MUSCAT: Oman posted a year-to-date budget deficit of 890.2 million rials ($2.32 billion) in May, the ministry of finance said on Thursday, as low oil prices and lower crude output weigh on the finances of the small Gulf producer.
Oman is among the weakest countries financially in the oil-rich region and more vulnerable to swings in the price of hydrocarbons, a sector that accounted for about a third of its gross domestic product (GDP) in 2019.
Oil revenues in the first five months of this year declined by 23 percent when compared to the same period in 2020, the ministry said. Total revenue, including non-oil, was down 19 percent.
Oman has reined in public spending to reduce its fiscal shortfall but the rate of adjustment lags the revenue drop.
“Public spending continues to decline as fiscal consolidation continues,” the ministry said.
Expenditure was down 2.9 percent annually in the year till May.
GDP at current prices was down by 2.5 percent in the first quarter, pressured by a 20.6 percent decline in oil activities, while the non-oil sector was up by 5.7 percent, the ministry said.
Oman introduced a medium-term fiscal plan in October last year which reassured investors and helped the sultanate to raise billions of dollars in loans and bonds this year.
Last month it raised $1.75 billion in sukuk, or Islamic bonds, drawing over $11.5 billion in demand.
Oman deficit at $2.3 bln in May as oil revenue declines
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Oman deficit at $2.3 bln in May as oil revenue declines
- Oil revenues in the first five months of 2021 declined by 23 percent
- Public spending was down 2.9 percent annually in the year until May
King Abdulaziz Airport among world’s busiest after record-breaking 2025
RIYADH: King Abdulaziz International Airport has achieved a new historical milestone, reaching 53.4 million passengers in a single year.
This is the highest number ever recorded at a Saudi airport since the beginning of air travel in the Kingdom, placing it among the world’s mega airports in terms of passenger traffic, according to the Saudi Press Agency.
The airport handled a total of 310,000 flights and 60.4 million bags, representing a 12 percent increase compared to 2024. It also handled 9.57 million Zamzam water containers and 2,968 cargo flights.
This achievement reflects the airport’s qualitative transformation and its position as a regional hub and national gateway connecting the Kingdom to the world. It also highlights its role in facilitating the movement of visitors and pilgrims, promoting tourism in line with the goals of Vision 2030, diversifying the economy, and providing a distinguished travel experience.
For his part, CEO of Jeddah Airports Co. Mazen Johar, affirmed that reaching 53.4 million passengers confirms the airport’s high operational readiness and represents a pivotal milestone for moving to the next phase, in preparation for doubling this number, God willing, in the coming years.
He pointed out that this national achievement would not have been possible without the grace of God Almighty, followed by the directives of the wise leadership and the continuous follow-up from the minister of transport and logistics, the president of the General Authority of Civil Aviation, and the CEO of Airports Holding Co.
He explained that King Abdulaziz International Airport is strengthening its position as a major aviation hub in the region through expansions, increased capacity, and improved services, supporting the objectives of the aviation program and aligning with the goals of the Kingdom’s Vision 2030.
The CEO of Jeddah Airports Co. expressed his gratitude to the partners in success from various government and private sectors for their fruitful cooperation through a collaborative work system that contributed to providing the best services.
