News

OQ Inks 7 Investment Agreements to Establish Industrial Projects Muscat, 8 Dec (ONA) --- OQ Group today signed seven investment agreements with local and international companies, securing a total of RO 25.5 million (USD 66.4 million) for industrial projects under the "Ladayn Polymer Park." This initiative, conducted in collaboration with the Public Establishment for Industrial Estates (Madayn), the National Programme for Investment and Export Development (Nazdaher), and the Ministry of Commerce, Industry, and Investment Promotion, aims to bolster Oman’s economic ...

CBO Annual Meeting Explores Future of Banking Services in Oman Muscat, 8 Dec (ONA) --- The Central Bank of Oman (CBO) today held an annual meeting during which it reviewed new regulatory and supervisory initiatives undertaken by the bank. The meeting, which took place at the Royal Academy of Administration (RAA) under the theme “Digitalizing Tomorrow in Muscat”, also explored the future of banking services. Tahir Salim Al Amri, CBO Executive President, reviewed key government initiatives aimed to enhance financial sustainability and economic diversification. He also ...

Broad Money Supply in Oman Increases by RO 3 Billion Muscat, 8 Dec (ONA) --- Broad money supply (M2) in the Sultanate of Oman increased by 13.9% to reach RO 24,692.5 million by the end of September 2024, according to the statistics issued by the National Centre for Statistics and Information (NCSI). Narrow money supply (M1) by the end of September 2024 stood at RO 6,708.7 million, comprising an increase of 18.2% compared to the corresponding period in 2023. The total foreign assets at the Central Bank of Oman (CBO) increased by 20.7% to RO 7,488 million by the end of ...

MSX Drops 23 Points Muscat, 8 Dec (ONA) --- Muscat Stock Exchange (MSX) general index (30) today lost (23.3) points, comprising a decline by (0.51%) to close at (4548.18) points, compared to the last session, which stood at (4571.51) points. The trading value today stood at (RO 2,807,867), comprising a drop by (51.5%), compared to the last session, which stood at (RO 5,794,252). The report released by MSX pointed out that the market value went down by (0.246%) to reach about (RO 27.34) billion. The report added that the value of shares bought by non-Omani investors reached ...

Polymer Production Plant Project Inaugurated in Sohar Port Sohar, 8 Dec (ONA) --- Sohar Port and Freezone celebrated today the groundbreaking of a polymer production plant with a total investment value of RO 115.4 million (USD 300 million). This project marks a significant milestone in the development of Oman’s industrial sector, reinforcing the country’s position on the global stage for innovation and sustainable development. The ground-breaking ceremony was held under the auspices of Sultan Salim Al Habsi, Minister of Finance, at the presence of HH Sayyid Faisal Turki ...

Energy Ministry Issues Decision to Establish Oman Net Zero Centre Muscat, 8 Dec (ONA) --- The Ministry of Energy and Minerals issued Ministerial Decision No. (35/2024) establishing the Oman Net Zero Centre. The move aims to support the Sultanate of Oman’s efforts in achieving its goals of reaching zero neutrality by 2050, by developing updated strategies, monitoring the implementation of zero neutrality projects, including energy efficiency projects, and providing technical support to government and private agencies. In this context Eng. Salim Nasser Al Aufi, Minister of ...

Oman, Cyprus Sign Agreement for Avoidance of Double Taxation, Financial Evasion Muscat, 8 Dec (ONA) --- The Sultanate of Oman and the Republic of Cyprus today signed in Muscat an agreement for the avoidance of double taxation and prevention of financial evasion. The agreement was signed on behalf of the Government of the Sultanate of Oman by Nasser Khamis Al Jashmi, Chairman of the Tax Authority, while it was signed on behalf of the Government of Cyprus by Andreas Kakouris, Permanent Secretary of the Ministry of Foreign Affairs of the Republic of Cyprus. The agreement ...

