Total value of real estate activity in the Sultanate surged ahead by 42 per cent to touch OMR3.22 billion for the first nine months of 2015, compared to the same period last year, the statistics released by the National Centre for Statistics and Information (NCSI) shows.
Despite being a small insurance market, the Gulf Cooperation Council (GCC) remains the fastest growing insurance region, outpacing all other markets with top line growth of close to 15% in 2014, says Moody’s Investors Service in a new report published today.
Remittances to India are projected to increase by 2.5 per cent this year, the World Bank has said in its latest report, even as weak economies in Europe, especially Russia, are slowing the growth of remittance flows.
The World Bank has said it is lowering its 2015 forecast for crude oil prices from 57 dollars per barrel in its July report to 52 dollars per barrel. This is according to the bank’s new Commodity Markets Outlook, a quarterly update on the state of the international commodity markets.
The Sultanate of Oman is gearing up to celebrate the 45th National Day, which will give the citizens and residents of the Sultanate an opportunity to express their pride and love for the nation and its great leader His Majesty Sultan Qaboos bin Said.
Oman’s nominal gross domestic product fell 14.2 per cent to OMR13.552 billion from OMR15.791 billion for the same period last year as weak crude prices took a toll on the oil sector.
According to Standard and Poor’s Ratings Services, the fast-growing Islamic finance industry is set to slow down next year over the sharp fall in oil revenues and rapid regulatory changes.