Fixed exchange-rate system
A fixed exchange rate, sometimes called a pegged exchange rate, is a type of exchange rate regime in which a currency's value is fixed against either the value of another single currency, a basket of other currencies, or another measure of value, such as gold. There are risks to using a fixed exchange rate. A fixed exchange rate is used to stabilize the value of a currency by directly fixing its value in a predetermined ratio to a different, more stable, or more internationally prevalent currency to which the value is pegged. In doing so, the exchange rate between the currency and its peg does not change based on market conditions, unlike flexible exchange regime; this makes trade and investments between the two currency areas easier and more predictable and is useful for small economies that borrow in foreign currency and in which external trade forms a large part of their GDP. A fixed exchange-rate system can be used to control the behavior of a currency, such as by limiting rates of inflation.
However, in doing so, the pegged currency is controlled by its reference value. As such, when the reference value rises or falls, it follows that the value of any currencies pegged to it will rise and fall in relation to other currencies and commodities with which the pegged currency can be traded. In other words, a pegged currency is dependent on its reference value to dictate how its current worth is defined at any given time. In addition, according to the Mundell–Fleming model, with perfect capital mobility, a fixed exchange rate prevents a government from using domestic monetary policy to achieve macroeconomic stability. In a fixed exchange-rate system, a country’s central bank uses an open market mechanism and is committed at all times to buy and/or sell its currency at a fixed price in order to maintain its pegged ratio and, the stable value of its currency in relation to the reference to which it is pegged. To maintain a desired exchange rate, the central bank during the devaluation of the domestic money, sells its foreign money in the reserves and buys back the domestic money.
This creates an artificial demand for the domestic money. In case of an undesired appreciation of the domestic money, the central bank buys back the foreign money and thus flushes the domestic money into the market for decreasing the demand and exchange rate; the central bank from its reserves provides the assets and/or the foreign currency or currencies which are needed in order to finance any imbalance of payments. In the 21st century, the currencies associated with large economies do not fix or peg exchange rates to other currencies; the last large economy to use a fixed exchange rate system was the People's Republic of China, which, in July 2005, adopted a more flexible exchange rate system, called a managed exchange rate. The European Exchange Rate Mechanism is used on a temporary basis to establish a final conversion rate against the euro from the local currencies of countries joining the Eurozone; the gold standard or gold exchange standard of fixed exchange rates prevailed from about 1870 to 1914, before which many countries followed bimetallism.
The period between the two world wars was transitory, with the Bretton Woods system emerging as the new fixed exchange rate regime in the aftermath of World War II. It was formed with an intent to rebuild war-ravaged nations after World War II through a series of currency stabilization programs and infrastructure loans; the early 1970's saw the breakdown of the system and its replacement by a mixture of fluctuating and fixed exchange rates. Timeline of the fixed exchange rate system: The earliest establishment of a gold standard was in the United Kingdom in 1821 followed by Australia in 1852 and Canada in 1853. Under this system, the external value of all currencies was denominated in terms of gold with central banks ready to buy and sell unlimited quantities of gold at the fixed price; each central bank maintained gold reserves as their official reserve asset. For example, during the “classical” gold standard period, the U. S. dollar was defined as 0.048 troy oz. of pure gold. Following the Second World War, the Bretton Woods system replaced gold with the U.
S. dollar as the official reserve asset. The regime intended to combine binding legal obligations with multilateral decision-making through the International Monetary Fund; the rules of this system were set forth in the articles of agreement of the IMF and the International Bank for Reconstruction and Development. The system was a monetary order intended to govern currency relations among sovereign states, with the 44 member countries required to establish a parity of their national currencies in terms of the U. S. dollar and to maintain exchange rates within 1% of parity by intervening in their foreign exchange markets. The U. S. dollar was the only currency strong enough to meet the rising demands for international currency transactions, so the United States agreed both to link the dollar to gold at the rate of $35 per ounce of gold and to convert dollars into gold at that price. Due to concerns about America's deteriorating payments situation and massive flight of liquid capital from the U.
