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Oman, Qatar Insurance share offer opens for subscription

OMAN

  MUSCAT: Oman Qatar Insurance Company SAOG (under transformation), a leading insurance company in Oman, has announced the opening of its Initial Public Offering (IPO) for subscription. The company has appointed Ubhar Capital as financial advisor and issue manager for the IPO. The IPO entails offering of 25 million shares at an offer price of 160 baisas per share (comprising ... Read More »

Muscat bourse edges up on better volume

OMAN

  MUSCAT: Shares on the Muscat Securities Market edged up on better activity on Wednesday. The MSM30 Index remained stable at 5,064.58 points, a marginal gain of 0.03 per cent. The MSM Sharia Index declined 0.14 per cent to close at 738.18 points. Oman Fisheries was the most active in terms of volume while Bank Muscat was the leader in ... Read More »

Oman’s central bank to raise OMR150m from development bond issue

OMAN

MUSCAT: Oman’s central bank plans to raise OMR150 million from a development bond issue. The bonds will have a maturity period of 10 years and will carry a coupon rate of 5.75 per cent per annum. The issue will open for subscription between September 10 and 14, 2017, while the auction will be held on September 17. The issue settlement ... Read More »

Major Chinese building material facility in Duqm to be ready in 2019

OMAN

  MUSCAT: A major distribution facility for building materials, which is one of the 10 projects planned by Chinese firms in Duqm, will be ready by the middle of 2019, according to a top-level official at Oman Wanfang. The building material distribution centre, which is coming up in an area of 500,000 square metres, is being developed by Ningxia Ningqiao ... Read More »

Muriya Tourism plans to invest $70m to add hotel rooms, other facilities

OMAN

MUSCAT: Muriya Tourism Development Company, a joint venture between Egypt’s Orascom Development Holding and Oman Tourism Development Company (Omran), plans to invest between $60 million and $70 million to develop additional hotel rooms and other facilities in Hawana Salalah and Jebel Sifah. Ahmed Dabbous, chief executive officer of Muriya Tourism Development Company, said that Muriya has invested more than $600 ... Read More »

12.9% growth a shot in the arm for Oman’s economy

OMAN

MUSCAT: Oman’s economy has achieved a robust 12.9 per cent growth at OMR6,438.9 million in the first quarter of 2017, against OMR5,703.2 million for the same period of last year. The growth in gross domestic product (GDP) at market price was mainly driven by a marked rise in crude oil revenue in the international market, shows the monthly report released ... Read More »

Average inflation rate in Oman for 2017 forecast at 4.1%

OMAN

MUSCAT: Average inflation rate in Oman is expected at 4.1 per cent this year, up from 1.1 per cent in 2016. However, it is much lower than the 8 per cent inflation estimate for the entire Middle East and North Africa (MENA) region for the current year. Citing a report from International Monetary Fund (IMF), the Central Bank of Oman ... Read More »

Duqm Refinery’s capital expenditure estimate scaled down to $5.65b

OMAN

MUSCAT: Capital expenditure of Duqm Refinery’s 230,000 barrels per day-capacity refinery has been scaled down to $5.65 billion, from an earlier estimate of almost $7 billion. The decline in total project cost could be due to a fall in EPC values, following undercutting by competing bidders in the aftermath of the slackness in oil prices and softening of project contract ... Read More »

Sohar Aluminium appoints expert team to investigate incident

OMAN

MUSCAT: Sohar Aluminium has put together a team of experts to investigate an incident that had occured at the plant on August 4, that had disrupted normal operations. A statement from CEO Said Al Masoudi read, “The company has put together a team of industry experts to assess how quickly metal production can be restarted and a return to full ... Read More »

Retail investors help Muscat bourse recovery

OMAN

MUSCAT: Shares on the Muscat bourse recovered on support from retail investors. MSM 30 index ended with gains and closed at 5,042.31, up by 0.40 per cent. The MSM Sharia Index also was marginally down by 0.04 per cent and closed at 741.04 points. Bank Nizwa was the leader in terms of volume as well as turnover. Oman National Engineering ... Read More »