Real Estate Deals Up by 30.1pc in October 2024Muscat, 7 Dec (ONA) —— The value of real estate transactions in the Sultanate of Oman increased by 30.1% to RO 2,943 million till the end of October 2024, compared to RO 2,261.8 million in the same period of 2023, according to the latest data released by the National Centre for Statistics and Information (NCSI).According to preliminary statistics issued by NCSI, fees collected for legal transactions amounted to RO 56.7 million till the end of October 2024, an increase of 2.1% compared to the corresponding period of 2023.The traded value of ...

MSX Drops 6 Points Muscat, 5 Dec (ONA) --- Muscat Stock Exchange (MSX) general index (30) today lost (6.1) points, comprising a decline by (0.13%) to close at (4571.51) points, compared to the last session, which stood at (4577.64) points. The trading value today stood at (RO 5,794,252), comprising a surge by (67.92%), compared to the last session, which stood at (RO 3,450,556). The report released by MSX pointed out that the market value went down by (0.058%) to reach about (RO 27.41) billion. The report added that the value of shares bought by non-Omani investors ...

Oman Oil Price Drops 1.29 US Dollars Muscat, 5 Dec (ONA) --- Oman oil price (February delivery 2025) today reached 72.06 US Dollars, comprising a drop by 1.29 US Dollars compared to the price of yesterday “Wednesday” which stood at 73.35 US Dollars. The average price of Oman oil (December delivery 2024) stabilized at 74.82 US Dollars per barrel, thus 1.33 US Dollars per barrel higher than November delivery 2024. --- Ends/AG ...

Fish Landing Value Exceeds RO 276 Million by End of July 2024 Muscat, 4 Dec (ONA) --- The value of total fish landed in the Sultanate of Oman by the end of July 2024 reached RO 276,614,000, comprising an increase by 6.2% compared to the corresponding period in 2023 which stood at RO 260,573,000, according to the data issued by the National Centre for Statistics and Information (NCSI). Artisanal fishing recorded a rise by 15% by the end of July 2024 to reach 371,934 tons compared to 323,297 tons during the corresponding period in 2023. Meanwhile, the quantity of fish landed ...

GCC-Jordan Investment Conference Capitalizes on Economic Integration Dead Sea, 4 Dec (ONA) --- The sessions and discussions of the first GCC-Jordanian Investment Conference, held today at the Dead Sea in Jordan, focused on the importance of enhancing opportunities for investment partnership and economic integration between GCC states and Jordan. The meeting laid emphasis on areas of information and communications technology and high-value industries and services. It also reviewed success stories and promising investment opportunities on both sides. Faisal Abdullah Al Rawas, ...

Oman Oil Price Rises 1.49 US DollarsMuscat, 4 Dec (ONA) --- Oman oil price (February delivery 2025) today reached 73.35 US Dollars, comprising a rise by 1.49 US Dollars compared to the price of yesterday “Tuesday” which stood at 71.86 US Dollars.The average price of Oman oil (December delivery 2024) stabilized at 74.82 US Dollars per barrel, thus 1.33 US Dollars per barrel higher than November delivery ...

Oman, Belgium Ink MoU in Green HydrogenAntwerp, 4 Dec (ONA) --- As part of His Majesty Sultan Haitham bin Tarik’s state visit to the Kingdom of Belgium, the Sultanate of Oman and the Kingdom of Belgium today signed Antwerp, a Memorandum of Understanding (MoU) between the Belgian Hydrogen Council (BHC) and Hydrom Oman.The MoU was signed on behalf of Oman’s government by Eng. Salim Nassir Al Aufi, Minister of Energy and Minerals (Board Chairman of Hydrom Oman), whilst Tom Hautekiet, Chairman of the Board of Directors of the Belgian Hydrogen Council inked the pact on behalf of the Belgian ...

Real Estate General Index Falls by 1.9% in Q3 of 2024 Muscat, 3 Dec (ONA) --- Residential prices in the general index for real estate prices in the Sultanate of Oman decreased by 1.9% in the third quarter of 2024 to stand at RO 94.5 million, compared to the corresponding period in 2023, according to the data issued by the National Centre for Statistics and Information (NCSI). The residential land price index decreased by 1%. Residential apartment price index also went down by 12.9%. Further, the value of other homes also dropped by 6.5%, while the price index for villas ...

