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Oman’s GDP Grows by 7.4% in Q1

Oman’s GDP at current prices increased by 7.4% at the end of Q1 2023. (ONA)
Oman’s GDP at current prices increased by 7.4% at the end of Q1 2023. (ONA)
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Oman’s GDP Grows by 7.4% in Q1

Oman’s GDP at current prices increased by 7.4% at the end of Q1 2023. (ONA)
Oman’s GDP at current prices increased by 7.4% at the end of Q1 2023. (ONA)

Oman’s GDP at current prices increased by 7.4% at the end of Q1 2023, according to the preliminary data issued by the National Center for Statistics and Information (NCSI).   

The NCSI report revealed that Oman’s GDP at current prices stood at 10.4 billion riyals ($27 billion) in Q1 2023, up from 9.7 billion riyals ($25.1 billion) in the corresponding period last year.  

The growth in GDP was led by the growth of the non-oil sector, which expanded by 6.7%, reaching 7.2 billion riyals ($18.7 billion) at the end of Q1 2023, compared to 6.5 billion riyals ($17 billion) during the same period in 2022.   

This increase was also supported by the growth of oil activities with 6.1% at the end of Q1 2023, amounting to 3.585 billion riyals ($9.2 billion), compared to 3.379 billion riyals ($8.7 billion) at the end of Q1 2022.   

Crude oil activities grew by 6%, recording 3.8 billion riyals ($996.7 million), while natural gas activities increased by 6.5%, recording 500.6 billion riyals ($1.2 billion).   

The total industrial activities recorded a growth of 4.6%, reaching 1.9 billion riyals ($4.9 billion).   

The activities in agriculture, forestry, and fishing recorded a growth of 8.4% from 215.7 million riyals ($558.5 million) to 233.900 million riyals ($605.7 million).   

Meanwhile, the service activities recorded a growth of 7.4%, from 4.533 billion riyals ($11.7 billion) to 4.869 billion riyals ($12.6 billion).   

Moreover, the total credit granted by banks in Oman increased by 4.9% according to an analysis of the activities of traditional commercial banks from April 2022-April 2023.   

The report issued by the Central Bank of Oman (CBO) showed that credit granted to the private sector increased by 4.9%, to reach 24.4 billion riyals ($63.1 billion) at the end of April 2023.   

With regard to the investment item, the total investment of conventional commercial banks in securities witnessed a sharp decline of 15.4%, reaching about 4.4 billion riyals ($11.3 billion) at the end of April 2023.   

Investments in foreign securities increased by 8.5% to reach 900 million riyals ($2.3 billion) at the end of April 2023.   

On the liabilities side, total deposits with conventional commercial banks increased by 4.1% to reach 22.2 billion riyals ($57.4 billion) at the end of April 2023.   

Within the total deposits, government deposits with commercial banks increased by 10% to about 5.5 billion ($14.2 billion), as well as deposits of public sector institutions which increased by 10% to about 1.5 billion riyals ($3.8 billion) during the same period.   

Private sector deposits increased by 2.2% to reach 14.7 billion riyals ($38 billion) in April 2023, constituting 66.5% of total deposits with conventional commercial banks.  

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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.