Oman transport: Mwasalat calls for taxi bids

OMAN

MUSCAT: The government bus operator has invited bids to supply 500 taxicabs in Oman, according to adverts placed by Mwasalat. In a statement shared across social media, the transportation company ‘Mwasalat’ said: “Within our framework to begin operating our taxi fleet by the end of the year, as based on our Ministry of Transport and Communications permits, ‘Mwasalat’ invites all ... Read More »

Oman participates in emergency meeting of Arab foreign ministers

OMAN

MUSCAT: The Sultanate on Thursday took part in the emergency meeting of the Council of Arab Foreign Ministers, chaired by Algeria, at the headquarters of the Arab League in Cairo to discuss the latest Israeli attacks and actions in the city of Al Quds and the Al Aqsa Mosque. The Sultanate’s delegation was led in the meeting by Dr. Ali ... Read More »

Salalah port names new chief executive officer

OMAN

MUSCAT: Salalah port on Tuesday announced the appointment of Andrew Dawes as chief executive officer of the company with effect from August 1, 2017. Salalah Port Services in a disclosure statement on the Muscat Securities Market said that Andrew has extensive experience in a wide range of terminal operational functions with several global terminal operators over 20 years. “Over the ... Read More »

Oman oil price rises 92%

OMAN

MUSCAT: Dubai Mercantile Exchange (DME) said that Oman oil price (September delivery 2017) reached $48.37. The DME statement on Thursday said that the price of Oman oil rose 92 cents from Wednesday’s price, which was $47.45. The average price of Oman oil (August Delivery 2017) has stabilised at $46.52, thus $4.03 per barrel lower than July delivery 2017. Read More »

Central Bank of Oman raises OMR41m from treasury bills

OMAN

MUSCAT: Oman raised OMR41 million by way of treasury bills this week. The treasury bills are with a maturity period of 28 days, from July 19 to August 16, 2017. The average accepted price reached 99.924 for every OMR100, and the minimum accepted price arrived at 99.920 per OMR100. Whereas the average discount rate and the average yield reached 0.98881 ... Read More »

Al Ahlia Insurance to offer 9.3% dividend yield

OMAN

MUSCAT: Al Ahlia Insurance, which floated its OMR7.5 million Initial Public Offering (IPO) on July 4, aims to offer an attractive 9.3 per cent dividend yield for the first four years. The first dividend of 11 baisas is expected to be paid by the company in August-September, 2017, with semi-annual dividend distributions thereafter. The company’s 25 million share offer (which ... Read More »

Oman crude oil, condensates production above 29m barrels in June, 2017

OMAN

MUSCAT: The Sultanate’s total crude oil and condensates production during June 2017 stood at 29,055,300 barrels, a daily average by 968,510 barrels, according to the monthly report published by the Ministry of Oil and Gas. The total quantity of crude oil exported abroad during June, 2017 stood at 24,144,243 barrels, a daily average of 804,808 barrels, comprising a growth of ... Read More »

Iran, Oman agree to boost ties amid Gulf crisis

Flags_Iran_Oman

TEHRAN: Iran and Oman have agreed to work on boosting bilateral ties as a diplomatic crisis persists in the Gulf. “Iran and Oman have for years had fraternal relations and the best must be made of these good relations to reinforce them,” Iranian President Hassan Rouhani said as he met Oman’s foreign minister late on Wednesday. The Iranian government’s website ... Read More »

Oil rises above $48 as US fuel inventories fall

OMAN

MUSCAT: Oil rose above $48 a barrel on Wednesday in response to a fall in US fuel inventories and a cut in the US government’s forecast for crude output next year which raised hopes that a supply glut is easing. US crude inventories fell by 8.1 million barrels, industry group the American Petroleum Institute said on Tuesday, much more than ... Read More »

Oman lifts poultry import ban from several countries

OMAN

MUSCAT: Oman has lifted the ban on import of poultry and poultry products from several countries. Oman had introduced restrictions in the aftermath of an outbreak of Highly Pathogenic Avian Influenza (HPAI) virus in many European countries and a few Indian states in November-December 2016. The Ministry of Agriculture and Fisheries issued a decision (No 159/2017) on July 2, lifting ... Read More »