Quantcast
Saturday , June 24 2017
Breaking News

Oman

Turkish embassy in Oman remembers failed coup attempt

OMAAAN

MUSCAT: Turkey’s July 15th attempted coup last year is being honored early by the Turkish Embassy in Oman. “We cannot bring back those that lost their lives. There are still many people who are affected because of their families. May God not show such dreadful days on any nation? Any kind of controlling the existing system is illegal and is ... Read More »

Boeing gets boost from United, lifts demand forecast

OMAN

MUSCAT: Boeing won a key endorsement from United Airlines for the latest model of its best-selling 737 on Tuesday and struck an upbeat tone by raising its 20-year industry demand forecast despite signs the pace of growth is slowing. A day after the launch of the 737 MAX 10 at the world’s biggest air show in Paris, United said it ... Read More »

Al Ahlia Insurance announces its maiden public offering

OMAN

MUSCAT: Al Ahlia Insurance Company SAOG (under transformation), one of Oman’s oldest insurance companies, has announced its intention to launch an Initial Public Offering (IPO) soon. The company would be offering 25 per cent of its share capital to the public through an IPO. Accordingly, Al Ahlia Insurance Co (Al Ahlia) intends to offer 25 million shares through an IPO ... Read More »

Meethaq raises Sukuk offering to OMR44.6m

OMAN

MUSCAT: Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, has received the Capital Market Authority’s (CMA’s) approval to increase the original offer size of the Meethaq Sukuk series 1 from OMR25 million to OMR44.60 million, which is the total amount of the subscription received. The first series of Meethaq evoked an overwhelming response from individuals, investors and ... Read More »

Iran, Oman after boosting parliamentary ties

economic ties

TEHRAN: Iranian Ambassador to Oman Shahroudi and Oman Consultative Assembly Speaker Khalid Hilal bin Nasser al-Mawali met on Thursday in Muscat. Mohammad Reza Nouri Shahroudi, the Iranian Ambassador to Oman met with Omani Consultative Assembly Speaker Khalid Hilal bin Nasser al-Mawali on Thursday in Muscat. This was the first meeting of the two officials. During the meeting the two officials, ... Read More »

Growth worries push stocks lower

OMAN

MUSCAT: Stocks fell in Europe and Asia on Thursday as investor concern over the pace of U.S. economic growth overshadowed a widely telegraphed rise in Federal Reserve interest rates that lifted the dollar off recent lows. U.S. stock futures signalled a rocky start on Wall Street after Wednesday’s rate hike and another tumble in tech stocks. Euro zone government bond ... Read More »

Meethaq raises Sukuk offering to OMR44.6m

OMAN

MUSCAT: Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, has received the Capital Market Authority’s (CMA’s) approval to increase the original offer size of the Meethaq Sukuk series 1 from OMR25 million to OMR44.60 million, which is the total amount of the subscription received. The first series of Meethaq evoked an overwhelming response from individuals, investors and ... Read More »

Oman’s inflation in May touches 1.96%

OMAN

MUSCAT: Oman’s year-on-year consumer inflation for May 2017 touched 1.96 per cent, driven by a rise of 7.46 per cent in the transport set, 1.57 per cent in housing, water electricity, gas and other fuels set and 23.93 per cent in tobacco sets, according to data released by the National Centre for Statistics & Information (NCSI). Prices of foods and ... Read More »

Sezad issues new regulations to maximise participation of small businesses

OMAN

MUSCAT: New regulations have been issued to maximise the participation of Small and Medium Enterprises (SMEs) in the development project of the Special Economic Zone in Duqm (SEZD) by the Special Economic Zone Authority in Duqm (Sezad). The issuance of these controls comes in light of Sezad’s keenness for SMEs to benefit from the projects under implementation by SEZD. The ... Read More »

Bank Sohar successfully raises $250m syndicated loan

OMAN

MUSCAT: Bank Sohar successfully closed a $250 million three-year syndicated term loan facility, in line with current strategies to maintain good credit capacity. The facility will be used for general funding purposes and to extend maturities of liabilities profile. Acting as the sole bookrunner and coordinating bank is Bahrain-based Bank ABC. Prior to general syndication, the Abu Dhabi Commercial Bank, ... Read More »

