Entries tagged with “oman”

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  • Fiscal Deficit Overview in the GCC

    A sustained slump in oil prices has eaten into the fiscal buffers that GCC countries built up over years of plentiful oil revenues.

    While the region witnessed an acute deterioration in its external and fiscal balances over the past three years, GCC countries anticipate a relatively lower fiscal deficit in 2017 as compared to the previous year, likely due to a series of reforms within the region as well as a rally in oil prices due to production cuts. 

  • GCC 2020 expansionary budgets under threat from oil price slump due to Covid-19 spread

    Oil prices have been declining over the past two months following the outbreak of coronavirus in Wuhan, China, which is now spreading globally. The spreading of the disease is expected to have a substantial effect on global GDP and oil prices. The persistent weakness in oil prices is worrisome mainly for the GCC region as oil is the major source of revenue. Gulf countries have already announced their budgets for 2020, assuming oil price at USD55–60 per barrel. With oil prices currently way below the GCC governments’ estimation, the deficits of these countries could widen toward the end of 2020. However, the constant efforts of GCC countries to diversify their economy towards the non-oil sector over the past many years would provide some cushion in this challenging environment.

  • Expect Sturdy Growth in the GCC’s Education Sector

    Most oil-exporting Arab states face the analogous challenges of fostering inclusive growth and creating job opportunities. The present slump in oil prices has exacerbated these challenges. Given the facts, economic diversification could be a viable option to boost growth, create jobs, and improve resilience to oil price volatility in the long run.

    This won’t be possible, however, unless the GCC’s education sector can gear up to give their students a fighting chance on a global playground.

  • Will the oil market plunge sink all producers?

    The bloodbath witnessed by the crude oil market on the weekend of March 08, a ‘seismic’ event of sorts, saw oil prices nosedive to record lows. First, on Friday, March 6, news came in that talks between OPEC and select non-OPEC countries led by Russia for the extension of production cuts had collapsed; this implied that all producers would be free from April 1 to pump as much oil as they could. The likely result would be an oversupply in a market already grappling with slowdown in demand following the outbreak of coronavirus. Second, on Saturday, March 7, there was news of Saudi Arabia offering discounted prices to customers in line with its aggressive strategy to increase market share. This could potentially prompt producers across markets to cut prices in their bid to garner a bigger share. The overall impact was a mayhem in oil prices that led major research houses to substantially revise price targets downward. The developments may have far reaching negative impact, albeit in varying degrees, on all oil producers, from GCC countries to Russia to US shale oil producers.


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  • The GCC Facilities Management Market

    The facilities management market in the Gulf Cooperation Council (GCC) could be worth about USD 51 billion by 2020, driven by a rise in the number of construction projects, stricter regulations, and technological advancements.