Sunday , February 19 2017
Breaking News


Oman govt withdraws customs duty on bank notes


MUSCAT: A new customs duty of 0.5 per cent on bank notes imported by exchange houses and banks was withdrawn by the government within four days of introducing the same, after money exchanges submitted a memorandum to the Central Bank of Oman (CBO). Hamoud Sangour Al Zadjali, executive president of the Central Bank of Oman, told the Times of Oman ... Read More »

Oman Oil Marketing Company announces ahlain rewards campaign

AHLAIN REWARDS_Launch Invitation

MUSCAT: Oman Oil Marketing Company (OOC) launched its new ‘ahlain Rewards Campaign’ across all its stores in the sultanate. Opened under the theme, ‘Small purchases, Big surprises’, the campaign offers customers the opportunity to win high-value prizes. To enter the draw, customers have to make a minimum purchase of RO3 at any ahlain store. The campaign will last for the ... Read More »

GCC countries to have common strategy to counter dumping: Minister


MUSCAT: A decision to introduce anti-dumping duties on foreign manufacturers to protect domestic industries will be taken at the GCC-level and not by individual countries within the bloc, Dr. Ali bin Masoud Al Sunaidi, Minister of Commerce and Industry, told the Times of Oman in an exclusive interview. The Omani government has formed a special committee to look into the ... Read More »

Oman Development Bank issues loans worth OMR272m


MUSCAT: Oman Development Bank, the Sultanate’s leading development bank, has issued 33,643 loans worth of OMR272 million, as funding for various projects during 2009 to 2016. In his presentation at the three-day regional seminar on Financing and Developing Small and Medium Enterprises, Eng. Ahmed Al Hajri, Corporate Bank Manager at ODB, said that the loans were issued to various projects ... Read More »

Mwasalat plans to boost bus frequency in Oman


MUSCAT: As part of strengthening public transport service in the country, the Sultanate’s state-owned transport company Mwasalat is all set to purchase 118 new buses to operate in eight new routes. This is part of a larger scheme to acquire 350 new buses and invest a whopping $300 million in the next three to five years to expand the company’s ... Read More »

Oman bans poultry imports from more countries


MUSCAT: After imposing ban on poultry imports from ten European nations as well as Japan and three Indian states in the last couple of months, Oman has extended the ban to Greece, Italy, Uganda, Kuwait and the Indian state of Gujarat. HE Dr Fuad bin Jaafar bin Mohammed al Sajwani, Minister of Agriculture and Fisheries, issued a decision on the ... Read More »

Oman Air signs MoU with Taiseer


MUSCAT: Oman Air has signed a MoU with Taiseer. The company acts as a local trading platform that aims to create an integrated business environment between companies. The aim of the MOU is to help market and promote local businesses in Oman, in particular small and medium-sized enterprises (SMEs), to Oman Air. Taiseer will act as a mediator for Oman ... Read More »

Oman issues treasury bills worth of OMR32.77m


MUSCAT: A tender of Government Treasury Bills, issue number 453, was held at the Central Bank of Oman (CBO). The total value of the allotted Treasury bills amounted to OMR32.77 million, for a maturity period of 91 days, from February 8 until May 10, 2017. The average accepted price reached 99.743 for every OMR100 while the minimum accepted price arrived ... Read More »

GCC countries sign common VAT framework agreement


MUSCAT: All GCC countries have signed the much-delayed unified value added tax (VAT) framework agreement, a statement issued by the KPMG said. Bahrain was the last country among the six-member Gulf Cooperation Council (GCC) bloc to sign the common framework agreement, it added. The GCC common VAT framework will form the basis for the national value added tax legislation to ... Read More »

7 insurance firms in Oman to go public by August


MUSCAT: Oman’s stock market regulator Capital Market Authority (CMA) will not relax its stipulation that national insurance companies offer shares to investors before August 2017, a top official declared. Accordingly, at least seven national insurance firms will have to float shares on the Muscat Securities Market (MSM) before August this year. “All national insurance companies (excluding branch operations of foreign ... Read More »