App for VAT guide for GCC launched Oman

OMAN

MUSCAT: A new mobile app, called ‘VAT in GCC Guide’, for companies and individuals to learn about the Value Added Tax (VAT) and its impact in various countries, has been released by audit firm Deloitte. With the progressive implementation in 2018 and the representatives of the Member States of the GCC having agreed on a formal VAT system across all ... Read More »

Oman share index ends lower

OMAN

MUSCAT: Weakness in the index large capitalisation shares dragged down the MSM30 Index by 0.64 per cent to end at 5,377.17 points. The MSM Sharia Index retreated 0.89 per cent to close at 790.29 points. Bank Nizwa was the most active in terms of volume while Al Madina Takaful was most active in terms of turnover. The top gainer was ... Read More »

Major energy industry protocol signed in Oman

Germany-Switzerland sign arbitration agreement for tax disputes

MUSCAT: The 2017 Oman Energy Industry-Academia R&D (research and development) Protocol has been ratified by Oman’s Ministry of Oil and Gas, Petroleum Development Oman (PDO) and The Research Council (TRA). This has been ratified in an effort to build a vibrant research ecosystem within the country that can deliver the solutions that the energy industry requires to sustain output through ... Read More »

Omani insurance companies achieve OMR135m premium income in Q1

OMAN

MUSCAT: Oman’s insurance companies have achieved a 3 per cent growth in gross direct premium at OMR134.7 million in the first quarter of 2017, against OMR131 million for the same period of last year. The Omani insurance market continued recording reasonable growth rates compared to the economic situation despite the financial measures undertaken to mitigate the impact of the falling ... Read More »

Natural gas demand from Omani power projects expected to grow by 3% per annum

OMAN

MUSCAT: The average annual growth in demand for natural gas for power generation is expected at 3 per cent for the next seven years within the Main Interconnected System (MIS) areas in Oman. Total natural gas consumption at the main power and desalination plants in 2016 fell by 4 per cent to around 7.01 billion standard cubic metres, which is ... Read More »

Oman shares decline on listless trading

OMAN

MUSCAT: Shares on the Muscat bourse edged down on listless trading. The MSM 30 Index was relatively stable and closed at 5,385.21 points, down 0.03 per cent. The MSM Sharia Index gained 0.21 per cent to end at 791.35 points. Al Madina Investment was the most active in terms of volume while Bank Muscat led in terms of turnover. Al ... Read More »

Oman’s first large-scale wind farm to start operations in 2020

OMAN

MUSCAT: Oman’s first large-scale commercial wind-based renewable energy project is getting delayed and will start operations in 2020. “The project has been tendered, but is currently on hold and awaiting approval. The wind farm, which is expected to be comprised of around 25 wind turbines will be located near Harweel,” according to the seven-year outlook for the power and water ... Read More »

Al Baraka Oilfield Services enhances in-country value

MUSCAT: Al Baraka Oilfield Services has one of the most impressive in-country value (ICV) and corporate social responsibility (CSR) portfolios in the Sultanate. The firm is one of Oman’s leading Super Local Community Contractors (SLCC) for the south of the Sultanate offering innovative and reliable oil field services. The company’s annual in-country procurement stands at OMR4.3 million and has awarded ... Read More »

PDO signs $35m deals with Omani firms

oman

MUSCAT: Petroleum Development Oman (PDO) has signed three contracts worth $35 million with Omani firms for the supply and servicing of compressors. The deals are a further example of the company’s commitment to in-country value (ICV) to retain more of the oil and gas industry’s wealth in the Sultanate and develop local supply chains. PDO has agreed two contracts with ... Read More »

Oil prices rise as market awaits extended output cut

oman

MUSCAT: Oil prices rose on Wednesday, supported by growing confidence that Opec and other big producers would agree to keep output restricted for the rest of 2017 and into the first quarter of next year. Benchmark Brent crude oil was up 40 cents a barrel at $54.55 by 0810 GMT. US light crude oil was 35 cents higher at $51.82. ... Read More »