Risks to Saudi Arabia’s banking sector to remain 'contained' as economy recovers
Risks to the stability of Saudi Arabia’s banking system are expected to remain “contained” despite the rapid expansion of the sector over the next two years, a report from S&P Global Ratings suggests.
It comes as the Arab world's largest economy continues to recover from the coronavirus pandemic on the back of higher oil prices and reforms, S&P said.
Domestic credit growth will “stay strong” in 2022-2023 after the sharp 15 per cent surge last year as the government focuses on meeting its targets as part of the vision 2030 strategy and Saudi Arabians seek loans for housing, the ratings agency said on Sunday.
The kingdom is diversifying its economy away from oil as part of the Vision 2030 agenda and is developing projects across sectors including property, petrochemicals, transport and hospitality to attract investment and boost employment.
Sunday, 17 April 2022
#Oman’s economy on a solid path to recovery: WB
Oman’s economy on a solid path to recovery: WB
After a difficult 2020, the Sultanate of Oman’s economy is on a solid path to recovery amid the easing of pandemic pressures, higher hydrocarbon outputs, and wide-ranging government reforms.
According to the World Bank's GCC Economic Update for April 2022, "Frontloaded fiscal reforms, including VAT, and cuts in spending are expected to turn the country's fiscal and current account deficits into surpluses, starting from 2022. Downside risks include any resurgent pandemic pressures, volatility in oil prices, and slower implementation of the government’s reform program. On the upside, rising hydrocarbon production, improved non-oil revenues, and the rationalization of expenditure could strengthen fiscal and external positions."
The Sultanate of Oman’s economy is recovering gradually from the dual impact of the pandemic and the temporary collapse in oil prices it caused. Estimates suggest that the country's overall growth reached 2.1 percent in 2021.
Hydrocarbon GDP grew by an estimated 2.2 percent, driven by higher oil production due to the easing of OPEC+ cuts and the coming on stream of a new liquified gas plant in mid-2021.
After a difficult 2020, the Sultanate of Oman’s economy is on a solid path to recovery amid the easing of pandemic pressures, higher hydrocarbon outputs, and wide-ranging government reforms.
According to the World Bank's GCC Economic Update for April 2022, "Frontloaded fiscal reforms, including VAT, and cuts in spending are expected to turn the country's fiscal and current account deficits into surpluses, starting from 2022. Downside risks include any resurgent pandemic pressures, volatility in oil prices, and slower implementation of the government’s reform program. On the upside, rising hydrocarbon production, improved non-oil revenues, and the rationalization of expenditure could strengthen fiscal and external positions."
The Sultanate of Oman’s economy is recovering gradually from the dual impact of the pandemic and the temporary collapse in oil prices it caused. Estimates suggest that the country's overall growth reached 2.1 percent in 2021.
Hydrocarbon GDP grew by an estimated 2.2 percent, driven by higher oil production due to the easing of OPEC+ cuts and the coming on stream of a new liquified gas plant in mid-2021.
Pact to enhance #Oman’s connectivity with global financial markets
Pact to enhance Oman’s connectivity with global financial markets
The Capital Market Authority (CMA) together with the Muscat Clearing & Depository Company SAOC (MCD) have collaborated with Euroclear Bank SA/NV based in Belgium to establish a new Euroclear international central securities depository (CSD) account in the Sultanate of Oman which will be operated by MCD.
Abdullah bin Salem al Salmi, Executive President of the CMA, said, “This important initiative led by the CMA is part of our continuous efforts to enhance and develop the financial market in the Sultanate of Oman and to enhance our global connectivity to the international financial markets.”
Mohammed Abdulhadi, General Manager of MCD, commented, “With this collaboration with Euroclear Bank, MCD will be the sole point for all Euroclear transactions in Oman and we certainly look forward in working together with all market players to provide our cost effective services of Euroclear.”
Bernard Ferran, General Manager, Europe, Middle East & Africa at Euroclear Bank, added, “We are pleased to see further advancements in the Omani financial markets with the opening of this account in Euroclear Bank which will create cross borders settlement efficiencies.”
The Capital Market Authority (CMA) together with the Muscat Clearing & Depository Company SAOC (MCD) have collaborated with Euroclear Bank SA/NV based in Belgium to establish a new Euroclear international central securities depository (CSD) account in the Sultanate of Oman which will be operated by MCD.
Abdullah bin Salem al Salmi, Executive President of the CMA, said, “This important initiative led by the CMA is part of our continuous efforts to enhance and develop the financial market in the Sultanate of Oman and to enhance our global connectivity to the international financial markets.”
Mohammed Abdulhadi, General Manager of MCD, commented, “With this collaboration with Euroclear Bank, MCD will be the sole point for all Euroclear transactions in Oman and we certainly look forward in working together with all market players to provide our cost effective services of Euroclear.”
Bernard Ferran, General Manager, Europe, Middle East & Africa at Euroclear Bank, added, “We are pleased to see further advancements in the Omani financial markets with the opening of this account in Euroclear Bank which will create cross borders settlement efficiencies.”
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