Oman's Ministry of Education on Tuesday announced the suspension of studies in the northern governorates as heavy rain was forecast over the sultanate.
Rain continued to lash many northern areas, including parts of Al Dhahirah, Al Dakhiliyah, South Al Batinah and North Al Batinah.
There were thunderstorms and high winds on Monday evening in Dhofar and Musandam, where classes were suspended at all public and private schools.
“The ministry decided to suspend studies on Tuesday, March 28, 2023, in all public and private schools, morning and evening, in the governorates of Musandam, North Al Batinah, Al Buraimi and Al Dhahirah. Work in schools will resume on Wednesday, March 29, 2023,” the ministry said.
School lessons and evening classes were also suspended in the governorates of Al Amerat and Qurayyat on Tuesday, with classes to be resumed on Wednesday, Oman News Agency reported.
Oman's Met Office said there would also be rain in other governorates.
With heavy thundershowers comes the risk of wadis overflowing in many governorates.
The Ministry of Agriculture, Fisheries and Water Resources called on farmers, livestock breeders, beekeepers and fishermen to take precautions to ensure their safety and the safety of their property, and urged everyone to move away from dams and wadis.
Oman's Civil Aviation Authority has warned people to avoid low-lying areas and not to cross wadis.
The Gulf nation has experienced heavy rain and flash floods before.
Last July, during the Eid Al Adha holidays, more than 19 drowned and 40 were rescued during heavy rain storms that lasted a week.
Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
