São Paulo – Do you want to learn more about Oman, an Arab country in the Gulf next to Saudi Arabia, Yemen, and the United Arab Emirates? This Thursday, November 18, is the 51st National Day of Oman, and ANBA brings some of the latest news about the country’s economy. They were published on the official local news agency, Oman News Agency (ONA). The national date is usually widely celebrated by the population. Pictured above, an aerial view of part of the capital, Muscat.
Industry
Oman has been seeking progress for its industries. This month, the committee focused on the segment had its second meeting. It approved measures to support the industrial strategy, which has among its goals, fostering national production and adding value to products to establish new industries in the country. Oman will also launch a campaign called “Made in Oman” on November 19.
Post-COVID economy
The post-COVID-19 economic upturn is a challenge for every country in the world. Oman participated this month in the Arab Fiscal Forum entitled “Post-COVID-19 Recovery Measures in Arab Countries,” in which representatives of Arab governments and central banks discussed measures to be adopted and exchanged experiences in the area.
Date palms
Oman is participating with a pavilion at Expo 2020 Dubai, a universal exhibition taking place in the UAE, and presenting several projects focused on sustainability. One of them is the planting of millions of date palms in the country. The country has already created 11 farms as part of the initiative, each with up to 100,000 palms. Drones are used to pollinate the plants, ensuring faster production.
Fishing and power
Another project Oman is conducting and presenting at Expo 2020 is high-tech fish farming, taking advantage of the country’s vast coastline. Oman is also introducing a wind power project in cooperation with the UAE. According to ONA, Dhofar Wind Power is the first large-scale wind project in the Gulf.
Arabian leopard
Oman is also showing at Expo 2020 its work to preserve the Arabian leopard, which is a critically endangered species and lives in the Arabian Peninsula. According to ONA, there are only 200 of these animals worldwide, and the country’s environmental agencies are working to ensure their continued existence and kept stability in their number.
Oil
Oman is an oil producer. The average oil price in Oman was at USD 60.9 a barrel from January to September this year, 45% higher than in the same period last year. The country’s production in the first nine months of 2021 was 961,300 barrels per day, up 0.9% over the same months of 2020.
Yiti tourism
In the real estate sector, to promote tourism, Oman will build the Yiti project. The overall plan was released this month by the Omran Group. The project will have 11 million square meters and a view of the Gulf of Oman. The site will house residences, spaces for tourism and leisure, business, education, and health facilities. ONA informed there would be investment opportunities for Omani citizens and foreigners.
Treasury bonds
Earlier this month, Oman issued OMR 74 million in treasury bonds, equivalent to around USD 191 million at the current rate. These bonds are investment instruments, which can be used to finance the country’s expenses, if necessary. According to ONA, the issue boosts the local market by creating a benchmark yield curve for interest rates.
Solar power
Oman Power and Water Procurement Company is preparing to launch two solar plant projects, Manah Solar Power 1 and 2. The company will select two international developers to conduct its implementation, from construction to operation.
Fuel
Refineries in Oman recorded a 13% increase in fuel production from January to September this year over the same period in 2020, according to the Oman National Center for Statistics and Information (NCSI). The Arab country produces different fuel types, such as gasoline, diesel, and aviation kerosene, for domestic and export.
Cement technology
Earlier this month, Oman Cement Company (OCC) launched strength testing equipment for cement used in oil wells. The machinery measures cement quality and simulates the high pressure and heat conditions often faced in oil wells to assess quality. With the product, the company intends to meet domestic and international demand.
51st anniversary
The National Day of Oman remembers a new period for the country, from 1970 onwards, considered a renaissance. Several events and activities in Oman mark the celebration this year. A postage stamp with the portrait of Sultan Haitham Bin Tarik was launched, among other items to remember the date. The sultan conducted a military parade, and greetings arrived from several countries around the world. The 51st Glorious National Day Cup will occur this Friday (19), with the Royal Cavalry’s horse racing and equestrian shows. As part of the commemorations, an exhibition opened this month displaying fossils from different geological eras found in Oman.
Translated by Elúsio Brasileiro
