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Oman Showing Signs of Sustainable Recovery

Oman Showing Signs of Sustainable RecoveryOman Showing Signs of Sustainable Recovery

Oman’s economy is well on its way to fulfilling its massive market potential, according to financial experts in the sultanate.

Lateef Shahdad, general manager of Mass International and a financial expert said, “Since export figures are showing an upward surge during these difficult economic conditions, this is, in fact, a strong macroeconomic indicator that the Omani economy is heading towards a sustainable recovery, Albawaba reported.

“It’s a great sign that new investments and job creation is on the way. In spite of the downturn in recent years, exports have shown growth in petroleum and agro products. What this proves is that confidence among local and international investors remains strong, as they continue to capitalize on these strong indicators to bring more projects and invest in new ideas that will lead to growth in the long-term.

“In the upcoming months I expect to see many other signs of recovery, as Oman continues to be released from the clutches of recession to achieve its massive market potential in the region,” noted Shahdad.

His comments came in response to the report on Oman’s exports for the first half of 2018, in which total export revenues grew by 27.2%, according to the National Center for Statistics and Information. The total export revenue for the first quarter of this year hit OMR3.76 billion ($9.77 billion), compared with OMR2.96 billion in the first quarter of 2017.

The value of oil and gas exports stood at OMR2.36 billion, equivalent to almost 63% of the total value of commodity exports in the first quarter of 2018, thanks to an increase in the price of Omani crude oil.

Of the total exports from the oil and gas sector, OMR1.75 billion was attributed to oil exports, while liquefied natural gas exports accounted for OMR394.3 million in export earnings during the period, according to the NCSI report.

 

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