Wednesday , April 26 2017
Breaking News


UAE ban on some Omani food prompts statement from ministry


MUSCAT: Food monitoring in Oman is working well but will be intensified, the agriculture ministry has announced, after the United Arab Emirates banned some Oman food items said to contain higher than normal levels of pesticide. The Ministry of Agriculture and Fisheries has released a statement following yesterday’s ban, stating that in recent tests, 98 percent of Omani produce conformed ... Read More »

OMR250m Oman resort deal signed


MUSCAT: An agreement has been signed by the Ministry of Tourism in Oman for Al Nakheel ITC development in Barka. The OMR256 million development includes three hotels, hotel apartments, 1436 residential units, a shopping mall, a traditional souk, an international school, restaurants, an aqua water park, and other entertainment and service facilities. Commenting on the launch of the development, His ... Read More »

Chinese firm to start work on $84m auto unit in Duqm within two months


MUSCAT: Wuhan Xiao Long Automotive Technologies Co. Ltd, which signed a land lease agreement with Oman Wanfang last week, plans to start work on a high-mobility special utility vehicle (SUV) project in Duqm free zone within two months. The company plans to design the plant before starting construction of the first phase, which will have a capital expenditure of $84 ... Read More »

Women-only taxi service planned in Oman


MUSCAT: Yousuf Al Hooti, project manager at Marhaba taxi, said: “We have a women-only taxi service in our plans and we have asked the government to give us the licence to operate.” Giving out more details, he said these taxis will be driven by female drivers and will be slightly different in appearance in order to differentiate it from the ... Read More »

GCC Islamic banks stay on course through glum operating conditions


MUSCAT: A weak economic environment will continue to dampen the financial performance of Islamic banks in Gulf Cooperation Council (GCC) countries in 2017 and 2018, according to S&P Global Ratings. The end of the commodities super-cycle has sparked a fall in the economic growth and prospects of the GCC region, implying both lower growth opportunities and deteriorating liquidity for its ... Read More »

Oman slashes roaming mobile charges by 35%


MUSCAT: Oman has slashed roaming mobile charges, the Telecommunications Regulatory Authority (TRA) has announced. The cost of mobile data per megabyte has been brought down to 327 baisa from 500 baisa, reflecting a reduction of 35 per cent, according to TRA. The new rates are effective from April 1. According to the new tariffs, the charges for receiving calls in ... Read More »

Muscat bourse recovers on better support


MUSCAT: After a fall in share values for few days, shares on the Muscat bourse recovered on Wednesday. The MSM30 Index ended the session marginally positive at 5,557.36 points, up by 0.13 per cent. The MSM Sharia Index ended at 826.21 points, down by 0.38 per cent. Bank Muscat was the most active in terms of volume as well as ... Read More »

Salalah LPG project close to secure 75% funding


MUSCAT: Oman Oil Facilities Development Company LLC is in an advanced stage to secure 75 per cent funding for its $600 million-liquefied petroleum gas (LPG) extraction project in Salalah, a top-level official at its holding company Oman Oil Company said. Oman Oil Facilities Development Company LLC is a wholly-owned subsidiary of the Sultanate’s investment arm Oman Oil Company. Read More »

Bank Muscat’s Meethaq to finance poultry farm project


MUSCAT: Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, signed an agreement to provide Islamic project finance for Dar Al Tomouh company to set up the Sultanate’s first-of-its-kind commercial contract chicken farming project in the wilayat of Nizwa. The project with an annual production capacity of 3.74 million kg live chicken will have a far reaching impact ... Read More »

Oman to seek $5b bank finance for $7b Duqm refinery project


MUSCAT: Duqm Refinery, a 50:50 joint venture between the Sultanate’s state-owned Oman Oil Company and Kuwait Petroleum International, is seeking 65 per cent of its $7 billion capital expenditure for building the refinery from international and local lending institutions, a top-level official of the Kuwaiti firm told journalists. He was talking to journalists after signing a joint venture agreement for ... Read More »

Tax revenue in Oman expected to touch OMR500m


MUSCAT: A senior audit professional expects corporate income tax revenue of the Oman government to touch OMR500 million this year since withholding tax amendments are already effective from February 27. “I would expect the government to comfortably exceed the budgeted revenues of OMR400 million. I would not be surprised if they even exceed OMR500 million in 2017,” Ashok Hariharan, partner ... Read More »

Government ‘studying’ fuel subsidy for needy in Oman


MUSCAT: Industrialists, trade unionists and community leaders are optimistic about Oman’s cabinet discussing a system to ease the burden of rising fuel prices. Mohammed Hassan Al Ansi, a senior official in charge of logistics and transportation affairs at the Oman Chamber of Commerce and Industry (OCCI), said there should be a solution that subsidises fuel prices for those with limited ... Read More »

Central Bank of Oman issues OMR59m treasury bills


MUSCAT: A tender of government treasury bills was held at the Central Bank of Oman (CBO) this week. The results of issue are as follows: The total value of the allotted Treasury bills amounted to OMR59 million, for a maturity period of 91 days, from 5th April until 5th July 2017. The average accepted price reached 99.735 for every OMR100 ... Read More »

Petroleum Development Oman sets new production record


MUSCAT: Petroleum Development Oman (PDO) confirmed today (3 April, 2017) that it set a new combined oil, gas and condensate production record of 1.293 million barrels of oil equivalent per day (boepd) in 2016. The achievement was secured whilst reducing capital and operating expenditure and thanks to continuous improvement in drilling, well and reservoir management and project delivery. To boost ... Read More »

Oman says new refinery capacity in Sohar to cut crude oil exports


MUSCAT: Oman’s crude oil exports will drop by about 50,000 barrels per day when new refining capacity comes onstream in the northern city of Sohar by early 2017, Minister of Oil and Gas Mohammad bin Hamad al-Rumhy has said. Rumhy said the refinery project had been due to be commissioned by the end of 2016, but there had been a ... Read More »

BankDhofar to raise authorised capital to OMR500m


MUSCAT: BankDhofar’s shareholders have approved a proposal to raise its authorised capital to OMR500 million from OMR220 million. The decision was taken at the bank’s extra ordinary general meeting on Monday. The meeting also approved an update of the setup of the Euro Medium Term Note (EMTN) programme, according to a press release. The annual general meeting of shareholders also ... Read More »

Gold prices expected to reach $1,500 as inflation poised for comeback


MUSCAT: Gold is poised to rally to levels last seen four years ago as rising inflation and negative real interest rates combine to boost demand, according to Incrementum, which says that the precious metal may be in the early stages of a bull market. Prices may climb to $1,400 to $1,500 an ounce this year, said Ronald-Peter Stoeferle, managing partner ... Read More »

OAMC launches its latest app at COMEX 2017


MUSCAT: As part of its continuous efforts to keep the public informed of the latest technologies utilised by the company, Oman Airports Management Company (OAMC) recently participated in COMEX 2017; which opened its doors at Oman Convention and Exhibition Centre on March 28 and will run through to March 30. Visitors to the OAMC stand were also provided with a ... Read More »

Oil slips towards $50 on doubts over output-cut extension


MUSCAT: Oil fell further towards $50 a barrel on Monday, pressured by uncertainty over whether an Opec-led production cut will be extended beyond June in an effort to counter a glut of crude. A committee of ministers from Opec and outside producers agreed on Sunday to look at prolonging the deal, stopping short of an earlier draft statement that said ... Read More »

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


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 »