S. President Richard Nixon suspended the convertibility of the dollar into gold on 15 August 1971. In December 1971, the Smithsonian Agreement paved the way for the increase in the value of the dollar price of gold from US$35.50 to US$38 an ounce. Speculation against the dollar in March 1973 led to the birth of the independent float, thus terminating the Bretton Woods system. Since March 1973, the floating exchange rate has been followed and formally recognize
Standard & Poor's
Standard & Poor's Financial Services LLC is an American financial services company. It is a division of S&P Global that publishes financial research and analysis on stocks and commodities. S&P is known for its stock market indices such as the U. S.-based S&P 500, the Canadian S&P/TSX, the Australian S&P/ASX 200. S&P is considered one of the Big Three credit-rating agencies, which include Moody's Investors Service and Fitch Ratings, its head office is located on 55 Water Street in Lower Manhattan, New York City. The company traces its history back to 1860, with the publication by Henry Varnum Poor of History of Railroads and Canals in the United States; this book compiled comprehensive information about the financial and operational state of U. S. railroad companies. In 1868, Henry Varnum Poor established H. V. and H. W. Poor Co. with his son, Henry William Poor, published two annually updated hardback guidebooks, Poor's Manual of the Railroads of the United States and Poor's Directory of Railway Officials.
In 1906, Luther Lee Blake founded the Standard Statistics Bureau, with the view to providing financial information on non-railroad companies. Instead of an annually published book, Standard Statistics would use 5-by-7-inch cards, allowing for more frequent updates. In 1941, Paul Talbot Babson purchased Poor's Publishing and merged it with Standard Statistics to become Standard & Poor's Corp. In 1966, the company was acquired by The McGraw-Hill Companies, extending McGraw-Hill into the field of financial information services; as a credit-rating agency, the company issues credit ratings for the debt of public and private companies, other public borrowers such as governments and governmental entities. It is one of several CRAs that have been designated a nationally recognized statistical rating organization by the U. S. Securities and Exchange Commission. S&P issues both short-term and long-term credit ratings. Below is a partial list; the company rates borrowers on a scale from AAA to D. Intermediate ratings are offered at each level between AA and CCC.
For some borrowers, the company may offer guidance as to whether it is to be upgraded, downgraded or uncertain. Investment Grade AAA: An obligor rated'AAA' has strong capacity to meet its financial commitments.'AAA' is the highest issuer credit rating assigned by Standard & Poor's. AA: An obligor rated'AA' has strong capacity to meet its financial commitments, it differs from the highest-rated obligors only to a small degree. Includes: AA+: equivalent to Moody's Aa1 AA: equivalent to Aa2 AA−: equivalent to Aa3 A: An obligor rated'A' has strong capacity to meet its financial commitments but is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligors in higher-rated categories. A+: equivalent to A1 A: equivalent to A2 BBB: An obligor rated'BBB' has adequate capacity to meet its financial commitments. However, adverse economic conditions or changing circumstances are more to lead to a weakened capacity of the obligor to meet its financial commitments.
Non-Investment Grade BB: An obligor rated'BB' is less vulnerable in the near term than other lower-rated obligors. However, it faces major ongoing uncertainties and exposure to adverse business, financial, or economic conditions, which could lead to the obligor's inadequate capacity to meet its financial commitments. B: An obligor rated'B' is more vulnerable than the obligors rated'BB', but the obligor has the capacity to meet its financial commitments. Adverse business, financial, or economic conditions will impair the obligor's capacity or willingness to meet its financial commitments. CCC: An obligor rated'CCC' is vulnerable, is dependent upon favorable business and economic conditions to meet its financial commitments. CC: An obligor rated'CC' is highly vulnerable. C: vulnerable in bankruptcy or in arrears but still continuing to pay out on obligations R: An obligor rated'R' is under regulatory supervision owing to its financial condition. During the pendency of the regulatory supervision, the regulators may have the power to favor one class of obligations over others or pay some obligations and not others.