Oil prices up on prospect of new Iranian sanctions


MUSCAT: Better-than-expected job creation last month is supporting sentiment on this first Friday of February, and crude is being swept along with this, being boosted as well by the announcement of sanctions on Iran. Hark, here are five things to consider in oil markets today: While we can see in our ClipperData that OPEC loadings to the U.S. in January ... Read More »

Oman’s future may be heavily impacted by fluctuating oil prices


MUSCAT: Oman’s future could very be very heavily impacted by fluctuating oil prices. This continued to dominate news agenda in Oman this week. Check out some of the best read stories of the week. The price of diesel has crossed 200bz a litre for the first time in Oman. Diesel will now cost 206 baisas a litre, while M91 costs ... Read More »

Oman oil company plans to invest $1b this year, says CEO


MUSCAT: A whopping investment of $1 billion is being planned by Oman’s state investment arm, Oman Oil Company, and its subsidiaries to build various projects this year, according to a top-level official of the state-owned firm. These projects include various upstream and downstream oil and gas projects across the country. The major projects of Oman Oil Company (OOC), which are ... Read More »

Ministry signs oil concession agreement to develop block 48 in Oman


MUSCAT: Oman’s Ministry of Oil and Gas on Tuesday signed an exploration and production sharing agreement with Oman Oil Company Exploration and Production for developing block 48, located between Al Wusta and Al Dhahira regions. Under the agreement, the Oman Oil Company Exploration and Production, which is a subsidiary of the state-owned Oman Oil Company, will explore oil and gas ... Read More »

Shell accelerates drive to dispose assets worth $4.7b


MUSCAT: Royal Dutch Shell, looking to pare debt swollen by last year’s acquisition of BG Group, accelerated its drive to shed assets on Tuesday by agreeing to the sale of fields in the North Sea and Thailand for as much as $4.7 billion. The disposals include the sale of about half the company’s North Sea oil and gas assets for ... Read More »

Omani listed firms expected to maintain dividends at OMR350m


MUSCAT: Companies listed on the Muscat Securities Market are expected to maintain total dividends for 2016 at the previous year’s level of OMR350 million. According to market sources, MSM 30 companies alone achieved a 16 per cent growth in net earnings at OMR630 million in 2016 and the payout of these major companies could be 50 per cent. “The dividend ... Read More »

Major Omani firms announce dividends


MUSCAT: The board of directors of BankDhofar has recommended a cash dividend of 13.5 per cent and a bonus share of 7.5 per cent for 2016. The total cash dividend will amount to OMR25.64 million, while the bonus shares will constitute 142.44 million shares of 100 baisas each. The proposed dividend and financial statements are subject to the approval of ... Read More »

PDO boosts Duqm with $1.2b pipe supply contract


MUSCAT: Petroleum Development Oman (PDO) on Thursday signed a $1.2 billion contract to supply piping for its drilling operations through Duqm. The five-year deal with Japanese supplier Sumitomo further includes a new supply yard in the Duqm Special Economic Zone, which will be a logistics centre for materials being delivered to PDO’s drilling locations. The business activity in Duqm free ... Read More »

Royal Oman police arrests 12 on drugs charges


MASCAT: Twelve people have been arrested by the Royal Oman Police on charges of abuse and possession of drugs. The Department of Narcotics Control in A’Dhakhiliya Governorate arrested 12 suspects for abuse and possession of Narcotics. The ROP found that three of them were carrying 23 wraps of heroin as well as drug paraphernalia.  Legal procedures have been taken and ... Read More »

Oman plans daily oil output of 1m barrels this year


MASCAT: Oman plans to produce an average of one million barrels of crude oil per day this year, despite a production cut of 45,000 barrels a day agreed with oil exporting Opec bloc, a top-level official at the Ministry of Oil and Gas said. “Production-wise, we are going to maintain the one million barrels per day. Our share in production ... Read More »