Oman sets 2024 budget on average oil price of $60 per barrel
Oman is forecasting a budget deficit of 640 million Omani rials ($1.66 billion) this year, around 1.5 percent of the country’s gross domestic product, state TV reported on Monday, swinging from a surplus in 2023 as lower oil production and prices weigh on public finances, according to Reuters.
The 2024 budget is based on an average oil price of $60 per barrel, which is conservative by most estimates.
Oman’s finance minister Sultan Salim Al-Habsi said that the estimates in the budget were based on ensuring that “financing needs are met in the event of a decline in oil prices.”
The Gulf state posted a surplus of 931 million rials in its preliminary 2023 estimates, compared to a deficit of around 1.3 billion rials it had forecast initially, state news agency quoted its deputy finance minister as saying.
UAE’s non-oil business activity hits highest level
Business activity in the UAE’s non-oil private sector economy hit its highest level in more than four years in December, driven by a substantial rise in output and new orders, setting the stage for continued expansion this year.
The Seasonally adjusted S&P Global purchasing managers’ index – a key gauge of the nation’s non-oil economy – climbed to 57.4 in December, from 57 in November, its highest since mid-2019, setting it well above the neutral 50 mark that separates growth from contraction.
UAE’s per capita gdp to hit $52,407 this year
The UAE’s broad economic prospects remain bullish, looking set for two more years of strong growth driven by its export-oriented non-oil sectors, analysts at a leading global bank said.
The UAE is expected to retain its growth momentum, led by trade, transport, and tourism, with the broader service sector performing well as the population continues to expand, Ehsan Khoman, MUFG Head of Research – Commodities, and Ramya RS, analyst, wrote in the bank’s Middle East 2024 Outlook.
“We are upbeat on the outlook for the UAE, where we expect non-oil activity to remain strong. The economy’s well-established infrastructure does not call for a surge in capital outlays of the same quantum that will boost growth in Saudi Arabia. With services exports a driver of growth, there is also a greater exposure to global weakness, particularly with demand for travel and tourism now above pre-Covid levels,” they wrote.
Are UAE businesses set for full-on growth in 2024?
Businesses in the UAE closed 2023 with a major plus – their input costs may have dropped quite a bit. And which sets them up nicely for what’s to come this year. And with that, they are able to close the chapter on Covid disruptions once and for all.
“Not only did (UAE) businesses enjoy another substantial increase in output, but sentiment data suggested that they expect this growth to continue, with year-ahead expectations among the highest seen since prior to the COVID-19 pandemic,” said David Owen, Senior Economist at S&P Global Market Intelligence, which has issued the PMI (Purchasing Managers Index) score for December.
When it comes to hiring trends, the pace is steady – and that too is a good thing for individuals’ job prospects and for businesses.
Saudi venture capital space records unprecedented growth in 2023
Saudi Arabia’s startup ecosystem flourished in 2023 with the venture capital sector reaching new heights.
The Entrepreneurial environment in the Kingdom charted a new course for economic prosperity, positioning Saudi Arabia as a leading country in the region’s burgeoning startup scene.
The Year was marked by robust participation from startups, venture capitalists, government bodies, and various stakeholders, all contributing significantly to the enhancement of the Kingdom’s startup ecosystem.
This Collective effort was characterized by a surge in investments and a range of initiatives aimed at fostering growth and innovation across the sector. In an interview with Arab News, Philip Bahoshy, founder of venture data platform MAGNiTT, shed light on the remarkable growth trajectory of Saudi Arabia’s venture ecosystem.
He highlighted the advancements the Kingdom has made over the years and expressed optimism that the momentum would continue in 2024 and investments are likely to surpass 2023 figures.
Kuwait’s cosmetics imports surge by 20pc
Recent Government Statistics reveal a noteworthy 20 percent surge in Kuwait’s cosmetics imports, reports Al-Qabas daily.
Between January and November 2023, the total import value reached approximately 89.5 million dinars, marking a significant increase from the 74.9 million dinars recorded during the same period in the previous year.
Cosmetics industry experts attribute this growth to the sector’s remarkable success and popularity in recent years. They emphasize that the cosmetics market, recognized as one of the largest and fastest-growing, has exceeded expectations. The continuous introduction of innovative products, coupled with effective advertising strategies, has played a pivotal role in boosting sales.
Bahrain launches AI powered real estate data bank platform
Bahrain recently launched the Aqari Data Bank, a real estate data bank platform, one of the many e-services initiated by the kingdom’s Real Estate Regulatory Authority (RERA).
Aqari Data Bank is an artificial intelligence (AI) powered platform that provides real estate agents with all the necessary information about the sector.
H.E. Sheikh Khalid bin Abdullah Al Khalifa, deputy prime minister; H.E. Sheikh Salman bin Abdullah Al Khalifa, president of Survey & Land Registration Bureau (SLRB); H.E. Sheikh Salman bin Khalifa Al Khalifa, minister of finance and national economy; along with several ministers, officials, and heads of real estate companies attended the launch.