News

GCC Technical Committee Meets in Muscat, Discusses 15 ProjectsMuscat, 24 Dec (ONA) --- The GCC Technical Committee for Standards and Metrology today held its 40th meeting in Muscat. The meeting was hosted by the Directorate General of Standards and Metrology at the Ministry of Commerce, Industry and Investment Promotion.The meeting discussed 15 GCC projects within the 2024 plan, which cover the areas of irrigation equipment, solar energy systems and petroleum measurement systems.The projects will be submitted for endorsement by all GCC states, with special focus on digital transition ...

MSX Drops 7 PointsMuscat, 24 Dec (ONA) --- Muscat Stock Exchange (MSX) general index (30) today lost (7.3) points, comprising a decline by (0.16 %) to close at (4485.54) points, compared to the last session, which stood at (4492.84) points.The trading value today stood at (RO 3,086,952), comprising a drop by (45.4%), compared to the last session, which stood at (RO 5,648,822).The report released by MSX pointed out that the market value went down by (0.631%) to reach about (RO 27.21) billion.The report added that the value of shares bought by non-Omani investors reached (RO 183,000), ...

Oman Oil Price Rises 16 CentsMuscat, 24 Dec (ONA) --- Oman oil price (February delivery 2025) today reached 73.42 US Dollars, comprising a rise by 16 cents compared to the price of yesterday “Monday” which stood at 73.26 US Dollars.The average price of Oman oil (December delivery 2024) stabilized at 74.82 US Dollars per barrel, thus 1.33 US Dollar per barrel higher than November delivery 2024. --- Ends/Thuraiya/AG ...

Oman-Kuwait Economic Forum Begins Kuwait, 23 Dec (ONA) --- Oman-Kuwait Economic Forum and its accompanying exhibition began in the State of Kuwait today. The forum aims at strengthening relations of trade and investment cooperation, introducing and promoting the products of both countries, and augmenting the volume of trade exchange. Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion stressed that the forum and the accompanying joint exhibition highlight the depth of the fraternal ties between the two countries. He added that the ...

Oman, Kuwait Explore Cooperation in Shaping Economic Policies Kuwait, 23 Dec (ONA) --- An Omani delegation led by Dr. Nasser Rashid Al Maawali, Undersecretary of the Ministry of Economy visited the State of Kuwait today. The delegation met with Ahmed bin Ja’ed Al Anzi, Secretary-General of the Supreme Council for Planning and Development in the State of Kuwait. The two sides explored areas of cooperation and exchange of expertise in the fields of development planning and economic policy-making.The delegation was briefed about the experience of the specialized centres at the ...

Oil Prices Edge upSingapore, 23 Dec (ONA) --- Oil prices inched higher today, after US data showed cooling inflation, reviving hopes of further policy easing next year (2025) that will support global economic growth and oil demand. Brent crude futures rose 26 cents, or 0.4%, to $73.20 a barrel. US West Texas Intermediate crude futures climbed 31 cents, or 0.5%, to $69.77 per barrel. Both oil benchmarks fell more than 2% last week on concerns about global economic growth and oil demand after the US central bank signaled caution over further easing of ...

Dollar Steady as Interest Rate Concerns EaseSingapore, 23 Dec (ONA) --- The US dollar was steady today after US inflation data showed only a modest rise last month, easing some concerns about the pace of US rate cuts next year (2025). The dollar index, which measures the US currency against six of its largest peers, was steady at 107.78, near a two-year high of 108.54 touched on Friday. The euro was languishing at $1.0434, near a two-year low it touched in November, and is down 5.5% this year (2024). The yen was easier at 156.65 per dollar, while sterling ...

