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Karwa Motors Factory in Duqm Officially Inaugurated

Karwa Motors Factory in Duqm Officially Inaugurated Duqm, 23 Jun (ONA) --- Karwa Motors today marked the official inauguration of its factory in the Special Economic Zone of Duqm. The investment value of Karwa Motors stands at RO 71 million, as it is a joint venture between Oman Investment Authority (30%) and Mowasalat Qatar, the state-owned transport company of Qatar (70%). The official opening ceremony was held under the patronage of Sultan Salim Al Habsi, Minister of Finance, in the presence of Ali Ahmed Al Kuwari, Minister of Finance in the State of ...

MSX Declines 21 Points

MSX Declines 21 Points Muscat, 22 Jun (ONA) --- Muscat Stock Exchange (MSX) general index (30) today lost (21.6) points, comprising a decline by (0.52%) to close at (4115.13) points, compared to the last session, which stood at (4136.77) points. The trading value today stood at (RO 2,008,801), comprising a drop by (8.97%), compared to the last session, which stood at (RO 2,206,834). The report released by MSX pointed out that the market value went down by (0.173%) to reach about (RO 22.19) billion. The report added that the value of shares bought by non-Omani investors ...

Oman Oil Price Declines 15 Cents

Oman Oil Price Declines 15 Cents Muscat, 23 Jun (ONA) --- Oman oil price (August Delivery 2022) today reached 106.47 US Dollars, comprising a drop by 15 cents from the price of yesterday (Wednesday), which was 106.62 US Dollars. The average price of Oman oil (June Delivery 2022) has stabilized at 102.40 US Dollars, thus 8.56 US Dollars per barrel lower than May Delivery 2022. --- Ends/Anas ...

Stocks Edge Higher, Remain Turbulent amid Recession Worries

Stocks Edge Higher, Remain Turbulent amid Recession Worries New York, 22 Jun (ONA) --- Stocks turned slightly higher in morning trading on Wall Street today, shaking off an early loss. Markets remained turbulent amid concerns about inflation and whether rising interest rates will help or hinder the economy. The S&P 500 rose 0.4%. The Dow Jones Industrial Average rose 65 points, or 0.2%, to 30,595 and the Nasdaq rose 0.9%. The choppy trading follows a solid rally yesterday (Tuesday) in what has been a turbulent period for the broader market, with daily and sometimes hourly ...

UK Prices Rise at Fastest Rate for 40 Years

UK Prices Rise at Fastest Rate for 40 Years London, 22 Jun (ONA) --- Prices are continuing to rise at their fastest rate for 40 years with food costs, particularly for bread, cereal and meat, climbing. UK inflation, the rate at which prices rise, edged up to 9.1% in the 12 months to May 2022, from 9% in April, the UK Office for National Statistics (ONS) said. Fuel and energy prices are the biggest drivers of inflation, but the ONS said food costs had pushed it up further, BBC news reported. Currently, inflation is at the highest level since March 1982, when it also stood ...

Czech Central Bank Raises Key Rate Again to Tackle Inflation

Czech Central Bank Raises Key Rate Again to Tackle Inflation Prague, 22 Jun (ONA) --- The Czech Republic’s central bank today raised its key interest rate significantly as it tried to combat soaring inflation. The hike of a percentage point and a quarter brought the interest rate to 7.00%, the highest level since early 1999. It was the ninth straight increase since June 2021. The bank last raised the rate, by three-quarters of a point, on May 5. Today’s increase was not unexpected. The Czech National Bank considers high consumer prices to be a major threat and had ...

State Budget Actual Deficit Declines 45.4pc in 2021

State Budget Actual Deficit Declines 45.4pc in 2021 Muscat, 22 Jun (ONA) --- The State Budget’s public revenue registered an increase by 29.6% reaching RO 11.195 billion at the end of 2021 compared to the approved budget of RO 8.640 billion. The rise is attributed to the improvement of oil prices in international markets. Actual public spending by the end of 2021 went up by 14.1% to reach RO 12.418 billion compared to the estimates of the approved public spending of RO 10.880 billion. This rise is attributed to an increase in investment expenditure by 32.6%, contributions ...

