Oman 2040 Vision Eyes 93% Non-oil Contribution to GDP
The Oman 2040 Vision was unveiled at a conference in Muscat. (ONA)
Oman inaugurated on Sunday its Vision 2040 which aims to double the per capita share of GDP to reach a 6 percent growth, with non-oil sectors anticipated to contribute to 93 percent of GDP.
Sayyid Haitham bin Tariq Al Said, Minister of Heritage and Culture and Chairman of Oman 2040 Future Vision Main Committee, said: “We are keen to ensure the participation of all segments of society and partners in formulating their priorities and aspirations.”
“Accordingly, the competent committees and task forces have proceeded with identifying specific themes and pillars for the vision to serve as a framework for the project,” he added.
Said continued that the vision goals include environmental sustainability, a comprehensive geographical development based on the concepts of decentralization, and the integration of roles between the public sector, the private sector, and society.
Talal al-Rahbi, Deputy Secretary General of the Supreme Council for Planning and Head of the Technical Committee of the Oman 2040 Vision, said that the vision aims to place Oman among the best 20 countries in terms of Global Innovation and Environmental Performance indices and among the top 10 countries in terms of skills in global competitiveness and government competencies.
Rahbi added that the total number of direct participants to Oman 2040 Vision is 22,000 of target categories, such as civil community institutions, municipal councils, government sector, Council of Oman, women, youths, physically challenged people, academic institutions, the private sector, investors, SMEs and the diaspora.
Ricardo Hausmann, Harvard's Kennedy School of Government Professor, gave a visual presentation on differences in performance.
The conference will witness four panel discussions.
The first focuses on the role of the private sector in achieving the vision, the second and third on change management and positive reinforcement, as well as economic cooperation and integration and its importance in achieving the vision. The fourth will be on the best international practices for achieving the national vision.
Riyadh Metro Opens New Horizons for Commercial Real Estate Investmenthttps://english.aawsat.com/business/5335121-riyadh-metro-opens-new-horizons-commercial-real-estate-investment
Riyadh Metro Opens New Horizons for Commercial Real Estate Investment
Men ride the Riyadh Metro heading to King Saud University Station in Riyadh (AFP)
Riyadh's public transport network is increasingly becoming a factor in real estate investors' calculations, with Saudi Arabia's rail services recording more than 40.9 million passengers during the third quarter of 2026. Of these, the Riyadh Metro accounted for 30.4 million riders.
This draws renewed attention to the attractiveness of commercial properties located near metro stations and the opportunities for cafés, restaurants, and retail outlets to benefit from passenger traffic. However, industry specialists note that assessing the metro's actual impact on rents and occupancy rates requires comparing property performance before and after operations began, while taking other market factors into account.
In this context, Khaled Al-Mobid, CEO of Menassat Realty Co., told Asharq Al-Awsat that the Riyadh Metro has begun to reshape the concept of a prime commercial location.
A desirable site is no longer limited to properties situated on major roads; ease of access through public transportation has become an additional factor enhancing investment appeal.
Al-Mobid added that average rents in Riyadh's major shopping centers reached approximately SAR 2,650 per square meter annually, reflecting growth of 1.2 percent, while occupancy rates remained stable at 91 percent during the first half of 2026. He stressed, however, that these indicators cannot be attributed solely to the metro.
He pointed to practical signs of the growing importance of transport-linked commercial activity, including the offering of 733 commercial units within the public transport network, in addition to opportunities available for cafés and financial services.
Metro Enhances the Appeal of Commercial Locations
Al-Mobid expects businesses that depend on daily customer traffic, particularly cafés, restaurants, and quick-service providers, to benefit from locations near the busiest stations. He believes proximity to metro stations will become a more important consideration for investors and developers when selecting sites and planning mixed-use projects.
He emphasized that the value of a commercial location in the future will not be measured solely by the number of cars passing by, but also by the number of people who can easily reach it without needing a vehicle.
A view of the Riyadh Metro's Blue Line emerging from the Financial District Station (SPA)
Measuring the Real Estate Impact Requires Market Comparison
For his part, Khalid Aljasir, a real estate specialist and chairman of Amaken International Group, told Asharq Al-Awsat that the launch of the Riyadh Metro represents a significant development in the city's infrastructure and is expected to gradually influence the real estate demand landscape, particularly in commercial areas that benefit from improved accessibility and higher user traffic.
Aljasir explained that proximity to public transport stations can enhance a property's investment appeal, although the extent of the impact varies depending on the location, the nature of the commercial activity, and the level of demand in the area.
