News

ECONOMY
Oman, UAE Sign Agreements to Set Up, Operate Railway Network

Oman, UAE Sign Agreements to Set Up, Operate Railway Network Muscat, 28 Sep (ONA) --- To the tune of $3 billion (RO 1.160 billion), Oman Rail—developer and operator of the national railway network in Oman—and Etihad Rail, developer and operator of the national railway network in the United Arab Emirates (UAE), signed an agreement to establish “Oman and Al-Ittihad Company”, owned 50-50 by the two sides, to design and operate a railway network connecting Sohar Port and UAE National Railway Network. The pact was inked within the context of the state visit of Sheikh Mohammed ...

Oman Oil Price Declines 53 Cents

Oman Oil Price Declines 53 Cents Muscat, 28 Sep (ONA) --- Oman oil price (November Delivery 2022) today reached 83.71 US Dollars, comprising a drop by 53 cents from the price of yesterday (Tuesday) which stood at 84.24 US Dollars. The average price of Oman oil (September Delivery 2022) has stabilized at 103.21 US Dollars per barrel, thus 9.72 US Dollars per barrel lower than August Delivery 2022. ---Ends/Anas ...

MSX Gains 35 Points

MSX Gains 35 PointsMuscat, 27 Sep (ONA) --- Muscat Stock Exchange (MSX) general index (30) today gained (35.8) points, comprising a rise by (0.80%) to close at (4493.54) points, compared to the last session, which stood at (4457.71) points.The trading value today stood at (RO 3,434,122), comprising a drop by (15.4%), compared to the last session, which stood at (RO 4,060,783).The report released by MSX pointed out that the market value went up by (0.248%) to reach about (RO 23.18) billion.The report added that the value of shares bought by non-Omani investors reached (RO 264,000), ...

Tender Results Issue No. 165 of Government Treasury Bills worth RO 32 Million Issued

Tender Results Issue No. 165 of Government Treasury Bills worth RO 32 Million Issued Muscat, 27 Sep (ONA) --- A tender of Government Treasury Bills, issue number 165, worth RO 32 million was issued this week. Treasury Bills are short-term highly secured financial instruments issued by the Ministry of Finance, and they provide licensed commercial banks the opportunity to invest their surplus funds. The Central Bank of Oman (CBO) acts as the Issue Manager and provides the added advantage of ready liquidity through discounting and repurchase facilities (Repo). The results ...

Oman Oil Price Declines 22 Cents

Oman Oil Price Declines 22 CentsMuscat, 27 Sep (ONA) --- Oman oil price (November Delivery 2022) today reached 84.24 US Dollars, comprising a drop by 22 cents from the price of yesterday (Monday) which stood at 84.46 US Dollars.The average price of Oman oil (September Delivery 2022) has stabilized at 103.21 US Dollars per barrel, thus 9.72 US Dollars per barrel lower than August Delivery 2022. ---Ends/Thuraiya/Anas ...

Carbon Management Lab Tasks Take off

Carbon Management Lab Tasks Take offMuscat, 26 Sep (ONA) --- With a mission to establish a comprehensive national strategy and a unified operational plan towards achieving net zero emissions, Carbon Management Lab (CML) kicked off here today to keep pace with the development goals within Oman Vision 2040.The CML, which runs till 13 October 2022, seeks to boost Oman’s strategic approach to the environment. It is organized by Oman Vision 2040 Implementation Follow-up Unit, under the supervision of the Ministry of Energy and Minerals, in cooperation with the Environment Authority and ...

RO 35m the Value of Insured Omani Export Sales to UAE

RO 35m the Value of Insured Omani Export Sales to UAEMuscat, 26 Sep (ONA) --- Omani exports insured with Credit Oman to the United Arab Emirates (UAE) grew by 105% during the first half of 2022 and stood at RO 35.4 million as against their value during the corresponding period last year (RO 17.3 million).Sales of the construction sector's exports took the lead, comprising RO 22.4 million of the total, followed by the foodstuff sector (RO 8.8 million), in addition to the mining, packaging, agricultural materials, chemicals and petrochemicals sectors.Credit Oman and the UAE ...

MSX Closes at 4457 Points

MSX Closes at 4457 Points Muscat, 26 Sep (ONA) --- Muscat Stock Exchange (MSX) general index (30) today lost (0.4) point, comprising a decline by (0.01%) to close at (4457.71) points, compared to the last session, which stood at (4458.11) points. The trading value today stood at (RO 4,060,783), comprising a surge by (217.9%), compared to the last session, which stood at (RO 1,277,279). The report released by MSX pointed out that the market value went down by (0.020%) to reach about (RO 23.13) billion. The report added that the value of shares bought by non-Omani investors ...

