DUBAI: More than 200,000 foreign workers left Oman between March 2020 and March this year, the ministry of finance said on Wednesday, a week after protests over unemployment erupted in several cities of the Gulf state.
The population in the oil-rich Gulf region declined by about 4 percent last year amid an exodus of expatriates due to the coronavirus pandemic and lower oil prices, S&P Global Ratings has estimated.
This was partly caused by the economic downturn, and partly to workforce nationalization policies which gained traction after the coronavirus outbreak.
Early in the pandemic, Oman — where youth unemployment is now over 10 percent — ordered state firms to replace foreign employees with nationals to ease pressure on the job market.
“Expatriates employed in the government sector fell from 53,332 to 49,898. While expatriates employed in the private sector dropped from 1,608,781 to 1,403,287,” said the ministry in a statement.
Oman’s ruler Sultan Haitham promised last week, on a third day of rare demonstrations in several towns and cities, to create 32,000 jobs and subsidise private companies that take on Omanis, despite pledged cuts in public spending as part of an austerity plan.
Oman posted a deficit of 827 million rials ($2.15 billion) in the four months to April, the ministry said on Wednesday, with revenues declining by 27.7 percent annually during the period.
Net oil revenue was down by 36.8 percent, “due to lower oil production in compliance to OPEC plus agreement, low oil price and persisting consequences of COVID-19 which have adversely affected economic growth and public finance,” the ministry said.
Public spending during the four months to April declined by 2.7 percent year on year.
“This comes as a result of fiscal consolidations carried out by the Government to mitigate economic consequences, and to rationalize spending and enhance its efficiency,” it said.
Oman says expat workforce fell by 200,000 in year to March
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Oman says expat workforce fell by 200,000 in year to March
- Oman's population declined by about 4 percent last year
- Youth unemployment is over 10 percent in Oman
Saudi-US roundtable meeting held to strengthen economic relations
RIYADH: The Saudi-US Roundtable was held in Riyadh on Jan. 20, coinciding with the ninth session of the Saudi-US Trade and Investment Association, organized by the General Authority for Foreign Trade.
The meeting was attended by the Deputy Governor of International Relations at GAFT Abdulaziz Al-Sakran and the Secretary General of the Federation of Saudi Chambers Waleed Alorainan. It was also attended by the President and CEO of the Saudi-US Business Council Charles Hallab and representatives from government agencies, as well as 83 private sector companies.
The meeting reviewed ways to strengthen economic relations between Saudi Arabia and the US. It also explored opportunities for trade and investment cooperation in various sectors that play a fundamental role in developing trade ties and increasing bilateral trade volume, which reached approximately $33 billion in 2024.
Al-Sakran indicated that the roundtable meeting comes within the framework of the authority’s keenness to enhance the role of the private sector in developing trade relations by enabling it to access foreign markets and removing all external obstacles it faces, in coordination with relevant entities.
He noted that trade relations between the Kingdom and the US have witnessed significant economic activity, resulting in a trade volume exceeding $500 billion over the past decade.
It is worth noting that GAFT works to develop bilateral trade relations by overseeing business councils and coordination councils. In addition, it enables Saudi Arabia’s non-oil exports to access foreign markets and helps overcome the various challenges they face.
