Oman: Seminar discusses factors driving economic diversification in GCC
The event, which started on Monday, has brought together experts from the Gulf Cooperation Council (GCC) countries to discuss key factors and strategies driving economic diversification in the region.
Held under the patronage of Rashid bin Amer al Musalhi, First Deputy Chairman of OCCI, the seminar is focused on measuring economic diversification and identifying progress in sustainable growth across the GCC.
H H Sayyid Dr Adham bin Turki al Said, Chairman of OCCI's Economic Committee, said the chamber is committed to supporting Oman Vision 2040 objectives by assessing economic diversification trends and setting clear guidelines for future development. 'GCC countries share a vision of prioritising economic diversification, especially given global economic fluctuations and shifting geopolitical realities,' he said.
The seminar will examine the current status of economic diversification in the region and the composite index used to measure progress.
Yousef bin Hamad al Balushi, Vice-Chairman of OCCI's Economic Committee, highlighted the growing role of the private sector in driving diversification efforts. 'Significant progress has been made, but there is still potential for further advancements, particularly through private sector engagement,' he said.
The first day of discussions covered economic diversification in Oman, the composite index for Gulf countries and sustainable growth strategies. The second day will feature sessions on key economic variables affecting GCC growth, diversification indicators and mechanisms to integrate local economic pathways with international markets.
The Konrad-Adenauer-Stiftung's Regional Programme Gulf States works with GCC countries to improve mutual understanding between the region, Germany and European countries.
© Apex Press and Publishing Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Business
an hour ago
- Arabian Business
Unified visa for UAE, Saudi Arabia, Kuwait, Qatar, Bahrain and Oman launching ‘soon' says GCC chief
A unified tourism visa for visitors to the UAE, Saudi Arabia, Kuwait, Qatar, Bahrain and Oman will be launched soon, according to GCC Secretary General Jassem Al Budaiwi. In a statement by the GCC Secretariat, Al Budaiwi expressed gratitude to member nations for efforts to realise the unified tourism visa. After it is introduced, non-GCC visitors to the region will be able to move freely between the six nations using a single visa. UAE, Saudi Arabia, Kuwait, Qatar, Bahrain and Oman unified tourist visa The announcement came, following the 39th meeting of heads of GCC Interior Ministries' passport departments. Al Budaiwi said that the measures would help realise the visions of the Gulf leaderships, adding that involved parties were keen on keeping up with the latest technologies, as well as growing and rapid global security demands. Once approved, the unified Gulf tourist visa will allow its holders to visit six GCC countries, focusing on attracting and retaining tourists within the region to enhance economic integration. Further details and a launch date are yet to be announced, but reports have claimed it will be valid for between 30 and 90 days and be valid for tourism or family visits.
Gulf Today
7 hours ago
- Gulf Today
UK bond rout bruises Truss as public finances rattle investors
British government bonds tumbled sharply on Wednesday as a tearful appearance by Chancellor Rachel Reeves in parliament a day after the government backed down on its welfare reforms reignited concern over Britain's finances. Reeves was attending Prime Minister's Questions on Wednesday following the government's decision to sharply scale back plans to cut benefits. The sharp plunge in British assets immediately drew comparisons with Liz Truss' short-lived premiership nearly three years ago, which was derailed by a bond market selloff. Investors are monitoring Reeves' status after the British government's reversal on welfare reforms meant the plans would no longer save taxpayers any money, shredding the margin Britain relies on to meet its fiscal rules. The welfare reform U-turn was 'signalling that the Labour Party is a lot less concerned about what the gilt market thinks,' said Gordon Shannon, portfolio manager, TwentyFour Asset Management. 'I would have thought it was seared into politicians' memories what happened to Liz Truss.' The yield on the 10-year government bond, or gilt, rose as much as 22 basis points on the day at one point, to 4.681% , as investors ditched British debt. It then recovered somewhat to 4.60%. At its peak, the benchmark yield was set for its largest one-day jump since October 2022, the aftermath of Truss' chaotic package of large, unfunded tax cuts that scuttled her premiership. During the depths of the 2022 crisis, the yield on the 10-year gilt rose by 50 bps in a single day at one point. The selloff also hit very long dated gilts, and 30-year yields rose 17 basis points. 'The latest headline would suggest more uncertainty with regards to the current government,' said Simon Blundel, head of European fundamental fixed income investments at BlackRock. 'It's another thing for us to look at and position for,' he said, though he added that BlackRock had generally taken a positive stance towards gilts and the market was not as vulnerable as it was in 2022, when turmoil in Britain's pensions sector exacerbated moves. Investors in bonds around the world are growing increasingly nervous about government deficits from Japan to the United States, with Britain seen as among the more vulnerable. Earlier on Wednesday, British assets were trading slightly lower, but the selloff intensified rapidly after Reeves appeared alongside Prime Minister Kier Starmer during the weekly prime minister's questions looking exhausted and upset. Traders also focused on comments from Starmer seemingly not endorsing Reeves, though Starmer's press secretary later said Reeves has his full support, and she was upset because of 'a personal matter'. Reeves has repeatedly emphasised her commitment to self-imposed fiscal rules, limiting the amount Britain will borrow, and, analysts said, Wednesday's market moves reflected fears that she would be replaced, creating even more uncertainty. 