Board of Public Authority for Social Insurance Meets

Board of Public Authority for Social Insurance MeetsMuscat, 22 Jun (ONA) --- The Board of the Public Authority for Social Insurance (PASI) today reviewed indicators for measuring general institutional performance, status of the projects and initiatives of the first operational plan for the Authority’s vision 2040.This came during a meeting held here today under the chairmanship of Dr. Mahad Said Ba’Owain, Minister of Labour, Chairman of the Authority’s Board.The Board approved the extension of exempting employers from the additional amounts incurred by them as a result of the ...

Oman, Netherlands Discuss Cooperation in Green Hydrogen, Logistics, Ports Infrastructure

Oman, Netherlands Discuss Cooperation in Green Hydrogen, Logistics, Ports Infrastructure Amsterdam, 22 Jun (ONA) ---- The Sultanate of Oman’s Embassy in the Netherlands, the Municipal Council of Amsterdam and the management of Port of Amsterdam held a meeting today to discuss means of activating cooperation between Oman and the Port of Amsterdam. The meeting explored means of setting up joint ventures in green hydrogen, logistics and ports infrastructures. The meeting further discussed the cooperation between Port Sultan Qaboos and Port of Amsterdam in the tourism ...

MSX Declines 9 Points

MSX Declines 9 Points Muscat, 22 Jun (ONA) --- Muscat Stock Exchange (MSX) general index (30) today lost (9.04) points, comprising a decline by (0.22%) to close at (4136.77) points, compared to the last session, which stood at (4145.81) points. The trading value today stood at (RO 2,206,834), comprising a surge by (44.2%), compared to the last session, which stood at (RO 1,530,213). The report released by MSX pointed out that the market value went down by (0.457%) to reach about (RO 22.23) billion. The report added that the value of shares bought by non-Omani investors ...

Usufruct Agreement Inked for Green Hydrogen, Ammonia Project in Duqm

Usufruct Agreement Inked for Green Hydrogen, Ammonia Project in Duqm Muscat, 22 Jun (ONA) --- The Public Authority for Special Economic Zones and Free Zones (OPAZ) signed today a land development (usufruct) agreement with Green Hydrogen and Chemicals Company (GHC), a joint venture between the UK entity of ACME Company and Norway-based Scatec ASA, to develop phase one of the green hydrogen and ammonia project in the Special Economic Zone at Duqm (SEZAD). The agreement was signed by Dr. Ali Masoud Al Sunaidy, Chairman of OPAZ and Manoj Upadhyay, Chairman and Founder, ACME Group. ...

Oman Oil Price Declines 5.17 US Dollars

Oman Oil Price Declines 5.17 US Dollars Muscat, 22 Jun (ONA) --- Oman oil price (August Delivery 2022) today reached 106.62 US Dollars, comprising a drop by 5.17 US Dollars from the price of yesterday (Tuesday), which was 111.79 US Dollars. The average price of Oman oil (June Delivery 2022) has stabilized at 102.40 US Dollars, thus 8.56 US Dollars per barrel lower than May Delivery 2022. --- Ends/Anas ...

MSX Gains 9 Points

MSX Gains 9 Points Muscat, 21 Jun (ONA) --- Muscat Stock Exchange (MSX) general index (30) today gained (9.3) points, comprising a rise by (0.22%) to close at (4145.81) points, compared to the last session, which stood at (4136.52) points. The trading value today stood at (RO 1,530,213), comprising a surge by (34.7%), compared to the last session, which stood at (RO 1,135,958). The report released by MSX pointed out that the market value went up by (0.052%) to reach about (RO 22.33) billion. The report added that the value of shares bought by non-Omani investors reached (RO ...

Inflation Rate in Oman Rises 2.4pc in May 2022

Inflation Rate in Oman Rises 2.4pc in May 2022 Muscat, 21 Jun (ONA) --- The inflation rate in the Sultanate of Oman rose by 2.4% in May 2022 compared to May 2021. The inflation rate stabilized compared to April 2022, according to the latest data from the National Centre for Statistics and Information (NCSI). The data indicate that the rise in the food prices index in May 2022 is attributed to increases in the prices of main groups, such as education by 5.1%, food and non-alcoholic beverages by 5%, transport by 3.5%, health by 2.8%, miscellaneous goods and services by 1.5%, ...

Oman Oil Price Rises 3.28 US Dollars

Oman Oil Price Rises 3.28 US Dollars Muscat, 21 Jun (ONA) --- Oman oil price (August Delivery 2022) today reached 111.79 US Dollars, comprising a rise by 3.28 US Dollars from the price of yesterday (Monday), which was 108.51 US Dollars. The average price of Oman oil (June Delivery 2022) has stabilized at 102.40 US Dollars, thus 8.56 US Dollars per barrel lower than May Delivery 2022. --- Ends/Anas ...