SD: has selectively defaulted on some obligations D: has defaulted on obligations and S&P believes that it will default on most or all obligations NR: not rated The company rates specific issues on a scale from A-1 to D. Within the A-1 category it can be designated with a plus sign; this indicates that the issuer's commitment to meet its obligation is strong. Country risk and currency of repayment of the obligor to meet the issue obligation are factored into the credit analysis and reflected in the issue rating. A-1: obligor's capacity to meet its financial commitment on the obligation is strong A-2: is susceptible to adverse economic conditions however the obligor's capacity to meet its financial commitment on the obligation is satisfactory A-3: adverse economic conditions are to weaken the obligor's capacity to meet its financial commitment on the obligation B: has significant speculative characteristics; the obligor has the capacity to meet its financial obligation but faces major ongoing uncertainties that could impact its financial commitment on the obligation C: vulnerable to nonpayment and is dependent upon favorable business and economic conditions for the obligor to meet its financial commitment on the obligation D: is in payment default.
Price of oil
The price of oil, or the oil price, refers to the spot price of a barrel of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate, Brent ICE, Dubai Crude, OPEC Reference Basket, Tapis Crude, Bonny Light, Urals oil and Western Canadian Select. There is a differential in the price of a barrel of oil based on its grade—determined by factors such as its specific gravity or API and its sulphur content—and its location—for example, its proximity to tidewater and/or refineries. Heavier, sour crude oils lacking in tidewater access—such as Western Canadian Select—are less expensive than lighter, sweeter oil—such as WTI. In 1960 the Organization of the Petroleum Exporting Countries was founded in Baghdad, Iraq by its first five members —Iran, Kuwait, Saudi Arabia and Venezuela—, with Qatar and Libya joining followed by United Arab Emirates, Nigeria and Gabon after a decade; the goal of these countries was to increase its influence in the world oil market dominated by a cartel known as the "Seven Sisters", five of which were headquartered in the United States.
These companies had been controlling posted prices since the so-called 1927 Red Line Agreement and 1928 Achnacarry Agreement, had achieved a high level of price stability until 1972. Angola joined the OPEC in 2007 and Equatorial Guinea in 2017. From 1999 til mid 2008, the price of oil rose significantly, it was explained by the rising oil demand in countries like India. In the middle of the financial crisis of 2007–2008, the price of oil underwent a significant decrease after the record peak of US$147.27 it reached on July 11, 2008. On December 23, 2008, WTI crude oil spot price fell to US$30.28 a barrel, the lowest since the financial crisis of 2007–2008 began. The price rebounded after the crisis and rose to US$82 a barrel in 2009. In July 2008 oil reached a record peak of US$147.27 but by February 2009 it sank beneath $40 a barrel. On 31 January 2011, the Brent price hit $100 a barrel for the first time since October 2008, on concerns about the political unrest in Egypt. For about three and half years the price remained in the $90–$120 range.
In the middle of 2014, price started declining due to a significant increase in oil production in USA, declining demand in the emerging countries. The oil glut—caused by multiple factors—spurred a sharp downward spiral in the price of oil that continued through February 2016. By February 3, 2016 oil was below $30— a drop of "almost 75 percent since mid-2014 as competing producers pumped 1–2 million barrels of crude daily exceeding demand, just as China's economy hit lowest growth in a generation." Some analysts speculate that it may continue to drop further as low as $18According to a report released on February 15, 2016 by Deloitte LLP—the audit and consulting firm—with global crude oil at near ten-year low prices, 35% of listed E&P oil and gas companies are at a high risk of bankruptcy worldwide. Indeed, bankruptcies "in the oil and gas industry could surpass levels seen in the Great Recession." There are two views dominating the oil market discourse. There are those who believe that the market has undergone structural changes and that low oil prices are here to stay for a prolonged period.
