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Regional mergers and acquisitions value touches $35.2b in the first 9 months


MUSCAT: Total value of merger and acquisitions (M&As) with any Middle Eastern involvement reached $35.2 billion during the first nine months of 2017, according to estimates from Thomson Reuters. Driven by Tronox’s $2.2 billion acquisition of a Saudi Arabian titanium dioxide business and Chinese stake acquisitions in Abu Dhabi’s giant onshore oil concession, inbound M&A stands at an all-time high ... Read More »

Oman’s central bank raises OMR63m through treasury bills


  MUSCAT: Oman’s central bank raised OMR62.81 million by way of a treasury bill. The treasury bill has a maturity period of 91days, from October 18 to January 17, 2018. The average accepted price reached 99.711 for every OMR100 while the minimum accepted price arrived at 99.705 per OMR100. The average discount rate and the average yield reached 1.15852 per ... Read More »

Oman’s first telecom tower plant starts operation


MUSCAT: Rohn Products group has set up Oman’s first tower manufacturing facility and is ready for taking orders, the company officials said. The OMR10 million-plant located in Sohar is expected to have an initial capacity of 28 towers a month, which can be doubled by mid-2018. The company designs and manufactures telecom towers for installation in urban, suburban, rural and ... Read More »

Inflation in Oman at 1.60% in September


  MUSCAT: Oman’s year-on-year inflation, based on the consumer price index for September 2017 touched 1.60 per cent, driven by a rise in transport cost, furnishings, household equipment and routine household maintenance, according to the data released by the National Centre for Statistics and Information (NCSI). The major cause of the inflation was a 3.45 per cent rise in furnishings, ... Read More »

Court orders OMR1m municipality fine for company


  MUSCAT: Municipal authorities in Muscat succeeded in obtaining a court judgment in their favour, directing a company to pay them the sum of OMR1,290,000. According to Muscat Municipality, the company had failed to fulfill its obligations in a contract it had signed with the municipality. Read More »

Omantel to buy additional 12% stake in Kuwait’s Zain


  MUSCAT: Oman Telecommunication Company (Omantel) said on Monday it had agreed to buy a 12 per cent stake in Kuwaiti telecommunications firm Zain in a deal that will more than double its stake. The stake is worth about $946 million based on Zain’s current market value, Thomson Reuters data showed. In August, Omantel purchased a 9.84 per cent stake ... Read More »

Oman’s government expenditure falls


  MUSCAT: Oman’s government expenditure for the first seven months of 2017 declined 2.7 per cent to OMR6,486.9 million, from OMR6,663.8 million in the same period of last year. The gross revenue by the end of July 2017 recorded an increase of 25.7 per cent to touch OMR4,701.5 million, compared with OMR3,740.5 million during the same period last year. Initial ... Read More »

Ominvest plans to raise OMR50m in bond issue


  MUSCAT: Perpetual bonds valued at OMR50 million will be issued by Oman International Investment and Development Company (Ominvest), a leading investment holding company in the Mena region. The bond issue, which will be a public issue, will help Ominvest to seize future growth opportunities and further strengthen its balance sheet and funding structure, said a press release. Ominvest holds ... Read More »

Nortal to create VAT solution for Oman


  MUSCAT: Nortal, a multinational strategic change and technology company, will create a holistic technical solution, helping Oman implement value added tax (VAT).  Total cost of the solution is 10.5 million euros ($12.3 million). According to Andres Raieste, head of Public Finance Management at Nortal, the solution ensures maximum accrual of VAT and effective collection of the tax with minimum ... Read More »

Consumer protection agency recovered over OMR190,000 in fines this year


  MUSCAT: Over OMR190,000 worth of administrative fines have been recovered by the Public Authority for Consumer Protection in the first eight months of this year. The total administrative fines of violations recorded by PACP from a number of commercial establishments around the Sultanate has reached OMR194,985 from January to August 2017. Majid Marhoon Al-Ibri, Director of the Finance Department, ... Read More »

