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Economy
Oman’s Report on Anti-Money Laundering and Counter-Terrorism Financing Systems Lauded

Oman’s Report on Anti-Money Laundering and Counter-Terrorism Financing Systems LaudedRiyadh, 20 Nov (ONA) —— The Sultanate of Oman, represented by the National Committee for Combating Money Laundering and Financing of Terrorism and the National Committee for Combating Terrorism, is participating in the 39th General Meeting of the Middle East and North Africa Financial Action Task Force (MENAFATF), held in the Saudi capital, Riyadh, from 16 to 21 November 2024.Oman’s delegation is chaired by Tahir Salim Al Amri, Executive President of the Central Bank of Oman (CBO) and Chairman of the ...

Gold Hits One-Week High on Softer Dollar

Gold Hits One-Week High on Softer DollarSingapore, 19 Nov (ONA) —- Gold prices climbed to a one-week high today, buoyed by a softer US dollar, while the market awaited comments from Federal Reserve officials for cues on the US interest rate outlook. Spot gold rose 0.4% to $2,623.54 per ounce, the highest since 12 November 2024. Prices were up 2% yesterday. US gold futures gained 0.5% to $2,627.60. The US dollar pulled back as profit-booking kicked in after last week's stellar rally. A weaker dollar makes bullion less expensive for buyers holding other ...

Oil Prices Gain on Supply Outages

Oil Prices Gain on Supply OutagesTokyo, 19 Nov (ONA) —- Oil prices edged up today, extending the previous day's rally driven by a halt in production at Norway's Johan Sverdrup oilfield, though investors remained cautious amid fears of an escalation in the Russia-Ukraine war. Brent crude futures for January delivery rose 15 cents, or 0.2%, to $73.45 a barrel, while US West Texas Intermediate crude futures for December delivery were at $69.31 a barrel, up 15 cents, or 0.2%. The more active WTI January contract rose 13 cents, or 0.2%, to $69.30. Both benchmarks ...

Oman Oil Price Rises 1.71 US Dollars

Oman Oil Price Rises 1.71 US Dollars Muscat, 19 Nov (ONA) --- Oman oil price (January delivery 2025) today reached 72.21 US Dollars, comprising a rise by 1.71 US Dollars compared to the price of yesterday “Monday” which stood at 70.50 US Dollars. The average price of Oman oil (November delivery 2024) stabilized at 73.49 US Dollars per barrel, thus 4.05 US Dollars per barrel lower than October delivery 2024. --- Ends/Thuraiya/AH ...

IMF Staff Completes 2024 Article IV Mission to Oman

IMF Staff Completes 2024 Article IV Mission to OmanMuscat, 18 Nov (ONA) —— Experts of the International Monetary Fund (IMF) concluded their visit to the Sultanate of Oman, as part of the annual consultations under Article IV of the IMF’s agreement.The experts commended Oman’s positive economic and financial performance, the resilience of its banking sector, improvements in its external account, and the government’s commitment to pursuing structural reforms.The experts highlighted the continued positive growth of Oman’s economy. Real GDP grew by 1.9% in the first half of 2024, ...

Over 1.7 Million Vehicles Registered till Sept 2024

Over 1.7 Million Vehicles Registered till Sept 2024 Muscat, 18 Nov (ONA) --- The total number of vehicles registered in the Sultanate of Oman reached 1,728,931 by the end of September 2024, according to the latest data issued by the National Centre for Statistics and Information (NCSI). Vehicles with private registration constituted 79.6% of the total vehicles registered in Oman to stand at 1,376,221, while the number of vehicles with commercial registration reached 251,305. Meanwhile, taxi vehicles reached 28,174. The number of rental vehicles reached 37,890. The number ...

MSX Loses 7 Points

MSX Loses 7 Points Muscat, 18 Nov (ONA) --- Muscat Stock Exchange (MSX) general index (30) today lost (7.6) points, comprising a decline by (0.16%) to close at (4618.30) points, compared to the last session, which stood at (4625.88) points. The trading value today stood at (RO 2,510,223), comprising a drop by (52.2%), compared to the last session, which stood at (RO 5,253,250). The report released by MSX pointed out that the market value went down by (0.059%) to reach about (RO 27.40) billion. The report added that the value of shares bought by non-Omani investors reached ...