FSA Approves Ratios for Subscription to OQ Basic Industries SharesMuscat, 3 Dec (ONA) --- The Financial Services Authority (FSA) has approved allocation ratios for the subscription shares of OQ Basic Industries Corporation (OQBi). The endorsement was made in accordance with the categories mentioned in the prospectus. The subscription saw a coverage volume of RO 387 million. This reflects the confidence of local and foreign investors in the issuing company, the potential of the Omani capital market and the attractiveness of the national economy. Results showed that the sums collected ...

MSX Gains 3 PointsMuscat, 3 Dec (ONA) --- Muscat Stock Exchange (MSX) general index (30) today gained (3.9) points, comprising a rise by (0.08%) to close at (4573.49) points, compared to the last session, which stood at (4569.60) points.The trading value today stood at (RO 6,478,941), comprising a surge by (119.9%), compared to the last session, which stood at (RO 2,945,620).The report released by MSX pointed out that the market value went down by (0.025%) to reach about (RO 27.42) billion.The report added that the value of shares bought by non-Omani investors reached (RO 711,000), ...

Oman to Participate in First GCC-Jordan Investment Conference Muscat, 3 Dec (ONA) --- Represented by Oman Chamber of Commerce and Industry (OCCI), the Sultanate of Oman will take part in the first investment conference between GCC states and the Kingdom of Jordan (First GCC-Jordan Investment Conference). The event is scheduled to be held at King Hussein Convention Centre in the Dead Sea, Hashemite Kingdom of Jordan. Faisal Abdullah Al Rawas, Chairman of Oman Chamber of Commerce and Industry (OCCI), Chairman of the GCC Federation of Chambers, stressed the significance of ...

Transport Ministry Issues New Regulation for Security of Ships, Ports Muscat, 3 Dec (ONA) --- Under Ministerial Resolution No. 423/2024, the Ministry of Transport, Communications and Information Technology has issued new regulations about the security of ships and ports. The new regulation seeks to achieve the highest levels of maritime safety. Based on Maritime Law No. 19/2023 and approved international agreements, the new regulation sets a comprehensive framework to ensure the security and safety of maritime operations in the Sultanate of Oman. Captain Majid Saif Al ...

Oman Oil Price Declines 10 CentsMuscat, 3 Dec (ONA) --- Oman oil price (February delivery 2025) today reached 71.86 US Dollars, comprising a decline by 10 cents compared to the price of yesterday “Monday” which stood at 71.96 US Dollars.The average price of Oman oil (December delivery 2024) stabilized at 74.82 US Dollars per barrel, thus 1.33 US Dollars per barrel higher than November delivery 2024. --- Ends/Thuraiya/AG ...

Oman Chamber, Riyadh Chamber Explore Means of Enhancing Trade Cooperation Riyadh, 2 Dec (ONA) --- Oman Chamber of Commerce and Industry and Riyadh Chamber of the Kingdom of Saudi Arabia (KSA) today discussed ways to enhance trade and economic cooperation between the two countries. This took place during a meeting held at the Riyadh Chamber headquarters in the Kingdom of Saudi Arabia. Mohammed Abdullah Al Murshid, a member of the Riyadh Chamber's Board of Directors, stated that this visit between the Kingdom of Saudi Arabia and the Sultanate of Oman contributes to ...

18th Annual GPCA Forum Kicks Off in Muscat Muscat, 2 Dec (ONA) ——The 18th Annual Forum of the Gulf Petrochemicals and Chemicals Association (GPCA) began in Muscat today under the auspices of Sheikh Dr. Ali Masoud Al Sunaidy, Chairman of the Public Authority for Special Economic Zones and Free Zones (OPAZ). The event, hosted by OQ Group, brings together ministers, GCC energy leaders, corporate executives and over 2,600 attendees from 43 countries. As a vital platform for collaboration and innovation in the petrochemical sector, the forum underscores the region’s ...