OWWSC Signs Cloud Agreement with Data Park

OWWSC Signs Cloud Agreement with Data Park Muscat, 26 Sep (ONA) --- In an effort to ensure the safety of data and information related to the company, Oman Water and Wastewater Services Company (OWWSC), member of Nama Group, signed an agreement with Oman Data Park Company. Signing the agreement aims at making use of cloud services in hosting the company's data centre and disaster recovery centre. Based on the agreement, Oman Data Park will transfer and host the data and information of Oman Water and Wastewater Services Company with high efficiency and safe manner ...

Heritage, Tourism Ministry Marks World Tourism Day

Heritage, Tourism Ministry Marks World Tourism Day Muscat, 26 Sep (ONA) --- The Ministry of Heritage and Tourism today marked the World Tourism Day 2022 which falls on 27 September every year. The Ministry organizes a series of events and activities to promote the Sultanate of Oman as a distinctive destination in the region and globally. These activities aim to attract more visitors to the country's various governorates. The celebrations in the Sultanate of Oman are held under the global theme "Rethinking Tourism", in response to the World Tourism Organisation's ...

Oman, Iran Explore Investment Opportunities

Oman, Iran Explore Investment Opportunities Muscat, 26 Sep (ONA) --- Oman Chamber of Commerce and Industry (OCCI) received today a business delegation from the Islamic Republic of Iran to explore business and investment opportunities in both countries. The meeting focused on several economic fields in a bid to strike partnerships between Omani and Iranian businessmen, namely in agriculture, mining, medical equipment, technical inspection services, livestock, industry, auto spare parts, petrochemicals, building material, jewelry and furniture. Hussain Al Ajmi, member ...

Private Sector in Oman Aspires for Trade Partnership with UAE Counterpart

Private Sector in Oman Aspires for Trade Partnership with UAE Counterpart   Muscat, 26 Sep (ONA)—The private sector in Oman has welcomed the expected visit of Shaikh Mohammed bin Zayed Al Nahyan, President of the United Arab Emirates (UAE), to the Sultanate of Oman. In statements to Oman News Agency (ONA), a number of businessmen and businesswomen expressed the aspiration that this visit would open new inroads of economic cooperation and commercial partnership, provide more incentives that lead to increased trade exchange and enable the two sides to enter into joint ...

Oman Food and Hospitality Exhibition Kicks Off

Oman Food and Hospitality Exhibition Kicks Off Muscat, 26 Sep (ONA) --- The Food and Hospitality Oman (FHO) three-day exhibition kicked off today at Oman Convention and Exhibition Centre (OCEC). Salim Mohammed Al Mahrouqi, Minister of Heritage and Tourism inaugurated the exhibition. Al Mahrouqi said that the hospitality sector is growing in harmony with recent developments in the field. He added that there are many opportunities for expansion and boosting added value for local communities, creating job opportunities and competing in regional markets. Al Mahroqui said ...

Oman Oil Price Declines 4.82 US Dollars

Oman Oil Price Declines 4.82 US DollarsMuscat, 26 Sep (ONA) --- Oman oil price (November Delivery 2022) today reached 84.46 US Dollars, comprising a drop by 4.82 US Dollars from the price of last (Friday) which stood at 89.28 US Dollars.The average price of Oman oil (September Delivery 2022) has stabilized at 103.21 US Dollars per barrel, thus 9.72 US Dollars per barrel lower than August Delivery 2022. --- Ends/Thuraiya/Anas ...

Agreement Worth RO 3m Inked for Sur Public Park Project

Agreement Worth RO 3m Inked for Sur Public Park ProjectSur, 25 Sep (ONA) --- Oman Liquefied Natural Gas (Oman LNG) signed an agreement here today with the Governor’s Office of South A’Sharqiyah to fund the second phase of Sur Public Park project to the tune of RO 3 million. The park is set to be a public facility, attracting residents and visitors of the Wilayat of Sur and South A’Sharqiyah Governorate in general. It is planned to operate as a self-sustaining enterprise, providing exceptional opportunities for entrepreneurship. Additionally, the park will boost the tourism ...

