Oman posts $2.97 billion budget surplus in 2022, state news agency says | Reuters
Oman posted a budget surplus of 1.144 billion rials ($2.97 billion) to the end of 2022, the Omani state news agency said.
Budget revenues were 14.473 billion rials, a 37% increase from estimated revenues, while expenditures were recorded at 13.329 billion Rials, the news agency added on Sunday.
Sunday, 28 May 2023
#Saudi Net Reserves Fall to $410 billion, Lowest Since 2010 - Bloomberg
Saudi Net Reserves Fall to $410 billion, Lowest Since 2010 - Bloomberg
Saudi Arabia’s net foreign assets fell to 1.538 trillion riyals ($410 billion) in April, the lowest since January 2010, even as the government forecasts a second annual budget surplus this year.
Foreign reserves fell from 1.572 trillion riyals the previous month, according to the central bank’s monthly report published on Sunday. It’s the fifth month that reserves have declined, the longest falling streak since early 2019.
Saudi Arabia returned to the debt market earlier this month by selling $6 billion of Islamic bonds. The kingdom already reported a deficit of 2.91 billion riyals in the first quarter of the year.
The International Monetary Fund forecasts the world’s top crude exporter will run a budget deficit of 1.1% of gross domestic product this year, a view that’s at odds with the government’s expectation for a second straight surplus it last estimated at 16 billion riyals ($4.3 billion).
The Washington-based lender hiked its estimate of the oil price Saudi Arabia needs to balance its budget this year to over $80 a barrel. The kingdom doesn’t reveal an oil price assumption in its budget.
Saudi Arabia’s net foreign assets fell to 1.538 trillion riyals ($410 billion) in April, the lowest since January 2010, even as the government forecasts a second annual budget surplus this year.
Foreign reserves fell from 1.572 trillion riyals the previous month, according to the central bank’s monthly report published on Sunday. It’s the fifth month that reserves have declined, the longest falling streak since early 2019.
Saudi Arabia returned to the debt market earlier this month by selling $6 billion of Islamic bonds. The kingdom already reported a deficit of 2.91 billion riyals in the first quarter of the year.
The International Monetary Fund forecasts the world’s top crude exporter will run a budget deficit of 1.1% of gross domestic product this year, a view that’s at odds with the government’s expectation for a second straight surplus it last estimated at 16 billion riyals ($4.3 billion).
The Washington-based lender hiked its estimate of the oil price Saudi Arabia needs to balance its budget this year to over $80 a barrel. The kingdom doesn’t reveal an oil price assumption in its budget.
Most Gulf markets end lower, Egypt ekes out gains | Reuters
Most Gulf markets end lower, Egypt ekes out gains | Reuters
Most stock markets in the Gulf ended lower on Sunday as investors focus in on the prospects of more Federal Reserve interest rate hikes as the U.S. closes in on a deal to raise its debt ceiling.
Most Gulf Cooperation Council countries, including Saudi, have their currencies pegged to the dollar and generally follow the Fed's policy moves, exposing the region relatively directly to any monetary tightening there.
Saudi Arabia's benchmark index (.TASI) lost 0.4%, with Al Rajhi Bank (1120.SE) declining 1% and Dr Sulaiman Al-Habib Medical Services (4013.SE) finishing 1.4% lower.
However, oil giant Saudi Aramco (2222.SE) added 0.2%.
Prices of oil - a key catalyst for the Gulf's financial markets - ticked up on Friday as U.S. officials appeared close to striking a debt-ceiling deal, and as the market weighed conflicting messages about oil supply from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting.
In Qatar, the index (.QSI) eased 0.3%, hit by a 2.6% slide in telecoms firm Ooredoo (ORDS.QA).
Outside the Gulf, Egypt's blue-chip index (.EGX30) gained 0.5%, led by an 11.3% jump in Edita Food Industries (EFID.CA).
On the other hand, Egypt has deferred payments for its large wheat purchases, in some cases by months, according to a government official and traders, as the country grapples with a shortage of hard currency.
