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Arrangements for Development of Saudi Investment Opportunities Committee

The Saudi Cabinet approved the organizational arrangements for a committee to identify and develop investment opportunities under the umbrella of the Supreme National Investment Committee. (Asharq Al-Awsat)
The Saudi Cabinet approved the organizational arrangements for a committee to identify and develop investment opportunities under the umbrella of the Supreme National Investment Committee. (Asharq Al-Awsat)
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Arrangements for Development of Saudi Investment Opportunities Committee

The Saudi Cabinet approved the organizational arrangements for a committee to identify and develop investment opportunities under the umbrella of the Supreme National Investment Committee. (Asharq Al-Awsat)
The Saudi Cabinet approved the organizational arrangements for a committee to identify and develop investment opportunities under the umbrella of the Supreme National Investment Committee. (Asharq Al-Awsat)

The Saudi Cabinet on Tuesday approved the organizational arrangements for a committee to identify and develop investment opportunities under the umbrella of the Supreme National Investment Committee.

Khalid Al-Falih, Minister of Investment, stressed that the organizational arrangements for the Supreme National Investment Committee and its subcommittees, the Committee for Inventory and Development of Investment Opportunities and the National Incentives Committee, represent an integrated system and reflect the leadership efforts to achieve the second pillar of Vision 2030.

He added that these integrated committees will be concerned with achieving the objectives of national investment policies and priorities, as well as overcoming the challenges facing investments and investors, especially the qualitative and strategic sectors.

“Such committees will be the national reference for everything related to investment,” he said.

Al-Falih added that approval of organizational arrangements confirms that Vision 2030 is moving ahead with achieving its objectives.

“This contributes to achieving a qualitative leap, which will reflect positively on all economic and development aspects, including the development, diversification and sustainability of the economy, as well as the transfer and localization of technology, support of the local content development, and improvement of the quality of life. This also contributes to promoting innovation, and providing more job opportunities,” the minister said.

Crown Prince Mohammed bin Salman had previously launched the National Investment Strategy (NIS) as a key enabler to deliver the objectives of Vision 2030.

The NIS will contribute to the growth and diversification of the Kingdom’s economy, which, in turn, will achieve many Vision 2030’s goals, including raising the private sector’s contribution to GDP to 65%; increasing the contribution of FDI to GDP to 5.7%; increasing the contribution of non-oil exports to GDP from 16% to 50%; reducing the unemployment rate to 7%; and positioning the Kingdom among the top ten economies in the Global Competitiveness Index; by 2030.

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S&P Reaffirms Sultanate of Oman’s Sovereign Credit Rating at ‘BBB-’

S&P reaffirmed the Sultanate of Oman’s long-term sovereign credit rating at ‘BBB-’ Asharq Al-Awsat
S&P reaffirmed the Sultanate of Oman’s long-term sovereign credit rating at ‘BBB-’ Asharq Al-Awsat
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S&P Reaffirms Sultanate of Oman’s Sovereign Credit Rating at ‘BBB-’

S&P reaffirmed the Sultanate of Oman’s long-term sovereign credit rating at ‘BBB-’ Asharq Al-Awsat
S&P reaffirmed the Sultanate of Oman’s long-term sovereign credit rating at ‘BBB-’ Asharq Al-Awsat

Standard & Poor’s Global Ratings (S&P) has reaffirmed the Sultanate of Oman’s long-term sovereign credit rating at ‘BBB-’ with a Stable Outlook, citing the government’s ongoing efforts to reduce public debt and the continued improvement in the State’s fiscal performance.

Last September, S&P had upgraded the country’s long-term foreign and local currency sovereign credit ratings from 'BB+' to 'BBB-'.

The agency confirmed that the Sultanate’s credit rating may witness further improvement over the next two years if the government continues to manage the country’s public finances as planned, including increasing non-oil revenues and improving the efficiency of public spending.

It noted that these measures are expected to continue to boost GDP growth, supported by continued growth in non-oil GDP, in addition to continuing measures aimed at promoting the establishment and growth of companies and projects that support economic diversification activities and operations, in addition to initiatives to develop the capital market sector.

The agency noted in its report that the Sultanate has made significant progress in recent years in addressing the structural challenges it faced, including the large deficit in the state’s general budget and balance of payments.

It expected Oman’s real GDP to grow by 2% in the next three years (2025-2028), while the net public debt is expected to decrease to an average of GDP by 1.5% between 2025-2028.

This is attributed, according to the agency, to the assumption that the average price of Brent crude will reach $70 per barrel over the next two years, compared to $81 per barrel in 2024, in addition to a decline in oil production due to the Sultanate of Oman’s commitment to voluntary cuts under the OPEC+ agreement.

The agency also expects the current account to record a financial surplus averaging 1.3% of GDP during the period 2025-2028, noting that Oman has been able to cover the large deficits.

Standard & Poor’s expected inflation rates to remain at moderate levels, averaging about 1.5% annually during the period 2025-2028, after reaching about 1% in 2024.

The agency said the success of the Sultanate’s efforts to reduce total public debt from 68% of GDP in 2020 to 36% in 2024.

It also expects highly liquid assets to remain close to 40% of GDP during the period 2025-2028.

Also, the agency commended the efforts made to develop the hydrogen production sector, in light of Oman’s intention to achieve carbon neutrality by 2050, which will enable the country to become one of the leading hydrogen exporters by 2030.