Oman to get $780m revenues from VAT in 2021, $400m in 2022, says Ubhar CEO

 Value-added tax (VAT) in Oman will provide the government 300 million Omani riyals revenues in 2021. (Shutterstock/File Photo)
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Updated 03 May 2021
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Oman to get $780m revenues from VAT in 2021, $400m in 2022, says Ubhar CEO

  • Oman budget deficit reached 751 million Omani riyals in the first quarter of 2021 ($2 billion)

RIYADH: Value-added tax (VAT) in Oman will provide the government 300 million Omani riyals revenues in 2021 (about $780 million) and 400 million omani riyals in 2022, said Ubhar Capital SAOC CEO Loai Bataineh today.

He explained that the decline in revenues in the first quarter is due to the decline in the price of oil and the restructuring of some government investments, Al Arabiya reported.

Better oil prices and production, governmental apparatus restructuring and VAT implementation in mid-April this year, will reflect a better performance in the second quarter, Batained said.

Oman budget deficit reached 751 million Omani riyals in the first quarter of 2021 ($2 billion), due to 30 percent decline in revenues caused by the pandemic outbreak and decline in oil prices.

The Sultanate intends to impose an income tax paid by high-income earners starting next year, as part of plans to reduce the deficit.


New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

Updated 28 January 2026
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New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

RIYADH: Saudi Arabia’s New Murabba Development Co., a wholly owned subsidiary of the Public Investment Fund, has issued a request for information to gauge the market for modular and offsite fit-out solutions for its flagship Mukaab development, MEED reported on Wednesday.

The RFI was released on Jan. 26, with submissions due by Feb. 11. NMDC has also scheduled a market engagement meeting during the first week of February to discuss potential solutions with prospective contractors.

Sources close to the project told MEED that NMDC is “seeking experienced suppliers and contractors to advise on the feasibility, constraints, and execution strategy for using non-load-bearing modular systems for the four corner towers framing the Mukaab structure.” The feedback gathered from these discussions will be incorporated into later design and procurement decisions.

The four towers — two residential (North and South) and two mixed-use (East and West) — are integral to the Mukaab’s architectural layout. Each tower is expected to rise approximately 375 meters and span over 80 stories. Key modular elements under consideration include bathroom pods, kitchen pods, dressing room modules, panelized steel partition systems, and other offsite-manufactured fit-out solutions.

Early works on the Mukaab were completed last year, with NMDC preparing to award the estimated $1 billion contract for the main raft works. This was highlighted in a presentation by NMDC’s chief project delivery officer on Sept. 9, 2025, during the Future Projects Forum in Riyadh.

Earlier this month, US-based Parsons Corp. was awarded a contract by NMDC to provide design and construction technical support. Parsons will act as the lead design consultant for infrastructure, delivering services covering public buildings, infrastructure, landscaping, and the public realm at New Murabba. The firm will also support the development of the project’s downtown experience, which spans 14 million sq. meters of residential, workplace, and entertainment space.

The Parsons contract follows NMDC’s October 2025 agreements with three other US-based engineering firms for design work across the development. New York-headquartered Kohn Pedersen Fox was appointed to lead early design for the first residential community, while Aecom and Jacobs were selected as lead design consultants for the Mukaab district.

In August 2025, NMDC signed a memorandum of understanding with Falcons Creative Group, another US-based firm, to develop the creative vision and immersive experiences for the Mukaab project. Meanwhile, Beijing-based China Harbour Engineering Co. completed the excavation works for the Mukaab, and UAE-headquartered HSSG Foundation Contracting executed the foundation works.