'The gilt market is largely concerned that a new chancellor will rip up Reeves' fiscal rules and go for excessive unfunded borrowing. Combine that with a plan that has not delivered or is unlikely to deliver much growth or productivity gains, then it looks a very risky strategy to adopt!' Craig Inches, head of rates and cash at Royal London Asset Management, said. Reeves has also been blamed by some Labour members of parliament for pushing for billions of pounds of savings that were described as cruel and targeting the most vulnerable. Sterling dropped around 1% against the dollar and also weakened sharply against the euro, which rose 0.8% to its highest on the pound in two months. Britain's domestically focused mid-cap index was down 1.3% on the day, sharply underperforming European stocks. 'The deficit is going to have to be closed somehow, clearly the signal from yesterday is that can't come from substantial spending cuts, I don't think it's possible for the government to borrow the money, that leaves tax rises,' Nick Rees, head of macro research at Monex Europe, said. 'It's a pretty ugly outlook for sterling.' US crude oil and gasoline inventories rose unexpectedly last week as both exports and demand fell sharply, the Energy Information Administration (EIA) said on Wednesday. Crude inventories rose by 3.8 million barrels to 419 million barrels in the week ending June 27, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.8 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.5 million barrels. Oil prices pared earlier gains following the unexpected build in inventories, which was also in part driven by higher imports. Agencies
Gulf Today
8 hours ago
- Gulf Today
Italy May jobless rate jumps to 6.5% but 80,000 jobs created in month
Italy's unemployment rate rose sharply to 6.5 per cent in May from an upwardly revised 6.1 per cent in April, national statistics bureau ISTAT reported on Wednesday, but a net 80,000 jobs were created during the month. A Reuters survey of nine analysts had forecast a May jobless rate of 6.0 per cent. April's rate had been previously reported at 5.9 per cent. The reason for the jump in the unemployment rate was that a large number of previously inactive people entered the labour market in May to look for work, ISTAT said. The 6.5 per cent jobless rate was the highest since June last year. The youth unemployment rate, measuring job-seekers between 15 and 24 years old, rose to 21.6 per cent from 19.9 per cent. In the March-to-May period, employment in the eurozone's third largest economy was up by 93,000, or 0.4 per cent, compared with the previous three months, ISTAT said. In May, there were 408,000 more people in work than in the same month last year, an increase of 1.7 per cent. The employment rate, one of the lowest in the Eurozone, edged up to 62.9 per cent from 62.8 per cent the month before, while the so-called 'inactivity rate', measuring those neither working nor looking for work, fell to 32.6 per cent from a previous 33 per cent. Italy's long-running increase in employment has come against a backdrop of weak economic growth and stagnant wages. Italian gross domestic product grew by just 0.7 per cent in each of the last two years, and the government forecasts 0.6 per cent growth this year. Meanwhile Italy risks losing 20 billion euros ($23.6 billion) in exports and 118,000 jobs next year if the US imposes tariffs of 10 per cent on all European products, the head of the main Italian business lobby said on Wednesday. 'Italy does not just export luxury products - with a demand that isn't very sensitive to prices - but mainly machinery, means of transport, and leather goods,' Confindustria President Emanuele Orsini told daily Il Corriere della Sera in an interview. Italian Prime Minister Giorgia Meloni recently downplayed the potential impact of such a level of tariffs on Italian companies, stating it would not be particularly harmful. Orsini, however, warned that tariffs of 10 per cent would be unsustainable for the Italian economy. He added that they would effectively translate into a 23.5 per cent duty as the impact of the dollar depreciation against the euro since the election of US President Donald Trump, amounting to 13.55 per cent, needed to be taken into account too. 'A product that a year ago an Italian company was selling in the United States for 100 now costs our American customer 123. We fear very heavy setbacks,' he added. A deadline for countries to finalise trade agreements with Washington is set to expire on July 9. The European Commission, which coordinates EU trade policy, accepts the US baseline tariff of 10 per cent as unavoidable but wants immediate relief in key sectors as part of any agreement, according to diplomats. The euro has risen some 9 per cent against the dollar since April as investors, spooked by Trump's unpredictable economic policy, warmed to the European Union's newfound military and industrial ambitions. Meanwhile sales of new cars in Italy fell by 17.44 per cent in June, transport ministry data showed on Tuesday, in the biggest year-on-year drop this year. Total sales in June stood at 132,191 vehicles. Market leader Stellantis, whose brands include Fiat, Jeep, Chrysler and Peugeot, suffered an even bigger crash, with sales down 32.83 per cent year-on-year, according to Reuters calculations. Its market share dropped to 24.55 per cent from 28.06 per cent in May, according to the same calculations. Meanwhile the number of people registered as unemployed in Spain fell in June to the lowest figure since May 2008, before the bursting of a real estate bubble led to a deep crisis in the country. According to data from the Labour Ministry released on Wednesday, a total of 2.41 million people were registered as unemployed in June, down by 48,920 from the previous month. The number was not that low since 2.38 million jobless people in May 2008. Unemployment traditionally falls in Spain during the summer when the hospitality industry hires thousands of workers to serve the millions of tourists who visit the country. Spain gained 40,399 net formal jobs in June, bringing the number of people with a formal job to 21.6 million, on a calendar-adjusted and excluding seasonality, a separate report from the Social Security Ministry showed. Reuters
