Agreement on 3 petroleum concessions to boost exploration
News reports have highlighted the signing of agreements by the Sultanate of Oman worth more than one million Omani riyals for the maintenance of al-Flaj irrigation channels in North Al Batinah, in addition to two agreements valued at six million riyals to develop two mining concession areas. There are also three petroleum agreements aimed at enhancing exploration activities and oil reserves. Additionally, Standard & Poor's has upgraded its growth outlook for the Omani economy while reaffirming its credit rating at "BBB" with a stable outlook, supported by expectations of growth in the tourism sector as a main driver to diversify the economy. The news also focused on government efforts to deepen the productive base and develop local alternatives, addressing challenges faced by small and medium-sized enterprises that threaten growth opportunities. Furthermore, encouraging results were reported for Omani marble exports to Italy valued at $15 million, along with government moves to confront climate fluctuations and rising interest rates.
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