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Oman

Oman’s polypropylene plant to raise capacity to 340,000 tonnes per annum

OMAN

MUSCAT: Oman Refineries and Petroleum Industries Company (Orpic) said that the capacity of its polypropylene plant will be raised to 340,000 tonnes of high quality polypropylene per annum from 200,000 tonnes a year now. This is considered an achievement for the company, which started operations in 2006. Faisal Al Hajri, Orpic’s regional sales manager for Middle East, Africa and Europe, ... Read More »

Oman well positioned to develop halal food industry, say experts

OMAN

MUSCAT: Oman has several advantages in tapping the growing market for Islamic or Sharia-compliant products and services across the world, according to Islamic finance experts, who attended a major conference here recently. “Islamic food or the halal industry is (valued at) about $2 trillion a year,” said Sulaiman Al Harthy, deputy chief executive officer (Islamic Banking Group) at Bank Muscat. ... Read More »

Al Omaniya Financial shareholders approve dividend proposal

OMAN

MUSCAT: Shareholders of Al Omaniya Financial Services have approved a proposal to pay a 25 per cent dividendconstituting a 17 per cent cash dividend and 8 per cent compulsory convertible unsecured bonus stock bondsfor 2016, according to Khalid Al Wahaibi, chairman of the company. The shareholders also approved the audited financial statements of Al Omaniya Financial Services, the largest non-banking ... Read More »

Oil prices climb on expectation of extending crude oil supply cut

AMMON

MUSCAT: Oil prices climbed on Tuesday, helped by expectations that an Opec-led output cut would be extended beyond June but gains were pegged back by concerns about persistently high crude inventories. The Organisation of the Petroleum Exporting Countries and some non-Opec producers agreed to cut production from January 1 by 1.8 million barrels per day (bpd) for six months to ... Read More »

Central Bank of Oman to raise capital to OMR1b

OMANM

MUSCAT: Oman’s central bank has decided to raise its capital to OMR1 billion from OMR760 million with effect from April 1, 2017, according to a press release. The decision was taken by the apex bank’s board on Monday at its meeting chaired by Dr Ali bin Mohammed Moosa, deputy chairman of the bank.  The board also reviewed the actions taken ... Read More »

Non-Opec producers deliver 64% of pledged oil output cuts in Feb

OMAN

MUSCAT: Eleven non-Opec oil producers that joined a global deal to reduce output to boost prices delivered 64 per cent of promised cuts in February, an industry source said on Friday, still lagging the higher levels of Opec itself. The Organisation of the Petroleum Exporting Countries (Opec), Russia and other producers agreed to cut production by 1.8 million barrels per ... Read More »

IMF urges G20 cooperation to preserve trade, reduce imbalance

OMAN

MUSCAT: The International Monetary Fund (IMF) on Tuesday called on the Group of 20 major economies to work together to preserve the benefits of trade and avoid protectionism, while also urging them to reduce external imbalances and halt policies that distort global trade. Under pressure from rising protectionist sentiment in many advanced economies, including the United States, the IMF said ... Read More »

Foreign investors offload shares on Muscat bourse

OMAN

MUSCAT: Foreign investors are offloading shares on the Muscat Securities Market (MSM) as net selling of non-Omani investors has touched OMR25.15 million so far this year. Foreigners have been net sellers for OMR11.5 million so far this year. Regional investors also remained sellers for OMR12.5 million. The selling was absorbed by local institutional buyers,” said a research note released by ... Read More »

Oman’s crude production falls marginally to 27m barrels in February

OMAN

MUSCAT: Oman produced 27.16 million barrels of crude oil in February, equivalent to 970,000 barrels per day, according to a monthly report released by the Ministry of Oil and Gas here on Sunday. The report indicates a marginal drop of 0.09 per cent, compared to January 2017. Of the total production, some 22.53 million barrels of crude oil were exported ... Read More »

Toymaker Lego’s sales growth slowed to 6% in 2016

MUSCAT

MUSCAT: Growth at Denmark’s Lego slowed to just six percent in 2016 from more than 25 percent the previous year, preventing it from overtaking Barbie doll maker Mattel as the world’s biggest toymaker. “Our performance up to 2016 has been absolutely phenomenal, some would say supernatural… Our growth is moderating now to be more in line with what we call ... Read More »

