Fintech PR

S&P Upgrades Oman’s Credit Rating to ‘BBB-‘ with Stable Outlook

Published

2 months ago

October 1, 2024

s&p-upgrades-oman’s-credit-rating-to-‘bbb-‘-with-stable-outlook

MUSCAT, Oman, Oct. 1, 2024 /PRNewswire/ — Standard & Poor’s (S&P) has upgraded Oman’s credit rating to ‘BBB-‘ from ‘BB+’ with a stable outlook, driven by improvements in the country’s financial performance. This marks Oman’s return to investment-grade status after nearly seven years, during which its rating dropped due to the decline in global oil prices and COVID-19.

S&P highlighted that the improvement is a result of continued efforts to enhance public finances through financial and economic reform initiatives and government restructuring. These measures restored the balance between revenues and public spending as outlined in the medium-term financial plan, leading to financial surpluses. Additionally, the government’s focus on reducing public debt, improving governance of state-owned enterprises, and lowering debt levels contributed to the positive outlook.

Higher oil prices and the financial measures taken have strengthened Oman’s fiscal position, providing flexibility to manage external shocks. S&P expects Oman’s budget to generate financial surpluses of 1.9% during 2024-2027, assuming Brent crude prices average $80 per barrel from 2025 to 2027. This would allow the government to continue reducing public debt and building financial reserves. Oman’s real GDP is projected to grow by 2% annually, with increased oil production stimulating non-oil sector growth by about 2% per year. The current account is expected to maintain surpluses, averaging 1.2% of GDP during 2024-2027.

S&P emphasized Oman’s commitment to reducing public debt, predicting it will reach 29% of GDP by 2027, indicating that liquid assets would remain around 36% of GDP until that year.

Inflation is expected to stay moderate, averaging 1.4% annually during 2024-2027, following a low of 0.9% in 2023. Credit to the private sector expanded by 4.9% in 2023, and lending is projected to grow by 5%-6% annually, supported by favorable credit conditions.

S&P noted that government efforts to manage state-owned enterprises since 2020 have improved governance, operational efficiency, and financial performance, with increased profitability and reduced debt levels. Establishing Oman Energy Development Company (EDO) and Integrated Gas Company (IGC) has also enhanced government financial accounts by reflecting net revenues after oil and gas sector expenses.

Oman’s credit rating could improve further over the next two years if the government continues managing public finances as planned, increasing non-oil revenues and improving public expenditure efficiency. These measures would support GDP growth, driven by ongoing momentum in non-oil sectors and continued efforts to promote economic diversification and capital market development.

His Excellency Sultan bin Salim Al Habsi, Oman’s Minister of Finance, stated that the upgraded rating reflects the government’s commitment to fiscal balance and financial sustainability. This rating enhances confidence in Oman’s economy and investment appeal, following positive results from financial reforms, including the Public Debt Law, which strengthened governance and improved the investment environment.

The Minister added that the government remains committed to strengthening public finance indicators and utilizing financial surpluses to promote economic and social prosperity. These achievements result from collaboration between government units, private sector partners, and civil society institutions.

For inquiries:
Muhja Khalfan Al Daairi
[email protected]
+968 99805058

https://www.mof.gov.om/en

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Fintech PR

Wahed appoints Khalid Al Jassim as Executive Chairman of Wahed MENA to help guide the strategic growth of Wahed in the region

Published

12 hours ago

November 24, 2024

CISION (PR Newswire)

wahed-appoints-khalid-al-jassim-as-executive-chairman-of-wahed-mena-to-help-guide-the-strategic-growth-of-wahed-in-the-region

DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Wahed, a global Shariah-compliant fintech, has appointed Khalid Al Jassim as Chairman of Wahed MENA.

On this appointment, Khalid commented, ”I am excited to guide Wahed’s growth in the region. Wahed’s mission of furthering Islamic Finance is one I resonate with deeply and I look forward to supporting its growth ambitions.”

