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Oman’s Real Estate Transactions Grow by 16%

General view of old Muscat, Oman, January 12, 2020. REUTERS/Christopher Pike/File Photo
General view of old Muscat, Oman, January 12, 2020. REUTERS/Christopher Pike/File Photo
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Oman’s Real Estate Transactions Grow by 16%

General view of old Muscat, Oman, January 12, 2020. REUTERS/Christopher Pike/File Photo
General view of old Muscat, Oman, January 12, 2020. REUTERS/Christopher Pike/File Photo

The total value of property transactions in the Sultanate of Oman at the end of October 2021 increased by 16.2 percent over the same period of 2020, according to data issued by the National Center for Statistics and Information (NCSI).

The government collected RO62.6 million as real estate transaction fees at the end of October 2021, which represents an increase of 8.2 percent over the same period last year.

The traded value of sales contracts also increased by 52.9 percent to reach RO189,300,000, and the number of sales contracts increased by 48.7 percent to 74,032 contracts, compared to 49,787 contracts during the same period in 2020.

Meanwhile, the traded value of mortgage contracts dropped by 0.9 percent at the end of October 2021 to reach RO1,197,400, compared to RO1,208,400 during the same period last year.

The number of mortgage contracts was 15,380 – an increase of 34.1 percent over the same period in 2020, which recorded 11,466 contracts.

NCSI data also showed a drop in traded value of exchange contracts by 9.74 percent at the end of October 2021 to RO 15.2 million, against RO 60.6 million in the same period last year.

The number of title deeds issued at the end of October 2021 was 210,858, an increase of 37.7 percent over the same period of 2020, in which 15,398 title deeds were issued.

The number of title deeds issued for GCC citizens increased by 112.9 percent to 594, compared to 279 issued during the same period in 2020.

Oman is a relatively small oil producer, and is more sensitive to the fluctuations in crude prices than its oil and gas-rich Gulf neighbors. The country was severely affected by the price collapse in 2020, and in light of the Covid-19 pandemic.

Standard & Poor’s said in October that it revised its outlook on the Sultanate of Oman to positive from stable due to higher oil prices and its financial reform plans that are expected to reduce the government deficit and slow the rise in debt levels over the next three years.

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Saudi Economy Demonstrates Competitive Strength, Expands 3% in First Quarter

A view of the Saudi capital, Riyadh. (SPA)
A view of the Saudi capital, Riyadh. (SPA)
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Saudi Economy Demonstrates Competitive Strength, Expands 3% in First Quarter

A view of the Saudi capital, Riyadh. (SPA)
A view of the Saudi capital, Riyadh. (SPA)

Saudi Arabia’s economy has once again demonstrated the strength of its fundamentals and its ability to withstand regional shocks, posting real GDP growth of 3 percent year-on-year in the first quarter of 2026, despite escalating tensions across the Middle East that have disrupted supply chains and global trade flows.

The final official figures surpassed the earlier flash estimate of 2.8 percent. The upward revision reflected higher estimates from the General Authority for Statistics (GASTAT), which raised growth projections for both oil and non-oil activities to 2.9 percent. The Kingdom had recorded growth of 5.2 percent in the fourth quarter of 2025.

Saudi Arabia’s performance amid logistical challenges, including shipping disruptions through the Strait of Hormuz, recently received backing from an International Monetary Fund mission.

Following consultations in Riyadh, IMF experts said the Kingdom had successfully mitigated the effects of regional conflict and eased logistical bottlenecks through resilient infrastructure, the rapid deployment of the East-West pipeline and Red Sea ports, and strong financial buffers provided by the Public Investment Fund and a stable banking sector.

The IMF nevertheless revised its 2026 growth forecast for Saudi Arabia to 2 percent from a previous estimate of 3.1 percent, citing regional instability.

Broad-based expansion

According to GASTAT, first-quarter growth was driven by gains across all major sectors of the economy. Oil and non-oil activities each expanded 2.9 percent year-on-year, while government activities rose 1.5 percent.

On a seasonally adjusted basis, real GDP declined 1.2 percent from the fourth quarter of 2025, reflecting a 6.8 percent contraction in oil activities. Government and non-oil sectors, however, continued to post quarterly growth of 1.4 percent and 0.3 percent, respectively.

Financial services, insurance and business services recorded the strongest performance among detailed sectors, growing 5.4 percent year-on-year and 1.1 percent quarter-on-quarter.

Manufacturing activities, excluding oil refining, expanded 4 percent annually. Crude oil and natural gas activities grew 3.6 percent from a year earlier, despite a 7 percent quarterly decline linked to shipping disruptions.

Consumption and investment remain strong

Government final consumption expenditure rose 11.3 percent year-on-year and 8.5 percent quarter-on-quarter, while private consumption increased 5.3 percent annually.