British Economy Shows Zero Growth in Q3London, 23 Dec (ONA) --- Britain's economy failed to grow in the third quarter of 2024, official figures showed today, adding to the signs of a slowdown that has cast a shadow over Prime Minister Keir Starmer's new government. The Office for National Statistics (ONS) lowered its estimate for the change in gross domestic product output to 0.0% in the July-to-September period from a previous estimate of 0.1% growth. The ONS also cut its estimate for growth in the second quarter to 0.4% from a previous 0.5%. The ONS said ...

Gold Holds Steady after US Economic DataSingapore, 23 Dec (ONA) --- Spot gold remained largely unchanged today in light of trading after gaining on an overall softer US dollar and Treasury yields on Friday, when US economic data hinted at a slowdown in inflation. Spot gold traded flat at $2,621.19 per ounce. US gold futures eased 0.3% to $2,637.00. Data on Friday showed monthly inflation in the US slowed in November after little improvement in recent months. Spot silver climbed 0.3% to $29.59 per ounce and platinum rose 0.4% to $929.83, while ...

Inflation Rises 0.5pc in November 2024 in Oman Muscat, 23 Dec (ONA) --- The inflation rate in the Sultanate of Oman increased by 0.5% in November 2024 compared to the same month in 2023 for the base year 2018, according to data from the Consumer Price Index in the Sultanate of Oman issued by the National Centre for Statistics and Information (NCSI). The data indicated an increase in the prices of miscellaneous goods and services groups by 5.5%, health by 3.2%, food and non-alcoholic beverages by 1.9%, recreation and culture by 0.7%, restaurants and hotels by 0.7%, ...

MSX Gains 4 Points Muscat, 23 Dec (ONA) --- Muscat Stock Exchange (MSX) general index (30) today gained (4.4) points, comprising a rise by (0.10%) to close at (4492.84) points, compared to the last session, which stood at (4488.40) points. The trading value today stood at (RO 5,648,822), comprising a rise by (66.1%), compared to the last session, which stood at (RO 3,400,674). The report released by MSX pointed out that the market value went up by (0.289%) to reach about (RO 27.38) billion. The report added that the value of shares bought by non-Omani investors reached (RO ...

GDP at Current Prices Grows 2.7pc at End of Q3 of 2024 Muscat, 23 Dec (ONA) --- The gross domestic product (GDP) at current prices of the Sultanate of Oman recorded an increase of 2.7% by the end of the third quarter of 2024 to reach (at market price) RO 30,642.0 million, compared to the end of the third quarter of 2023, during which the gross domestic product at current prices amounted to RO 29,845.4 million, according to primary data issued by the National Centre for Statistics and Information (NCSI). Petroleum activities increased by 0.3%, recording RO 10,766.2 ...

IPO for "Ishraq Endowment Investment Fund" Kicks off Muscat, 23 Dec (ONA) --- The initial public offering (IPO) of “Ishraq Endowment Fund” began today after the approval of its prospectus by the Financial Services Authority (FSA). The IPO targets an initial capital of RO 10 million. The subscription period will continue until 2 January 2025. The fund was established in partnership with the Ministry of Endowments and Religious Affairs, the Sultan Qaboos Higher Centre for Culture and Science and Bank Nizwa. Oman National Investments Development Company (Tanmia) was appointed as ...

Oman Oil Price Rises 63 Cents Muscat, 23 Dec (ONA) --- Oman oil price (February delivery 2025) today reached 73.26 US Dollars, comprising a rise by 63 cents compared to the price of last “Friday” which stood at 72.63 US Dollars. The average price of Oman oil (December delivery 2024) stabilized at 74.82 US Dollars per barrel, thus 1.33 US Dollar per barrel higher than November delivery ...

Tender Results of Government Treasury Bills Worth RO 52 Million Issued Muscat, 23 Dec (ONA) --- The total issuance of Government Treasury Bills stood at RO 52 million this week. The value of the allotted Treasury bills amounted to RO 12.8 million, for a maturity period of 28 days. The average accepted price reached RO 99.680 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 4.16939% and 4.18277%, respectively. The value of the allotted Treasury bills stood at RO 18.2 million, for a maturity period ...

