S&P Revises Oman’s Outlook to ‘Positive’

A coastal city in Oman. (Local sites)
A coastal city in Oman. (Local sites)
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S&P Revises Oman’s Outlook to ‘Positive’

A coastal city in Oman. (Local sites)
A coastal city in Oman. (Local sites)

S&P Global Ratings has revised Oman’s outlook to positive and affirmed its ratings at 'BB', in light of improving fiscal performance.

S&P said in its credit rating report on the Sultanate issued Saturday, that the revised outlook came as a result of the reform measures undertaken by the government in the financial and economic areas that may contribute to strengthening Oman’s fiscal position in a better way than the agency expects, adding a greater degree of resilience of the national economy against oil price shocks.

The steadily improving fiscal performance, underpinned by supportive policies and programs, was reflected in the significant reductions in public debts, the agency said.

This was also evident from the strong growth witnessed by the nominal GDP and the decline in total debt to GDP from more than 60 percent in 2021 to about 40 percent in 2022, it stated.

The agency added that the Sultanate is determined to continue improving its fiscal position, which will enhance its resilience against oil prices volatility.

According to S&P Global, Oman’s public debt is projected to decline to around 16.5 billion Omani riyal, representing 37 percent of the GDP by the end of this year. The diminishing public debt trend, coupled with financial surpluses expected during 2023 and 2024, will further improve Oman’s financial situation, it said.

In its report, the agency said that the government managed to rationalize public spending during 2022, despite the increase in oil revenues, as a result of the government's continued efforts to control public expenditure.

Oman has managed to reduce the public debt to 16.6 billion riyals during the first quarter of 2023.

Oman’s oil exports decreased by 6.9 percent to 49.713 million barrels at the end of February 2023, according to Oman News Agency.

Oil condensate production also increased by 3 percent, compared to the same period in 2022, to around 62.75 million barrels during the same period.

The data indicated that the domestic production of natural gas in Oman increased by 10.3 percent on an annual basis, reaching 8.5 billion cubic meters.



Saudi-GCC Non-Oil Trade Surplus Achieves 203% Annual Growth

An oil tanker is being loaded at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. (Reuters)
An oil tanker is being loaded at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. (Reuters)
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Saudi-GCC Non-Oil Trade Surplus Achieves 203% Annual Growth

An oil tanker is being loaded at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. (Reuters)
An oil tanker is being loaded at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. (Reuters)

The non-oil trade surplus of Saudi Arabia with the Gulf Cooperation Council (GCC) countries recorded an annual growth rate of 203.2% to more than SAR2 billion in April, reported the Saudi Press Agency on Friday. It soared to around SAR3,511 million from SAR1,158 million in the same month last year.

According to preliminary data from the International Trade Bulletin for April, published by the General Authority for Statistics (GASTAT), the total volume of non-oil trade, including re-exports, between Saudi Arabia and GCC countries amounted to around SAR18,028 million. This reflects a year-on-year growth of 41.3%, with an increase of SAR5,271 million from SAR12,757 million in April 2024.

Non-oil commodity exports, including re-exports, rose by 55%, totaling SAR10,770 million, up from SAR6,958 million in April of the previous year, an increase of over SAR3,812 million.

Meanwhile, the value of national non-oil commodity exports reached around SAR3,031 million, compared to SAR2,675 million in April 2024, achieving a year-on-year growth rate of 13.3%, with an increase estimated at SAR356 million.

Additionally, the value of re-exports surged by 81%, reaching SAR7,738 million compared to SAR4,282 million, an increase of SAR3,456 million.

Saudi Arabia’s imports from GCC countries stood at SAR7,258 million in April 2025, compared to SAR5,799 million last year, achieving a year-on-year growth of 25.2%, with an increase of SAR1,459 million.

The data indicated that the United Arab Emirates ranked first in terms of non-oil trade volume with Saudi Arabia, amounting to SAR13,533 million, representing about 75.1% of the total.

Bahrain followed in second place with a trade value of SAR1,798 million (10%), while Oman ranked third with SAR1,454 million (8.1%). Kuwait was fourth with SAR819.9 million (4.5%), and Qatar came next with a value of SAR422.1 million (2.3%).