Gross fixed capital formation climbed 3.9 percent year-on-year and 7.5 percent quarter-on-quarter, underscoring continued investment momentum. Exports increased 1.4 percent from a year earlier, while imports fell 5.5 percent.

Non-oil activities remained the primary driver of economic growth, contributing 1.7 percentage points to overall GDP expansion. Oil activities added 0.8 percentage points, while government activities and net taxes contributed 0.3 and 0.2 percentage points, respectively.

The IMF also praised the Saudi Central Bank (SAMA) for maintaining a countercyclical capital buffer of 100 basis points, noting that the Saudi riyal’s peg to the US dollar continues to bolster monetary-policy credibility and financial stability.

On structural reforms, the fund welcomed the recalibration of the Public Investment Fund’s 2026-2030 strategy, aimed at allocating capital more selectively and encouraging greater private sector participation.

It said continued progress toward the objectives of Vision 2030, including deeper capital markets, stronger alignment between education and labor market needs, and broader adoption of artificial intelligence and logistics technologies, remains essential to achieving sustainable economic diversification and safeguarding prosperity for future generations.

Business

Malaysia Says it is Seeking New Sources of Fuel Amid Energy Crunch

Men practice kayaking at Titiwangsa Lake against the city skyline in Kuala Lumpur, Malaysia, 08 June 2026. EPA/FAZRY ISMAIL
Men practice kayaking at Titiwangsa Lake against the city skyline in Kuala Lumpur, Malaysia, 08 June 2026. EPA/FAZRY ISMAIL
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Malaysia Says it is Seeking New Sources of Fuel Amid Energy Crunch

Men practice kayaking at Titiwangsa Lake against the city skyline in Kuala Lumpur, Malaysia, 08 June 2026. EPA/FAZRY ISMAIL
Men practice kayaking at Titiwangsa Lake against the city skyline in Kuala Lumpur, Malaysia, 08 June 2026. EPA/FAZRY ISMAIL

Malaysia is seeking new sources of fuel amid a global crunch caused by the war in Iran, though any supplies would need to be able to be processed by the country's refineries, the Economy Minister said on Wednesday.

Malaysian refineries are largely dependent ⁠on crude oil originating ⁠from the Middle East. Some have reduced output due to a lack of feedstock following the closure of the Strait of Hormuz, a ⁠key waterway for global oil and gas supplies.

Malaysia was looking to procure oil from African countries, Russia and Türkiye, among others, minister Akmal Nasir told reporters, according to Reuters.

"It is not just about looking everywhere for supply, but about whether the supply ... is ⁠suitable ⁠for the facilities that we have," Akmal said.

He said the country's energy reserves were sufficient until the end of July based on existing agreements, adding the government was reluctant to rush into any new long-term deals given the volatility in oil prices.

Business

Gold Falls to 11-week Low as Oil Rises on Fresh US-Iran Hostilities

A worker displays a one-kilogram gold bar at a refinery in Sydney (AFP)
A worker displays a one-kilogram gold bar at a refinery in Sydney (AFP)
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Gold Falls to 11-week Low as Oil Rises on Fresh US-Iran Hostilities

A worker displays a one-kilogram gold bar at a refinery in Sydney (AFP)
A worker displays a one-kilogram gold bar at a refinery in Sydney (AFP)

Gold fell to an 11-week low on Wednesday, as oil prices rose on renewed hostilities between the US and Iran, fueling concerns about inflation and interest rate hikes.

Spot gold was down 1.7% at $4,191.84 per ounce by 0747 GMT, after hitting its lowest level since March 23. US gold futures for August delivery shed 1.6% to $4,215.60, Reuters reported.

"We're seeing a kind of readjustment broadly ⁠in what global central ⁠banks are going to do, and there's been a major hawkish shift," said Ilya Spivak, head of global macro at Tastylive.

The United States on Tuesday launched strikes against Iran after President Donald Trump said Tehran had shot down a US Apache helicopter in the Strait ⁠of Hormuz. Iran's Revolutionary Guards said they retaliated with attacks against a US base in Jordan and 21 other targets in the Gulf on Wednesday.

Oil prices rose, keeping up expectations that interest rates would stay higher for longer.

While gold is seen as a hedge against inflation, higher rates tend to weigh on the non-yielding metal.

Traders are now pricing in a more than 70% chance of a US rate hike by December, according to the CME ⁠FedWatch tool.

Markets ⁠are awaiting key US inflation reports this week, including the May Consumer Price Index data later in the day and the Producer Price Index reading on Thursday, to gauge the Federal Reserve's monetary policy stance.

"If we can break the $4,100 level, I think the path of resistance fundamentally changes for gold, and we might be starting to look at $3,500 as the next level into the end of the year," Spivak said.

Spot silver fell 1.3% to $64.54 per ounce, platinum dropped 3% to $1,675.25, and palladium fell 0.7% to $1,213.47.