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Oman

Eor To Contribute For 23% Of Pdo’s Total Oil Output By 2025

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MUSCAT Enhanced oil recovery (EOR), a process used to extract crude from ageing oil fields, could account for nearly a quarter of the overall production of Petroleum Development Oman (PDO) in next seven years. EOR currently accounts for around ten per cent of PDO’s total production. Many of Oman’s oil fields are ageing and that could mean decline in production ... Read More »

Thousands of expats quit Oman as visa ban continues

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Oman’s expat population has dropped 2 percent according to figures released in June, 2018, compared to the same time the previous year, local daily Times of Oman reported. According to government figures there were 43,000 fewer expats recorded in 2018 compared to the previous year – bringing the population of foreign nationals down to 2,035,952. Expats make up 44.1 percent ... Read More »

Oman: SNC-Lavalin signs agreement for PVC plant in Muscat

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SNC-Lavalin signed an exclusive agreement with Project Development & Management International (PDMI) in Oman to design and deliver a greenfield chlor-akali PVC plant 150km southeast of the Omani capital, Muscat. SNC-Lavalin will support the project long-term, from concept development to commissioning, carrying out the initial engineering, master planning, process technology evaluation, and selection to support project financial investment decision approvals. ... Read More »

OMAN FISHERIES EMBARKS ON AMBITIOUS GROWTH PLAN

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MUSCAT – In order to boost the company’s growth and complete the value chain model, Oman Fisheries Company (OFC) is embarking on an ambitious business growth plan and planning to invest in new projects soon. The company’s new business growth plan is devised to restructure Oman Fisheries into five separate wings, according to its yearly financial report submitted to the ... Read More »

OMSB SIGNS AGREEMENT TO USE BLOCKCHAIN TECHNOLOGIES

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The Oman Medical Specialty Board (OMSB) signed a cooperation agreement in the field of use of blockchain technologies for electronic transactions with the Block Chain Solutions and Services Company. It was signed by Dr Hilal bin Ali al Sabti, CEO of OMSB, and Abdul Salam al Murshidi, chairman of the company. Dr Sabti said, “The agreement is part of the ... Read More »

Business ombudsman to be named in Poland

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MUSCAT: The official will be appointed by the country’s prime minister within six months under new regulations collectively known as a “constitution for business,” the businessinsider.com.pl website has reported. The appointment of the new official will “guarantee the implementation of the principles of the constitution for business,” Mariusz Haładyj, a deputy minister for entrepreneurship and technology, has said, as quoted ... Read More »

Oman can defend its currency peg, central bank governor says

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Muscat: Oman has the means to maintain its currency peg and has no plans to change it even though the decline in oil prices has hurt its finances, central bank Governor Tahir Al Amri said. Oman’s gross foreign currency reserves, which stood at $19.6 billion (Dh71.9 billion) at the end of January, are enough to cover nearly nine months’ worth ... Read More »

Oman crude oil price reaches three-year high

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Muscat: The price of Omani crude oil (futures) crossed $75 per barrel today, the Dubai Mercantile Exchange (DME) announced today. According to DME, the price of oil for Oman’s July 2018 delivery rose by $1.61 in a single day to reach $75.41. The surge in the price represents a three-year high, making this the first time that prices have crossed ... Read More »

TOTAL TO DEVELOP INTEGRATED GAS PROJECT IN OMAN

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MUSCAT: Total, a leading international oil and gas company, signed a memorandum of understanding (MoU) with the government of Oman to develop natural gas resources in the sultanate. The MoU includes both upstream and downstream businesses. Total and Shell as operator will develop several natural gas discoveries located in the Greater Barik area onshore Block 6 with respective shares of ... Read More »

Three expats arrested in Oman

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Muscat: Three expats were arrested in Oman on charges of possession and abuse of drugs and for illegally selling tobacco, the Royal Oman Police (ROP) announced. While two expats were arrested in Jalan Bani Bu Ali, the third one was arrested in the Wilayat of Sur. According to the statement by ROP, “The Department of Anti-Narcotics and Psychotropic Substances, led ... Read More »