Salalah Methanol seeks $720m loan from banks

OMAN

MUSCAT: Oman’s Salalah Methanol Co. has asked banks for a $720 million syndicated loan that the state-run petrochemical company would use for a new ammonia plant and refinancing purposes, banking sources said on Wednesday. Bank Dhofar and Standard Chartered are advising the company on the financing, which is expected to have a 12-year maturity. Banks are expected to sunmit their ... Read More »

Trump travel ban hits expats in Oman

OMAN

MUSCAT: Donald Trump’s new travel ban order is “stupid,” “annoying” and has left Oman residents from banned countries anxious. The new Executive Order bans people from six countries – Sudan, Syria, Somalia, Iran, Yemen and Libya – from entering the United States of America for 90 days, effective from March 16, while a 120 day ban has been imposed on ... Read More »

Cigarettes and alcohol to cost more at airports in Oman

OMAN

MUSCAT: Cigarettes and alcohol will cost more at airports in Oman as Royal Oman Police (ROP) has amended its customs provisions to levy 100 per cent service charge for the products. The decision ROP decision 38/2017, issued last month by Lt Gen Hassan bin Mohsen al Shuraiqi, IG of Police and Customs, outlined changes in the customs provisions, including levying ... Read More »

Real estate transactions in Oman decline to OMR235m in January

OMANNN

MUSCAT: The Sultanate witnessed a 36.8 per cent fall in the traded value of real estate properties in January 2017 at OMR235.1 million, compared to the same period in 2016. Also, the number of contracts fell by 32.8 per cent to 5,582 in January, compared to 8,308 contracts for the same period in 2016, according to statistics released by the ... Read More »

Bank Muscat’s Meethaq gets approval for OMR100m Sukuk issue

OMAN

MUSCAT: Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, has received the initial approval from the Capital Market Authority (CMA) to launch the first OMR100 million Sukuk programme. Meethaq is the first Islamic banking entity in the Sultanate to obtain CMA approval for the first ever Sukuk issuance targeting retail investors in Oman. Under the OMR100 million ... Read More »

Oman’s business environment gets major boost from e-services

OMAMNNN

MUSCAT: One of the major developments for prospective foreign investors in Oman last year was the removal in October of the proof of capital requirement, which mandated that new businesses provide a bank statement demonstrating a minimum of OM150,000 ($390,000) within the first sixth months of operation. In all, the number of processes involved in starting a company in Oman ... Read More »

Oman announces fuel prices for March

OMAN

MUSCAT: Fuel prices for March have been announced by the Ministry of Oil and Gas. M95 will cost 198 baisas per litre, up by two baisa, M91 will remain at 186 and diesel will cost 208 per litre, up by three baisa. In February, the government decided not to increase the M91 price. Read More »

Rise in corporate tax to hit net profits, dividends of listed firms

OMAN

MUSCAT: An increase in corporate income tax from 12 per cent to 15 per cent will adversely affect the net profits as well as the ability of listed companies to distribute higher dividends, according to a leading brokerage firm. “We estimate a decline of OMR30 million in the net profit, or 4 per cent year-on-year, for the MSM-listed companies as ... Read More »

Omani banks achieve 8% growth in personal loan portfolio

OMAN

MUSCAT: Oman’s conventional banks have achieved a 7.69 per cent year-on-year growth in aggregate personal loan or consumer loan portfolio, which stood at OMR7,897.74 million by the end of December, 2016. The aggregate personal loan portfolio of Omani banks constitutes 40.1 per cent of the total bank credit worth OMR19,704.58 million by the end of December 2016, the Central Bank ... Read More »

Oman oil price rises 30%

OMANN

MUSCAT: Dubai Mercantile Exchange (DME) said that Oman oil price (April delivery) reached 55.66 US dollars. The DME statement on Thursday said that the price of Oman oil rose 30 cents from the price of Wednesday, which was 55.36 US dollars. The average price of Oman oil (March Delivery 2017) has stabilised at 53.93 US dollars, thus 1.21 US dollar ... Read More »