Tender Results Issue No. 140 of Government Treasury Bills Worth RO 13 Million Issued

Tender Results Issue No. 140 of Government Treasury Bills Worth RO 13 Million Issued. Muscat, 21 Jun (ONA) --- A tender of Government Treasury Bills, issue number 140, worth RO 13 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 theadded advantage of ready liquidity through discounting and repurchase facilities (Repo). The ...

Omani, Qatari Committee Concludes 21st Meeting in Doha

Omani, Qatari Committee Concludes 21st Meeting in Doha Doha, 20 Jun (ONA) --- The Omani-Qatari Joint Committee concluded meetings of its 21st round at Doha. The Omani side was headed by Sultan Salim Al Habsi, Minister of Finance whilst it was headed from the Qatari side by Ali Ahmed Al Kawari, Minister of Finance of Qatar. The committee reviewed during the two-day meeting aspects of cooperation between the two countries in many fields to serve the joint interests. It also discussed areas of economic and business cooperation and the latest developments related to the joint ...

US Rate Rise Affects Global Economy

US Rate Rise Affects Global Economy Washington, 20 Jun (ONA) --- The US central bank has announced its biggest rate hike in nearly 30 years as it ramps up its battle to bring soaring consumer prices under control. It lifted the rate the Federal Reserve charges banks to borrow by three quarters of a percentage point. The consequences will be felt in nearly every corner of the economy - in the US and abroad. The immediate impact is in the US, where people will face higher borrowing costs for mortgages, credit cards, student loans and other debt. The average rate on the ...

OQ Group Produces 218k Oil Barrels Per Day

OQ Group Produces 218k Oil Barrels Per Day Muscat, 20 Jun (ONA) --- OQ Group today celebrated its achievements made by the Upstream business of the Group. The ceremony was held under the patronage of Eng. Salim Nasser Al Aufi, Minister of Energy and Minerals, The achievements come as part of the efforts made by the Omani government to diversify economic resources to achieve the objectives of Oman Vision 2040. Al Aufi said, “OQ Group plays a major role in oil, gas, petrochemical and alternative energy investments. The efforts are in line with the Group’s strategy ...

CBO Board of Governors Convenes its Second Meeting of 2022

CBO Board of Governors Convenes its Second Meeting of 2022 Muscat, 20 Jun (ONA) --- The Board of Governors of the Central Bank of Oman (CBO) today convened its second meeting for 2022. The Board commenced its meeting by welcoming the International Monetary Fund’s Statement in the conclusion of its Mission to Oman. This visit came within the framework of the preparations for 2022 Article IV consultations. The Statement commended the substantial efforts exerted by the Omani government to mitigate the impacts of the COVID-19 pandemic and foster recovery, as well as the fiscal ...

MSX Gains 13 Points

MSX Gains 13 PointsMuscat, 20 Jun (ONA) --- Muscat Stock Exchange (MSX) general index (30) today gained (13.99) points, comprising a rise by (0.34%) to close at (4134.54) points, compared to the last session, which stood at (4120.55) points.The trading value today stood at (RO 1,135,958), comprising a surge by (47.4%), compared to the last session, which stood at (RO 770,442).The report released by MSX pointed out that the market value went up by (0.055%) to reach about (RO 22.32) billion.The report added that the value of shares bought by non-Omani investors reached (RO 38,000), ...

Oman Oil Price Declines 7.82 US Dollars

Muscat, 20 Jun (ONA) --- Oman oil price (August Delivery 2022) today reached 108.51 US Dollars, comprising a drop by 7.82 US Dollars from the price of yesterday (Friday), which was 116.33 US Dollars. The average price of Oman oil (June Delivery 2022) has stabilized at 102.40 US Dollars, thus 8.56 US Dollars per barrel lower than May Delivery 2022. --- Ends/Thuraiya/Anas ...

MSX Declines 1 Point

MSX Declines 1 PointMuscat, 19 Jun (ONA) --- Muscat Stock Exchange (MSX) general index (30) today lost (1.97) point, comprising a drop by (1.97%) to close at (4120.55) points, compared to the last session, which stood at (4122.51) points.The trading value today stood at (RO 770,442), comprising a drop by (82%), compared to the last session, which stood at (RO 4,268,825).The report released by MSX pointed out that the market value went down by (0.173%) to reach about (RO 22.31) billion.The report added that the value of shares bought by non-Omani investors reached (RO 335,000), ...