MSX Declines 14 Points

MSX Declines 14 PointsMuscat, 25 Sep (ONA) --- Muscat Stock Exchange (MSX) general index (30) today lost (14.8) points, comprising a decline by (0.33%) to close at (4458.11) points, compared to the last session, which stood at (4472.93) points.The trading value today stood at (RO 1,277,279), comprising a drop by (14.5%), compared to the last session, which stood at (RO 1,493,350).The report released by MSX pointed out that the market value went down by (0.158%) to reach about (RO 23.13) billion.The report added that the value of shares bought by non-Omani investors reached ...

Bank Muscat Signs Agreement with Galfar For RO 39 Million Financing Facility

Bank Muscat Signs Agreement with Galfar For RO 39 Million Financing Facility Muscat, Sep 25 (ONA) --- Bank Muscat and Galfar Engineering & Contracting have signed an agreement for a RO 39 million financing facility. Through this agreement, the bank will provide Galfar with additional project-specific credit facilities of nearly RO 39 million. The agreement was signed by Ahmed Faqir Al Bulushi, Chief Banking Officer, Bank Muscat and Dr. Hamoud Al Tobi, CEO, Galfar. --- Ends/AH ...

OQ Records Consolidated Revenue of USD 22.768 Billion in 2021

OQ Records Consolidated Revenue of USD 22.768 Billion in 2021 Muscat, Sep 25 (ONA) ---- OQ recorded consolidated revenue of USD 22.768 billion by the end of 2021, compared to USD 14.006 billion in 2020, an increase of 63%. Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at USD 3.699 billion, an increase of 154% as compared to 2020. The net profit amounted to USD 1.818 billion. This was stated in OQ’s third sustainability report for 2021. The report highlights the Group’s achievements in various fields, as well as its economic progress, ...

Swiss Central Bank Hikes Interest Rates by 75 Basis Points, Going Out of Negative Territory

Swiss Central Bank Hikes Interest Rates by 75 Basis Points, Going Out of Negative Territory Geneva, 22 Sep (ONA) --- The Swiss National Bank (SNB) today raised its benchmark interest rate by 75 basis points to stand at 0.5%, a shift that away from negative rates, according to the CNBC News. The 75 basis point hike follows an increase to -0.25% on 16 June, which was the first rate rise in 15 years. Prior to this, the Swiss central bank had held rates steady at -0.75% since 2015. It comes after inflation in Switzerland hit 3.5% last month — its highest rate in three ...

MSX Declines 35 Points

MSX Declines 35 Points Muscat, 22 Sep (ONA) --- Muscat Stock Exchange (MSX) general index (30) today lost (35.7) points, comprising a decline by (0.79%) to close at (4472.93) points, compared to the last session, which stood at (4508.68) points. The trading value today stood at (RO 1,493,350), comprising a drop by (21.5%), compared to the last session, which stood at (RO 1,902,735). The report released by MSX pointed out that the market value went up by (0.215%) to reach about (RO 23.17) billion. The report added that the value of shares bought by non-Omani investors ...

Port of Duqm Presents Business Opportunities for Oil, Gas Sector

Port of Duqm Presents Business Opportunities for Oil, Gas Sector Muscat, 22 Sep (ONA) --- Port of Duqm Company (PODC), in collaboration with Oman Society for Petroleum Services (OPAL) and Oman logistics Association (OLA) organized a forum on “Business Opportunities at Port of Duqm,” which attracted oil and gas companies operating in the Sultanate of Oman. The forum aimed at encouraging business collaboration with Port of Duqm, where large number of professionals from the oil and gas sector joined the forum. The Port of Duqm is currently supporting the oil and gas ...

CBO Raises Repo Rate for Local Banks by 75 Basis Points

CBO Raises Repo Rate for Local Banks by 75 Basis Points Muscat, 22 Sep (ONA) --- The Central Bank of Oman (CBO) has increased its repo rate for local banks by 75 basis points to stand at 3.75%. The move comes after the U.S. Federal Reserve’s recent announcement to hike its key policy rate. The Central Bank of Oman’s monetary policy target is to sustain and maintain its fixed exchange rate. This policy is aligned with the structure and nature of the Omani economy. There are a number of advantages for the Sultanate of Oman that are derived from this policy, namely ensuring the ...

Oman Oil Price Declines 1.59 US Dollar

Oman Oil Price Declines 1.59 US DollarMuscat, 22 Sep (ONA) --- Oman oil price (November Delivery 2022) today reached 91.25 US Dollars, comprising a drop by 1.59 US Dollar from the price of yesterday (Wednesday) which stood at 92.84 US Dollars.The average price of Oman oil (September Delivery 2022) has stabilized at 103.21 US Dollars per barrel, thus 9.72 US Dollars per barrel lower than August Delivery 2022. --- Ends/Thuraiya/Anas ...