Egypt is one of the world's biggest wheat importers and uses the purchases to make heavily subsidised bread available to tens of millions of people. Any changes to its system of subsidies are politically very sensitive.
Most stock markets in the Gulf ended lower on Sunday as investors focus in on the prospects of more Federal Reserve interest rate hikes as the U.S. closes in on a deal to raise its debt ceiling.
Most Gulf Cooperation Council countries, including Saudi, have their currencies pegged to the dollar and generally follow the Fed's policy moves, exposing the region relatively directly to any monetary tightening there.
Saudi Arabia's benchmark index (.TASI) lost 0.4%, with Al Rajhi Bank (1120.SE) declining 1% and Dr Sulaiman Al-Habib Medical Services (4013.SE) finishing 1.4% lower.
However, oil giant Saudi Aramco (2222.SE) added 0.2%.
Prices of oil - a key catalyst for the Gulf's financial markets - ticked up on Friday as U.S. officials appeared close to striking a debt-ceiling deal, and as the market weighed conflicting messages about oil supply from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting.
In Qatar, the index (.QSI) eased 0.3%, hit by a 2.6% slide in telecoms firm Ooredoo (ORDS.QA).
Outside the Gulf, Egypt's blue-chip index (.EGX30) gained 0.5%, led by an 11.3% jump in Edita Food Industries (EFID.CA).
On the other hand, Egypt has deferred payments for its large wheat purchases, in some cases by months, according to a government official and traders, as the country grapples with a shortage of hard currency.
Egypt is one of the world's biggest wheat importers and uses the purchases to make heavily subsidised bread available to tens of millions of people. Any changes to its system of subsidies are politically very sensitive.
Omani banks set to benefit from improved conditions: Fitch
Omani banks set to benefit from improved conditions: Fitch
Omani banks’ reasonable credit fundamentals and improved operating conditions will support lending growth and profitability in 2023, according to global credit rating agency Fitch Ratings.
In a new report released on Thursday, Fitch noted that Omani banks emerged from the Covid-19 pandemic with reasonable credit fundamentals which place the sector in a good position for improving profitability in 2023.
Fitch said that Oman’s high oil revenues will continue to support economic activity and drive business generation for the sultanate’s banks. The rating agency expects a credit growth of 4.0 per cent in 2023, underpinned by high oil prices, healthy economic growth, a low inflationary environment and positive employment prospects.
Fitch revised the outlook on Omani banks’ operating environment factor score to ‘positive’ from ‘stable’ to reflect improved operating conditions, as well as the recent revision of the outlook on the sultanate’s sovereign rating to ‘positive’ from ‘stable’.
‘Omani banks are highly exposed to the sovereign through lending to government and government-related entities (GREs), holdings of Omani government securities, and high reliance on government and GRE deposits. Exposure to the sovereign also considers banks’ exposures to public-sector employees through their retail loan books,’ Fitch said.
Omani banks’ reasonable credit fundamentals and improved operating conditions will support lending growth and profitability in 2023, according to global credit rating agency Fitch Ratings.
In a new report released on Thursday, Fitch noted that Omani banks emerged from the Covid-19 pandemic with reasonable credit fundamentals which place the sector in a good position for improving profitability in 2023.
Fitch said that Oman’s high oil revenues will continue to support economic activity and drive business generation for the sultanate’s banks. The rating agency expects a credit growth of 4.0 per cent in 2023, underpinned by high oil prices, healthy economic growth, a low inflationary environment and positive employment prospects.
Fitch revised the outlook on Omani banks’ operating environment factor score to ‘positive’ from ‘stable’ to reflect improved operating conditions, as well as the recent revision of the outlook on the sultanate’s sovereign rating to ‘positive’ from ‘stable’.
‘Omani banks are highly exposed to the sovereign through lending to government and government-related entities (GREs), holdings of Omani government securities, and high reliance on government and GRE deposits. Exposure to the sovereign also considers banks’ exposures to public-sector employees through their retail loan books,’ Fitch said.
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