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OCCI Launches Social Investment Centre

OCCI Launches Social Investment Centre Muscat, 22 May (ONA) --- The Board of Directors of the Social Investment Centre of Oman Chamber of Commerce and Industry (OCCI) today held its first meeting under the chair of HH Sayyida Dr. Mona Fahd Al Said, Head of the Centre. The meeting discussed the centre’s action plan and several other topics aimed at achieving integration with partners and stakeholders from the public and private sectors, charities and civil society organizations. HH Sayyida Mona pointed out that the centre was launched within the framework of OCCI’s ...

UN Tourism Regional Commission Meeting Explores Developing Tourism Sector

UN Tourism Regional Commission Meeting Explores Developing Tourism Sector Muscat, 22 May (ONA) --- The Sultanate of Oman, represented by the Ministry of Heritage and Tourism, hosted today the 50th meeting of the UN Tourism Regional Commission for the Middle East. The meeting deals with a number of topics related to developing the tourism sector in the region. Moreover, the regional commission’s meeting highlighted the action programme of the organization during 2023-2024, as well as the priorities of the commission, which include medical tourism, tourism investment and ...

HH Sayyid Theyazin Graces Opening of “Governorates Economics Forum 2024”

HH Sayyid Theyazin Graces Opening of “Governorates Economics Forum 2024” Muscat, 22 May (ONA) --- HH Sayyid Theyazin bin Haitham Al Said, Minister of Culture, Sports and Youth, today presided over the opening of “Governorates Economics Forum 2024” at Oman Convention and Exhibition Centre in Muscat. Organized by the Ministry of Economy, the forum featured strategic visions on enhancing decentralization and domestic development and explored means of utilizing the competitive advantages of the Sultanate of Oman. During the forum, HH Sayyid Theyazin launched the ...

Al Royal Economic Forum Explores Innovative Ideas to Boost Omani Industries Competitiveness

Al Royal Economic Forum Explores Innovative Ideas to Boost Omani Industries Competitiveness Muscat, 22 May (ONA) --- The 13th edition of Al Roya Economic Forum, held here today, discussed means of reaching innovative ideas to enhance the competitiveness of the Omani product locally and globally. The forum was organized by Al Royal newspaper. The Republic of Hungary was the guest of honour of the 13th edition. The opening ceremony of Al Royal Economic Forum was held under the auspices of Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion. Moreover, the ...

Oman Oil Price Drops 1.15 US Dollars

Oman Oil Price Drops 1.15 US Dollars Muscat, 22 May (ONA) --- Oman oil price (July delivery 2024) today reached 83.07 US Dollars, comprising a drop by 1.15 US Dollars from the price of yesterday (Tuesday) which stood at 84.22 US Dollars. The average price of Oman oil (May delivery 2024) has stabilized at 78.49 US Dollars per barrel, thus 3.74 US Dollars per barrel lower than April delivery 2024. --- Ends/Thuraiya/AH ...

HH Sayyid Bilarab Briefed About Role of Future Fund Oman in Promoting Startups

HH Sayyid Bilarab Briefed About Role of Future Fund Oman in Promoting StartupsMuscat, 21 May (ONA) --- HH Sayyid Bilarab bin Haitham Al Said, Honorary President of “Rising Omani Start-ups Programme”, today visited Oman Investment Authority (OIA) where he was briefed about the role of Future Fund Oman in promoting small and medium enterprises (SMEs) and emerging companies (startups). During the visit, HH Sayyid Bilarab took note of the fact that Future Fund Oman acts as a reliable investment partner for SMEs and startups by allocating 10% of its capital to the firms, thus ...

Oman Participates in Saudi Food Show 2024 Held in Riyadh

Oman Participates in Saudi Food Show 2024 Held in Riyadh Riyadh, 21 May (ONA) --- The Sultanate of Oman, represented by the Public Establishment for Industrial Estates “Madayn”, is participating at the Saudi Food Show 2024, held in Riyadh, the Kingdom of Saudi Arabia (KSA). The event features over 1,000 exhibitors from 97 countries. Dr. Rashid Hamad Al Alawi, Investment Director at Madayn, emphasized the significance of the Sultanate of Oman’s participation in the second edition of the Saudi Food Show. The event is an ideal platform to boost international trade ...

