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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)
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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.

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Saudi Arabia Expands Efforts to Integrate into Global Supply Chains

Al-Falih speaking during the 28th Annual World Investment Conference in Riyadh (Asharq Al-Awsat)
Al-Falih speaking during the 28th Annual World Investment Conference in Riyadh (Asharq Al-Awsat)
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Saudi Arabia Expands Efforts to Integrate into Global Supply Chains

Al-Falih speaking during the 28th Annual World Investment Conference in Riyadh (Asharq Al-Awsat)
Al-Falih speaking during the 28th Annual World Investment Conference in Riyadh (Asharq Al-Awsat)

Saudi Arabia is intensifying its efforts to secure access to essential materials, promote local manufacturing, enhance sustainability, and strengthen its participation in global supply chains. This follows Minister of Investment Khalid Al-Falih’s announcement of nine new agreements, alongside 25 additional deals under review, under the Global Supply Chain Resilience Initiative (Jusoor).
Speaking during the 28th Annual World Investment Conference in Riyadh, Al-Falih described these agreements as a major step toward building more resilient and efficient supply chains in the Kingdom.
He noted that the program, which reflects the vision of Crown Prince Mohammed bin Salman, forms part of the National Investment Strategy and is supported by government programs such as the National Industrial Development and Logistics Program (NIDLP).
Al-Falih highlighted Saudi Arabia’s plans to facilitate access to critical minerals, promote local manufacturing, and expand its footprint in global green energy markets. He emphasized that “green supply” is a fundamental pillar of the initiative, supported by investments in renewable energy.
The Kingdom aims to develop 100 new investment opportunities across 25 value chains, including projects in green energy and artificial intelligence (AI), he underlined.
The government is also offering incentives for companies to invest in special economic zones and aims to attract investments in emerging sectors such as semiconductors and digital manufacturing. Al-Falih stressed the importance of collaboration between public and private sectors in advancing Saudi Arabia’s Vision 2030 goals.
He reiterated the government’s full commitment to realizing this vision, with ministries continuing to support this strategic initiative focused on sustainable development and the localization of advanced industries.
Minister of Industry and Mineral Resources Bandar Al-Khorayef announced that Saudi Arabia has attracted over $160 billion in investments to its market—nearly triple previous figures. Capital in the mining sector has grown to $1 billion, while investments in mineral wealth have exceeded $260 million.
Al-Khorayef underlined the Kingdom’s commitment to building strong, reliable partnerships through strategies that prioritize supply chain development and sustainability. He identified the Jusoor initiative as a key mechanism for linking Saudi Arabia to global supply chains, tackling challenges such as energy transitions and the growing demand for critical minerals.
For his part, Minister of State and Cabinet Member Dr. Hamad Al-Sheikh, who also serves as Secretary-General of the Localization and Balance of Payments Committee, highlighted Saudi Arabia’s strategic investments in infrastructure, saying that these efforts aim to position the Kingdom as a leading global logistics hub.