Khalid has over twenty five years of investment banking and corporate advisory experience gained with some of the most innovative and groundbreaking institutions in the world.

His career spans leading firms including SABIC, Arthur Anderson and Arcapita Bank in Bahrain, where he was instrumental in making it into one of the PE powerhouses in the region. His responsibilities started in the earlier years with establishing the Investment Placement Team and transforming it into one of the most robust teams in the industry. At the time that Khalid left Arcapita to build his personal business, he was an Executive Director. Today he is Chairman of Afkar Vision, a private advisory house specialized in mergers and acquisitions with offices in Manama, Dubai and Riyadh.

As well as being one of the earliest investors in Wahed, he is currently Chairman of the Audit Committee and Board Member at Bahrain Islamic Bank, the 4th oldest Islamic Bank in the World and Board Member at SICO Bank and SICO Capital in Saudi, an $8bn asset manager in the region.

Mohsin Siddiqui, Wahed CEO said, “We are delighted to announce Khalid’s appointment. His unique understanding of the financial landscape in the MENA region is unparalleled and we are excited to bring this expertise in continuing to grow our presence in the region.”

About Wahed

Founded in 2015, Wahed is a financial technology company that is advancing financial inclusion through accessible, affordable, and values-based investing. The company has made significant inroads in the world Shariah compliant investing by creating an easy-to-use digital platform that provides a suite of Shariah compliant investing products including managed portfolios and venture and real estate investments. Wahed caters to over 400,000 customers globally and manages over $ 1 billion in assets.

For more information, visit: www.wahed.com

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View original content:https://www.prnewswire.co.uk/news-releases/wahed-appoints-khalid-al-jassim-as-executive-chairman-of-wahed-mena-to-help-guide-the-strategic-growth-of-wahed-in-the-region-302314779.html

Fintech PR

Qatar Development Bank announces strategic investment in global Islamic FinTech, Wahed

Published

12 hours ago

November 24, 2024

CISION (PR Newswire)

qatar-development-bank-announces-strategic-investment-in-global-islamic-fintech,-wahed

DOHA, Qatar, Nov. 24, 2024 /PRNewswire/ — Qatar Development Bank (QDB) announces a strategic investment in Wahed, a global Shariah-compliant fintech.

Wahed currently manages over $1 billion in assets and has attracted over 400,000 clients worldwide. The company is built on the principles of democratizing access to financial services and offers clients access to Shariah-compliant investments in its mobile app. Wahed removes the barriers to sophisticated investment management services that have been traditionally reserved for high-net-worth investors.

Khalid Al Jassim, Executive Chairman of Wahed MENA said: ‘We are delighted to welcome our new shareholders, QDB. We believe Qatar is fully aligned with our mission in creating a technology-first Islamic finance leader that unlocks a financial ecosystem free from Riba. We look forward to supporting the Qatar National Vision 2030 of becoming a leading knowledge-based economy.

Ali Rahimtula, Partner at Cue Ball Capital said: “Qatar Development Bank’s strategic investment is a clear signal of the faith the industry has in Wahed and its ability to create the future of Islamic Finance.”

About Wahed

For more information, visit: www.wahed.com

About Qatar Development Bank

Qatar Development Bank’s mission is to advance the economic and innovation development cycle of Qatar, supporting and contributing to the nation’s economic diversification. As well as a focus on the development of Qatar’s private sector, QDB is a powerful catalyst for socio-economic development in the country, empowering the local economy and bettering living standards.

For more information, visit: https://www.qdb.qa/

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View original content:https://www.prnewswire.co.uk/news-releases/qatar-development-bank-announces-strategic-investment-in-global-islamic-fintech-wahed-302314778.html

Fintech PR

China’s AIMA brand electric motorbike is now in Bangladesh

Published

1 day ago

November 23, 2024

CISION (PR Newswire)

DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.

In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.

Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.

AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.