Saturday , January 20 2018
Breaking News

Oman

Oman’s SWF gets approval for $1b infrastructure fund

oman

MUSCAT: Oman’s State General Reserve Fund (SGRF) has got government approval to launch a $1 billion infrastructure fund that will invest in the tiny Gulf state’s infrastructure projects, a senior finance ministry official said on Thursday. The non-OPEC oil producer, like some other Gulf states has been hit hard by low oil prices in the last two years leading to ... Read More »

Oman economy is over the worst says leading economist

oman

MUSCAT: Oman’s economy is set to receive a ‘much-needed’ boost from additional revenue due to the rise in prices of oil barrels, according to the country’s investment fund chief economist, Fabio Scacciavillani. The most difficult phase for the economy is coming to an end,” Scacciavillani told the Times of Oman. OPEC agreed to a production cut late last year which ... Read More »

Oman Bank Sohar seeks $300m in syndicated loan

oman

MUSCAT: Oman’s fourth largest bank by assets, is raising a $300 million, three-year syndicated loan with a margin of 2 percent a year over the London interbank offered rate (Libor), banks leading the deal said. The loan offers participating banks fees of up to 75 basis points (bps), sources close to the matter said. Arab Banking Corporation and Commerzbank have ... Read More »

Oman’s oil output reaches nearly 30mn barrels in Dec 2017

oman

MUSCAT:   Oman’s total crude oil and condensate output in December 2017 reached 29.97mn barrels, recording a daily average production of 966,952 barrels. Total oil exports in December amounted to 24.6mn barrels, according to a monthly report released by the Ministry of Oil and Gas. Oman’s crude exports in December gained a new dimension, as for the first time during 2017, ... Read More »

Oman issues $6.5bn bond in EM debt raising flurry

oman

MUSCAT: Oman priced its five-year dollar-denominated bond at a yield of 4.125 per cent late on Wednesday evening, raising $1.25bn. Its $2.5bn, 10-year tranche priced at 5.625 per cent and its $2.75bn paper priced at 6.75 per cent. Although the total $6.5bn that Oman raised is dwarfed by some of the debt-raisings by other Middle Eastern sovereigns late last year, ... Read More »

Oman GCC banks to see a more stable financial footing in 2018

oman

MUSCAT:  Banks in the GCC region should breathe a little easier in the year ahead, according to a report published by S & P Global Ratings on Tuesday. After two years of significant pressure, S & P believes that barring unforeseen events, 2018 will mark the stabilisation of the financial profiles and performance of the GCC banks. What’s more, the ... Read More »

Oman signs $210m Saudi financing key industrial project

oman

MUSCAT:  Oman’s government has signed to obtain 81 million Omani rials ($210 million) of financing from Saudi Arabia for one of its key industrial projects, in a deal that could help to ease concern about the health of the sultanate’s finances. The money will come from the Saudi Fund for Development, a state agency, to support work at Duqm, where ... Read More »

Two more schools in Oman to be powered by solar energy

oman

MUSCAT: Shell Development Oman (SDO) will install solar panels in two more schools in Oman as they continue the ‘Solar in Schools campaign’ in the Sultanate. SDO recently awarded a further two contracts to Hussam Technology Company LLC (HTC), an Omani small and medium enterprise (SME), for the design and construction of solar photovoltaic (PV) generation systems to be installed ... Read More »

Moody assigns provisional rating to Oman’s new Global Medium Term Note programme

oman

MUSCAT: Notes to be issued under the new global MTN programme will constitute direct, unconditional and unsecured obligations of the Government of Oman (the issuer), and will rank pari passu with all other senior unsecured debt obligations of the issuer. The proceeds of the notes to be issued under the programme are intended to be used for general budgetary purposes ... Read More »

Oman’s revenue gets $260mln boost from amended income tax law

oman

MUSCAT: Amendments to the Oman Income Tax Law, key provisions of which have come into force this year, will generate an additional RO 100 million in revenues to the government in 2018, according to a well-known tax expert. Alkesh Joshi, Partner (Business Tax Advisory Services) at multinational professional services firm EY Oman, said the revenue spike will help offset reductions ... Read More »