Oman floats key tender for Wadi Dayqah water project


  MUSCAT: Oman Power and Water Procurement Company (OPWP) on Wednesday floated a tender seeking bids from consultancy firms for providing financial and commercial advisory services for an Independent Water Project (IWP) in Wadi Dayqah (Qurayyat) near Muscat. The last date for submitting bids is on October 30, 2017, according to the tender floated by the state-owned OPWP. The surface ... Read More »

Oman Shipping plans to acquire two container vessels


MUSCAT: Oman’s state-owned shipping company plans to acquire two container vessels to replace its current chartered ships. Oman Shipping Company (OSC) is looking for second-hand vessels, each with a capacity of 3,000 twenty-foot equivalent units (TEUs), Tarik Mohammed Al Junaidi, chief executive officer of Oman Shipping Company, told the Times of Oman in an exclusive interview. “Each vessel is expected ... Read More »

Iran inks deal to boost date exports via Oman


  MUSCAT: Iran has signed a contract to use Oman’s facilities to boost its date exports to such markets as the US, China and Latin American countries. The Joint Iran-Oman Chamber of Commerce has signed an agreement with the National Iranian Date Association and chambers of commerce of eight date-growing Iranian provinces in a bid to boost the Islamic Republic’s ... Read More »

Omani crude exports to fall 84,000 b/d from Dec-Jan after Sohar expansion


MUSCAT: The availability of Oman’s crude oil exports will likely fall by about 84,000 b/d from around December 2017 to January 2018 as the Sohar refinery reaches full run rates at its expanded capacity by the end of the year, Gabor Kenessey, GM of supply chain management at Oman Oil Refineries and Petroleum Industries Company, or Orpic, told S&P Global ... Read More »

Iran inks deal to boost date exports via Oman

Switzerland, Italy inks accord to exchange tax data

TEHRAN: Iran has signed a contract to use Oman’s facilities to boost its date exports to such markets as the US, China and Latin American countries. The Joint Iran-Oman Chamber of Commerce has signed an agreement with the National Iranian Date Association and chambers of commerce of eight date-growing Iranian provinces in a bid to boost the Islamic Republic’s date ... Read More »

Oman, India bilateral trade set to grow amid recovery in commodity prices


  MUSCAT: A robust growth in bilateral trade between Oman and India is expected this financial year (2017-2018), following a recovery in commodity prices. “There was a 6 per cent growth in two-way trade between Oman and India last financial year, which reached $4 billion. We hope that this will continue to grow at the same level,” said Indramani Pandey, ... Read More »

Omani banks achieve 6.1% growth in credit at OMR23b


MUSCAT: Omani banks, including Islamic institutions, have achieved a year-on-year growth of 6.1 per cent in total credit at OMR22.8 billion by July-end of 2017. Credit to the private sector alone grew by 6.8 per cent to OMR20.6 billion as of the end of July this year. Of the total credit extended to the private sector, the household sector (mainly ... Read More »

Luxury hotels in Oman see rise in tourist arrivals


  MUSCAT: Three to five star hotels in the Sultanate registered a 4.8 per cent growth in number of guests at the end of July this year compared to the July 2016. The total number of guests increased to 867,710 until the end of July this year compared to 827,736 at the end of July 2016, according to the data ... Read More »

Meethaq to target financing Indian companies in Oman


MUSCAT: Indian industrial ventures in Oman will be a focused area for funding by the Islamic banking window of Bank Muscat, Meethaq, officials at the Oman-India Business Connect Forum at the Bank Muscat head office, said yesterday. Highlighting Meethaq-financed multimillion dollar Indian Omani joint ventures, such as MISCO and Sebacic Oman, Hesham Al Nabham, senior relationship manager at Meethaq said ... Read More »

Kunooz Oman appoints new chief financial officer


  MUSCAT: Kunooz Oman, one of the leading companies engaged in the mining, quarrying, transportation and construction material sectors in Oman, has appointed a new chief financial officer to join its top management. Sachin Bawa brings the experience and expertise of over three decades in finance and general management in India and the Middle East, said a company release. As ... Read More »