At the other end of the spectrum, there are those who think that this is yet another cycle and oil prices will recover sooner rather than later. A 2016 survey of the academic literature finds that "most major oil price fluctuations dating back to 1973 are explained by shifts in the demand for crude oil"; as the global economy expands, so does demand for crude oil. The authors note that the price of oil has increased at times due to greater "demand for stocks of crude oil... to guard against future shortages in the oil market. Inventory demand has been high in times of geopolitical tension in the Middle East, low spare capacity in oil production, strong expected global economic growth." In particular, political events can have a strong influence on the oil price. Historical examples include OPEC’s 1973 embargo in reaction to the Yom Kippur War and the 1979 Iranian Revolution. Financial analysts and academics have had few tools to study such political events compared to what is available on economic aspects of oil price formation.
The PRIX index was developed in attempt to fill this gap with a metric on political developments and corresponding export trends from world’s 20 largest oil exporters. The supply of oil is dependent on geological discovery, the legal and tax framework for oil extraction, the cost of extraction, the availability and cost of technology for extraction, the political situation in oil-producing countries. Both domestic political instability in oil producing countries and conflicts with other countries can destabilise the oil price. In 2008 the New York Times reported, for example, in the 1940s the price of oil was about $17 rising to just over $20 during the Korean War. During the Vietnam War the price of oil declined to under $20. During the Arab oil embargo of 1973—the first oil shock—the price of oil rose to double in price. During the 1979 Iranian Revolution the price of oil rose. During the second oil shock the price of oil peaked in April 1980 at $103.76. During the 1980s there was a period of "conservation and insulation efforts" and the price of oil dropped to c.
$22. It again reached a peak of c. $65 during the 1990 Persian Gulf crisis and war. Following that, there was a period of global recessions and the price of oil hit a low of c. $15 before it peaked at a high of $45 on September 11, 2001 only to drop again to a low of $26 on May 8, 2003. The price rose to $80 with the U. S.-led invasion of I
Suhar is the capital and largest city of the Al Batinah North Governorate in Oman. An ancient capital of the country that once served as an important Islamic port town, Suhar has been credited as the mythical birthplace of Sinbad the Sailor. According to the 2010 census, Suhar's population was 140,006, making it Oman's fifth most-populated settlement. Described as an industrial town, the development of the Sohar Industrial Port during the 2000s has transformed it into a major Omani industrial hub; as the largest town in the region, it has been argued that Suhar is identified with the ancient town called'Omanah' mentioned by Pliny the Elder in his Natural History. This settlement is believed to have given Oman its name. According to Al-Tabari, as narrated by Timothy Power, an archaeologist and assistant-professor based in Abu Dhabi who helped to found the Buraimi Oasis Landscape Archaeology Project, in 893 or 894 CE, during the Abbasid era, there was a dispute about who should rule Oman amongst local factions.
A faction that approached the Abbasids was the Bani Sama, who were based in Al-Buraimi or Tawam, before moving to Sohar. Bani Sama referred to themselves as the Wajihid Dynasty, assumed leadership over the region; the present-day town of Al-Buraimi is part of a historical region that Tabari referred to as'Tawam', which nowadays includes the adjacent UAE city of Al Ain. Suhar is experiencing significant investment and economic shifts making it the focus of attention of many local and international investors and businessmen; this change is due to a series of investment projects and economic giant in Suhar industrial area where Port of Sohar is located. Established in 2002, the port has a strategic importance due to its nearness to the Strait of Hormuz, it is operated by Suhar Industrial Port Company and it is considered a world class port. With current investments exceeding $12 billion, it is one of the world’s largest port development projects; the Omani government has paid special attention to the city of Suhar, placed it in the priorities of the future plan of the Omani economy in 2020.
