Oman has pledged to create 25,000 public sector jobs by December, a move aimed at staving off potential unrest over unemployment but one that risks adding to a budget gap that was the Arabian Gulf’s widest last year.
The government will follow up with additional measures to address the lack of jobs in the sultanate, the state-run Oman News Agency reported, citing the cabinet’s decision a day earlier. Unemployment was 17.5 per cent in 2016, according to the World Bank.
The move has echoes of the government’s pledge to create 50,000 jobs in 2011 amid Arab Spring concerns. Six years on, the economy is the trigger. Oman’s budget deficit was about 21 per cent of GDP in 2016, the highest in the GCC, according to IMF data. Its gross debt ratio was almost three times that of Saudi Arabia - the region’s biggest economy.
“It’s a tough balancing act for the sultanate, and I can see why weakening growth and ready access to funding would encourage the authorities to spend,” said Simon Williams, HSBC’s chief economist for central and eastern Europe, the Middle East and North Africa, adding that the government’s financial position should give it pause.
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“Long-term stability requires sustained adjustment, even at the cost of short-term pain.”
Oman has smaller oil reserves and less of a cushion in government savings than its wealthier neighborus, making it vulnerable to the impact of lower oil prices that has depressed growth across the region. Moody’s Investors Services cut Oman’s rating it its second-lowest investment grade in July, citing the sultanate’s limited progress in addressing structural vulnerabilities. Oman has a sub-investment grade status at S&P Global Ratings.
Oman’s benchmark MSM30 Index of stocks has retreated 9.4 per cent this year.
The hiring plan could spur private consumption amid slow growth in the non-hydrocarbon sector, said Carla Slim, an economist at Standard Chartered in Dubai. She expects Oman’s 2017 budget deficit to exceed the government’s target of 11.7 billion Omani riyals (Dh111.68bn), although higher oil prices this year should narrow the deficit relative to 2016.
Company%20Profile
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COMPANY%20PROFILE
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Company%20Profile
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Company%20Profile
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Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
About Seez
Company name/date started: Seez, set up in September 2015 and the app was released in August 2017
Founder/CEO name(s): Tarek Kabrit, co-founder and chief executive, and Andrew Kabrit, co-founder and chief operating officer
Based in: Dubai, with operations also in Kuwait, Saudi Arabia and Lebanon
Sector: Search engine for car buying, selling and leasing
Size: (employees/revenue): 11; undisclosed
Stage of funding: $1.8 million in seed funding; followed by another $1.5m bridge round - in the process of closing Series A
Investors: Wamda Capital, B&Y and Phoenician Funds
Company Profile
Founders: Tamara Hachem and Yazid Erman
Based: Dubai
Launched: September 2019
Sector: health technology
Stage: seed
Investors: Oman Technology Fund, angel investor and grants from Sharjah's Sheraa and Ma'an Abu Dhabi
The biog
Alwyn Stephen says much of his success is a result of taking an educated chance on business decisions.
His advice to anyone starting out in business is to have no fear as life is about taking on challenges.
“If you have the ambition and dream of something, follow that dream, be positive, determined and set goals.
"Nothing and no-one can stop you from succeeding with the right work application, and a little bit of luck along the way.”
Mr Stephen sells his luxury fragrances at selected perfumeries around the UAE, including the House of Niche Boutique in Al Seef.
He relaxes by spending time with his family at home, and enjoying his wife’s India cooking.
Maestro
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BLACK%20ADAM
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COMPANY%20PROFILE%20
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Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now
Engine: 5.6-litre V8
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Power: 400hp
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Price: Dh234,000 - Dh329,000
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Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
West Asia Premiership
Dubai Hurricanes 58-10 Dubai Knights Eagles
Dubai Tigers 5-39 Bahrain
Jebel Ali Dragons 16-56 Abu Dhabi Harlequins
DAY%20ONE%20RESULT
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
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What is the definition of an SME?
SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.
A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors.
