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Omani Budget Surplus Increases 26% with Growth of Oil Revenues

The Omani state budget surplus increased by about 26 percent on an annual basis in the first quarter of 2023. (Asharq Al-Awsat)
The Omani state budget surplus increased by about 26 percent on an annual basis in the first quarter of 2023. (Asharq Al-Awsat)
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Omani Budget Surplus Increases 26% with Growth of Oil Revenues

The Omani state budget surplus increased by about 26 percent on an annual basis in the first quarter of 2023. (Asharq Al-Awsat)
The Omani state budget surplus increased by about 26 percent on an annual basis in the first quarter of 2023. (Asharq Al-Awsat)

The Sultanate of Oman announced, on Tuesday, that its public budget surplus increased by about 26 percent on an annual basis in the first quarter of 2023, with the growth of its net oil revenues.

The Omani Ministry of Finance said in a report that the general budget recorded a surplus of about 450 million riyals ($1.2 billion) at the end of the first quarter of 2023, compared to a surplus of 357 million riyals in the same period of 2022.

It added that the Sultanate’s total revenues increased by 6 percent to reach 3.2 billion riyals in the first three months of the year, compared to 3.02 billion a year ago, while spending rose 4 percent to 2.767 billion riyals from 2.6 billion.

Data from the Ministry of Finance showed an increase in net oil revenues by 9 percent to about 1.7 billion riyals, while net gas revenues decreased by 12 percent to 720 million riyals. The ministry attributed the growth of oil revenues, which accounted for about 53 percent of total revenues, to the rise in the average price of a barrel of crude and the average production.

According to the statement of the Ministry of Finance, the current collected revenues until the end of the first quarter increased to reach 787 million riyals, compared to 636 million riyals in the same period in 2022.

The current expenditures of the civil ministries amounted to about 1.3 billion riyals, compared to 954 million riyals in the first quarter of 2022, while the development expenditures of the ministries and civil units amounted to 117 million riyals.

The total contributions and other expenditures amounted to about 273 million riyals, up by 53 percent, compared to 179 million riyals for the same period last year.

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Saudi Arabia to Launch First Green Zone to Present Solutions for Combating Desertification

A citizen working in an agricultural area in Saudi Arabia (Asharq Al-Awsat)
A citizen working in an agricultural area in Saudi Arabia (Asharq Al-Awsat)
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Saudi Arabia to Launch First Green Zone to Present Solutions for Combating Desertification

A citizen working in an agricultural area in Saudi Arabia (Asharq Al-Awsat)
A citizen working in an agricultural area in Saudi Arabia (Asharq Al-Awsat)

Saudi Arabia has become the first country to establish a “green zone” at the 16th Conference of the Parties (COP 16) to the United Nations Convention to Combat Desertification (UNCCD), which will be held in Riyadh in early December.
This green zone will feature the participation of numerous organizations dedicated to combating desertification and will serve as the largest area for showcasing technological and innovative solutions to prevent land degradation.
According to available information, the Saudi government is involving the private sector in various matters through this zone, including sustainable mining, land restoration, drought, water management, sandstorms, and the roles of regional and international governmental and private sectors. Other focus areas include sustainable textile production, monitoring, reporting, and local content and initiatives specific to the Kingdom.
This green zone, which spans around 130,000 square meters, will bring together companies, NGOs, scientists, experts, and youth from all over the world to envision a sustainable future for the planet. Saudi Arabia aims to engage 197 countries, with more than 200,000 expected visitors and 150 participating organizations.
Saudi Arabia is hosting COP 16 to promote cooperation among the 197 countries that have signed the UN Convention to Combat Desertification, mobilizing resources to find effective solutions for rehabilitating millions of hectares of degraded land and addressing drought. The aim is to support decision-makers and encourage the role of the private sector and civil society organizations in environmental protection and natural resource preservation.
COP 16 is the largest UN conference dedicated to land protection and combating desertification, with a crucial focus on the global mission to restore degraded land.
During a dialogue session held as part of an event organized by the Ministry of Environment, Water, and Agriculture, both Saudi Arabia and the UN emphasized the need for international cooperation to halt global land degradation and ensure sustainable living on Earth.
According to the ministry, 99% of the world’s food comes from the land, and vegetation helps collect around 75% of the planet’s freshwater. Forests and grasslands host approximately 90% of global biodiversity.
International reports estimate that around 3 billion people worldwide are affected by land degradation, with economic losses amounting to approximately $6 trillion. According to data from the UN Convention to Combat Desertification, up to 40% of the world’s land is degraded, affecting half of the global population. The goal of restoring 1.5 billion hectares of degraded land by 2030 is seen as a critical global priority.