MSX Gains 9 Points

Muscat, 16 Jun (ONA) --- Muscat Stock Exchange (MSX) general index (30) today gained (9.1) points, comprising a rise by (0.22%) to close at (4122.01) points, compared to the last session, which stood at (4112.95) points. The trading value today stood at (RO 4,268,825), comprising a surge by (59%), compared to the last session, which stood at (RO 2,684,767). The report released by MSX pointed out that the market value went down by (0.021%) to reach about (RO 22.35) billion. The report added that the value of shares bought by non-Omani investors reached (RO 953,000), ...

Oman Oil Price Declines 1.31 US Dollar

Oman Oil Price Declines 1.31 US DollarMuscat, 16 Jun (ONA) --- Oman oil price (August Delivery 2022) today reached 115.04 US Dollars, comprising a drop by 1.31 US Dollar from the price of yesterday (Wednesday), which was 116.35 US Dollars.The average price of Oman oil (June Delivery 2022) has stabilized at 102.40 US Dollars, thus 8.56 US Dollars per barrel lower than May Delivery 2022. --- Ends/Thuraiya/Anas ...

Oman, Indonesia Ink Agreement on Air Transport

Oman, Indonesia Ink Agreement on Air TransportMuscat, 15 Jun (ONA) --- The government of the Sultanate of Oman, represented by the Civil Aviation Authority (CAA), signed an air transport agreement with the government of the Republic of Indonesia.The agreement aims to regulate operational and technical aspects to boost aviation movement between the airports of the two countries.The agreement was signed by Eng. Naif Ali Al Abri, Chairman of the CAA and Mohammed Arzan Johan, Ambassador of Indonesia to Oman.The agreement includes 22 items and an annex on the air routes between the two ...

SOHAR Signs Expansion Agreement with General Cargo Terminal Operator C. Steinweg Oman

SOHAR Signs Expansion Agreement with General Cargo Terminal Operator C. Steinweg Oman Sohar, 15 Jun (ONA) --- SOHAR Port and Freezone has signed an agreement with C. Steinweg Oman LLC (CSO) which will see the General Cargo Terminal Operator expand its storage area with 27 hectares (270,000 m2), in order to anticipate further growth, amongst others to facilitate the growing demand for minerals. The expansion agreement represents a further investment in SOHAR Port and Freezone by the C. Steinweg Group and further strengthens SOHAR’s position as the leading export facility ...

MSX Declines 8 Points

MSX Declines 8 Points Muscat, 15 Jun (ONA) --- Muscat Stock Exchange (MSX) general index (30) today lost (8.3) points, comprising a drop by (0.20%) to close at (4112.95) points, compared to the last session, which stood at (4121.21) points. The trading value today stood at (RO 2,684,767), comprising a rise by (2.2%), compared to the last session, which stood at (RO 2,627,076). The report released by MSX pointed out that the market value went down by (0.194%) to reach about (RO 22.35) billion. The report added that the value of shares bought by non-Omani investors reached ...

OIA Begins its Exit Plan with 6 Diverse National Investments

Muscat, 15 Jun (ONA) --- Oman Investment Authority (OIA) announced the start of the initial stage of its exit plan for six of its national investments in diverse sectors. This plan reflects OIA’s role in implementing the national priorities of Oman Vision 2040, aiming to achieve economic diversification, decrease dependence on oil and realize the government’s approach to empower the private sector in leading the national economy and enhancing its role in driving national development. Nasser Sulaiman Al Harthy, OIA’s Acting Chairman for Operations said that “since its ...

Oman Oil Price Declines 2.39 US Dollars

Oman Oil Price Declines 2.39 US DollarsMuscat, 15 Jun (ONA) --- Oman oil price (August Delivery 2022) today reached 116.35 US Dollars, comprising a drop by 2.39 US Dollars from the price of yesterday (Tuesday), which was 118.74 US Dollars.The average price of Oman oil (June Delivery 2022) has stabilized at 102.40 US Dollars, thus 8.56 US Dollars per barrel lower than May Delivery 2022. --- Ends/Thuraiya/Anas ...