Oil Updates – crude slips on higher US crude stockpiles; market watches Middle East

RIYADH: The UAE’s hospitality sector continues to show robust growth, with hotel establishments welcoming more than 16.1 million guests in the first six months of 2025, marking a 5.5 percent increase compared to the same period last year, the Emirates News Agency, WAM, reported, citing Minister of Economy and Tourism Abdullah bin Touq Al-Marri.

Speaking at the third meeting of the Hospitality Advisory Council for 2025, Al-Marri highlighted the sector’s strong performance as a testament to its resilience and competitiveness. 

“Thanks to the wise leadership’s directives, our hospitality sector continues to achieve increasing growth rates, reflecting its attractiveness at both regional and global levels,” he said.

The council, which included representatives from both public and private sectors as well as directors of major national and international hotel chains, reviewed key performance indicators for the first half of the year and discussed initiatives to further develop the industry.

Data presented during the meeting showed that the total number of hotel nights reached 56 million, a 7.3 percent increase over H1 2024. The average length of stay was 3.5 nights, with 1,243 hotel establishments in the UAE offering more than 216,000 rooms.

Al-Marri emphasized that the sector’s success is the result of close public-private sector collaboration, which underpins the sustainability and competitiveness of the UAE’s tourism landscape.

JEDDAH: Oman's non-oil exports rose 9.1 percent in the first half of 2025, climbing to 3.26 billion rials ($8.48 billion), as the Sultanate’s diversification efforts gained traction despite a sharp decline in its trade surplus, preliminary data showed. 

The country’s trade surplus dropped 34.3 percent to 3.09 billion rials by the end of June, down from 4.70 billion rials in the same period last year. The decrease was largely attributed to a 16.1 percent fall in oil and gas exports, which amounted to 7.42 billion rials, compared with 8.85 billion rials in the first half of 2024, according to the National Centre for Statistics and Information. 

Oman’s Vision 2040 strategy is driving structural reforms aimed at reducing the economy’s reliance on hydrocarbons and fostering private sector growth. The government has promoted investments and eased regulations to strengthen non-oil sectors, including logistics, manufacturing, and services. 

“Total merchandise exports fell 9.5 percent to 11.499 billion rials, while re-exports decreased 5.9 percent to 815 million rials. Non-oil merchandise exports grew to 3.26 billion rials, up from 2.989 billion rials in the same period last year,” the Oman News Agency reported, citing the NCSI. 

It added: “The data showed that the total value of merchandise imports into the Sultanate of Oman rose 5.1 percent to 8.411 billion rials by the end of June 2025, compared with 8.004 billion rials in the same period of 2024.” 

The UAE led Oman’s non-oil trade, with exports reaching 593 million rials, a 29.8 percent increase from the first half of 2024. The UAE also ranked first in receiving Omani re-exports, valued at 348 million rials, and was the top source of Oman’s imports at 1.98 billion rials. 

Saudi Arabia followed as the second-largest destination for Oman’s non-oil exports at 538 million rials, with India third at 335 million rials.  

In re-exports, Iran came second at 129 million rials and Saudi Arabia third at 57 million rials. China and Kuwait were the second and third-largest sources of imports at 854 million rials and 795 million rials, respectively. 

In late 2024, oil and gas exports surged 22 percent year on year to 12.40 billion rials, supported by a 7.6 percent rise in crude oil and a 151.6 percent jump in refined oil exports, offsetting a 7 percent drop in liquefied natural gas, according to an NCSI report. 

Meanwhile, total merchandise exports grew 10 percent to 18.24 billion rials, and imports climbed 10.9 percent to 12.17 billion rials. However, non-oil exports contracted 14.1 percent to 4.53 billion rials, dragged down by a 27.3 percent decline in mineral products, even as plastics and rubber shipments rose 6.9 percent. 

Re-exports expanded 18.1 percent to 1.3 billion rials, supported by transport equipment, food, and mineral goods.