Esnad System Tenders Worth More Than RO 584 Million Submitted to Tender Board

Esnad System Tenders Worth More Than RO 584 Million Submitted to Tender BoardMuscat, 21 May (ONA) --- The Secretariat General of the Tender Board said that, during the first quarter of 2024, a total of 3,056 tenders were offered through Esnad electronic bidding system. The tenders, floated by establishments bound by the Tender Law, have a lumpsum value of more than RO 584 million.The tenders deal with the implementation of development and service projects in different governorates of the Sultanate of Oman.The projects cited in the tenders include the expansion of the Muscat ...

Oman Tomorrow Hosts UN Tourism Regional Commission Meeting

Oman Tomorrow Hosts UN Tourism Regional Commission Meeting Muscat, 21 May (ONA) --- The Sultanate of Oman, represented by the Ministry of Heritage and Tourism will host tomorrow (Wednesday) the 50th meeting of the UN Tourism Regional Commission for the Middle East and the Conference on “Investing in Tourism: Opportunities and Challenges in Sustainable Financing”. The opening ceremony will be held under the auspices of HH Sayyid Taimour Asa’ad Al Said, Chairman of the Board of Governors of the Central Bank of Oman (CBO). Salim Mohammed Al Mahrouqi, Minister of Heritage ...

Oman Oil Price Drops 98 Cents

Oman Oil Price Drops 98 Cents Muscat, 21 May (ONA) --- Oman oil price (July delivery 2024) today reached 84.22 US Dollars, comprising a drop by 98 cents from the price of yesterday (Monday) which stood at 85.20 US Dollars. The average price of Oman oil (May delivery 2024) has stabilized at 78.49 US Dollars per barrel, thus 3.74 US Dollars per barrel lower than April delivery 2024. --- Ends/Anas ...

HH Sayyid Bilarab Reviews Progress of Joint Committees of Rising Omani Startups Programme

HH Sayyid Bilarab Reviews Progress of Joint Committees of Rising Omani Startups Programme Muscat, 20 May (ONA) --- HH Sayyid Bilarab bin Haitham Al Said, Honorary President of “Rising Omani Start-ups Programme” today reviewed the progress of the joint workshop between the supervisory committee and the technical committee of the Programme. The workshop is participated by members of the committees, representatives of public units of concern and representatives of several technology and innovation startups. The workshop aimed to achieve integration between government ...

Stocks Strong on Economic Optimism, Metals Shine

Stocks Strong on Economic Optimism, Metals Shine London, 20 May (ONA) --- Gold and copper started the week at record highs, with world stocks not far off, buoyed by investor optimism over slower inflation, economic growth and China's efforts to address its property crisis. Gold climbed more than 1% to a record $2,449.89 an ounce, while three-month copper on the London Metal Exchange surged as much as 4.1% to a historic high of $11,104.50, after climbing 28% so far this year. That the two metals were rallying together was notable, said analysts at Rabobank, as the ...

Oman Participates in Meeting of GCC Finance Undersecretaries

Oman Participates in Meeting of GCC Finance Undersecretaries Doha, 20 May (ONA) --- The Sultanate of Oman, represented by the Ministry of Finance, took part today in the 71st meeting of GCC undersecretaries of finance ministries, held in Doha, the State of Qatar. This meeting comes in preparation for the 121st meeting of the financial and economic cooperation committee, which will be held at the end of May 2024. Oman was represented during the meeting by Abdullah Salim Al Harthy, Undersecretary of the Ministry of Finance. The meeting discussed a spectrum of topics, ...

Transport Ministry Launches Hadatha Award to Celebrate Cybersecurity Accomplishments

Transport Ministry Launches Hadatha Award to Celebrate Cybersecurity Accomplishments Muscat, 20 May (ONA) --- Represented by the National Centre for Information Safety (Oman National CERT), the Ministry of Transport, Communications and Information Technology today launched the “Hadatha Cybersecurity Award”, which targets local talents and innovators, as well as parties undertaking cybersecurity initiatives, government and private institutions in the Sultanate of Oman. The organizers evaluate the performance and accomplishments made in the field of security. The award ...

Tender Results of Government Treasury Bills Worth RO 39.03 Million Issued

Tender Results of Government Treasury Bills Worth RO 39.03 Million Issued Muscat, 20 May (ONA) --- The total issuance of Government Treasury Bills amounted to RO 39.03 million. The value of the allotted Treasury bills amounted to RO 10.03 million, for a maturity period of 91 days. The average accepted price reached RO 98.750 for every RO 100, and the minimum accepted price arrived at RO 98.730 per RO 100. The average discount rate and the average yield reached 5.01368% and 5.07714%, respectively. Whereas, the value of the allotted Treasury bills amounted to RO 29 million, for a ...