Tender Results of Government Treasury Bills worth RO 43.1 Million Issued

Tender Results of Government Treasury Bills worth RO 43.1 Million Issued Muscat, 18 Nov (ONA) --- The total issuance of Government Treasury Bills amounted to RO 43.1 million. The value of the allotted Treasury bills amounted to RO 18.1 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 99.680 per RO 100. The average discount rate and the average yield reached 4.11237% and 4.12539%, respectively. The value of the allotted Treasury bills amounted to RO 22 million, for a ...

Oman Oil Price Declines 22 Cents

Oman Oil Price Declines 22 Cents Muscat, 18 Nov (ONA) --- Oman oil price (January delivery 2025) today reached 70.50 US Dollars, comprising a decline by 22 cents compared to the price of last “Friday” which stood at 70.72 US Dollars. The average price of Oman oil (November delivery 2024) stabilized at 73.49 US Dollars per barrel, thus 4.05 US Dollars per barrel lower than October delivery ...

About 1.5 Million Beneficiaries Make Use of Social Protection Law

About 1.5 Million Beneficiaries Make Use of Social Protection LawMuscat, 17 Nov (ONA) --- The Social Protection Fund has paved the way for implementing the provisions of the “Social Protection Law” since the beginning of this year. Steps in this direction include setting up branches of social insurance and social protection schemes that establish pillars for the protection of individuals and family members against multiple risks in life within the framework of a future vision for comprehensive social protection.On 1 January 2024, the “Social Protection Fund” began implementing the ...

MSX Loses 17 Points

MSX Loses 17 Points Muscat, 17 Nov (ONA) --- Muscat Stock Exchange (MSX) general index (30) today lost (17.6) points, comprising a decline by (0.38%) to close at (4625.88) points, compared to the last session, which stood at (4643.51) points. The trading value today stood at (RO 5,253,250), comprising a drop by (8.7%), compared to the last session, which stood at (RO 5,755,351). The report released by MSX pointed out that the market value went down by (0.077%) to reach about (RO 27.41) billion. The report added that the value of shares bought by non-Omani investors reached ...

Industrial Sector Local Content Plan Launched

Industrial Sector Local Content Plan LaunchedMuscat, 17 Nov (ONA) --- The Ministry of Commerce, Industry and Investment Promotion today launched a local content plan to be applied in the industrial sector. The ceremony was held under the auspices of Dr. Said bin Mohammed Al Saqri, Minister of Economy.The plan was launched with the aim of enhancing reliance on local products, increasing the percentage of local components in national industries, supporting Omani small and medium enterprises (SMEs) and raising the efficiency of local supply chains.The plan also aims to enhance the regional ...

Tender Board Awards Tenders, Additional Works Worth More Than RO 304 Million

Tender Board Awards Tenders, Additional Works Worth More Than RO 304 Million Muscat, 14 Nov (ONA) --- The Tender Board today held its fifth meeting this year (2024), under the chairmanship of Dr. Said bin Mohammed Al Saqri, Minister of Economy, Chairman of the Board. The Board awarded tenders and additional works complementing development projects in various fields to the tune of RO 304,006,392. The tenders awarded included: 1- Implementation of the dual-carriageway of Adam-Thumrait Road, Part 4, at a cost of RO 118,379,071. 2- Implementation of the dual-carriageway ...

Gold Falls to 8-Week Low on Stronger Dollar, Rising Yields

Gold Falls to 8-Week Low on Stronger Dollar, Rising YieldsSingapore, 14 Nov (ONA) --- Gold prices fell today for a fifth straight session to hit its lowest level in eight weeks, pressured by a stronger US dollar and rising Treasury yields amid uncertainty over the pace of the Federal Reserve's interest rate cuts. Spot gold was down 0.6% at $2,559.39 per ounce, after hitting its lowest since Sept. 19 earlier in the session. US gold futures fell 0.9% to $2,564.00. The US dollar advanced to a one-year high, making gold more expensive for overseas buyers, while ...

Oil Prices Fall on Fears of Higher Output, Lower Demand

Oil Prices Fall on Fears of Higher Output, Lower DemandSingapore, 14 Nov (ONA) --- Oil prices slipped in early trade today, weighed down by worries of higher global production amid slow demand growth, with a firmer dollar exacerbating the declines. Brent crude futures fell 6 cents, or 0.08%, to $72.22 a barrel. US West Texas Intermediate crude (WTI) futures declined 13 cents, or 0.19%, to $68.30. On Tuesday, the Organization of the Petroleum Exporting Countries cut its global oil demand growth forecast to 1.82 million bpd in 2024, down from 1.93 million bpd ...

