Oman’s jewelry exports record 104.2% growth, reaching $120m 

Oman’s gem business include a range of items including natural and artificial pearl products, precious and semi-precious stones, and products crafted from these materials. File
Oman’s gem business include a range of items including natural and artificial pearl products, precious and semi-precious stones, and products crafted from these materials. File
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Updated 19 September 2023
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Oman’s jewelry exports record 104.2% growth, reaching $120m 

Oman’s jewelry exports record 104.2% growth, reaching $120m 

RIYADH: Oman’s jewelry exports more than doubled last year compared to 2021 as the sector pulled in 46.42 million rials ($120.57 million).

The figure represents a 104 percent growth on the previous 12 months, according to official data.

The National Center for Statistics and Information revealed that the re-export reached approximately 33.367 million rials by the end of 2022, a substantial increase from the 8.254 million rials reported at the close of 2021.

Oman’s gem business include a range of items including natural and artificial pearl products, precious and semi-precious stones, and products crafted from these materials.

Remarkably, this surge in export value occurred despite a decrease in overall weight, declining from 278 tons in 2021 to 131 tons in 2022.

The jewelry sector in the country has capitalized on its advantageous geographic position, situated in proximity to significant markets in the Middle East and Asia, according to a report in the Oman Observer in May.

This positioning has established Oman as a central hub for this trade in the region, attracting international buyers and sellers.

The growing middle class in neighboring countries like Saudi Arabia, the UAE, and Qatar has played a pivotal role in propelling the country’s jewelry industry toward growth.

This upward trajectory is fueled by the rising demand for luxury items within the region, including high-end gems and other premium goods.

The worldwide demand for such artifacts is also increasing, according to Mohammed Ebrahim, exhibition director of Informa Markets — the company responsible for organizing the region’s largest consumer jewelry exhibition in Bahrain, in November.

Speaking to Arab News earlier this month, he said: “As we look to the future, the global market size was valued at $340.69 billion in 2022 and is expected to expand at a compound annual growth rate by 5.23 percent (CAGR 2023-2026).”

According to a report published in June by the market research and consulting firm 6Wresearch, technological progress, exemplified by innovations like 3D printing, is poised to bring about a profound transformation within the industry.


NVB launches CEO Club in the Kingdom, to work closely with Invest Saudi

NVB launches CEO Club in the Kingdom, to work closely with Invest Saudi
Updated 18 sec ago
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NVB launches CEO Club in the Kingdom, to work closely with Invest Saudi

NVB launches CEO Club in the Kingdom, to work closely with Invest Saudi

Aiming to foster a conducive work environment for global leaders, National Vision Business Co. Ltd. launched the first international club exclusively designed for chief executives, chairpersons, board members and diplomatic heads.

Fayez Al-Hamrani, managing director and CEO of NVB, stated that they are delighted to have launched the CEO Club in the Kingdom and will work to invite over 18,000 members worldwide to Saudi Arabia in the coming period.

He further noted that his company aims to promote qualitative local and international relations and create a unique work environment for industry leaders.

Underscoring the region’s solid political and economic position, he emphasized that the Kingdom’s presence in the G20 will enhance the role of the club by highlighting projects launched by Saudi Arabia, including NEOM, The Red Sea, Qiddiya and others.

“The Invest Saudi initiative is one of the key programs our company will work on in coordination with the Ministry of Investment,” he stated.

He said his company is coordinating with the relevant government and semi-government agencies to present the best international CEO award in 2024.


Saudi Arabia to host 12th session of OIC’s statistical committee

Saudi Arabia to host 12th session of OIC’s statistical committee
Updated 02 October 2023
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Saudi Arabia to host 12th session of OIC’s statistical committee

Saudi Arabia to host 12th session of OIC’s statistical committee

RIYADH: Amid efforts to enhance communication and collaboration between countries, Saudi Arabia is set to host the 12th session of the Organization of Islamic Cooperation statistical committee.

According to a statement by the General Authority for Statistics, the two-day meeting will take place from Oct. 3-4 in Jeddah.

The engagement cements the Kingdom’s standing globally and in the Arab world, given that this is the first time the gatherings have been held outside its headquarters in Turkey.


KSA expands coffee production to further diversify economy

KSA expands coffee production to further diversify economy
Updated 02 October 2023
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KSA expands coffee production to further diversify economy

KSA expands coffee production to further diversify economy

RIYADH: In an effort to further diversify its oil-dependent economy, Saudi Arabia is increasing its coffee production to achieve a relative balance with crops that yield high economic returns. The country aims to plant 1.2 million coffee trees by 2026, reported the Saudi Press Agency.

