S&P revises Oman’s outlook to positive; affirms credit rating ‘BB+/B’ 

This comes as the agency believes that the Oman government’s fiscal and economic reforms, particularly those targeting operational efficiencies and stronger financial profiles for state-owned enterprises, will continue. Shutterstock
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Updated 31 March 2024
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S&P revises Oman’s outlook to positive; affirms credit rating ‘BB+/B’ 

RIYADH: Oman’s improved fiscal position prompted international credit rating agency S&P Global to upgrade the country’s outlook from stable to positive.  

It also affirmed the long- and short-term foreign and local currency sovereign credit ratings at “BB+/B,” according to a press release. 

This comes as the agency believes that the Oman government’s fiscal and economic reforms, particularly those targeting operational efficiencies and stronger financial profiles for state-owned enterprises, will continue. 

Additionally, the positive outlook reflects S&P’s view that this would strengthen the economy’s resilience to adverse oil price shocks. 

“The government’s balance sheet will strengthen, and the economic reform program could lead to faster-than-expected deleveraging in many state-owned enterprises, without dampening economic growth outcomes,” the agency stated in a statement. 

It added: “We expect the government’s fiscal and economic reform momentum will continue over 2024-2027.” 

The rating agency also anticipates Oman’s real gross domestic product to grow by approximately 2 percent annually on average from 2024 to 2027. 

Furthermore, S&P projects that Oman’s foreign policy is expected to maintain a broadly neutral stance, with minimal spillover effects on the country in the event of regional geopolitical conflicts. 

In January, Oman forecasted a budget deficit of 640 million rials ($1.66 billion) for 2024, a reversal from a surplus in 2023, attributed to lower oil production and prices impacting public finances. 

Similar to its Gulf oil and gas exporting counterparts, Oman aims to diversify its income sources and economic sectors away from hydrocarbons. However, it remains predominantly reliant on oil revenue. 

In December 2023, further enhancements in Oman’s debt burden prompted US-based Moody’s Investors Service to upgrade its credit rating for the second consecutive time last year, elevating it from “Ba2” to “Ba1.” 

The upgrade in rating at the time was attributed to improvements in debt affordability metrics, as stated in a press release. 

This positive shift, reported at the time, primarily resulted from spending restraints and the utilization of additional revenues to reduce public debt. 

In September 2023, S&P upgraded Oman’s credit rating from “BB” to “BB+” on account of firmer macroeconomic fundamentals. 


Saudi Arabia leads outcome-based education to prepare future-ready generations: Harvard Business Review

A Harvard sign is seen at the Harvard University campus in Boston, Massachusetts, on May 27, 2025. (AFP)
Updated 10 February 2026
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Saudi Arabia leads outcome-based education to prepare future-ready generations: Harvard Business Review

  • The Riyadh-based school group developed a strategy that links every classroom activity to measurable student competencies, aiming to graduate learners equipped for the digital economy and real-world contexts

RIYADH: Saudi Arabia’s education system is undergoing a sweeping transformation aligned with Vision 2030, shifting from traditional, input-focused methods to outcome-based education designed to equip students with future-ready skills, Harvard Business Review Arabic reported.

The transformation is being adopted and spearheaded by institutions such as Al-Nobala Private Schools, which introduced the Kingdom’s first national “learning outcomes framework,” aimed at preparing a generation of leaders and innovators for an AI-driven future, the report said.

Al-Nobala has leveraged international expertise to localize advanced learning methodologies.

The Riyadh-based school group developed a strategy that links every classroom activity to measurable student competencies, aiming to graduate learners equipped for the digital economy and real-world contexts. The school’s group approach combines traditional values with 21st-century skills such as critical thinking, communication, innovation and digital fluency.

According to the report, the shift addresses the growing gap between outdated models built for low-tech, resource-constrained environments and today’s dynamic world, where learners must navigate real-time information, virtual platforms, and smart technologies.

“This is not just about teaching content, it’s about creating impact,” the report noted, citing how Al-Nobala’s model prepares students to thrive in an AI-driven world while aligning with national priorities.

The report noted that Saudi Arabia’s Ministry of Education has paved the way for this shift by transitioning from a centralized controller to a strategic enabler, allowing schools such as Al-Nobala to tailor their curriculum to meet evolving market and societal needs. This is part of the long-term goal to place the Kingdom among the top 20 global education systems.

Al-Nobala’s work, the report stated, has succeeded in serving the broader national effort to link education outcomes directly to labor market demands, helping to fulfill the Vision 2030 pillar of building a vibrant society with a thriving economy driven by knowledge and innovation.

Last February, Yousef bin Abdullah Al-Benyan, Saudi Arabia’s minister of education, said that the Kingdom was making “an unprecedented investment in education,” with spending aligned to the needs of growth and development. He said that in 2025, education received the second-largest share of the state budget, totaling $53.5 billion.