MSX Drops 20 PointsMuscat, 22 Dec (ONA) --- Muscat Stock Exchange (MSX) general index (30) today lost (20.3) points, comprising a decline by (0.45%) to close at (4488.40) points, compared to the last session, which stood at (4508.73) points.The trading value today stood at (RO 3,400,674), comprising a drop by (26.5%), compared to the last session, which stood at (RO 4,626,587).The report released by MSX pointed out that the market value went down by (0.067%) to reach about (RO 27.30) billion.The report added that the value of shares bought by non-Omani investors reached ...

Positive Economic Forecasts Expected for GCC CountriesMuscat, 21 Dec (ONA) —— The forecasts of the GCC Statistical Centre (GCC-Stat) indicate that the gross domestic product (GDP) of the GCC countries constant prices will grow by 3.7% in the current year 2024. The Centre expects growth to continue at a higher pace in 2025 to reach 4.5%, then it will stabilize at a rate of 3.5% in 2026.The GCC-Stat forecasts that this expected growth for the years 2024, 2025 and 2026 is attributed to the increase in oil production in the GCC countries, especially in light of the fact thatthe OPEC+ alliance ...

Economy Ministry Launches Interactive Platform for Governorates Competitiveness Index Muscat, 19 Dec (ONA) --- The Ministry of Economy today launched an interactive platform for the “Governorates Competitiveness Index”. The platform seeks to accelerate decision-making and follow up progress through the implementation of the “Governorates Development Programme”. The platform provides a database and materials on local development in all governorates. It offers an opportunity to explore the “Governorates Competitiveness Index” and enables comparison between different ...

Round Table Meeting Focuses on Deepening Oman-Türkiye Private Sector Partnerships Muscat, 19 Dec (ONA) --- Oman Chamber of Commerce and Industry (OCCI) today organized an Omani-Turkish roundtable meeting that sought ways to enhance economic cooperation and deepen private sector partnerships between the two friendly countries. Faisal Abdullah Al Rowas, Chairman of the Board of Directors of Oman Chamber of Commerce and Industry (OCCI), said that relations between the Sultanate of Oman and the Republic of Türkiye are taking major strides towards further integration, notably ...

Oman’s Adherence to International Standards of Combating Money Laundering, Terrorist Financing Lauded Paris, 19 Dec (ONA) ---- The Financial Action Task Force (FATF) published the Mutual Evaluation Report of the Anti-Money Laundering and Counter-Terrorist Financing Systems of the Sultanate of Oman for the Year 2024 after a review process that lasted for nearly a year and a half. The report was previously discussed and approved at the FATF General Meeting held in the French capital, Paris, during the period 21-25 October 2024, in addition to its discussion at the level of the ...

MSX Gains 38 Points Muscat, 19 Dec (ONA) --- Muscat Stock Exchange (MSX) general index (30) today gained (38.3) points, comprising a rise by (0.86%) to close at (4508.73) points, compared to the last session, which stood at (4470.39) points. The trading value today stood at (RO 4,626,587), comprising a rise by (14.25%), compared to the last session, which stood at (RO 4,049,442). The report released by MSX pointed out that the market value went up by (0.241%) to reach about (RO 27.32) billion. The report added that the value of shares bought by non-Omani investors reached ...

Omani-Turkish Joint Committee Holds 12th Session in Muscat Muscat, 19 Dec (ONA) --- The 12th session of Omani-Turkish Joint Committee, held in Muscat today, discussed areas of investment and economic cooperation between the two countries. The Omani side was headed by Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, while Mehmet Simsek, Minister of Treasury and Finance of the Republic of Türkiye, headed his country’s side. Al Yousef commended the historically deep-rooted relations between the two countries, which, he said, were recently ...

