Oman’s insured non-oil exports reached $159m in Q1

Oman’s broader non-oil exports grew 8.6 percent year on year to 1.61 billion rials, now making up 28.6 percent of total exports. Shutterstock.
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Updated 22 June 2025
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Oman’s insured non-oil exports reached $159m in Q1

  • Growth in construction materials, petrochemicals, mining, and agriculture cited as key drivers
  • Mining sector experienced largest percentage growth, jumping 150% to 570,000 rials

RIYADH: Oman’s insured non-oil exports reached 61.2 million Omani rials ($159 million) in the first quarter of 2025, marking a 6 percent increase from the same period last year, according to Credit Oman. 

The sultanate’s export credit agency, which provides trade insurance and guarantees to support domestic and international exchange, cited growth in construction materials, petrochemicals, mining, and agriculture as key drivers, the Oman News Agency reported.  

This comes as Oman’s broader non-oil exports grew 8.6 percent year on year to 1.61 billion rials, now making up 28.6 percent of total exports. The growth reflects ongoing efforts to boost non-oil trade, support domestic industries, attract foreign investment, localize development initiatives, and offer incentives to the private sector. 

The ONA report stated: “Khalil bin Ahmed Al Harthy, CEO of Credit Oman, explained that the volume of insured export sales in the building and construction materials sector witnessed a growth of 24 percent, with a total value of 27.16 million rials.” 

Exports in the petrochemicals and plastics sector climbed 45 percent to 9.2 million riyals. 




Oman’s broader non-oil exports grew 8.6 percent year on year to 1.61 billion rials, now making up 28.6 percent of total exports. File/ONA

The mining sector experienced the largest percentage growth, jumping 150 percent to 570,000 rials. Meanwhile, agricultural exports surged 96 percent to nearly 5 million rials, driven by increased demand and favorable market conditions. 

Despite the overall growth, Al-Harthy noted setbacks in some sectors, including packaging, fisheries, and apparel, adding that the results still reflect the broader progress of the national economy and the government’s continued push for economic development. 

“He pointed out that Credit Oman is making significant efforts to support Omani manufacturers and exporters, contributing to boosting their sales both locally and internationally by offering a range of insurance services and overcoming the challenges associated with Omani products entering global and new markets,” the OMA report added. 

In its earlier outlook, Credit Oman projected strong growth potential for the country’s non-oil exports in 2025. The agency cited an estimated untapped export capacity of 5 billion rials, according to the International Trade Centre.  

However, it emphasized that realizing this potential would depend on evolving global trade conditions, particularly the impact of emerging tariff and non-tariff barriers, geopolitical uncertainty, and shifts in global economic trends. 

This growth comes after a challenging 2024, when Oman’s non-oil exports declined 16 percent due in part to a reclassification of high-value fuel-related goods into the oil and gas category.  

The 2025 rebound suggests improved export diversification, aided by Credit Oman’s efforts and favorable conditions in sectors like agriculture and plastics. 


Most Gulf stocks subdued as Trump steps up tariff threats

Updated 13 July 2025
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Most Gulf stocks subdued as Trump steps up tariff threats

  • Saudi Arabia’s benchmark index fell 0.2%
  • Qatar’s benchmark index finished flat in a calm session

DUBAI: Gulf equities ended mixed on Sunday, with stocks drifting in a tight range during a quiet trading session as investors sought clarity after US President Donald Trump escalated his global trade war. 

Trump threatened on Saturday to impose a 30 percent tariff on imports from Mexico and the European Union, following the announcement of a 35 percent duty on Canadian imports, both starting Aug. 1. 

He also proposed a blanket tariff rate of 15 percent-20 percent on other countries, an increase from the current 10 percent baseline rate. 

Saudi Arabia’s benchmark index fell 0.2 percent, as mixed sector performance kept the market subdued ahead of key earnings. 

Utilities heavyweight ACWA Power declined 2.4 percent as its rights issue offering ended. 

Qatar’s benchmark index finished flat in a calm session, with telecom giant Vodafone Qatar gaining 1.2 percent. 

Investors remained cautious as the US Federal Reserve is widely expected to keep interest rates unchanged as it waits to see the impact of tariffs on price pressures. 

With Gulf currencies pegged to the US dollar, the Fed’s decisions on interest rates impact the region’s monetary policy. 

Outside the Gulf, Egypt’s blue-chip index dropped 0.8 percent, hit by a 1 percent fall in Commercial International Bank. 

Egypt’s central bank kept key interest rates unchanged on Thursday, pausing a trend of rate reductions despite inflation rates easing. 