Oman Hosts Annual Conference of ANVR

Oman Hosts Annual Conference of ANVR Muscat, 14 Nov (ONA) --- The Sultanate of Oman, represented by the Ministry of Heritage and Tourism (MHT), hosted the annual conference of the Dutch Association of Travel Agents and Tour Operators (ANVR). The event is organised in collaboration with the Dutch Travel Association. The opening ceremony is held under the auspices of Azzan Qassim Al Busaidi, Undersecretary of the Ministry of Heritage and Tourism for Tourism, at the presence of the Dutch Ambassador. The conference brings together 185 companies representing the ...

MSX Loses 11 Points

MSX Loses 11 PointsMuscat, 14 Nov (ONA) --- Muscat Stock Exchange (MSX) general index (30) today lost (11.2) points, comprising a decline by (0.24%) to close at (4643.51) points, compared to the last session, which stood at (4654.76) points.The trading value today stood at (RO 5,755,351), comprising a drop by (37.6%), compared to the last session, which stood at (RO 9,229,245).The report released by MSX pointed out that the market value went down by (0.012%) to reach about (RO 27.44) billion.The report added that the value of shares bought by non-Omani investors reached ...

State Public Revenue Up by 4%

State Public Revenue Up by 4% Muscat, 14 Nov (ONA) ---- The State’s public revenue by the end of the third quarter of 2024 reached RO 9,198 million, a 4% increase from RO 8,886 million in the same period of 2023, primarily driven by higher net oil revenue, according to the Fiscal Performance Bulletin issued by the Ministry of Finance. By the end of Q3 2024, net oil revenue reached RO 5,436 million, a 12% increase from RO 4,838 million in the same period of 2023. The average realized oil price was USD 83 per barrel, with oil production averaging 999,000 barrels per day. This ...

Oman Oil Price Rises 25 Cents

Oman Oil Price Rises 25 Cents Muscat, 14 Nov (ONA) --- Oman oil price (January delivery 2025) today reached 71.42 US Dollars, comprising a rise by 25 cents compared to the price of yesterday “Wednesday” which stood at 71.17 US Dollars. The average price of Oman oil (November delivery 2024) stabilized at 73.49 US Dollars per barrel, thus 4.05 US Dollars per barrel lower than October delivery 2024. --- Ends/Thuraiya/KH ...

Dollar Hits One-Year High on Higher Yields

Dollar Hits One-Year High on Higher YieldsTokyo, 14 Nov (ONA) --- The US dollar today stood at a one-year high against major peers and headed for a fifth straight daily gain, fueled by higher yields and Donald Trump's election victory. The greenback climbed above 156 yen for the first time since July. The euro slumped to its weakest since November 2023 at $1.0546 and sterling hit its lowest on the dollar in three months at $1.2683. The US dollar index, which measures the currency against six top counterparts including the euro and yen, added 0.2% to106.69, its ...

Dialogue Session Reviews Enhancing SMEs Investment in Tourism Sector

Dialogue Session Reviews Enhancing SMEs Investment in Tourism Sector Muscat, 13 Nov (ONA) --- The Authority for Small and Medium Enterprises Development (ASMED) today organized the fourth dialogue session entitled “Enhancing Small and Medium Enterprises Investment in the Tourism Sector.” The session comes as a continuation of a series of meetings and dialogues implemented by the Authority. These sessions aim to improve the business environment and its attractiveness to the SMEs, and to contribute to developing supportive policies and encouraging entrepreneurs to present ...

OQEP Distributes over RO 57 Million in Dividends for Q3 2024

OQEP Distributes over RO 57 Million in Dividends for Q3 2024 Muscat, 13 Nov (ONA) —— The Board of Directors of OQ Exploration and Production S.A.O.G. (OQEP) has decided to distribute cash dividends totaling to RO 57.675 million for the third quarter of the current year, 2024, at a rate of 7.21 baisa per share. This decision was made following the Board’s approval of the financial statements at its meeting yesterday. The Board in their meeting reviewed and approved the unaudited financial statements of the Company for the period ended on 30 September 2024. The Board ...