Muscat Stock Exchange Launches Guide on “Best Practices in Investor Relations” Muscat, 2 Dec (ONA) --- Muscat Stock Exchange (MSX) today launched a guide on the “Best Investor Relations Practices”. The move was aimed at instilling investor confidence and developing communication channels between companies and stakeholders, in line with the best international standards in the field. The ceremony was held under the auspices of Ibtisam Ahmed Al Farooji, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Investment Promotion. Majda Sheikhan ...

MSX Drops 8 PointsMuscat, 2 Dec (ONA) --- Muscat Stock Exchange (MSX) general index (30) today lost (8.8) points, comprising a decline by (0.19%) to close at (4569.60) points, compared to the last session, which stood at (4578.38) points.The trading value today stood at (RO 2,945,620), comprising a rise by (15.99%), compared to the last session, which stood at (RO 2,539,464).The report released by MSX pointed out that the market value went up by (0.007%) to reach about (RO 27.43) billion.The report added that the value of shares bought by non-Omani investors reached (RO 922,000), ...

Tender Results of Government Treasury Bills Worth RO 83 Million Issued Muscat, 2 Dec (ONA) --- The total issuance of Government Treasury Bills amounted to RO 83 million this week. The value of the allotted Treasury bills amounted to RO 10 million, for a maturity period of 28 days. The average accepted price reached RO 99.685 for every RO 100, and the minimum accepted price arrived at RO 99.685 per RO 100. The average discount rate and the average yield reached 4.10625% and 4.11923%, respectively. Whereas, the value of the allotted Treasury bills amounted to RO 37.5 million, ...

Oman AgroFood Exhibition Kicks off Muscat, 2 Dec (ONA) --- The 6th edition of the International Trade Exhibition for Agriculture, Food and Fisheries “Oman AgroFood” kicked off today. The three-day event focuses on the Sultanate of Oman’s role in boosting regional food security and enhancing sustainable practices in the fields of agriculture and fisheries. The opening ceremony was held under the auspices of Dr. Saud Hamoud Al Habsi, Minister of Agriculture, Fisheries and Water Resources. The Habsi underscored the importance of the exhibition in giving an ...

Oman Hosts 40 Local, International Golf Tourism Companies Muscat, 2 Dec (ONA) --- The Ministry of Heritage and Tourism today organized a workshop on golf tourism with the participation of 40 tourism companies from Asian and European markets. The event aimed to conduct B2B meetings between international and local tourism companies that are specialized in golf tourism. It also targets highlighting the Sultanate of Oman’s components in the same sphere. The workshop’s programme includes introductory visits to prominent tourism landmarks in the governorates of Muscat, ...

Oman, Belarus Explore Cooperation in Agriculture, Fisheries Muscat, 2 Dec (ONA)--- Dr. Saud Hamoud Al Habsi, Minister of Agriculture, Fisheries and Water Resources received in his office today Vadim Shagoiko, Deputy Minister of Agriculture and Food in the Republic of Belarus. The meeting discussed aspects of cooperation between the two countries in the areas of agricultural and fisheries, livestock, water resources and food security. The two sides also discussed the potential of for cooperation in research and scientific studies in the Sultanate of Oman, as well as ...

Oman Oil Price Declines 31 Cents Muscat, 2 Dec (ONA) --- Oman oil price (February delivery 2025) today reached 71.96 US Dollars, comprising a decline by 31 cents. The average price of Oman oil (December delivery 2024) stabilized at 74.82 US Dollars per barrel, thus 1.33 US Dollars per barrel higher than November delivery 2024. --- Ends/Thuraiya/AH ...

Oman Participates in World Investment Conference in Riyadh Riyadh, 1 Dec (ONA) --- The Sultanate of Oman, represented by the Ministry of Commerce, Industry and Investment Promotion, took part today in the 28thannual World Investment Conference (WIC), held in Riyadh, the Kingdom of Saudi Arabia (KSA). The event is considered an opportunity to view developments in the investments sector and to be introduced to the latest tools and methods of reaching markets and benefitting from promising investment sectors. The conference highlights the importance of digital transformation ...