Oman recorded a budget surplus of 1.09 billion rials ($2.6 billion) in the first eight months of this year, compared with more than 1bn rial deficit in the same period a year earlier.
The Gulf country's total public revenue in the January-August period jumped 47.3 per cent to more than 9.3bn rials, compared with 6.3bn rials during the same period last year.
Total public spending until the end of August this year increased by 11.5 per cent to reach about 8.2bn rials, compared with 7.3bn rials in the prior year period.
Oman is poised to post its first yearly fiscal surplus in a decade in 2022, according to a Fitch Solutions report released in August.
The sultanate's 12-month fiscal surplus is expected to amount to 6.5 per cent of its total gross domestic product this year, Fitch estimates. Revenue will rise further in the second half of the year because of high energy prices, it said.
Oil prices, which rose more than 67 per cent in 2021, continue to trade higher this year amid supply concerns following Russia’s military offensive in Ukraine.
Sultan Haitham, Ruler of Oman, earlier this year said that the country planned to use revenue from rising oil prices to reduce its public debt and support spending on government projects while ensuring inflation does not affect basic commodity prices.
Oman, a small crude producer compared with its Gulf neighbours, is more sensitive to oil-price swings and was hit hard by the coronavirus pandemic.
However, higher oil prices, along with fiscal reforms, helped to narrow the government deficit.
In April, S&P Global Ratings upgraded Oman’s long-term foreign and local currency sovereign credit rating to BB- from B+, citing higher oil prices, rising hydrocarbon production and the government’s fiscal reform programme.
A BB rating is a speculative grading that implies the issuer is less vulnerable in the near term.
The credit rating agency also revised Oman's outlook to stable.
Oman's economy is forecast to grow 5.6 per cent this year amid higher oil prices, the International Monetary Fund earlier said.
COMPANY%20PROFILE
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Motori Profile
Date started: March 2020
Co-founder/CEO: Ahmed Eissa
Based: UAE, Abu Dhabi
Sector: Insurance Sector
Size: 50 full-time employees (Inside and Outside UAE)
Stage: Seed stage and seeking Series A round of financing
Investors: Safe City Group
UAE currency: the story behind the money in your pockets
Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
Can NRIs vote in the election?
Indians residing overseas cannot cast their ballot abroad
Non-resident Indians or NRIs can vote only by going to a polling booth in their home constituency
There are about 3.1 million NRIs living overseas
Indians have urged political parties to extend the right to vote to citizens residing overseas
A committee of the Election Commission of India approved of proxy voting for non-resident Indians
Proxy voting means that a person can authorise someone residing in the same polling booth area to cast a vote on his behalf.
This option is currently available for the armed forces, police and government officials posted outside India
A bill was passed in the lower house of India’s parliament or the Lok Sabha to extend proxy voting to non-resident Indians
However, this did not come before the upper house or Rajya Sabha and has lapsed
The issue of NRI voting draws a huge amount of interest in India and overseas
Over the past few months, Indians have received messages on mobile phones and on social media claiming that NRIs can cast their votes online
The Election Commission of India then clarified that NRIs could not vote online
The Election Commission lodged a complaint with the Delhi Police asking it to clamp down on the people spreading misinformation
Read more about the coronavirus
'Nightmare Alley'
Director:Guillermo del Toro
Stars:Bradley Cooper, Cate Blanchett, Rooney Mara
Rating: 3/5
England squad
Moeen Ali, James Anderson, Jofra Archer, Jonny Bairstow, Dominic Bess, James Bracey, Stuart Broad, Rory Burns, Jos Buttler, Zak Crawley, Sam Curran, Joe Denly, Ben Foakes, Lewis Gregory, Keaton Jennings, Dan Lawrence, Jack Leach, Saqib Mahmood, Craig Overton, Jamie Overton, Matthew Parkinson, Ollie Pope, Ollie Robinson, Joe Root, Dom Sibley, Ben Stokes, Olly Stone, Amar Virdi, Chris Woakes, Mark Wood
How to report a beggar
Abu Dhabi – Call 999 or 8002626 (Aman Service)
Dubai – Call 800243
Sharjah – Call 065632222
Ras Al Khaimah - Call 072053372
Ajman – Call 067401616
Umm Al Quwain – Call 999
Fujairah - Call 092051100 or 092224411
