HM condolences to Bangladesh
MUSCAT: His Majesty Sultan Qaboos has sent a cable of condolences to President Mohammed Abdul Hamid of the People’s Republic of Bangladesh on the death of Bangladesh former president Abdur Rahman Biswas. In his cable, His Majesty the Sultan expressed his sincere condolences and sympathy to President Abdul Hamid, the bereaved’s family and the friendly people of Bangladesh. Reports of the world’s two top financial agencies have nonot only predicted Omani economy would pick up in 2018, they have also said economic diversificdiversification will start showing results by this time. The general confidenceco stems from the fact that Oman’sO crude prices for the fifirst first time touched $60 in two years. On Monday, the J January trading for Oman c crude at Dubai Mercantile Exchange closed at $60.63, a change of $1.65 from the previous day.
“Growth is expected to pick up over the medium term following a boost in oil and gas, and from expected gains in the non-oil sector resulting from government’s economic diversification plan,” the World Bank report has said.
Growth prospects for the MENA region is projected to improve in 2018 and 2019 with overall growth exceeding three per cent, the report said.
Under the non-oil diversification strategy, tourism is the key sector and a number of incentives have been announced with an aim to achieve an annual growth rate of eight to 12 per cent.
A senior financial expert told the Observer that we should look at a steady and gradual increase in oil prices, which is more suitable for Oman in the long run.