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Saudi-Omani MoUs Boost Shared Investments

The second meeting of the Saudi-Omani Business Council, which concluded on Monday in Muscat (Asharq Al-Awsat)
The second meeting of the Saudi-Omani Business Council, which concluded on Monday in Muscat (Asharq Al-Awsat)
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Saudi-Omani MoUs Boost Shared Investments

The second meeting of the Saudi-Omani Business Council, which concluded on Monday in Muscat (Asharq Al-Awsat)
The second meeting of the Saudi-Omani Business Council, which concluded on Monday in Muscat (Asharq Al-Awsat)

The Omani-Saudi Investment Forum and the Joint Saudi-Omani Business Council concluded their meetings and activities on Monday in Muscat, by introducing and promoting investment opportunities in the Kingdom and Sultanate.

In a major boost for Oman’s ambitious shrimp farming industry, Fisheries Development Oman (FDO) – the fisheries sector investment and development arm of the government – has signed a Memorandum of Understanding (MoU) with the National Aquaculture Group (Naqua) of Saudi Arabia centering on cooperation in the development of the former’s shrimp farming project at Al Jazer on the Sultanate’s Al Wusta coast.

The agreement was signed on the sidelines of the Omani-Saudi Investment Forum.

More so, several Saudi businessmen inked agreements and MoUs for services and researching future investment opportunities with a number of Omani companies.

Saudi Arabia’s Minister of Investment, Khalid al-Falih, and Oman’s Minister of Commerce, Industry and Investment Promotion, Qais al-Yousef discussed the horizons open for trade and investment cooperation between their two countries.

“On this visit, we anticipated a serious desire to build a growing partnership in the strategic economic sectors of interest to the two countries... We are fully prepared to advance this partnership and achieve integration,” said al-Yousef.

Al-Yousef said that the existing investment structures provide an attractive environment for promising projects. These factors affirm suitable opportunities for entrepreneurs and investors from Saudi Arabia to enter partnerships with their Omani counterparts.

Al-Yousef said that Oman and Saudi Arabia seek to achieve prosperity for their citizens and that this partnership, based on solid grounds of integrated action, constitutes an opportunity for the two countries’ people.

During the meeting, al-Falih and al-Yousef signed an MoU for cooperation on investment promotion.

The meeting also discussed means of promoting trade between the two countries and the formation of joint committees in the targeted sectors.

Al-Falih said that the development and transformational trends in the two countries, namely Saudi Arabia’s Vision 2030 and Oman’s Vision 2040, have provided a large space for joint strategic investment opportunities that benefit both states.

In a speech, al-Falih praised the “historic visit” of Sultan Haitham bin Tariq Al Said to Saudi Arabia and his meeting with Saudi King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman in July, SPA reported.

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IMF Chief Sees Steady World Growth in 2025, Continuing Disinflation

People visit the lantern festival at the Beijing's Wenyuhe Park in Beijing on January 4, 2025, to welcome the upcoming Chinese New Year on January 29, marking the beginning of the Year of the Snake. (AFP)
People visit the lantern festival at the Beijing's Wenyuhe Park in Beijing on January 4, 2025, to welcome the upcoming Chinese New Year on January 29, marking the beginning of the Year of the Snake. (AFP)
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IMF Chief Sees Steady World Growth in 2025, Continuing Disinflation

People visit the lantern festival at the Beijing's Wenyuhe Park in Beijing on January 4, 2025, to welcome the upcoming Chinese New Year on January 29, marking the beginning of the Year of the Snake. (AFP)
People visit the lantern festival at the Beijing's Wenyuhe Park in Beijing on January 4, 2025, to welcome the upcoming Chinese New Year on January 29, marking the beginning of the Year of the Snake. (AFP)

The International Monetary Fund will forecast steady global growth and continuing disinflation when it releases an updated World Economic Outlook on Jan. 17, IMF Managing Director Kristalina Georgieva told reporters on Friday.

Georgieva said the US economy was doing "quite a bit better" than expected, although there was high uncertainty around the trade policies of the administration of President-elect Donald Trump that was adding to headwinds facing the global economy and driving long-term interest rates higher.

With inflation moving closer to the US Federal Reserve's target, and data showing a stable labor market, the Fed could afford to wait for more data before undertaking further interest rate cuts, she said. Overall, interest rates were expected to stay "somewhat higher for quite some time," she said.

The IMF will release an update to its global outlook on Jan. 17, just days before Trump takes office. Georgieva's comments are the first indication this year of the IMF's evolving global outlook, but she gave no detailed projections.

In October, the IMF raised its 2024 economic growth forecasts for the US, Brazil and Britain but cut them for China, Japan and the euro zone, citing risks from potential new trade wars, armed conflicts and tight monetary policy.

At the time, it left its forecast for 2024 global growth unchanged at the 3.2% projected in July, and lowered its global forecast for 3.2% growth in 2025 by one-tenth of a percentage point, warning that global medium-term growth would fade to 3.1% in five years, well below its pre-pandemic trend.

"Not surprisingly, given the size and role of the US economy, there is keen interest globally in the policy directions of the incoming administration, in particular on tariffs, taxes, deregulation and government efficiency," Georgieva said.

"This uncertainty is particularly high around the path for trade policy going forward, adding to the headwinds facing the global economy, especially for countries and regions that are more integrated in global supply chains, medium-sized economies, (and) Asia as a region."

Georgieva said it was "very unusual" that this uncertainty was expressed in higher long-term interest rates even though short-term interest rates had gone down, a trend not seen in recent history.

The IMF saw divergent trends in different regions, with growth expected to stall somewhat in the European Union and to weaken "a little" in India, while Brazil was facing somewhat higher inflation, Georgieva said.

In China, the world's second-largest economy after the United States, the IMF was seeing deflationary pressure and ongoing challenges with domestic demand, she said.

Lower-income countries, despite reform efforts, were in a position where any new shocks would hit them "quite negatively," she said.

Georgieva said it was notable that higher interest rates needed to combat inflation had not pushed the global economy into recession, but headline inflation developments were divergent, which meant central bankers needed to carefully monitor local data.

The strong US dollar could potentially result in higher funding costs for emerging market economies and especially low-income countries, she said.

Most countries needed to cut fiscal spending after high outlays during the COVID pandemic and adopt reforms to boost growth in a durable way, she said, adding that in most cases this could be done while protecting their growth prospects.

"Countries cannot borrow their way out. They can only grow out of this problem," she said, noting that the medium-growth prospects for the world were the lowest seen in decades.