Syria signs $800m agreement with DP World to bolster ports infrastructure

Updated 16 min 35 sec ago
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Syria signs $800m agreement with DP World to bolster ports infrastructure

  • Deal focuses on developing multi-purpose terminal at Tartus
  • DP world CEO pledged to make Tartus ‘one of the best ports in the world’

DAMASCUS: Syria signed a $800 million deal with UAE-based company DP World on Sunday to develop the port of Tartus, state media reported, as the new authorities continue their efforts to support post-war reconstruction.

“In the presence of President Ahmed Al-Sharaa, an agreement was signed between the General Authority for Land and Sea Ports and DP World, valued at $800 million, as a strategic step aimed at enhancing port infrastructure and logistics services in Syria,” state-run news agency SANA said.

The agreement follows on from a memorandum of understanding signed between the two sides in May.

Following the signing of the deal, DP World CEO Sultan Bin Sulayem said Syria’s economy had “significant assets, including the Port of Tartus, which represents an opportunity to transport and export many Syrian industries.”

In a statement also shared by state media, he pledged to make Tartus “one of the best ports in the world.”

DP World operates dozens of marine and inland ports and terminals globally, particularly in Asia, Africa and Europe

The Syrian civil war devastated the country’s infrastructure, and the new authorities hope to use the lifting of Western sanctions to attract investments and fuel reconstruction efforts.

Qutaiba Badawi, head of the General Authority for Land and Sea Ports, said the parties were “not merely signing a technical agreement, but we are laying the foundation for a new phase of field and maritime work in Syria, repositioning ourselves on the regional and international economic map.”

In May, Damascus signed a 30-year contract with French shipping giant CMA CGM to develop and run the port of Latakia.

That same month, Syria signed a $7 billion energy deal with a consortium of Qatari, Turkish and US companies as part of efforts to revive its crippled power sector.


Closing Bell: Saudi main index ends lower at 11,253

Updated 13 July 2025
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Closing Bell: Saudi main index ends lower at 11,253

  • Parallel market Nomu edged down 41.88 points to close at 27,437.62
  • MSCI Tadawul Index fell 0.19% to 1,442.43

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, shedding 24.01 points, or 0.21 percent, to close at 11,252.90.

The total trading turnover on the benchmark index stood at SR4.04 billion ($1.08 billion), with 98 stocks advancing and 148 declining.

The Kingdom’s parallel market Nomu edged down by 41.88 points to close at 27,437.62, while the MSCI Tadawul Index fell 0.19 percent to 1,442.43.

The best-performing stock on the main market was SHL Finance Co., with its share price rising 9.98 percent to SR21.26. Al Sagr Cooperative Insurance Co. followed, gaining 6.47 percent to SR14.80, while Fawaz Abdulaziz Alhokair Co. climbed 5.80 percent to SR33.20.

Zamil Industrial Investment Co. recorded the steepest decline of the day, with its share price falling 2.75 percent to SR46.00.

On the announcement front, Almoosa Health Co. said it signed an SR192 million contract with MASAH Specialized Construction Co. to carry out preliminary construction and foundation work for the Almoosa Specialist Hospital project in Al-Hofuf.

In a press statement, the company said the financial impact of the 14-month contract will be reflected after the completion of the hospital’s construction. The company added that there are no related parties involved in the deal.

Almoosa Health’s share price inched up 0.12 percent to close at SR165.00.

Sports Club Co. completed its retail offering ahead of its planned listing on the Kingdom’s main market. Saudi Fransi Capital, the lead manager, financial adviser, bookrunner, and underwriter for the IPO, confirmed the development.

According to a statement, 259,690 investors participated in the retail subscription period, with a final offer price of SR7.50 per share. Saudi Fransi Capital added that retail orders totaled approximately SR247.7 million, representing an oversubscription rate of 533.6 percent.


PIF launches Tasama to deliver world-class business services in Saudi Arabia

Updated 13 July 2025
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PIF launches Tasama to deliver world-class business services in Saudi Arabia

  • Company aims to support public and private sectors
  • It seeks to advance business services as a strategic sector in the Kingdom

RIYADH: Businesses operating in Saudi Arabia — including international firms setting up regional headquarters — are set to benefit from the launch of Tasama, a new integrated business services platform established by a subsidiary of the Public Investment Fund.

Tasama was created through the merger of the Business Incubators and Accelerators Co., previously owned by the Saudi Technology Development and Investment Co. or TAQNIA, with PIF’s Shared Services Center. The company aims to support both the public and private sectors, according to an official statement.