UK Set to Have Slower Inflation than Eurozone and US

UK Set to Have Slower Inflation than Eurozone and USLondon, 20 May (ONA) --- The United Kingdom (UK) is set to have slower inflation than both the Eurozone and the US for the first time in over two years as falling energy prices for consumers cut Britain's rate of headline price growth. The Financial Times said that the annual growth in consumer prices for April is predicted to drop to 2.1 per cent, which is close to the Bank of England's target of 2 per cent. This would be sharply below Marchs 3.2 per cent figure. The newspaper added that the decline is largely the ...

Oman Business Forum Highlights Future of Energies, Industries

Oman Business Forum Highlights Future of Energy, Industries Muscat, 20 May (ONA) --- Oman Business Forum, held at Oman Convention and Exhibition Centre, showcased the latest developments in the future of energies and industries across all sectors, addressing issues relevant to companies and investors. The event was organized by “The Business Year” in cooperation with the Ministry of Commerce, Industry and Investment Promotion. In his speech, Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion underscored the growing importance of renewable ...

Oman Oil Price Rises 67 Cents

Oman Oil Price Rises 67 CentsMuscat, 20 May (ONA) --- Oman oil price (July delivery 2024) today reached 85.20 US Dollars, comprising a rise by 67 cents from the price of last (Friday) which stood at 84.53 US Dollars.The average price of Oman oil (May delivery 2024) has stabilized at 78.49 US Dollars per barrel, thus 3.74 US Dollars per barrel lower than April delivery 2024. --- Ends/Thuraiya/Anas ...

Khazaen Economic City to Set Up Al Maskan Worker Accommodation in Barka

Khazaen Economic City to Set Up Al Maskan Worker Accommodation in Barka Barka, 19 May (ONA) --- Khazaen Economic City in the Wilayat of Barka, South Al Batinah Governorate, will open a worker accommodation to be known as “Al Maskan Village” by mid-2024. It will be the first integrated labour accommodation that offers sustainable solutions for investors in the economic zone.More than 90 percent of the residential complex was completed within 22 months since the signing of an agreement to develop and operate the village, which occupies an area of more than 55,000 square metres, ...

Outcomes of 8 Manjam Labs Training Courses Approved as Part of Drive to Streamline Government Services

Outcomes of 8 Manjam Labs Training Courses Approved as Part of Drive to Streamline Government ServicesMuscat, 19 May (ONA) --- Officials at government departments have approved the outcomes of 8 user training courses out of a scheduled 14 courses within the context of a drive to streamline government procedures.The outcomes endorsed were part of the third phase of a plan targeting the streamlining of 45 services within 14 training courses being carried out through Manjam Labs.The outcomes approved included those of a course on registration of newborns, a household care initiative on ...

MSX Drops 10 Points

MSX Drops 10 PointsMuscat, 19 May (ONA) --- Muscat Stock Exchange (MSX) general index (30) today lost (10.4) points, comprising a decline by (0.22%) to close at (4781.81) points, compared to the last session, which stood at (4792.18) points.The trading value today stood at (RO 1,971,307), comprising a drop by (86.4%), compared to the last session, which stood at (RO 14,449,513).The report released by MSX pointed out that the market value went down by (0.078%) to reach about (RO 24.39) billion.The report added that the value of shares bought by non-Omani investors reached ...

Trade Balance Records Surplus of RO 1.7 Billion at End of Feb 2024

Trade Balance Records Surplus of RO 1.7 Billion at End of Feb 2024Muscat, 18 May (ONA) —- The trade balance of the Sultanate of Oman recorded a surplus of RO 1.69 billion at the end of February 2024, compared to a surplus of RO 1.38 billion during the same period in 2023, according to preliminary statistics issued by the National Centre for Statistics and Information (NCSI).According to NCSI statistics, the total value of merchandise exports reached RO 4.414 billion by the end of February 2024, an increase of 19.5% over the same period of the previous year, when it was RO 3.695 ...

OQ Signs USD 23 Mn Agreement with Multibond Metal to Establish Polymer Facility

OQ Signs USD 23 Mn Agreement with Multibond Metal to Establish Polymer FacilityShanghai, 18 May (ONA) —- OQ, the global integrated energy group signed a strategic partnership with a leading manufacturer, Multibond Metal, to establish a manufacturing facility at its Ladayn Polymer Park in Sohar Industrial Estate.Valued at USD 23 million, this first-of-its-kind project in the Middle East, will focus on producing advanced polymer solutions for heat resistance and surface protection. The partnership aligns with OQ's commitment to develop polymer-based industries by attracting direct foreign ...