As the Kingdom ascends to the ranks of the world’s top 10 coffee-consuming nations, the government is prioritizing this commodity through various initiatives, aiming to stimulate sector growth and increase production. 

In a country where nearly 400,000 Arabica coffee trees yield over 800 tons of coffee annually, primarily in Jazan, Asir and Al-Baha regions, this shift underscores coffee’s burgeoning cultural and economic significance.

In commemoration of World Coffee Day, observed annually on Oct. 1, the Ministry of Environment, Water, and Agriculture has released substantial statistics about coffee farming in the southern region.

Currently, there are over 2,535 coffee farms in this area, including more than 500 model coffee farms. 

The emphasis on expanding Arabica coffee production in 15 additional governorates in the southwestern region aligns with the objectives of Vision 2030, demonstrating the government’s commitment to supporting the national economy through the coffee industry.

This development underscores the dual role of coffee as a cultural tradition and an economic force in the country.


First regional sukuk meet calls for scientific approach to deal with risks

First regional sukuk meet calls for scientific approach to deal with risks
Updated 02 October 2023
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First regional sukuk meet calls for scientific approach to deal with risks

First regional sukuk meet calls for scientific approach to deal with risks

RIYADH: Global financial experts called for a scientifically guided approach to managing the risks associated with sukuk transactions during a meeting in Cairo on Sunday.

This event, held under the theme “The Importance of Strengthening the Role of Sukuks in Sustainable Development: Presentation and Analysis of International Experiences,” was organized by the Arab Administrative Development Organization in partnership with the Albaraka Forum for Islamic Economy and the Egyptian Islamic Finance Association. 

The Saudi Press agency reported that the discussions convened industry leaders to explore how a bond adhering to Islamic finance principles can power investments in sectors aligned with sustainability objectives.

As the global economy undergoes rapid transformation, conference discussions focused on the dynamic role of sukuk in adapting to this evolving landscape.


Abu Dhabi’s non-oil economy surges 12.3% in Q2 to $42bn: SCAD

Abu Dhabi’s non-oil economy surges 12.3% in Q2 to $42bn: SCAD
Updated 02 October 2023
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Abu Dhabi’s non-oil economy surges 12.3% in Q2 to $42bn: SCAD

Abu Dhabi’s non-oil economy surges 12.3% in Q2 to $42bn: SCAD

RIYADH: Abu Dhabi’s non-oil economy grew by 12.3 percent in the second quarter of 2023, accompanied by a 3.5 percent increase in its overall gross domestic product, reported the Statistics Centre — Abu Dhabi.

The emirate’s real non-oil GDP soared to 154 billion dirhams ($42 billion), marking its highest since 2014. This increase represents a record for the first quarter of the current year, surpassing 146 billion dirhams.

SCAD’s statistical estimates revealed growth in the construction sector, with a year-on-year increase of 19.1 percent, reaching 25.3 billion dirhams.

The financial sector also grew 29.7 percent in the second quarter compared to the same period last year, reaching 18.3 billion dirhams.

The manufacturing sector also advanced 7 percent in the second quarter to 25 billion dirhams compared to the year-ago period.

The real estate sector climbed to 9.8 billion dirhams in the second quarter from 9.3 billion dirhams in this year’s first quarter.

Furthermore, wholesale and retail trade activities reached their highest quarterly value since 2014, amounting to 16.7 billion dirhams.

These activities contributed 5.8 percent to the GDP in the second quarter of 2023.

Ahmed Jasim Al-Zaabi, chairman of the Abu Dhabi Department of Economic Development, emphasized: “The continued strong performance of Abu Dhabi’s economy despite mounting challenges in the global economic landscape reaffirms the success of the emirate’s diversification strategy and adaptability to market shifts.”

Last month, S&P Global Ratings anticipated that the UAE would achieve 3 percent economic growth in 2023, primarily driven by the non-oil sector.

The analysis from the rating agency forecasts a further expansion rate of 4 percent next year.

Trevor Cullinan, a sovereign ratings analyst at the agency, pointed to the impressive expansion of the UAE’s non-oil sector, citing significant strides in services and industrial domains, reported the Emirates News Agency.

Identifying key sectors that are steering the UAE’s economic growth, Cullinan mentioned oil and gas, wholesale trade and industry, real estate, construction and financial services.

The rating agency also reported that the employment growth in the UAE last month was at its highest since October 2016, even as the Purchasing Managers’ Index hit 56.6, up from 56.1 in September.