The launch forms part of PIF’s broader strategy to diversify the Saudi economy and deepen its collaboration with the private sector by accelerating the growth of local enterprises and easing the entry of global firms into the Kingdom’s business environment.

It also comes as PIF surpasses $1 trillion in assets, marking a major global milestone. According to Global SWF, the fund is now shifting focus from rapid expansion to a new phase defined by solvency, strategic discipline, and long-term sustainable returns.

“The company seeks to advance business services as a strategic sector in the Kingdom, and to contribute effectively to supporting economic diversification by providing support to strategic sectors,” said Mohammed bin Nasser Al-Jasser, CEO of Tasama.

Al-Jasser added that the company remains committed to “fostering innovation, empowering Saudi talent, and enhancing national competencies,” building on BIAC’s track record across public and private sector partnerships.

He further emphasized Tasama’s ambition to evolve the business services sector, positioning the firm as a “key partner in shaping its future and ongoing progress,” while contributing to the expansion of the Kingdom’s tech ecosystem and broader commercial landscape.

According to the statement, Tasama will offer a full suite of services aimed at boosting operational efficiency, supporting companies through their launch and growth phases, and assisting international firms in establishing their regional bases in Saudi Arabia.

The platform will provide end-to-end support, including accounting, human resources, and procurement services, along with access to digital tools, business incubators, and workspace solutions.

Tasama also plans to expand nationwide, with the goal of becoming the leading provider of business services across Saudi Arabia.

Earlier this month, Global SWF noted that the Kingdom’s sovereign wealth fund — which recently posted an 18 percent rise in assets under management to SR4.32 trillion ($1.15 trillion) in 2024 — is now focused on “solvency over scale” and “substance over show.”

This strategic pivot underscores a broader recalibration of Vision 2030’s investment engine, balancing domestic megaproject development with financial discipline, international outreach, and responsible capital deployment.


Oman tourism revenues hit $5.5bn in 2024

Updated 13 July 2025
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Oman tourism revenues hit $5.5bn in 2024

  • Tourism contribution to GDP rose to 2.7 billion rials
  • Government continues to adopt innovative marketing strategies

JEDDAH: Oman’s tourism sector contributed over 2.12 billion rials ($5.51 billion) to the Gulf country’s national economy in 2024, up from 1.75 billion rials in 2018, according to official data.

The latest figures from the National Center for Statistics and Information indicate that this increase reflects a compound annual growth rate of 3.2 percent, reinforcing the industry’s role as a key pillar in the sultanate’s economic diversification strategy.

The sector’s contribution to gross domestic product also rose to 2.7 billion rials, up from 2.3 billion rials in 2018, underscoring tourism’s expanding macroeconomic impact, according to the Oman News Agency.

European travelers significantly boosted Oman’s tourism sector in 2024, driving a 10.2 percent rise in hotel revenues during the first five months of the year, according to NCSI data released last July.

The country’s growing appeal among European tourists, alongside strong local and regional demand, reflects its broader strategy to diversify its tourism base and bolster the hospitality sector, in line with similar initiatives across Gulf Cooperation Council member states.

Minister of Heritage and Tourism Salim bin Mohammed Al-Mahrouqi said the growth in visitor arrivals, spending, and economic value reflects the result of focused and ambitious efforts by the ministry to promote Oman as a rich and diverse tourism destination, according to ONA.

He added that the latest indicators serve as a testament to the government’s economic diversification policies and effective inter-agency coordination that supports investment and accelerates project implementation.

Al-Mahrouqi also said that the ministry continues to adopt innovative marketing strategies, strengthen partnerships with the private sector, and develop offerings to enhance the overall visitor experience.

GDP growth forecast at 2.2% in 2025

The sultanate’s economy is forecast to grow by 2.2 percent in 2025, up from 1.7 percent the previous year, supported by a recovery in oil activities and steady non-oil sector expansion, according to the Ministry of Economy’s 2025 economic outlook.

Inflation is projected to rise modestly to 1.3 percent, up from 0.6 percent in 2024. Still, it will remain within the target range of Oman’s 10th five-year plan, aided by continued government subsidies and stable global commodity prices.

The ministry estimates GDP at constant prices will increase from 38.3 billion rials in 2024 to 39.2 billion rials in 2025. Oil activities are expected to rebound with 1.3 percent growth after a 3 percent contraction in 2024, while non-oil sectors are projected to grow by 2.7 percent.

Medium-term momentum is expected to continue through 2026 and 2027, bolstered by strategic projects and higher oil production, ONA reported.