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192 UPU Member Countries Agree to Adopt 'Riyadh Solution'

The UPU conference will continue in the capital, Riyadh, until October 5. SPA
The UPU conference will continue in the capital, Riyadh, until October 5. SPA
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192 UPU Member Countries Agree to Adopt 'Riyadh Solution'

The UPU conference will continue in the capital, Riyadh, until October 5. SPA
The UPU conference will continue in the capital, Riyadh, until October 5. SPA

The Fourth Extraordinary Conference of the Universal Postal Union (UPU) in Riyadh announced the adoption of what has been referred to as the "Riyadh Solution" that enhances interconnection and integration in the global postal sector.

The decision is a result of discussions over the years, which resulted in major proposals and recommendations to develop the logistics sector, enhance cooperation between members of the UPU and other postal sector entities, and raise the quality of global postal services through the UPU opening its doors to expand the scope of its products and services.

The initiatives proposed in the Riyadh Solution also include the establishment of customized business models, aiming to facilitate the access of further parties other than the designated operators or official postal institutions to the services of the UPU.

The decision aims to enhance cooperation and partnership among members and improve postal services on a global scale, developing the global postal network and enhancing its interconnectedness.

The UPU conference will continue in the capital, Riyadh, until October 5, and will bring together decision-makers, experts, and stakeholders from around the world to review opportunities for improvement and discuss innovative solutions for the global postal sector. The Riyadh Solution is a major step forward in creating a more integrated and efficient global postal system that meets the evolving needs of people and businesses worldwide.

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S&P Upgrades Oman’s Credit Rating with 'Stable Outlook'

A gas production field in the Sultanate of Oman. (Reuters)
A gas production field in the Sultanate of Oman. (Reuters)
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S&P Upgrades Oman’s Credit Rating with 'Stable Outlook'

A gas production field in the Sultanate of Oman. (Reuters)
A gas production field in the Sultanate of Oman. (Reuters)

Global credit rating agency Standard & Poor’s (S&P) upgraded Oman’s credit rating to ‘BBB-’ with a stable outlook, hoping the country’s public finances will continue to strengthen.
“The outlook on the long-term ratings is stable,” the agency said.
The stable outlook balances the potential benefits of the government's fiscal and economic reform program against the economy's structural susceptibility to adverse oil price shocks.
S&P also noted that Oman’s fiscal position remains highly dependent on oil price movements, but resilience against shocks has strengthened.
Oil prices settled higher on Friday but fell on the week as investors weighed expectations for higher global supply against fresh stimulus from top crude importer China.
Brent crude futures settled up 38 cents, or 0.53%, at $71.89 per barrel. Front-month US West Texas Intermediate crude futures settled up 51 cents, or 0.75%, at $68.18.
On a weekly basis, Brent settled down around 3%, while WTI fell by around 5%.
In early May, the International Monetary Fund (IMF) said Oman’s near- to medium-term outlook is favorable and risks to the outlook are broadly balanced.
It expressed hope that a decline in oil prices and economic reforms would continue in the medium term.
On Saturday, S&P expressed optimism it could raise Oman’s ratings over the next two years if reforms lead to steady growth in Oman's GDP per capita supported by continued momentum in non-oil growth.
It then expected the government's fiscal and economic reform momentum will continue over 2024-2027 on condition of reducing external debt levels and accumulating liquid assets.
Last week, the Central Bank of Oman (CBO) reduced its repo rate for local banks by 50 basis points, bringing it down to 5.5% in line with other Gulf central banks’ decisions to cut their key interest rates after the Federal Reserve decreased US rates by half a percentage point.
S&P said it anticipates that the CBO will continue following the US Federal Reserve's interest rate policy.
The agency added, “We expect Oman will maintain its currency peg, supported by its accumulated government external assets of about 30% of GDP.”