The goal of the Omani government is to make Suhar a business and industrial hub and help the Omani economy diversify away from oil. In order for the Omani economy to achieve this economic diversification, the Omani government is investing in a number of projects in the industrial area of Suhar. For example, it is investing more than $5 billion in the steel industry in which Oman aims to be one of the Gulf Cooperation Council's leading producers. In addition to the steel industry, there is the industry of aluminium in Suhar industrial area. Sohar Aluminium Company was established in 2004 and it is considered one of the leading projects that play a major role in the sultanate’s economic diversification strategy. Suhar has four high educational institutes: Sohar University – a private university in association with the University of Queensland. Sohar College of Applied Sciences – a government owned college. Oman Medical College – a private university in association with West Virginia University School of Medicine.
International Maritime College Oman Suhar has a number of international schools such as: Al Batinah International School – only IB SCHOOL http://abisoman.com/ Sohar International School Indian School Sohar Pakistan School Sohar Bengladesh School Sohar Suhar has a hot desert climate with hot summers and mild winters. Precipitation is low. Suhar has four main parks; the first is Suhar Park, located in Al Humbar. The second is the Silver Jubilee Park, located in Sallan; the third is the Entertainment Park in Sanaiyyah. The fourth is in falaj alqabail, and it has many other parks like Alminyal, Alsuwaihra, Al-ons, Corniche park and Aluwaynat park. The city has the Suhar Plaza - Vox Cinema. Along with many malls and shopping destinations such as: 1. Safeer Mall Sohar 2. City Centre Suhar 3. Oasis Mall, Suhar 4. Sohar - China Downtown Mall 5. Lulu Hypermarket Sohar 6. Hanoon Mall Globe Roundabout Sultan Qaboos Grand Mosque Suhar Suhar Gate Suhar Fort Suhar Costal Market Bull Fighting Arena Handcrafts Market Fish Market Suhar Amusement Center.
Suhar Beach Silver Jubilee Park, Sallan Al Batinah Region List of cities in Oman Sohar Airport, the airport which serves the city Omani Ministry of Foreign Affairs
Muscat is the capital and largest city of Oman. It is the seat of the Governorate of Muscat. According to the National Centre for Statistics and Information, the total population of Muscat Governorate reached 1.4 million as of September 2018. The metropolitan area spans 3,500 km2 and includes six provinces called wilayats. Known since the early 1st century CE as an important trading port between the west and the east, Muscat was ruled by various indigenous tribes as well as foreign powers such as the Persians, the Portuguese Empire, the Iberian Union and the Ottoman Empire at various points in its history. A regional military power in the 18th century, Muscat's influence extended as far as East Africa and Zanzibar; as an important port-town in the Gulf of Oman, Muscat attracted foreign tradesmen and settlers such as the Persians and the Balochis. Since the ascension of Qaboos bin Said as Sultan of Oman in 1970, Muscat has experienced rapid infrastructural development that has led to the growth of a vibrant economy and a multi-ethnic society.
Muscat is termed as a Global City. The rocky Western Al Hajar Mountains dominate the landscape of Muscat; the city lies on the Arabian Sea along the Gulf of Oman and is in the proximity of the strategic Straits of Hormuz. Low-lying white buildings typify most of Muscat's urban landscape, while the port-district of Muttrah, with its corniche and harbour, form the north-eastern periphery of the city. Muscat's economy is dominated by trade, liquified natural gas and porting. Ptolemy's Map of Arabia identifies the territories of Moscha Portus. Scholars are divided in opinion on which of the two related to the city of Muscat. Arrianus references Omana and Moscha in Voyage of Nearchus. Interpretations of Arrianus' work by William Vincent and Jean Baptiste Bourguignon d'Anville conclude that Omana was a reference to Oman, while Moscha referred to Muscat. Other scholars identify Pliny the Elder's reference to Amithoscuta to be Muscat; the origin of the word Muscat is disputed. Some authors claim that the word has Arabic origins -- from moscha, meaning an inflated skin.
