Friday , November 15 2019
Breaking News

Oman

Non-oil exports expected to create sustainable economy for Oman

Muscat: Oman’s non-oil exports reached US$9.7 billion in 2018, which is higher from the US$8.2 billion reported in 2017, and have successfully provided employment to over 240,000 people, a senior Ithraa official said. “Oman’s manufacturers play a crucial role in communities right across the Sultanate, creating new and sustainable jobs, which have helped accelerate Oman’s ambitious economic plans,” said Nasima ... Read More »

CMA concludes workshop on Surveillance and Inspection of Listed Companies

Muscat: The Capital Market Authority (CMA) concluded a training workshop titled ‘Surveillance and Inspection of Listed Companies’ held in collaboration with the Secretariat General of the GCC at the Sundus Rotana Hotel Muscat under the auspices of Mohammed Said Al Abri, Vice President for Capital Market Sector. Representatives of the Central Bank of Bahrain, Securities and Commodities Commission of the ... Read More »

Oman’s hotel revenues grow by 8.2 per cent

Muscat: The total revenues of the Sultanate’s hotels in the three-to-five-star category rose by 8.2% to OMR141.329 million till the end of August 2019 compared to OMR130.653 million for the same period of the previous year. However, hotels occupancy rates fell by 7.6% to reach 52% at the end of August 2019 against 56.2% for the same period of 2018, ... Read More »

Capital Market Authority suspends 10% tax on company stock profits

Muscat: The Capital Market Authority has suspended the implementation of an income tax on company profits and stocks to help business owners and promote investment. Abdullah Al Salmi, the CEO of the CMA, said that the suspension began on 6 May, 2019 and will continue for three years, adding: “This decision is an effective step towards increasing incentives for more ... Read More »

More than 3,000 SMEs registered in Oman till the end of July

Muscat: The total number of Small and Medium Enterprises (SMEs) registered with the Public Authority for Small and Medium Enterprises Development (Riyada) at the end of July 2019 was 3,037, which is a drop by 14.4% compared to the same period of 2018, according to the data released by the National Centre for Statistics and Information (NCSI). Among the governorates, ... Read More »

IDO Investments facilitates visit from Buck Institute

Muscat: Innovation Development Oman (IDO Investments), the Sultanate’s first equity-based venture capital firm, is hosting a visit from the Buck Institute for Research on Ageing. IDO, a subsidiary of SGRF, is the first equity-based venture capital firm in the sultanate and focuses on investments in Healthcare & Lifesciences, Energy, Agriculture & Food and related technologies. The Buck Institute is the ... Read More »

Sri Lankan import of Omani goods rises by $25 million

Muscat: Sri Lankan import of Omani goods rose by nearly $25 million between 2017 and 2018, the country’s ambassador to the Sultanate said. With both countries looking to set up stronger economic ties, Omani exports to Sri Lanka crossed the $100 million mark and reached $100.7 million in 2018. Commenting on the volume of trade between the Sultanate and his ... Read More »

Oman’s August Oil output crosses 30mn Barrels Mark

Oman produced 30.08mn barrels of crude oil and condensate during August 2019, recording a daily average production of 970,305 barrels, according to the monthly report published by the Ministry of Oil and Gas. The sultanate’s total oil exports reached to 29.74mn barrels in August this year, with a daily average export quantity of 959,406 barrels, the figures showed. A sharp ... Read More »

Global traders shorting US Dollar, emerging European economies could benefit

Traders are continuing to short the dollar despite the indications of a rapprochement between the United States and China in their trade dispute. This conflict over trade has had protracted consequences for economies and traders worldwide, but investors now appear to have settled into a pattern of betting against the US dollar. The Federal Reserve’s commitment to cutting interest rates ... Read More »

GFH records $49.1mn profit for the first half of 2019

Manama: GFH Financial Group (GFH) announced its results for the first six months of 2019 ended 30 June 2019. For the period, the group reported a 21.9% increase in revenues, which reached $163.5 million compared with $134.1 million in the first half of 2018. For the second quarter of 2019, revenues rose 34.4% to $92.9 million versus $69.1 million in ... Read More »

