Oman's continuing efforts to diversify its economy are an example of how countries in the Gulf Co-operation Council can successfully move away from oil and gas, an official at the International Monetary Fund said on Thursday.
Muscat's Vision 2040 is among a number of “vision” plans in the region as countries continue to implement initiatives to diversify their economies.
An IMF mission to Muscat last month found implementation of Oman's Vision 2040 plan is advancing “decisively”, and it urged the sultanate to push through with its efforts to ensure sustainable growth.
The lender noted in particular progress the sultanate made on strengthening social safety nets, increasing labour market flexibility, strengthening its business market, advancing climate and digitalisation priorities, and continuing its state-owned enterprise reforms.
The UAE, Saudi Arabia, Qatar, Kuwait and Bahrain are also in the process of implementing reforms. Countries in the region are aiming to attract greater foreign investment by establishing stronger business-friendly environments, investing in infrastructure and advanced technology, and promoting tourism and other policy priorities.
“[A] success story in terms of growth, diversification and where they come from is Oman,” IMF mission chief to Saudi Arabia Amine Mati said during a discussion at the Arab Gulf States Institute In Washington.
Mr Mati also said Omani authorities have introduced efforts to be more financially prudent.
Recent IMF projections showed that Oman's economic growth was boosted by stronger non-hydrocarbon growth, which grew by 3.8 per cent in the first half this year.
Mr Mati said the Vision 2040 plan was “chugging along” despite falling oil prices. He said some countries in the GCC are moving more quickly than others, but noted many of the plans are continuing.
The IMF official was speaking after a presentation on a staff report outlining the GCC's outlook for 2025. The report said that the region's economic outlook remains positive despite conflicts in the Middle East, although medium-term risks do remain.
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Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
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Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
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Directed by: Todd Phillips
Starring: Joaquin Phoenix
Rating: Five out of five stars
How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
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All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
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Difference between fractional ownership and timeshare
Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.
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Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
The biog
Favourite film: Motorcycle Dairies, Monsieur Hulot’s Holiday, Kagemusha
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First car: VW Golf
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Driverless cars or drones: Driverless Cars
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Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
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Harel Libi & Libi Construction and Infrastructure
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Coco’s Farm and Neria’s Farm
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At a glance - Zayed Sustainability Prize 2020
Launched: 2008
Categories: Health, energy, water, food, global high schools
Prize: Dh2.2 million (Dh360,000 for global high schools category)
Winners’ announcement: Monday, January 13
Impact in numbers
335 million people positively impacted by projects
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Sector: Technology and home services
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1: Commit to countering all types of terrorism and extremism in all their manifestations
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6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security
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Stree
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Director: Amar Kaushik
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