Other authors claim that the name Muscat means anchorage or the place of "letting fall the anchor". Other derivations include muscat from Old Persian, meaning strong-scented, or from Arabic, meaning falling-place, or hidden. Cryptus Portus is synonymous with Oman, but "Ov-man", the old Sumerian name Magan, means sea-people in Arabic. An inhabitant is a Muscatter, Muscatite or Muscatan. Evidence of communal activity in the area around Muscat dates back to the 6th millennium BCE in Ras al-Hamra, where burial sites of fishermen have been found; the graves appear to indicate the existence of burial rituals. South of Muscat, remnants of Harappan pottery indicate some level of contact with the Indus Valley Civilisation. Muscat's notability as a port was acknowledged as early as the 1st century CE by the Greek geographer Ptolemy, who referred to it as Cryptus Portus, by Pliny the Elder, who called it Amithoscuta; the port fell to a Sassanid invasion in the 3rd century CE, under the rule of Shapur I, while conversion to Islam occurred during the 7th century.
Muscat's importance as a trading port continued to grow in the centuries that followed, under the influence of the Azd dynasty, a local tribe. The establishment of the First Imamate in the 9th century CE was the first step in consolidating disparate Omani tribal factions under the banner of an Ibadi state. However, tribal skirmishes continued; the Abbasids occupied the region until the 11th century, when they were driven out by the local Yahmad tribe. Power over Oman shifted from the Yahmad tribe to the Azdi Nabahinah clan, during whose rule, the people of coastal ports such as Muscat prospered from maritime trade and close alliances with the Indian subcontinent, at the cost of the alienation of the people of the interior of Oman; the Portuguese admiral Afonso de Albuquerque sailed to Muscat in 1507, in an attempt to establish trade relations. As he approached the harbor, his ships were fired on, he decided to conquer Muscat. Most of the city burned to the ground after the fighting; the Portuguese maintained a hold on Muscat for over a century, despite challenges from Persia and a bombardment of the town by the Ottoman Turks in 1546.
The Turks twice captured Muscat from the Portuguese, in the Capture of Muscat and 1581-88. The election of Nasir bin Murshid Al-Ya'rubi as Imam of Oman in 1624 changed the balance of power again in the region, from the Persians and the Portuguese to local Omanis. On August 16, 1648 the Imam dispatched an army to Muscat, which captured and demolished the high towers of the Portuguese, weakening their grip over the town. Decisively, in 1650, a small but determined body of the Imam's troops attacked the port at night, forcing an eventual Portuguese surrender on January 23, 1650. A civil war and repeated incursions by the Persian king Nader Shah in the 18th century destabilised the region, further strained relations between the interior and Muscat; this power vacuum in Oman led to the emergence of the Al Bu Sa‘id dynasty, which has ruled Oman since. Muscat's naval and military supremacy was re-established in the 19th century by Said bin Sultan, who signed a treaty with U. S. President Andrew Jackson's representative Edmund Roberts on September 21, 1833.
Having gained control over Zanzibar, in 1840 Said moved his capital to Stone Town, the ancient quarter of Zanzibar City.
Salalah, is the capital and largest city of the southern Omani governorate of Dhofar. Its population in 2009 was about 197,169. Salalah is the second-largest city in the Sultanate of Oman, the largest city in the Dhofar Province. Salalah is the birthplace of Qaboos bin Said. Salalah attracts many people from other parts of Oman and the Persian Gulf region during the monsoon/khareef season, which spans from July to September; the climate of the region and the monsoon allows the city to grow some vegetables and fruits like coconut and bananas. There are many gardens within the city where these fruits grow. Salalah was the traditional capital of Dhofar, which reached the peak of prosperity in the 13th century thanks to the incense trade, it decayed, in the 19th century it was absorbed by the Sultanate of Muscat. Between 1932 and 1970, Salalah was the capital of the Sultanate of Muscat and Oman under Said bin Taimur. After the latter's death, his son Qaboos decided to move the capital of Oman to Muscat.