Oman 2018 state budget lifts spending

oman

MUSCAT: Oman’s state budget for 2018, approved by ruler Sultan Qaboos on Monday, boosts spending at the expense of running a large deficit, despite increasing concern among credit rating agencies about the health of the country’s finances. The budget projects spending of 12.5 billion rials ($32.5 billion) this year, up from 11.7 billion in the original budget for 2017, local ... Read More »

Oman to delay VAT implementation to 2019

oman

MUSCAT: man will delay the implementation of Value Added Tax (VAT) in the sultanate to 2019, the Ministry of Finance has been quoted as saying. The application of selective tax on tobaccoS, energy and carbonated drinks could be introduced by the middle of next year, according to a report in the Times of Oman. Earlier, the plan was to introduce ... Read More »

Beware of UAE value added tax trap Exports

oman

MUSCAT: Consumers in Oman may have to pay more for goods and services from the UAE if Omani importers are not vigilant, as the UAE starts implementing the value-added tax (VAT) from today, experts have warned. The Gulf Cooperation Council (GCC) VAT framework stipulates that exports will be zero rated until all countries begin implementing the consumer tax. However, as ... Read More »

Oman VAT law is still being worked on finance minister says

oman

MUSCAT: : Oman law for the value-added tax (VAT) is still being worked on, according to Darwish Al Beloushi, Minister Responsible for Financial Affairs. “The companies in Oman will need some time to ensure its execution as the draft is still being prepared by the government,” he said, adding that exemption will be made on some goods and services as ... Read More »

Oman tourism revenues exceed $3b

oman

MUSCAT: Oman’s tourism revenues exceeded RO1.2 billion ($3.1 billion) at the end of last year, with a large share of the revenues coming from local tourism. According to the Tourism Statistics Bulletin issued by the Omani National Centre for Statistics and Information, local tourism accounted for 73.5 per cent (RO 882.5 million/$2.28 billion) of the total revenue while foreign tourists ... Read More »

man non oil exports climb 28% as trade with GCC nations soars

oman

MUSCAT: Oman non oil exports grew more than 28 per cent in the first seven months of 2017 as the sultanate’s trade with neighbouring GCC countries recorded a sharp rise amid recovery in oil prices this year. Total value of non-oil exports hit RO1.83bn during January  July period of this year compared to RO1.42bn in the same period of 2016, ... Read More »

Oman oil production touches 29m barrels

oman

Muscat: Oman’s crude oil production in November touched 28.88 million barrels, according to the official statistics released by the Ministry of Oil and Gas on Wednesday. The country’s average crude oil production stood at 962,783 barrels in November. Of the total production, the Sultanate exported 24.43 million barrels in November, a decline of 0.56 per cent. China retained its position ... Read More »

Oman oil production touches 29m barrels

oman

MUSCAT: Oman’s crude oil production in November touched 28.88 million barrels, according to the official statistics released by the Ministry of Oil and Gas. The country’s average crude oil production stood at 962,783 barrels in November. Of the total production, the Sultanate exported 24.43 million barrels in November, a decline of 0.56 per cent. China retained its position as the ... Read More »

Oman budget deficit declines to RO3.2b in first 10 months

oman

MUSCAT: Helped by a continued recovery in oil prices this year, Oman’s budget deficit decreased more than 33 per cent in the first ten months of 2017. On the back of a robust growth in oil and gas revenues the sultanate’s budget shortfall declined to RO3.2bn during January-October period of 2017. This is a significant reduction from RO4.8bn budget deficit ... Read More »

Oman’s oil production touches 29m barrels in November

oman

MUSCAT: Oman’s crude oil production in November touched 28.88 million barrels, according to the official statistics released by the Ministry of Oil and Gas on Wednesday. The country’s average crude oil production stood at 962,783 barrels in November. Of the total production, the Sultanate exported 24.43 million barrels in November, a decline of 0.56 per cent. China retained its position ... Read More »