Saturday , April 20 2019
Breaking News


Port of Duqm signs four land lease agreements


Muscat: Port of Duqm Company (PDC), a joint venture between the Government of Oman and the Belgian Consortium Antwerp Port, have multiple roles as a port authority, terminal operator and landlord of 3,000ha of land (port bound, logistics, liquid bulk and mineral processing land). The ‘Logistics Land’ allocation covers an area of approximately 1,000ha which will predominantly accommodate logistics related ... Read More »

Oman’s share index closes higher marginally


Muscat: The MSM30 index ended higher and closed at 3,983.79 points, up by 0.30 per cent. The MSM Sharia Index closed at 547.15 points, up by 0.30 per cent. Galfar Engineering was the most active in terms of volume and in terms of turnover. Dhofar Cattle Feed, up 11.11 per cent, was the top gainer while the top loser was ... Read More »

Omani rial exchange rate index rises 3.6 per cent

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Muscat: The effective exchange rate index of the Omani rial rose by 3.6 per cent to 104.0 points at the end of January 2019 compared to 100.4 points in the same period of 2018, indicating the currency’s enhanced purchasing power. The Sultanate registered a 3 per cent fall in narrow money supply (M1) to reach OMR4.8 billion by the end ... Read More »

Oman expects oil prices to remain in $65-$75 range, says energy minister


Oman expects oil prices to remain between $65 and $75 per barrel until the end of 2019, according to Omani energy minister Mohammed bin Hamad al-Rumhy. Additionally, the state-run Oman News Agency (ONA) quoted the minister as saying that the Sultanate remains committed to the OPEC+ agreement until the end of 2019. As part of the December 2018 agreement between ... Read More »

Bank Nizwa marks AGM with 98% growth


Muscat: Bank Nizwa’s shareholders, board of directors and executives came together for the bank’s Annual General Meeting (AGM). During the meeting held on March 28, 2019, shareholders approved the board of directors’ report for the financial period ended on December 31, 2018 and elected the new board of directors. The bank’s newly elected board agreed during their first meeting to ... Read More »

Oman oil minister excited to be part of Sri Lanka oil refinery project


HAMBANTOTA, Sri Lanka: Oman’s oil minister said on Sunday he was excited to be part of a Sri Lanka oil refinery project, an indication plans for the sultanate’s involvement may be back on track. The comments by Mohammed bin Hamad Al-Rumhy came after an Omani official last week had denied the Middle Eastern country had agreed to invest in the ... Read More »

Oman’s share index closes higher marginally


Muscat: The MSM30 index stood higher and closed at 4,156.49 points, up by 0.69 per cent. The MSM Sharia Index closed at 553.51 points, down by 0.49 per cent. Bank Nizwa was the most active in terms of volume and in terms of turnover. Taageer Finance, up 5.15 per cent, was the top gainer while the top loser was Oman ... Read More »

Kuwait-Saudi consortium wins $400m Oman solar power station bid


A Kuwait-Saudi Arabia consortium has won a $400m bid to build a solar power station for the Oman Power and Water Procurement Company (OPWP), according to a report by Kuwait’s state news agency KUNA late on Sunday. The consortium includes Saudi Arabia’s ACWA Power and Kuwait’s Gulf Investment Corporation and Alternative Energy Projects Company. The project includes the construction, ownership, ... Read More »

Oman’s share index ends lower marginally


Muscat: The MSM30 index stood lower and closed at 4,082.68 points, down by 0.07 per cent. The MSM Sharia Index closed at 552.12 points, down by 0.23 per cent. Phoenix Power was the most active in terms of volume and in terms of turnover. Oman Fisheries, up 3.39 per cent, was the top gainer while the top loser was Al ... Read More »

Oman’s inflation rises marginally in February


Muscat: The inflation rate in the Sultanate, calculated in terms of consumer price index (CPI), increased by 0.18 per cent in February 2019 compared to the same month in 2018, according to the latest data released by the National Centre for Statistics and information (NCSI) on CPI. It also stated that the inflation rate fell by 0.10 per cent compared ... Read More »