The Sultan traditionally lives in Salalah rather than in Muscat, the capital and largest city in Oman, but Qaboos has bucked this trend, has lived in Muscat since he ascended to the throne in 1970. He does, visit Salalah regularly to meet with influential tribal and local leaders. In 2010, during the 40th anniversary of Sultan Qaboos' taking the throne, he decided to spend his time in Salalah; the 40th anniversary celebrations consisted of a massive parade. It had an estimated 100,000 attendees. In 2011 the city hosted peaceful protests after the domino effect from the Arab Spring which lasted several months. Of the many requests filed from the protesters, some included the expulsion of the current ministers, job opportunities, salary increases, a solution to the increasing cost of living, the establishment of Islamic banks. Al-Dahariz Al-Haffa Al-Mughsail Al-Mutaaza Al-Saada Al-Wadi Auqad City Center Eastern Salalah Ittin New Salalah Raysut Western Salalah The city has a hot desert climate, although summers are cooler than in more northern or inland parts of Oman.
Salalah is cloudy and foggy during the monsoon months of July and August though little rain falls. Khareef means "autumn" in Arabic but it refers to monsoon when describing the region around Salalah. During this time, the brown landscape of Salalah and its surroundings is transformed to a beautiful and lush greenery. Cyclone Mekunu, which originated over the Arabian Sea, became an severe cyclone before hitting the Salalah city on 25 May 2018. 200 kmph was the recorded windspeed,and the city of Salalah was pounded with over 617 mm of rainfall, 5 years of Oman's average rainfall. The city, like many other in Arab states of the Arabian peninsula, has a large expatriate community from India, Pakistan and Philippines; the majority of the Omani population in Salalah is Muslim. Like the majority of the Middle East, most people in Salalah follow the Sunni Shafi sect of Islam. There is a considerable population of Hindus, Christians and Sikhs in the expatriate community. Arabic is the most spoken one; the unofficial, unwritten language known as Jeballi is the second most spoken language and the mother tongue of many in Salalah and its surrounding areas, with 25,000 estimated speakers as of 1993.
English is the most spoken language of the expats. Malayalam is another popular language and together with Tamil, Hindi/Urdu it is the most spoken language among expatriates. APM Terminals, part of the A. P. Moller-Maersk Group of Denmark, manages the Port of Salalah; the Port of Salalah is one of the most vital ports on the peninsula connecting together Africa, the Middle East, Asia. But the port is to the south, it is the largest private employer in the Dhofar region. The Salalah Free Zone, situated right beside the port, is emerging as a new center for heavy industries in the Middle East. Salalah's economy is based on Tourism. During the Khareef season, there are many tourists visit from Middle East. There are many places to visit in Salalah during this season as the mountains turns green and the rain causes many waterfalls in the mountains Wadi Darbat, Ain Athum, Ain Tubrook, Ain Khor. There are four prophet tombs located here: Nabi Imran, Nabi Ayoob, Nabi Houd, Nabi Salih; the city received more than 600,000 tourists during khareef season in 2017.
Salalah is known as the home of some of the best football clubs in Oman. In total, Salalah has 4 sport clubs based in the city: Salalah Club, Al-Ittihad, Al-Nasr, Dhofar. Dhofar F. C. have been nicknamed as "Al-Zaeem", or "The Leaders", due to their enormous success in both the Omani League, in the Sultan Qaboos Cup. Dhofar have have an adequate number of trophies in sports like volleyball, handball. Al-Nasr have been known for their great success in football, winning the Omani League 5 times, the Sultan Qaboos Cup 4 times. Al-Nasr, like Dhofar, have been successful in other sports such as hockey, basketball and handball. Salalah has 2 stadiums, the Salalah Sports Complex, the only multi-purpose stadium in Salalah; the newer, Al-Saadah Stadium is the newly buil
The Middle East is a transcontinental region centered on Western Asia and Egypt. Saudi Arabia is geographically the largest Middle Eastern nation; the corresponding adjective is Middle Eastern and the derived noun is Middle Easterner. The term has come into wider usage as a replacement of the term Near East beginning in the early 20th century. Arabs, Persians and Azeris constitute the largest ethnic groups in the region by population. Arabs constitute the largest ethnic group in the region by a clear margin. Indigenous minorities of the Middle East include Jews, Assyrians, Copts, Lurs, Samaritans, Shabaks and Zazas. European ethnic groups that form a diaspora in the region include Albanians, Circassians, Crimean Tatars, Franco-Levantines, Italo-Levantines. Among other migrant populations are Chinese, Indians, Pakistanis, Pashtuns and sub-Saharan Africans; the history of the Middle East dates back to ancient times, with the importance of the region being recognized for millennia. Several major religions have their origins in the Middle East, including Judaism and Islam.