‘Oman’s tax environment competitive’

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Muscat: More than four-fifths (83 per cent) of respondents in a survey described Oman’s tax environment as competitive or very competitive on a global scale. The Business Barometer: Oman CEO Survey carried out by the Oxford Business Group (OBG). However, almost half (48 per cent) of the executives interviewed said they expected the rise in corporate tax from 13 per ... Read More »

Oman’s budget airline set to add flights to Georgia

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MUSCAT: Oman’s first budget carrier SalamAir is adding two new destinations this coming Eid, with flights to Georgia and Azerbaijan. Starting June 14, the airline will operate three weekly direct flights to Tbilisi and two weekly flights to Baku, with tickets from OR106 and OR121, respectively. Captain Mohamed Ahmed, CEO of SalamAir said: “It is the perfect time for SalamAir ... Read More »

Hungary Unemployment Rate Rises As Expected

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BUDAPEST: Hungary’s unemployment rate increased in the three months ended in March, though marginally, figures from the Hungarian Central Statistical Office showed Friday. The jobless rate came in at 3.9 percent in the January to March period, up from 3.8 percent in the December to February period. The figure also matched consensus estimate. In the corresponding period last year, the ... Read More »

Tax changes in Oman and considerations for foreign investors

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MUSCAT: Omani government amended its withholding tax regime to bring within its scope payments of (i) dividends, (ii) interest and (iii) fees for the provision of services. As of February 27, 2017, a 10 percent withholding tax applies to the mentioned payments made by Omani residents to non-residents. Prior to that date, withholding taxes applied only to specific categories of ... Read More »

Oman Arab Bank hosts forum of chief risk officers

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MUSCAT: Oman Arab Bank (OAB), one of the country’s leading financial institutions, recently hosted the Institute of International Finance (IIF) Middle East and Africa Chief Risk Officer Forum. The forum brought together risk officers from IIF member financial institutions across the Middle East and Africa region to exchange ideas and valuable insights on key current topics in risk and their ... Read More »

Oman set to see balanced budgets from 2023

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MUSCAT :  With rising oil prices helping whittle down a debt burden presently equal to as much as 50 per cent of GDP, the Sultanate will likely see balanced budgets from 2023 onwards, according to an economist of the State General Reserve Fund (SGRF), a sovereign wealth fund of the Sultanate of Oman. Samra al Harthy, Acting Senior Manager — Economic Research, ... Read More »

Oman Told to Make Substantial Reforms

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MUSCAT: International Monetary Fund has delivered a blunt message to the Omani government, following its latest review of the economy. In a statement issued on Thursday, following a 13-day visit to Muscat, an IMF team led by Stephane Roudet advised Muscat that it needs to make “substantial” reforms if it is to get its economy onto the right track. The ... Read More »

Omani Sudani business officials hold trade talks in Khartoum

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MUSCAT: A series of top-level B2B meetings began in Khartoum, Sudan between Omani exporters and Sudanese businesses, on Wednesday. Led by Ithraa, Oman’s inward investment and export development agency, a 15-member strong delegation of exporters are meeting with importers and distributors. ‘The trade mission is about increasing the profile of Oman in Sudan and developing trade and business opportunities across ... Read More »

Oman needs $9bn in power sector investment by 2022

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MUSCAT: The rising electricity demand will require Oman’s power generation capacity to grow at an annual rate of 8.5 per cent over the next five years and the sultanate will need to add 4GW of capacity by 2022, involving an investment of US$9bn, according to Arab Petroleum Investment Corporation (APICORP). APICORP, the multilateral development bank focused on the energy sector, ... Read More »

Ripple effect of hidden trade hits Oman’s economy

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MUSCAT:  Oman’s labour market that needs to be addressed, according to Shahswar Al Balushi, CEO of Oman Society of Contractors, reported the Times of Oman. Hidden trade occurs when an Omani has a company, which he doesn’t actually run, operate or finance, and an expat does and uses the commercial registration against a fee. Al Balushi added that hidden trade ... Read More »