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HM receives thanks Al Saud and Prince Ahmed bin Saud bin Abdulaziz Al Saud. In his cables, King Salman expressed his thanks for His Majesty the Sultan’s generous feelings and sincere prayers, praying to Allah the Almighty to rest the deceased’s souls in peace and protect His Majesty against all harms. -ONA See also >A6

N E X T F I V E D AY S

More rains forecast for Oman interiors TARIQ AL HAREMI

tariqh@timesofoman.com MUSCAT: More rains are predicted in the interior parts of the Sultanate over the next five days, according to weather forecast modules given to Directorate General of Meteorology at the Public Authority for Civil Aviation. Al Dakhiliya Governorate has

experienced heavy rainfall for the past three days, due to local cloud formations. “This does not happen every year, and it is independent of seasonal cloud formations. They form both during summer and winter, but the rain is more intense during winter,” said an official from the Directorate General of Meteorology. >A6

Both the public and resorting to job cuts which may continue

global demand are

80,000 $115

$51.43

further down

MUSCAT: Persistent low oil prices are forcing both, the private and public sectors, to cut down on employment this year with the trend likely to continue in 2016, unless the country comes out of the current phase of recession. The international oil price on Sunday closed three per cent lower at $51.43 per barrel, which is more than a 50 per cent drop since it peaked at $115 in June last year. An oil supply glut, weaker demand in Asia and Europe and

Alawi meets Kerry

Oman Air’s lounges

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Sohar port capacity Sohar port container handling capacity to reach 1.5m TEUs. >B1

Omanis got jobs in various sectors between 2011 and 2014 Graphics

pushing oil prices

MARKET

Oman Air unveiled its refurbished first and business class lounges. >A5

More than 50% drop

strong dollar and low

OMAN

Oman participated in a GCC meet with US Secretary of State in Doha. >A3

As of August 2, 2015

as oil supply glut,

TOP THREE INSIDE STORIES

OMAN

June 2014

in the next year,

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Oil price drop hits job prospects

private sectors are

SALEH AL SHAIBANY

Jump in tourists to Salalah

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Hiring freeze in Oman amid oil price slide

SAUDI ARABIA

MUSCAT: His Majesty Sultan Qaboos bin Said has received two cables of thanks from the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud of the Kingdom of Saudi Arabia (KSA), in reply to His Majesty’s condolences cables on the death of Prince Abdullah bin Abdulaziz bin Musa’ad bin Jalawi

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Per barrel

TUESDAY, August 4, 2015 / 18 Shawwal 1436 AH

a strong dollar have pushed down oil prices further this year. Cap on civil service jobs The civil service has already frozen employment since January this year, hiring only in essential services such as education and health. Employment rates hit a high in 2011 when the demonstrations peaked, and in the ensuing years up to 2014, with a record 80,000 Omanis finding jobs in various sectors. “The price of oil then was more than $100 per barrel and the government was flush with funds. However, now job seekers are finding it difficult to find employment because of the job freeze in ministries and in even private

companies. This is going to be the toughest year in the employment sector unless oil prices rise,” Said Al Shihri, an independent economist, told the Times of Oman. Private sector ‘cautious’ Employers in the private sector have also become extremely cautious while hiring young Omanis. They will also be looking nervously at the oil prices before making most of their business decisions this year. “We have shelved our expansion plans for this year and the next because the government has already frozen some of its biggest projects. We rely heavily on government projects to employ people and at the moment we do not

see that happening,” said an HR manager at one of the top IT companies in the country, who did not wish to be identified as he was not authorised to speak to the media. Other company directors said that Oman Tender Board has already delayed indefinitely the awarding of selected contracts. This is going to slow down the growth of many large companies not just this year but in 2016 as well. “These are important contracts which will not materialise in 2015 or even next year. We need them to keep us going. Graduates also need them to be employed, but we do not blame the government because the economy at the moment is stalling due to lower oil prices,” the director of a large construction company, told the Times of Oman. Earlier last year, media reports said that the government was planning to generate thousands of jobs with the Oman Railway Company that was planning to supervise the construction of the rail network from Musandam to Dhofar. With oil prices sliding, experts do not see that happening. “The railway project will now be taking a back seat, especially this year. It would have absorbed thousands of graduates from different towns. Let us hope 2016 will be a better year in terms of oil prices so that we can get out of this recession as quickly as possible,” said financial analyst Fareed Al Ojaili.


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