Omani products expo 2019 to be held in Rwanda


Muscat: The Organising Committee of Omani Products Exhibition (Opex) organised the annual meeting to felicitate those who contributed to the success of Opex 2018 that was held in Nairobi, Kenya during October 28 to November 1, 2018. The ceremony was held under the auspices of Dr Ali bin Masoud Al Sunaidy, Minister of Commerce and Industry, at Crowne Plaza Hotel ... Read More »

‘Value creation in deals hard to find’


Muscat: A PwC and Mergermarket study of 600 global senior corporate executives has found that only 61 per cent of buyers believe their last acquisition created value. However, acquirers that prioritise value creation from the onset of the deal outperform their industry benchmark by 14 per cent on average, 24 months after completion, while divestors that prioritise value creation can ... Read More »

Tax provisions related to Islamic finance transactions


Few years ago, Oman issued licences to set up full-fledged Islamic banks and allowed conventional banks to have Islamic windows to carry out IFTs. Subsequently, licences have also been issued for takaful (Islamic insurance). Sukuk (Islamic bonds) have also been used to raise funds. IFTs must be carried out in accordance with the principles of Sharia and so differ from ... Read More »

10 arrested for smuggling in Oman


Muscat: Ten expats have been arrested for smuggling diesel and narcotic substances along the coasts of Musandam and Salalah Royal Oman Police said in a statement online: “Dhofar Coast Guard patrols managed to arrested three people in the fishing boat near the port of Salalah in an attempt to smuggle a quantity of khat to the state of Salalah, where ... Read More »

Oman’s Budget deficit falls to lowest level in four years


MUSCAT – Oman’s public finances are continuing to improve with the sultanate’s budget deficit for the full year 2018 falling to the lowest level in four years. According to the preliminary estimates of the closing of the government finance accounts for fiscal year 2018, Oman’s budget deficit last year decreased to RO2.7bn against RO3bn estimated in 2018 budget, Oman News ... Read More »

Oman to see 40 million airport passengers by 2030


Oman will see as many as 40 million passengers fly through the Gulf country by 2030, according to the Oman Aviation Group, which was set up in 2018 to develop the sultanate’s aviation sector. Since its establishment, the group created over 980 direct Omani jobs and supported nearly 8,000 indirect jobs in Oman. It also played a major role in ... Read More »

Blue Star posts Q3 net loss of Rs 94 crore, to exit JV in Oman


Air conditioning and commercial refrigeration firm Blue Star posted a loss of Rs 94 crore in the December quarter compared to a profit of Rs 13.36 crore in the year-ago period. The company reasoned that this was due to a one-time expense of Rs 7.17 crore on its platinum jubilee celebrations and provision of Rs 14.46 crore towards exposure in ... Read More »

Oman seeks to transform economy by 2040


Oman is attempting to diversify its economy beyond oil resources, which has been its main engine for growth for many decades. The Omani government has laid out its plan in Oman Vision 2040, a road map that seeks to improve various socio-economic areas in the country by implementing a broad set of regulatory and bureaucratic reforms. The roadmap document, which ... Read More »

UAE retail giant opens new $117m Oman mall


UAE-based mall operator Majid Al Futtaim has opened its fourth shopping and leisure destination in Oman. The launch of City Centre Suhar brings the total number of malls within Majid Al Futtaim’s shopping malls portfolio to 24. With an investment of OR45 million ($117 million), the mall houses international and regional retail stores such as The Body Shop and Max ... Read More »

Oman’s share index ends lower marginally


Muscat: The MSM30 index ended lower at 4,258.10 points by 0.51 per cent. MSM Sharia Index closed at 590.74 points, down by 0.89 per cent. Bank Sohar was the most active in terms of volume while Bank Muscat was the most active in terms of turnover. The top gainer was Muscat Finance which closed higher by 3.49 per cent while ... Read More »