March 22nd, 2011 by Oman Views

ABU DHABI, March 10 (Reuters) – The United Arab Emirates has not seen capital outflows due to unrest in the region, the central bank governor said on Thursday, adding that inflationary pressures would not be of concern despite high oil prices.

Anti-government protests rocking the Arab world have spread to Gulf countries such as Bahrain and Oman although there have been no unrest in the oil-wealthy UAE, which includes oil-exporting Abu Dhabi and business hub Dubai.

“There is absolutely nothing unusual. No capital outflows,” Central Bank Governor Sultan Nasser al-Suweidi told reporters at a news conference after a meeting of six Gulf Co-operation Council central bank governors.

When asked about the risk of potential capital outflows tothe dirham peg as the unrest spreads, Suweidi said: “I do not think it will be the case.”

“It (turmoil) affects (UAE banking sector), but its effect is slight due to the distance,” he said after a meeting of Gulf central bank governors.

Suweidi also said he was not concerned about inflation in the UAE, the world’s third largest oil exporter, despite robust oil prices of above $100 per barrel.

“I am not worried about inflation at this point of time because originally inflation came from high rent rates. It will range in low, single-digit rate,” he said declining to give specific forecast.

UAE consumer price growth eased to 1.6 percent on an annual basis in January as an unexpected drop in food costs helped to push living costs into a second monthly decline in a row.

Brent crude futures slipped on Thursday but remained above $115 per barrel as forces loyal to Libyan leader Muammar Gaddafi launched a fresh bombardment on the eastern Libyan oil town of Ras Lanuf.

Consumer price growth in the world’s third largest oil exporter hovered close to 1 percent for most of 2010 as debt woes of Dubai state-owned companies dented banks’ lending appetite.

Suweidi also declined to say whether the UAE has received any specific requests to freeze assets of the Libyan government or those of ousted Tunisia’s president Zine al-Abidine Ben Ali.

“I will not mention any country as we deal with assets, accounts and all types of investments according to procedures, well known procedures identified by FATF (Financial Action Task Force). Therefore we follow the steps as anybody else does.”

“If we receive them (requests for asset freeze) we process them in a normal way,” he said.

GCC foreign ministers are expected to decide on an aid plan for protest-hit Oman and Bahrain, when they meet in Riyadh later on Thursday. Suweidi, however, declined to comment on the plan:

“It is not our area.”

Let Your LOVE Shines, Give Her A Diamond

Click to the pioneering personals site that revolutionized online dating

(Additional reporting by Mahmoud Habboush; Writing by Martina
Fuchs; Editing by Toby Chopra)

Photo: mideastweb.org

March 4th, 2011 by Oman Views

KUWAIT CITY (AFP) – Energy rich Gulf states plan to launch a massive Marshall-style plan to assist Bahrain and Oman which have been hit by unrest, Kuwait’s Al-Qabas newspaper reported.

Citing unnamed senior sources, the daily said the six-nation Gulf Cooperation Council states were holding discussions that may culminate in a summit to launch the aid package.

Besides Oman and Bahrain, the GCC groups Kuwait, Qatar, Saudi Arabia and United Arab Emirates, which together are estimated to have $1.35 trillion in surplus assets amassed in the past few years from oil revenues.

The aid programme was aimed at boosting economic and social conditions, and living standards in Bahrain and Oman, as well as provide housing to the needy, create jobs and upgrade public services, Al-Qabas said.

It also calls for according priority to Omani and Bahraini job-seekers in the four GCC nations. The report provided no details about the expected cost of the plan.

Bahraini Crown Prince Salman bin Hamad al-Khalifa led a high-level political and economic delegation to Kuwait on Tuesday, and was expected in the Saudi capital Riyadh on Wednesday.

No details were provided about the purpose of his visits.

Bahrain and Oman are the poorest of the six-nation GCC alliance, with limited oil resources and problems finding jobs for their native population.

Protesters have taken to the streets of Bahrain, demanding political and economic reforms, while demonstrators in Oman have focused on jobs and fighting corruption.

The United States launched the “Marshall Plan” in 1947 to rebuild western Europe after World War II. The scheme was named after its architect, US secretary of state George Marshall.

Let Your LOVE Shines, Give Her A Diamond

Click to the pioneering personals site that revolutionized online dating

Photo: topnews.in

February 25th, 2011 by Oman Views

MUSCAT (Reuters) – About 300 people demanded political reforms and better pay in a peaceful protest in Oman on Friday as unrest in other Middle East countries and North Africa turned increasingly violent.

Men and women gathered in Ruwi, a commercial district in the capital, after prayers and chanted “we want democracy” while others shouted “more pay and jobs.”

“Food prices and other commodities have gone up twice in price in the last three years… the increase is not enough,” student Mohammed Hashil told Reuters.

Protesters demonstrated for about one hour and left the district. There were no reported arrests.

The sultanate increased the salary for national workers active in the private sector to 200 rials ($520) per month from 140 rials, the Oman News Agency (ONA) said this week.

There is no official unemployment rate, but a CIA estimate from 2004 put the rate then at about 15 percent.

Gulf Arab countries have stepped up measures to appease their populations following popular unrest that toppled the leaders of Tunisia and Egypt.

Protesters in Muscat also demanded cabinet ministers not serve more than four years.

“The cabinet must be appointed from the Shura Council because the members are elected. We can’t have ministers serving 10 to 20 years. It is encouraging corruption,” said one protester, who did not want to be identified.

In 1992, Sultan Qaboos bin Said established a parliament called Majlis Shura, whose 84 members are elected by constituents in 61 districts. But the parliament only advises and has no legislative powers.

Omani participation in the private sector is estimated at 19 percent, but more than a million Omanis are not registered as private-sector and are self-employed in retail, agricultural and cottage industries where they have unlicensed businesses in crafts such as pottery, weaving, and silvercraft.

Inflation in the non-OPEC oil producer accelerated to 4.2 percent year-on-year in December and prices rose 0.7 percent from the previous month as food costs soared, data showed.

Let Your LOVE Shines, Give Her A Diamond

Click to the pioneering personals site that revolutionized online dating

By Saleh Al-Shaibany. Reporting by Saleh Al-Shaibany; Writing by Martina Fuchs; Editing by Jason Benham and Matthew Jones

Photo: buzfairy.com