News

Mashreq Bank Launches its Services in Omani Market Muscat, 20 Jan (ONA) --- Mashreq, one of the leading financial institutions in the MENA region, has announced its entry into the Sultanate of Oman. The bank will offer in Oman a range of personalized financial services tailored for the country’s evolving corporate and public sectors. This strategic move underscores Mashreq’s intent to contribute to Oman’s Vision 2040, with ambitions to fuel economic diversification and elevate Oman’s position in the global financial landscape. Mashreq’s entry into Oman comes amid ...

Sohar Port and Freezone Drive Sustainable Growth Muscat, 20 Jan (ONA) --- The operational performance of Sohar Port and Freezone demonstrated resilience and growth, with over 3,000 vessel calls recorded in 2024. General cargo throughput increased by 77% compared to the previous year and container volumes grew by 15%. Ship-to-ship operations rose by 19%. SOHAR Freezone saw significant achievements as well, with land occupancy reaching 85%, reflecting robust demand from both existing and prospective tenants. These figures were announced during the annual Business Reception ...

Oman Oil Price Drops One US DollarMuscat, 20 Jan (ONA) --- Oman oil price (March delivery 2025) today reached 83.60 US Dollars, comprising a drop by 1 US Dollar. compared to the price of last “Friday” which stood at 84.60 US Dollars.The average price of Oman oil (January delivery 2025) stabilized at 72.46 US Dollars per barrel, thus 2.36 US Dollars per barrel lower than December delivery 2024. --- Ends/Thuraiya/AG ...

Oman will Participate Tomorrow in World Economic Forum in Davos Muscat, 19 Jan (ONA) --- The Sultanate of Oman is taking part in annual meetings of the World Economic Forum (WEF) in “Davos 2025”, which will be held in Switzerland from 20 to 24 January.Being one of the most prominent international economic events, the WEF brings together government leaders, entrepreneurs, academics, and representatives of civil society institutions, with the aim of discussing global challenges and searching solutions that contribute to achieving sustainable growth.The forum contributes ...

MSX Drops 6 PointsMuscat, 19 Jan (ONA) --- Muscat Stock Exchange (MSX) general index (30) today lost (6.3) points, comprising a drop by (0.14%) to close at (4615.37) points, compared to the last session, which stood at (4621.70) points.The trading value today stood at (RO 4,087,018), comprising a rise by (29.4%), compared to the last session, which stood at (RO 3,159,024).The report released by MSX pointed out that the market value went down by (0.091%) to reach about (RO 28.07) billion.The report added that the value of shares bought by non-Omani investors reached (RO 258,000), ...

Oman Participates in "Global Forum for Food and Agriculture" in Berlin Berlin, 19 Jan (ONA) --- Represented by the Ministry of Agriculture, Fisheries and Water Resources, the Sultanate of Oman took part in the Global Forum for Food and Agriculture (GFFA) and the 17th Conference of Ministers of Agriculture, held in Berlin. The conference is themed "Farming a Sustainable Bioeconomy". Oman's delegation was headed by Dr. Ahmed Nasser Al Bakri, Undersecretary of the Ministry of Agriculture, Fisheries and Water Resources for Agriculture. In a speech at the event, Al Bakri stressed that, ...

Gulf Ports Records Global Achievements in Efficiency and throughput for 2024Muscat, 18 Jan (ONA) ——The Statistical Centre for the Gulf Cooperation Council (GCC-Stat) disclosed that 10 Gulf container ports have been classified among the 70 most efficient ports in the world for 2024, out of 405 ports in the world.The Sultanate of Oman, the UAE, Saudi Arabia and Qatar also came among the 35 countries with the largest global maritime fleets in terms of weight and tonnage, according to the 2024 United Nations Conference on Trade and Development (UNCTAD) report.Regarding the size of the global ...

Record-Breaking Sales Propel OQ Base Industries to New HeightsSalalah, 18 Jan (ONA) —— OQ Base Industries (OQBI) has reached a historic milestone, recording its highest-ever sales figures. The company announced unprecedented sales volumes, with methanol reaching 1.207 million metric tons, ammonia at 331.252 thousand metric tons , and LPG at 360.015 thousand metric tons.This remarkable achievement underscores OQBI’s strong operational performance and solidifies its position as a leader in the global energy sector.Eng. Khalid Al Asmi, CEO of OQBI, commended the team’s collective ...