MSX Loses 17 Points

MSX Loses 17 PointsMuscat, 13 Nov (ONA) --- Muscat Stock Exchange (MSX) general index (30) today lost (17.3) points, comprising a decline by (0.37%) to close at (4654.76) points, compared to the last session, which stood at (4672.02) points.The trading value today stood at (RO 9,229,245), comprising a rise by (21.8%), compared to the last session, which stood at (RO 7,576,684).The report released by MSX pointed out that the market value went down by (0.148%) to reach about (RO 27.44) billion.The report added that the value of shares bought by non-Omani investors reached ...

Gold Edges Higher ahead of US Inflation Data

Gold Edges Higher ahead of US Inflation DataSingapore, 13 Nov (ONA) --- Gold prices edged up today as investors sought bargains after steep declines in the previous session, while the spotlight shifted to US inflation data, which could shed more light on the Federal Reserve's path for monetary policy. Spot gold firmed 0.5% at $2,610.99 per ounce, after hitting its lowest since 20 September 2024 on Tuesday. US gold futures rose 0.4% at $2,617.20. Spot silver rose 1% at $31, platinum added 0.6% to $953.22 and palladium gained 1% at $953.84.--- ...

Oil Trims Losses on Tight Near-Term Supply

Oil Trims Losses on Tight Near-Term SupplySingapore, 13 Nov (ONA) --- Oil prices edged up today on signs of near-term supply tightness, but remained near their lowest in two weeks a day after OPEC downgraded its forecast for global oil demand growth in 2024 and 2025. Brent futures rose 13 cents or 0.18% to $72.02 a barrel, and US West Texas Intermediate (WTI) crude futures gained 13 cents, or 0.19%, to $68.25. Oil prices settled up 0.1% yesterday following the news, after falling by about 5% during the two previous sessions.--- ...

Oman Oil Price Rises 12 Cents

Oman Oil Price Rises 12 CentsMuscat, 13 Nov (ONA) --- Oman oil price (January delivery 2025) today reached 71.17 US Dollars, comprising a rise by 12 cents compared to the price of yesterday “Tuesday” which stood at 71.05 US Dollars.The average price of Oman oil (November delivery 2024) stabilized at 73.49 US Dollars per barrel, thus 4.05 US Dollars per barrel lower than October delivery ...

Finance Ministry Implements 3rd Experimental Phase of Treasury Single Account

Finance Ministry Implements 3rd Experimental Phase of Treasury Single Account Muscat, 12 Nov (ONA) --- The Ministry of Finance has announced the completion of the third experimental phase of the Unified Treasury Account or "Treasury Single Account" (TSA) project at two new ministries: (1) The Ministry of Commerce, Industry and Investment Promotion and (2) The Ministry of Housing and Urban Planning. This raises to 7 the number of institutions that implemented the first three experimental phases of the TSA (a unified structure of government bank accounts enabling consolidation and ...

Oman Participates in Cityscape Global Exhibition in Riyadh

Oman Participates in Cityscape Global Exhibition in Riyadh Riyadh, 12 Nov (ONA) --- The Sultanate of Oman, represented by the Ministry of Housing and Urban Planning, is currently taking part in the Cityscape Global Exhibition 2024, being held till 14 November in Riyadh, Kingdom of Saudi Arabia. The event is one of the world's largest real estate exhibition, looking beyond traditional real estate to envision the Future of Living. The exhibition features multiple stages where creative minds from around the world converge, enabling individuals, companies, and exhibitors to ...

MSX Loses 11 Points

MSX Loses 11 Points Muscat, 12 Nov (ONA) --- Muscat Stock Exchange (MSX) general index (30) today lost (11.01) points, comprising a decline by (0.23%) to close at (4672.02) points, compared to the last session, which stood at (4683.02) points. The trading value today stood at (RO 7,576,684), comprising a drop by (22.6%), compared to the last session, which stood at (RO 9,788,041). The report released by MSX pointed out that the market value went down by (0.044%) to reach about (RO 27.48) billion. The report added that the value of shares bought by non-Omani investors ...

Mobile Subscriptions Rise 1.2% in September 2024

Mobile Subscriptions Rise 1.2% in September 2024 Muscat, 12 Nov (ONA) ---- The total number of mobile phone subscriptions increased by 1.2% reaching 7,240,909 at the end of September 2024 compared to the same period last year, according to statistics issued by the National Center for Statistics and Information (NCSI). Notably, the number of postpaid mobile phone subscriptions increased by 23% to reach 2,163,883. Meanwhile, the prepaid mobile phone subscriptions decreased by 6% to reach 5,077,026, including 3,837,108 subscriptions from operators and 1,239,918 subscriptions ...