billion.
Saudi Arabia’s key urban centers mirrored the national decline. Riyadh, which accounted for the largest share of total POS spending, saw a 3.9 percent dip to SR4.89 billion, down from SR5.08 billion the previous week.
The number of transactions in the capital settled at 74.16 million, down 1.4 percent week on week.
In Jeddah, transaction values decreased by 5.9 percent to SR1.91 billion, while Dammam reported a 0.8 percent surge to SR713.71 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with the Kingdom’s Vision 2030 objectives, promoting electronic transactions and contributing to the nation’s broader digital economy.