Oman, Finland Discuss Means of Boosting Economic Ties Muscat, 16 Jan (ONA) --- Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, and Wille Rydman, Minister of Economic Affairs and Employment in the Republic of Finland, today discussed ways of developing relations between the Sultanate of Oman and Finland in economic fields and utilizing joint investment opportunities. In their meeting, held at “Invest Oman Lounge” in Muscat, the two ministers laid emphasis on enhancing cooperation in the field of small and medium enterprises (SMEs) and means ...

MDO Signs RO 11.5 Million Supply Contracts at Future Mineral Forum in Riyadh Riyadh, 16 Jan (ONA) --- In a pivotal move to solidify its position in the mining industry and bolster the sustainability of its operations, Minerals Development Oman (MDO) announced the signing of strategic supply contracts with the Finnish company Metso. The agreements, unveiled during MDO’s participation in the Future Mineral Forum in Riyadh, are set to equip the copper concentrate plant at the Mazoon Mining project in Yanqul, A’Dhahirah Governorate, with cutting-edge technology. Valued ...

MSX Gains 16 PointsMuscat, 16 Jan (ONA) --- Muscat Stock Exchange (MSX) general index (30) today added (16.8) points, comprising a rise by (0.36%) to close at (4621.70) points, compared to the last session, which stood at (4604.92) points.The trading value today stood at (RO 3,159,024), comprising a decline by (44.65%), compared to the last session, which stood at (RO 5,707,438).The report released by MSX pointed out that the market value went up by (0.090%) to reach about (RO 28.10) billion.The report added that the value of shares bought by non-Omani investors reached (RO 948,000), ...

Bank of Korea Freezes Key Interest Rate at 3pcSeoul, 16 Jan (ONA) --- Korea's central bank kept its benchmark interest rate frozen today in the wake of the weak local currency amid political chaos and uncertainties stemming from the new Donald Trump administration. The monetary policy committee of the Bank of Korea (BOK) held its key rate unchanged at 3 percent during a rate-setting meeting in Seoul, according to South Korea's (Yonhap) News Agency. The on-hold decision came on the heels of two rate cuts in the prior meetings in October and November, which marked ...

Gold Stable after 1-Month Peak Singapore, 16 Jan (ONA) --- Gold prices were steady today after hitting over one-month highs, as softer US core inflation data lifted expectations that more rate cuts. Spot gold held its ground at $2,696.30 per ounce, after hitting its highest point since 12 December 2024 earlier in the session. US gold futures gained 0.3% to $2,725.20. Spot silver shed 0.2% to $30.61 per ounce, palladium dropped 0.3% to $958.50, and platinum steadied at $938.25. --- ...

Oil Prices Rise amid Supply ConcernsSingapore, 16 Jan (ONA) --- Oil prices today rose for a second day after a larger-than-expected decline in US crude oil stockpiles added to supply concerns stoked by US sanctions against Russian energy trade. Brent crude futures rose 30 cents, or 0.4%, to $82.33 per barrel, after rising 2.6% to its highest since 26 July 2024. US West Texas Intermediate (WTI) crude futures rose 32 cents, or 0.4%, to $80.36 a barrel after gaining 3.3% on Wednesday, reaching its highest since 19 July 2024. Prices rose after the US Energy ...

Dollar Stable, Yen Jumps on Rising Bets on Rate Hike in JapanSingapore, 16 Jan (ONA) --- The US dollar steadied today, after dipping alongside cooling US inflation and falling bond yields, while the yen hit a one-month high on rising bets on a rate hike in Japan. The yen was the biggest major mover against the dollar after softer-than-expected US inflation data and it extended gains in Asia, as raised chances of Federal Reserve's rate cuts coincided with murmurs of a Bank of Japan hike next week. The yen traded as firm as 155.21 per dollar, its strongest since 19 ...

Oman Oil Price Rises 2.30 US DollarsMuscat, 16 Jan (ONA) --- Oman oil price (March delivery 2025) today reached 84.54 US Dollars, comprising a rise by 2.30 US Dollars compared to the price of yesterday “Wednesday” which stood at 82.24 US Dollars.The average price of Oman oil (January delivery 2025) stabilized at 72.46 US Dollars per barrel, thus 2.36 US Dollars per barrel lower than December delivery 2024.--- Ends/AH ...

Workshop Discusses Insurance of Installations’ Hidden Defects Muscat, 15 Jan (ONA) --- The Financial Services Authority (FSA) today organized a workshop on "Insurance of Hidden Defects of Installations/Buildings". The workshop included a presentation on the experience of the Kingdom of Saudi Arabia (KSA) in implementing a mandatory insurance system for hidden defects in buildings. The workshop studied the extent to which the Saudi system could be implemented in the Sultanate of Oman. It laid emphasis on cooperation among government departments and private sector companies ...