Oman’s foreign assets increase by nearly a billion rials

Muscat: Oman’s net foreign assets increased by close to one billion rials in 2018, thanks to an upswing in petroleum prices and a greater volume of goods exported from the Sultanate. The Central Bank of Oman said in its 2018 annual report that the country’s net foreign assets, which are jointly owned by the CBO and the State General Reserve ... Read More »

Bank Nizwa participates in Malaysia industry event

Muscat: Bank Nizwa, represented by two of its Board Members, Sami Al Dhugishi and Ishaq Al Maouli along with Chief Executive Officer, Khalid Al Kayed, participated in the 2nd Islamic Financial Services Board (IFSB) Executive Programme meeting recently held in Kuala Lumpur, Malaysia. Themed ‘Implementing Effective Stress Testing and Financial Safety Nets for Islamic Banks: Governance and Regulatory Compliance,’ the ... Read More »

Oman oil price rises $1.50 for September delivery

Muscat: Oman oil price for September delivery has reached $65.28, a hike of $1.50, according to the Dubai Mercantile Exchange (DME). In a statement, the DME said that the price of oil rose by $1.50 on Wednesday price which was $63.78. The average price of Omani oil for August delivery stabilised at $61.72, which is $8.27 (per barrel) lower than ... Read More »

Oman’s exports rise to OMR11.9bn

Muscat: Oman’s exports increased to OMR11.9 billion until the end of September 2018 compared to the same period in 2017, which amounted to OMR9.13 billion, the Ministry of Commerce and Industry (MoCI) said in its latest report. The total exports of Omani origin products increased to about OMR2.95 billion at the end of September 2018 compared to the same period ... Read More »

Oman’s share index closes lower marginally

Muscat: MSM30 index closed at 3,793.90 points, down 0.38 per cent. The Sharia Index also closed down by 0.44 per cent at 531.24 points. Ahli Bank Perpetual Bonds, up 2.80 per cent, was the top gainer while Muscat Finance, down 4.69 per cent was the top loser. Bank Dhofar was the most active in terms of volume as well as ... Read More »

Digital initiatives can add $124mn in additional revenue of firms

Muscat: A new survey shows enterprises in the Middle East can add $124 million in additional revenue annually through the use of digital initiatives. There are big benefits to be had from the deployment of digital initiatives as organisations on average attribute $124 million additional revenue [per company] to these annually. However, these findings shine a light on the global ... Read More »

Oman’s share index closes higher marginally

Muscat: The MSM30 Index ended higher at 3,954.74 points, up by 0.33 per cent. The Sharia Index also followed suit, closing higher by 0.28 per cent at 540.11 points. Galfar Engineering was the most active in terms of traded volume while as well as turnover. Al Anwar Ceramics up 3.96 per cent, was the top gainer during the session while ... Read More »

KEC signs two land lease agreements

Muscat: Khazaen Economic City (KEC) (the main developer of the first integrated economic city in the north of the Sultanate) signed the two usufruct (land lease) agreements for foreign investors to set up two industrial projects in the industrial zone in Khazaen Economic City. Khalid bin Awad Al Balushi, CEO of KEC, and the general managers of the owners of ... Read More »

Raysut Cement acquires Sohar Cement for $60mn

Muscat: Following a letter of intent it signed early this year with Sohar Cement Factory’s shareholders, Oman’s largest cement manufacturer and one of the Gulf’s largest, Raysut Cement Company on Sunday announced the complete acquisition of Sohar Cement Factory at a value of US$60 million. In a statement, the Muscat Securities Market-listed Raysut said that it has purchased all of ... Read More »

UK firm said to plan $440m algae farm in Oman

A UK-based firm is reportedly planning to develop one of the world’s largest algae farms in Oman. London-headquartered Feed Algae aims to invest OR167.5 million ($440 million) to build the project in the Sharqiyah Governorate of the sultanate, reported the Oman Observer. It said the mega algae cultivation project will be capable of producing 100,000 tonnes of algae per annum, ... Read More »