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Omani Ambassador to Asharq Al-Awsat: Riyadh, Muscat to Announce Joint Industrial Zone Soon

Saudi Arabia and Oman seek more strategic partnerships, led by logistics projects (Asharq Al-Awsat)
Saudi Arabia and Oman seek more strategic partnerships, led by logistics projects (Asharq Al-Awsat)
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Omani Ambassador to Asharq Al-Awsat: Riyadh, Muscat to Announce Joint Industrial Zone Soon

Saudi Arabia and Oman seek more strategic partnerships, led by logistics projects (Asharq Al-Awsat)
Saudi Arabia and Oman seek more strategic partnerships, led by logistics projects (Asharq Al-Awsat)

Saudi Arabia and Oman aim to announce joint industrial and economic zones soon, Oman’s ambassador revealed to Asharq Al-Awsat.

Faisal bin Turki Al Said noted that 2022 would witness increased efforts to achieve the planned partnerships.

The ambassador indicated that both sides are discussing partnerships in joint industrial zones and special economic zones, which will be announced after determining the general framework that achieves mutual benefits.

The Omani diplomat said that efforts are underway, and both sides are holding meetings to determine the needed locations and the type of industries that will be localized.

Al Said added that the first visit abroad by Oman’s Sultan Haitham bin Tariq was to Saudi Arabia, where he met the Custodian of the Two Holy Mosques and the Crown Prince, confirming the partnership strategy.

He indicated that the new stage enhances integration in various fields, achieves aspirations, and boosts bilateral cooperation and Gulf collaboration.

The visit of Oman’s Sultan to Riyadh was followed by a trip made by Saudi Crown Prince Mohammed bin Salman to Muscat.

Last year, the two countries inaugurated the first checkpoint on their border, the Empty Quarter Entry Point, which is crucial for commercial and economic mobility and investment in the coming stage.

The Omani embassy will focus in 2022 on economic blocs, strategic sectors, tourism, and food industries said the diplomat, adding that efforts will boost Saudi-Omani relations.

Al Said pointed out that Oman primarily attracts Saudi, Arab, and foreign investments headquartered in the Kingdom as a significant part of the Gulf economic integration system.

The Omani ambassador explained that after the AlUla summit and the focus on economic integration, observers could see all parties working in the same system.

The past year witnessed the signing of many agreements and partnerships at the ministerial level, in the transport, logistics, technology, oil, gas, or energy sectors.

The partnership between Riyadh and Muscat will help boost the service of small and medium enterprises (SMEs) and the related sectors in industry and agriculture, concluded the ambassador.

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UN Forecasts Slower Global Economic Growth Following Trump’s Tariffs and Trade Tensions 

An American flag flutters over a ship and shipping containers at the Port of Los Angeles, in San Pedro California, US, May 13, 2025. (Reuters)
An American flag flutters over a ship and shipping containers at the Port of Los Angeles, in San Pedro California, US, May 13, 2025. (Reuters)
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UN Forecasts Slower Global Economic Growth Following Trump’s Tariffs and Trade Tensions 

An American flag flutters over a ship and shipping containers at the Port of Los Angeles, in San Pedro California, US, May 13, 2025. (Reuters)
An American flag flutters over a ship and shipping containers at the Port of Los Angeles, in San Pedro California, US, May 13, 2025. (Reuters)

The United Nations on Thursday forecast slower global economic growth this year and next, pointing to the impact of the surge in US tariffs and increasing trade tensions.

UN economists also cited the volatile geopolitical landscape and threats of rising production costs, supply chain disruptions and financial turbulence.

“These days, there’s so much uncertainty in the air,” said Shantanu Mukherjee, director of the Economic Analysis and Policy Division at the UN Department of Economic and Social Affairs.

“It’s been a nervous time for the global economy,” he told reporters while launching the midyear forecast. “In January this year, we were expecting two years of stable — if subpar — growth, and since then, prospects have diminished, accompanied by significant volatility across various dimensions.”

The UN is now forecasting global economic growth of 2.4% this year and 2.5% next year — a drop of 0.4 percentage point each year from its projections in January. Last year, the global economy grew 2.9%.

Mukherjee said the slowing is affecting most countries and regions, but among the most severely hit are the poorest and least developed countries, whose growth prospects have fallen from 4.6% to 4.1% just since January.

“That translates into a loss of billions in economic output for the most disadvantaged of countries,” which are home to over half the global population living in extreme poverty, he said.

The world’s developed and developing countries also are projected to suffer, according to the UN report.

Economic growth in the United States is now projected to drop significantly, from 2.8% last year to 1.6% this year, it said, noting that higher tariffs and policy uncertainty are expected to weigh on private investment and consumption.

China’s growth is expected to slow to 4.6% this year from 5% in 2024 as a result of subdued consumer sentiment, disruptions in its export-oriented manufacturing companies, and continuing challenges in its property sector, the report said.

The European Union’s growth is forecast to remain the same this year as it was last year — just 1%, the report said, citing weaker net exports and higher trade barriers. The United Kingdom’s economic growth of 1.1% last year is projected to fall to 0.9%.

Weakening trade, slowing investments and falling commodity prices are also forecast to erode growth in other major developing economies, including Brazil, Mexico and South Africa.

India will remain one of the world’s fastest-growing large economies, but the UN forecast said its growth is expected to drop from 7.1% in 2024 to 6.3% this year.

The UN’s global economic growth forecast is lower than the International Monetary Fund’s.

On a more positive note, Mukherjee said the UN is expecting that bilateral negotiations will lead to lower tariffs, although he said they won’t return to the levels before US President Donald Trump’s February announcement.

Nonetheless, Mukherjee said, resolving uncertainties would help individuals and businesses move forward with economic decisions and that would have a positive impact on the global economy.