Oman Oil Price Drops 74 CentsMuscat, 19 Dec (ONA) --- Oman oil price (February delivery 2025) today reached 72.83 US Dollars, comprising a drop by 74 cents compared to the price of yesterday “Wednesday” which stood at 73.57 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 ...

Dollar Flat Before Fed Meeting, 2025 Rate Outlook in Focus Washington, 18 Dec (ONA)--- The U.S. dollar held firm today before the Federal Reserve policy meeting later in the session which is expected to deliver a cut, trimming rates but suggesting less monetary easing ahead. Analysts recalled that the assumption that the Fed would reduce its level of 2025 easing had propped up the dollar recently, while markets kept pricing a 25 basis point rate cut. The U.S. dollar index , which measures the greenback against six rivals, was up 0.05% at 106.97 after hitting its ...

Fitch Revises Oman’s Outlook to Positive, Affirms Credit Rating at BB+ New York, 18 Dec (ONA) --- Fitch Ratings today revised the outlook of the Sultanate of Oman from stable to positive, and affirmed the credit rating of the country at 'BB+'. This is attributed to the continued reduction of government and state-owned entities (SOEs) debt, growing record of fiscal prudence and the accumulation of net sovereign foreign assets. The agency projects Oman's budget to post a surplus of 2% of GDP in the current year (2024). It forecasts the surplus to narrow to 0.7% in 2025 and to ...

Oman, Republic of Belarus Sign Two Memoranda of UnderstandingMuscat, 18 Dec (ONA) --- The Sultanate of Oman and the Republic of Belarus signed today two memoranda of understanding (MoUs) in industrial cooperation and in the fields of specifications, standards, conformity assessment and accreditation.The memoranda of understanding were signed between the Ministry of Commerce, Industry and Investment Promotion (on the one hand) and the Belarusian Ministry of Industry and the Committee for Standardization, Metrology and Certification of Belarus (on the other hand).The signing of the ...

Forum Discusses Challenges Facing Startups, Tech Companies Muscat, 18 Dec (ONA) --- Oman Chamber of Commerce and Industry (OCCI) represented by the Digital Economy and Artificial Intelligence Committee, in cooperation with the Ministry of Transport, Communications and Information Technology today organized the first forum for CEOs of startups and companies in the technology and telecommunication field. The forum discussed challenges faced by these companies and the proposed solutions. During the forum, the CEOs Network was inaugurated in a bid to bolster ...

Eurozone Inflation Rises Less Than Initially EstimatedLuxembourg City, 18 Dec (ONA) --- Eurozone inflation grew at a slightly slower than initially estimated pace in November 2024, revised data published by Eurostat showed today. The harmonized index of consumer prices (HICP) rose 2.2% year-on-year in November 2024, following a 2% increase in October. The rate was revised down from 2.3%. Core inflation, which excludes prices of food, energy and alcohol and tobacco, was steady at 2.7%. The rate matched the flash estimate. Earlier this month (December 2024), the ...

Eurozone Construction Output Rebounds 1pcLuxembourg City, 18 Dec (ONA) --- Eurozone construction production expanded strongly in October after falling in the previous month (December 2024), data from Eurostat showed today. Construction output rose 1% monthly after a 0.3% fall in September 2024. Further, this was the strongest growth since February 2023. The rebound in output was mainly driven by the 1.6% growth in civil engineering activity, followed by a 0.7% rise in the building sector. There was a 0.5% gain in specialized construction activities. On a yearly ...

ASMED Dialogue Session Reviews Ways to Enhance SME Investment in Postal Sector Muscat, 18 Dec (ONA) --- The Authority for Small and Medium Enterprises Development (ASMED) today organised the 6th dialogue session on enhancing investments made by small and medium enterprises (SMEs) in the postal sector. The session focused on ways to upgrade the role of SMEs in developing the postal sector, notably by presenting innovative ideas and improving operational efficiency. ASMED seeks to encourage partnerships and cooperation between SMEs and local and international postal companies, ...