He stressed that increases in rents or occupancy rates cannot be attributed solely to metro operations without analyzing other market variables.
He noted that measuring the metro's actual impact requires comparing similar commercial properties located near stations with those farther away, both before and after operations began. Metrics such as average rents, occupancy rates, and demand levels can help determine how improved accessibility affects real estate performance.
A view of the Riyadh Metro's Yello Line (SPA)
Accessibility Becomes a Key Consideration for Investors
Aljasir added that accessibility and integration with public transport networks are increasingly important factors when evaluating investment opportunities. Investors assess a property's ability to attract tenants and users, as well as how easily customers and employees can reach it, alongside traditional considerations such as location and size.
He noted that cafés, restaurants, retail stores, and daily-service businesses may benefit from sites experiencing steady pedestrian traffic near metro stations. Commercial offices may also gain from improved accessibility for employees and clients.
Furthermore, locations connected to public transport could become more attractive for mixed-use developments that combine commercial, office, and service functions.
Aljasir stressed that proximity to a station is not the sole determinant of investment success. Economic viability, rent levels, actual demand, the nature of the business, and overall site quality remain fundamental factors in decision-making.
He underscored the importance of studying the integration of public transportation and real estate development and evaluating its impact on expected cash flows and investment returns, rather than assuming that all properties near stations will experience the same increase in value or rental rates.
ECB President Lagarde Resigns after Months of Speculationhttps://english.aawsat.com/business/5335107-ecb-president-lagarde-resigns-after-months-speculation
ECB President Lagarde Resigns after Months of Speculation
FILED - 05 February 2026, Hesse, Frankfurt/M.: FILE PHOTO - Christine Lagarde speaks at the ECB press conference. Photo: Florian Wiegand/dpa
European Central Bank President Christine Lagarde announced her resignation on Thursday, ending months of speculation about her future at a complex juncture for Europe and the ECB.
Lagarde will step down on February 7, giving current European Union leaders time to pick a successor well before a French presidential election that polls show far-right candidate Marine Le Pen is favorite to win.
"European Central Bank President Christine Lagarde today informed the Governing Council and the President of the European Council António Costa that she will step down from her position on 7 February 2027," Reuters quoted the ECB as saying in a press release.
The former central bank governors of the Netherlands and Spain, Klaas Knot and Pablo Hernandez de Cos, are seen as frontrunners to replace Lagarde.
Lagarde's term was scheduled to run until the end of October 2027 but speculation about an early departure had been mounting for months, with the World Economic Forum seen as a likely destination.
The move comes as the ECB is in the middle of a rate-hiking cycle, seeking to prevent an oil-price shock linked to the Iran war from feeding into other prices and wages.
But it must also contend with a surge in government bond yields — especially in debt-laden France — that has pushed up borrowing costs for households and businesses and which Lagarde has said will curb growth and inflation.
Caught between persistent inflation fueled by a renewed surge in energy costs and deteriorating financing conditions, the ECB is widely expected to keep its deposit rate at 2.5% on Thursday while signaling that another increase, potentially as soon as December, remains likely.
The ECB is due to announce its interest rate decision at 1315 GMT on Thursday, followed by Lagarde's regular press conference at 1345 GMT.
Saudi Arabia, Kuwait Discuss Ways to Deepen Cooperation in Energy and Industryhttps://english.aawsat.com/business/5335069-saudi-arabia-kuwait-discuss-ways-deepen-cooperation-energy-and-industry
Saudi Minister of Energy and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman bin Abdulaziz met in Riyadh with Kuwaiti Minister of Foreign Affairs Sheikh Jarrah Jaber Al-Ahmad Al-Sabah. SPA
Saudi Arabia, Kuwait Discuss Ways to Deepen Cooperation in Energy and Industry
Saudi Minister of Energy and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman bin Abdulaziz met in Riyadh with Kuwaiti Minister of Foreign Affairs Sheikh Jarrah Jaber Al-Ahmad Al-Sabah. SPA
Saudi Minister of Energy and Minister of Industry and Mineral Resources Prince Abdulaziz bin Salman bin Abdulaziz met in Riyadh with Kuwaiti Minister of Foreign Affairs Sheikh Jarrah Jaber Al-Ahmad Al-Sabah.
The two ministers reviewed bilateral relations and discussed ways to deepen cooperation in energy, industry and mineral resources, as well as joint efforts to strengthen energy security and ensure stable supplies.
They also discussed the latest developments in the region and exchanged views on regional and international issues of mutual interest, in support of the shared interests of Saudi Arabia and Kuwait.
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