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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 »

Oman Fisheries Posts Losses Due To Illegal Fishing, Export Restrictions


Illegal fishing by foreign fishermen, lower global demand from key markets and some export restrictions adversely impacted Oman Fisheries Co’s profitability in the first quarter of this year. Oman Fisheries reported a net loss of RO782,554 for the quarter ended March 31, 2019 as against a net profit of RO65,246 in the corresponding period of last year, according to the ... Read More »

Omani jailed for exploiting 4,000 expat workers


A business owner has been fined nearly OMR 140,000 and sentenced to three years in prison for violating Omani labour laws. The Ministry of Manpower said that the suspect let his employee work for others illegally. “The Court of First Instance in Salalah issued a judgement sentencing a citizen to three years in prison and a fine of OMR 139,000 ... Read More »

Oman’s share index ends lower


Muscat: Muscat Securities Market (MSM) 30 Index on Wednesday lost 26.16 points, comprising a decline by 0.67 per cent to close the session at 3,874.97 points, compared to the last session, where the index closed stood at 3,901.13 points. The trading value stood at OMR922,785, comprising a decline by 40.7 per cent, compared to the last session, where it stood ... Read More »

Oman Cables unveils new logo; seminar focuses on fire survival cables

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Oman Cables Industry (OCI), a Prysmian Group company and Electro Trade Company (ETC), its strategic distributor in the region, recently held a customer meet and technical seminar on fire survival cables and wires. ETC has a “long-term relationship and is a key and strategic distributor” for Oman Cables in Qatar. The seminar was held to introduce OCI’s new logo and ... Read More »

Alizz Islamic Bank’s Net Profit Jumps 46% In Q1


MUSCAT – Alizz Islamic Bank reported a 46.6 per cent year-on-year growth in its net profit for the first quarter of 2019. The bank’s first quarter net profit jumped to RO453,389 this year compared to RO309,290 in the same period of last year. The bank’s net operating income for the first quarter increased 13.91 per cent to reach RO4.85mn compared ... Read More »

PDO signs pact for 10 community projects


Muscat: Petroleum Development Oman (PDO) has committed to support a host of new initiatives to benefit communities and boost sustainable development across the Sultanate. The programme includes commitments in the key areas of health, safety and the environment, community infrastructure development as well as youth and women empowerment all of which are fully aligned with the UN Sustainable Development Goals ... Read More »

Port of Duqm signs four land lease agreements


Muscat: Port of Duqm Company (PDC), a joint venture between the Government of Oman and the Belgian Consortium Antwerp Port, have multiple roles as a port authority, terminal operator and landlord of 3,000ha of land (port bound, logistics, liquid bulk and mineral processing land). The ‘Logistics Land’ allocation covers an area of approximately 1,000ha which will predominantly accommodate logistics related ... Read More »

Oman’s share index closes higher marginally


Muscat: The MSM30 index ended higher and closed at 3,983.79 points, up by 0.30 per cent. The MSM Sharia Index closed at 547.15 points, up by 0.30 per cent. Galfar Engineering was the most active in terms of volume and in terms of turnover. Dhofar Cattle Feed, up 11.11 per cent, was the top gainer while the top loser was ... Read More »

Omani rial exchange rate index rises 3.6 per cent

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Muscat: The effective exchange rate index of the Omani rial rose by 3.6 per cent to 104.0 points at the end of January 2019 compared to 100.4 points in the same period of 2018, indicating the currency’s enhanced purchasing power. The Sultanate registered a 3 per cent fall in narrow money supply (M1) to reach OMR4.8 billion by the end ... Read More »

Oman expects oil prices to remain in $65-$75 range, says energy minister


Oman expects oil prices to remain between $65 and $75 per barrel until the end of 2019, according to Omani energy minister Mohammed bin Hamad al-Rumhy. Additionally, the state-run Oman News Agency (ONA) quoted the minister as saying that the Sultanate remains committed to the OPEC+ agreement until the end of 2019. As part of the December 2018 agreement between ... Read More »

Bank Nizwa marks AGM with 98% growth


Muscat: Bank Nizwa’s shareholders, board of directors and executives came together for the bank’s Annual General Meeting (AGM). During the meeting held on March 28, 2019, shareholders approved the board of directors’ report for the financial period ended on December 31, 2018 and elected the new board of directors. The bank’s newly elected board agreed during their first meeting to ... Read More »

Oman oil minister excited to be part of Sri Lanka oil refinery project


HAMBANTOTA, Sri Lanka: Oman’s oil minister said on Sunday he was excited to be part of a Sri Lanka oil refinery project, an indication plans for the sultanate’s involvement may be back on track. The comments by Mohammed bin Hamad Al-Rumhy came after an Omani official last week had denied the Middle Eastern country had agreed to invest in the ... Read More »