Heritage, Tourism Ministry Organizes Workshop on Dealing with Chinese Visitors

Heritage, Tourism Ministry Organizes Workshop on Dealing with Chinese VisitorsMuscat, 21 Sep (ONA) --- The Ministry of Heritage and Tourism organized a second workshop to enlighten partners in the Omani tourism sector about how to deal with Chinese visitors and understand their needs.The workshop was held in the presence of Azzan Qassim Al Busaidi, Tourism Undersecretary.Chinese outbound flights grew from 57 million in 2010 to 155 million in 2019, with Oman seeing the largest increase in Chinese tourists from 44,580 in 2018 to 107,446 in 2019, an increase of 141 percent. These figures ...

Commerce Ministry Launches Comprehensive Guide for its Services

Commerce Ministry Launches Comprehensive Guide for its ServicesMuscat, 21 Sep (ONA) --- The Ministry of Commerce, Industry and Investment Promotion today launched a Service Guide aimed to apply the best practices in serving beneficiaries and furnishing a better business environment for investors.The launch took place during a media briefing organized by the Ministry at Sheraton Hotel, Ruwi in Muscat. The guide covers all the 180 services provided by the Ministry.The media briefing dealt with the “Charter of Corporate Governance for Closed Commercial Companies”, through which the ...

Uzbek Delegation Explores Investment Opportunities in Oman

Uzbek Delegation Explores Investment Opportunities in Oman Muscat, 21 Sep (ONA) --- Oman Chamber of Commerce and Industry (OCCI) today hosted an Uzbek delegation, which is visiting Oman to explore investment opportunities in both countries. The meeting also explored means of enhancing economic cooperation between the two countries. The visiting delegation was headed by Furkat Sidikov, Deputy Foreign Minister of Uzbekistan. Businessmen from both countries were present during the meeting. Several B2B meetings were held between Omani and Uzbek businessmen from several ...

Inflation Rate in Oman Hits 2.4pc in August 2022

Inflation Rate in Oman Hits 2.4pc in August 2022Muscat, 21 Sep (ONA) --- The inflation rate of the Consumers Price Index (CPI) in the Sultanate of Oman stood at 2.4% in August 2022, according to the latest data issued by the National Centre for Statistics and Information (NCSI).The data indicated a rise in the prices of main groups in August 2022 compared to August 2021, such as education by 5.1%, food and non-alcoholic beverages by 4.9%, health by 3.5%, transport by 3.1%, restaurants and hotels by 2.1%, miscellaneous goods and services by 1.5%, recreation and culture by 1.4%, ...

MSX Gains 32 Points

MSX Gains 32 PointsMuscat, 21 Sep (ONA) --- Muscat Stock Exchange (MSX) general index (30) today gained (32.3) points, comprising a rise by (0.72%) to close at (4508.68) points, compared to the last session, which stood at (4476.35) points.The trading value today stood at (RO 1,902,735), comprising a surge by (178.4%), compared to the last session, which stood at (RO 683,509).The report released by MSX pointed out that the market value went up by (0.142%) to reach about (RO 23.22) billion.The report added that the value of shares bought by non-Omani investors reached (RO 272,000), ...

Germany Nationalises Gas Giant amid Energy Crisis

Germany Nationalises Gas Giant amid Energy Crisis Berlin, 21 Sep (ONA) --- Germany is to nationalise gas giant Uniper in an effort to secure energy supplies amid the war in Ukraine. The deal will see the German government take on a 98.5% stake in the firm at a cost of €8.5bn (£7.4bn). Germany is Europe's biggest importer of Russian gas, and has been particularly squeezed as Russia has reduced supplies in recent months. Chief executive Klaus-Dieter Maubach said the deal would help Uniper's role as "a system-critical energy supplier". Before Russian-Ukrainian war, ...

Oman Oil Price Rises 24 Cents

Oman Oil Price Rises 24 CentsMuscat, 21 Sep (ONA) --- Oman oil price (November Delivery 2022) today reached 92.84 US Dollars, comprising a rise by 24 cents from the price of yesterday (Tuesday) which stood at 92.60 US Dollars.The average price of Oman oil (September Delivery 2022) has stabilized at 103.21 US Dollars per barrel, thus 9.72 US Dollars per barrel lower than August Delivery 2022. --- Ends/Thuraiya/Anas ...