The sultanate seeks to secure multi-billion dollar deposit to strengthen its foreign reserves
Oman is in talks with three of its GCC peers to secure a multi-billion dollar deposit in its central bank, which could help the sultanate in boosting its foreign reserves and reduce pressure on its currency.
Officials from Oman have meet with representatives of finance ministries of Kuwait, Qatar and Saudi Arabia to discuss the matter, according to news agency Reuters, which cited unnamed sources familiar with the talks.
The discussions are at early stages and a Qatari official has confirmed they are under way.
Oman last week also approached banks to submit proposals to help it raise funds through the sale of an international bond as the sultanate seeks to plug a budget deficit. It could raise a dollar or an Islamic bond and the government is expected to receive responses from the banks imminently.
The expected deficit comes after a challenging 2016 for the Omani economy as oil revenues dwindle. The budgeted deficit for 2016 was RO3.3bn.
You might also like...
Chinese contractor to build 86-storey tower in Dubai
18 April 2024
Japan and UAE to explore clean energy cooperation
18 April 2024
Contract awarded for Algeria steel project
18 April 2024
OQ in Duqm refinery contract talks
18 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.