As part of its commitment to bridging academic knowledge with global and local developments, the University, represented by the College of Economics and Political Science, hosted His Excellency Dr. Said bin Mohammed Al-Saqri, Minister of Economy, this morning. The interactive session took place at Al-Fahm Stage, in the presence of His Highness Sayyid Dr. Fahd bin Al Julanda Al Said, the Vice-Chancellor, alongside a number of academics and students.

The event was held against the backdrop of the recent rapid geopolitical and economic shifts. His Excellency the Minister delivered a lecture titled "Global and Local Economic Developments", in which he addressed key themes relating to transformations in the international economic landscape, the implications of trade policies on both developing and advanced economies, as well as a review of Oman’s economic performance over the years.

His Excellency began with an overview of the global economy prior to the imposition of tariffs by the United States of America on most countries. He noted that this period was marked by heightened geo-economic competition and emerging indicators of potential global economic challenges. He also discussed the accelerating pace of climate change, expectations of a resurgence in inflation rates, and the continued growth of global debt amid intense competition among major economic powers.

Furthermore, His Excellency explained that the imposition of extensive US tariffs following April 2025 is expected to have tangible impacts on international trade flows, supply chains, production levels, and consumer confidence. The anticipated consequences include a decline in growth indicators, rising prices, and increased inflationary pressures, posing further challenges to global economic recovery.

Regarding the Omani economy, His Excellency affirmed that the Sultanate of Oman continues to pursue its target of achieving 5% economic growth by 2040, highlighting the interconnectedness of various economic activities, particularly oil-related and service sectors, and the vital role of non-oil sectors in strengthening the national economic structure and promoting diversification.

His Excellency also addressed the potential ramifications of American protectionist policies on the global economy, emphasising that Oman has maintained relative price stability in recent years thanks to prudent fiscal and economic policies that have enabled the national economy to navigate global changes effectively.

The session concluded with an engaging discussion between His Excellency the Minister of Economy and the students and attendees. The dialogue centred on future economic challenges and featured thoughtful questions that enriched the conversation and helped deepen the students’ economic awareness.