The Import Price Index fell in the second quarter of this year. Oman purchased products from abroad at lower prices, including fuels and lubricants, machinery and equipment, as well as vegetable and animal oils.
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A major exporter of oil and gas, the Arab country recorded a trade surplus. Top imports were mineral products and machinery.
Talal Sulaiman Al Rahbi was awarded a commendation by the Brazilian Academy of Honors for Merits at an event held at the Chamber of Deputies auditorium on Thursday (12). He mentioned that the moment is particularly timely as Brazil and Oman celebrate 50 years of diplomatic relations and that he is working to increase investment flows between the two countries.
Brazilian Foreign Minister Mauro Vieira met with Omani ministers in Muscat on Sunday (8), marking the 50th anniversary of diplomatic relations between the two countries. Investments, energy, agriculture, and COP30 were among the topics discussed in the meetings.
Arab country grossed OMF 6.2 billion in revenue in the second quarter of 2024, most of which, i.e., OMR 3.4 billion, coming from the oil sector.
The mining giant sold half of its distribution operation in the Arab country, the VODC, to a company from the United States for USD 600 million.
Al Buraimi Industrial City received new investments during the first half of 2024, with 15 projects being implemented. On the borderline with the UAE, the city has grown as a destination for companies.
Oman’s ambassador to Brasília, Talal Al-Rahbi, celebrates the 50th anniversary of diplomatic ties between his country and Brazil, with prospects of more mutual investments and cultural and political partnerships.
GDP registered an annual 2.8% decrease thanks to a drop in oil activities.
The commodity’s prices have declined due to a lower demand from China. Brazil’s trade balance could be impacted, and Arabs could import more.
A delegation from Brazil’s agriculture ministry received from Oman’s government the sanitary approval and authorization for Brazilian exports of live cattle to the Arab country.
The Arab country is projected to grow 1.3% in 2023 and 1.4% this year, supported by favorable oil prices and reforms. Agriculture, construction, and services are driving the Omani economy.
The ambassador of Oman to Brasília, Talal Al-Rahbi, defended Palestine and highlighted the promising investment relationship between Brazil and Oman. The celebration of the Arab country’s National Day took place in the Brazilian capital this Monday (20).
The oil production cuts are expected to make the Gulf country grow less this year compared to 2022. Still, GDP is projected to increase by 1.3%. Inflation has receded, and reforms favor economic recovery.