The Middle East has a hot, arid climate, with several major rivers providing irrigation to support agriculture in limited areas such as the Nile Delta in Egypt, the Tigris and Euphrates watersheds of Mesopotamia, most of what is known as the Fertile Crescent. Most of the countries that border the Persian Gulf have vast reserves of crude oil, with monarchs of the Arabian Peninsula in particular benefiting economically from petroleum exports; the term "Middle East" may have originated in the 1850s in the British India Office. However, it became more known when American naval strategist Alfred Thayer Mahan used the term in 1902 to "designate the area between Arabia and India". During this time the British and Russian Empires were vying for influence in Central Asia, a rivalry which would become known as The Great Game. Mahan realized not only the strategic importance of the region, but of its center, the Persian Gulf, he labeled the area surrounding the Persian Gulf as the Middle East, said that after Egypt's Suez Canal, it was the most important passage for Britain to control in order to keep the Russians from advancing towards British India.
Mahan first used the term in his article "The Persian Gulf and International Relations", published in September 1902 in the National Review, a British journal. The Middle East, if I may adopt a term which I have not seen, will some day need its Malta, as well as its Gibraltar. Naval force has the quality of mobility; the British Navy should have the facility to concentrate in force if occasion arise, about Aden and the Persian Gulf. Mahan's article was reprinted in The Times and followed in October by a 20-article series entitled "The Middle Eastern Question," written by Sir Ignatius Valentine Chirol. During this series, Sir Ignatius expanded the definition of Middle East to include "those regions of Asia which extend to the borders of India or command the approaches to India." After the series ended in 1903, The Times removed quotation marks from subsequent uses of the term. Until World War II, it was customary to refer to areas centered around Turkey and the eastern shore of the Mediterranean as the "Near East", while the "Far East" centered on China, the Middle East meant the area from Mesopotamia to Burma, namely the area between the Near East and the Far East.
In the late 1930s, the British established the Middle East Command, based in Cairo, for its military forces in the region. After that time, the term "Middle East" gained broader usage in Europe and the United States, with the Middle East Institute founded in Washington, D. C. in 1946, among other usage. The description Middle has led to some confusion over changing definitions. Before the First World War, "Near East" was used in English to refer to the Balkans and the Ottoman Empire, while "Middle East" referred to Iran, the Caucasus, Central Asia, Turkestan. In contrast, "Far East" referred to the countries of East Asia With the disappearance of the Ottoman Empire in 1918, "Near East" fell out of common use in English, while "Middle East" came to be applied to the re-emerging countries of the Islamic world. However, the usage "Near East" was retained by a variety of academic disciplines, including archaeology and ancient history, where it describes an area identical to the term Middle East, not used by these disciplines.
The first official use of the term "Middle East" by the United States government was in the 1957 Eisenhower Doctrine, which pertained to the Suez Crisis. Secretary of State John Foster Dulles defined the Middle East as "the area lying between and including Libya on the west and Pakistan on the east and Iraq on the North and the Arabian peninsula to the south, plus the Sudan and Ethiopia." In 1958, the State Department explained that the terms "Near East" and "Middle East" were interchangeable, defined the region as including only Egypt, Israel, Jordan, Saudi Arabia, Kuwait and Qatar. The Associated Press Styleboo