Energy Agency Trims 2024 Oil Demand growth Forecast, Widens Gap With OPEC

Energy Agency Trims 2024 Oil Demand growth Forecast, Widens Gap With OPECParis, 16 May (ONA)--- The International Energy Agency (IEA) has downgraded its 2024 oil demand growth forecast by 140,000 barrels per day (bpd) to 1.1 million bpd, citing weak demand in OECD nations due to subdued industrial activity and mild weather. This contrasts with OPEC's maintained expectation of a 2.25 million bpd increase. Discrepancies between the two organizations highlight broader differences in outlooks regarding oil market strength and the transition to cleaner energy sources. This ...

MSX Gains 16 Points

MSX Gains 16 Points Muscat, 16 May (ONA) --- Muscat Stock Exchange (MSX) general index (30) today gained (16.9) points, comprising a rise by (0.35%) to close at (4792.18) points, compared to the last session, which stood at (4775.30) points. The trading value today stood at (RO 14,449,513), comprising a rise by (543.5 %), compared to the last session, which stood at (RO 2,245,271). The report released by MSX pointed out that the market value went up by (0.060%) to reach about (RO 24.41) billion. The report added that the value of shares bought by non-Omani investors reached ...

CAA Begins Commercial Operation of Southern Runway at Muscat International Airport

CAA Begins Commercial Operation of Southern Runway at Muscat International Airport Muscat, 16 May (ONA) --- The Civil Aviation Authority (CAA) today began commercial operation of the southern runway at Muscat International Airport. The move is aimed at enhancing international and local air traffic at the airport and expanding multiple take-off and landing routes in accordance with the requirements of International Civil Aviation Organization (ICAO) regulations. The southern 4-km long, 45-m wide runway accommodates all sizes of aircraft, including Airbus A380. It uses the ...

European Shares Slip on Auto, Energy Drag; Siemens Drops on Bleak Earnings

European Shares Slip on Auto, Energy Drag; Siemens Drops on Bleak Earnings Brussels,16 May (ONA) --- European shares saw a slight dip today, with Siemens leading losses after a second-quarter industrial profit miss. Automobile and energy sectors were also affected by several major players trading ex-dividend. The pan-European STOXX 600 slipped 0.1%, following a record high on Wednesday. Anticipation for a September rate cut by the Federal Reserve was fueled by lower-than-expected U.S. consumer price increases in April, boosting global sentiment. Despite record-breaking ...

Oil Prices Rise on Slower US Inflation, Strong Demand

Oil Prices Rise on Slower US Inflation, Strong DemandTokyo, 16 May (ONA) --- Oil prices today extended gains from the previous session on signs of stronger demand in the U.S. where data showed slower inflation than markets expected, bolstering the argument for an interest rate cut which could drive even greater consumption.Brent futures rose 35 cents, or 0.4%, to $83.10 a barrel, while U.S. West Texas Intermediate crude (WTI) gained 40 cents, or 0.5%, to $79.03.Crude inventories fell 2.5 million barrels to 457 million barrels in the week ended 10 May 2024.---Ends/Thuraiya/KH ...

Tanmia Liquidity Fund Launched to Enhance Liquidity at MSX

Tanmia Liquidity Fund Launched to Enhance Liquidity at MSXMuscat, 16 May (ONA) —— The "Tanmia Liquidity Fund " was inaugurated at the Muscat Stock Exchange today. The fund, which has a value of USD 126 million, is dedicated to enhancing market depth and boosting liquidity on the exchange while achieving long-term capital growth for the fund.Oman National Investment Development Company "Tanmia," a leading investment and fund management company, will act as the investment manager in collaboration with SICO BSC (c), a leading regional asset manager, broker, and investment banking ...

Oman Oil Price Rises 34 Cents

Oman Oil Price Rises 34 CentsMuscat, 16 May (ONA) --- Oman oil price (July delivery 2024) today reached 83.74 US Dollars, comprising a rise by 34 cents from the price of yesterday (Wednesday) which stood at 83.40 US Dollars.The average price of Oman oil (May delivery 2024) has stabilized at 78.49 US Dollars per barrel, thus 3.74 US Dollars per barrel lower than April delivery 2024.--- Ends/AH ...