The Finance World Magazine| Edition: April 2023

Oman’s Banking Sector Plays Key Role in Supporting
Country’s Economic Growth
Oman’s banking sector is
playing a critical role in
supporting the country’s
economic growth and
development, according to experts.
The sector has undergone significant
transformation in recent years, with
increased digitization and innovation
helping to improve efficiency and
Sharjah Chamber
of Commerce and
Industry Signs MoU
with Japan External
Trade Organization
Sharjah Chamber of Commerce
and Industry (SCCI) has signed a
Memorandum of Understanding
(MoU) with Japan External
Trade Organization (JETRO) aimed
at strengthening bilateral trade and
investment ties between Sharjah
and Japan. The MoU will facilitate
knowledge sharing, collaboration,
and the exchange of expertise in key
sectors such as healthcare, renewable
energy, technology, and innovation.
The agreement also seeks to boost
investment opportunities and promote
trade and investment missions between
the two sides. The signing of the MoU
highlights Sharjah’s growing stature as
a regional business hub, and underlines
its commitment to expanding its
international trade relations.
accessibility. Banks have also ramped
up lending to key sectors such as
construction, infrastructure, and
SMEs, supporting job creation and
diversification. Additionally, the
Central Bank of Oman has implemented
a number of regulatory reforms aimed
at strengthening financial stability and
enhancing risk management practices.
UAE’s Ministry of Finance and Dubai Statistics
Centre to Enhance Government Financial
Statistics
The UAE’s Ministry of
Finance (MoF) and Dubai
Statistics Centre (DSC) have
signed a Memorandum of
Understanding (MoU) to enhance
collaboration and information sharing
in the field of government financial
statistics. The partnership aims to
strengthen the quality and accuracy of
financial data, improve reporting and
analysis, and support evidence-based
decision-making. The MoU reflects
the UAE’s commitment to driving
efficiency and transparency in public
financial management, and underlines
the importance of data-driven decisionmaking
in achieving national goals.
The collaboration will also help to
align financial reporting standards
with international best practices, and
facilitate the adoption of emerging
technologies in data management and
analysis.
Saudi Arabia’s Economy Grows 5.5% in Q4 2022,
Driven by Non-Oil Activities
The Saudi economy grew 5.5%
in the fourth quarter of 2022,
with non-oil activities being
the main driver of growth,
according to estimates from the
General Authority for Statistics. The
non-oil sector grew 6.2% in the quarter
year-on-year, outpacing the growth
of oil activities which expanded by
6.1%. The government has increased
investments in mega projects and
initiatives to achieve its Vision 2030
goals, aiming for non-oil GDP growth
of 6% or higher over the next three
to five years. Despite lower expected
output, the IMF expects non-oil growth
to remain robust, supporting the Saudi
economy in the long term.
April 2023 www.thefinanceworld.com 105