MSX Drops 6 Points Muscat, 15 Jan (ONA) --- Muscat Stock Exchange (MSX) general index (30) today lost (6.2) points, comprising a drop by (0.13%) to close at (4604.92) points, compared to the last session, which stood at (4611.09) points. The trading value today stood at (RO 5,707,438), comprising a surge by (143.9%), compared to the last session, which stood at (RO 2,340,246). The report released by MSX pointed out that the market value went down by (0.061%) to reach about (RO 28.07) billion. The report added that the value of shares bought by non-Omani investors reached (RO ...

Madayn Celebrates Inauguration of Infrastructure Project in Samail Industrial City Samail, 15 Jan (ONA) --- The Public Establishment for Industrial Estates “Madayn” celebrated the inauguration of the infrastructure project in Samail Industrial City today under the patronage of Sheikh Dr. Ali bin Masoud Al Sunaidy, Chairman of the Public Authority for Special Economic Zones and Free Zones (OPAZ). Al Sunaidy emphasised the strategic significance of Samail Industrial City in advancing Oman’s industrial sector, and its success in attracting a diverse range of manufacturing ...

3–5 Star Hotel Revenues Increase 4.9pc Until End of November 2024 Muscat, 15 Jan (ONA) --- The revenues of 3-5-star hotels in the Sultanate of Oman stood at RO 212.372 million until the end of November 2024, up by 4.9% compared to the same period in 2023. Statistics issued by the National Centre for Statistics and Information (NCSI) show that the total number of hotel guests increased by 3.9% to 1,929,485 guests by the end of November 2024, compared to 1,857,729 guests during the corresponding period in 2023. Meanwhile, hotel occupancy rate registered a growth ...

King of Bahrain Meets Members of Oman, Bahrain Chambers of CommerceMuscat, 15 Jan (ONA) --- King Hamad bin Issa Al Khalifa of the Kingdom of Bahrain, held a meeting at Al Alam Palace guest house in Muscat today with members of Oman and Bahrain chambers of commerce and industry (members of the board of directors of Oman-Bahrain Investment Company). The meeting, held as part of the King's current state-visit to the Sultanate of Oman, aimed to enhance trade exchange between the two countries. During the meeting, King Hamad listened to a comprehensive account of Oman-Bahrain ...

Gold Falls as US Inflation Data AwaitsSingapore, 15 Jan (ONA) --- Gold prices eased slightly today as investors awaited the US consumer price inflation (CPI) report, which is expected to provide crucial insights into the Federal Reserve's future interest rate moves. Spot gold eased 0.1 percent to USD 2,672.76 per ounce, while US gold futures gained 0.3 percent to USD 2,689.70. Gold extended gains on Tuesday after data showed that the producer price index rose on an annual basis in December, slightly raising hopes that the Fed would continue on its rate-easing path this ...

Oil Rises Trimming Losses from Previous DayLondon, 15 Jan (ONA) --- Oil prices rose today trimming losses from the previous day, as the focus turned back to potential supply disruptions from sanctions on Russian tankers. Brent crude futures edged up 51 cents, or 0.6 percent, to USD 80.43 a barrel, after dropping 1.4 percent in the previous session. US West Texas Intermediate crude climbed 64 cents, or 0.8 percent, to USD 78.14 a barrel after a 1.6 percent decline. Prices slipped on Tuesday after the US Energy Information Administration predicted oil would come ...

Commerce Minister Meets Bahraini CounterpartMuscat, 15 Jan (ONA)--- Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion held a meeting at Al Bustan Palace Hotel today with Abdullah Adel Fakhro, Minister of Industry and Commerce of the Kingdom of Bahrain.The meeting took place on the sidelines of the current "State visit" of King Hamad bin Issa Al Khalifa of the Kingdom of Bahrain to the Sultanate of Oman.During the meeting, the two sides discussed aspects of the joint cooperation in the fields of investment, industry, trade, and intellectual property. They also ...

Oman Oil Price Drops 1 Cent Muscat, 15 Jan (ONA) --- Oman oil price (March delivery 2025) today reached 82.24 US Dollars, comprising a drop by 1 cent compared to the price of yesterday “Tuesday” which stood at 82.25 US Dollars. The average price of Oman oil (January delivery 2025) stabilized at 72.46 US Dollars per barrel, thus 2.36 US Dollars per barrel lower than December delivery ...

Ooredoo Inks 10 Memoranda of Cooperation with SMEs in Telecom Sector Muscat, 14 Jan (ONA) --- The Omani Qatari Telecommunications Company (Ooredoo) today signed 10 memoranda of cooperation (MoCs) with 40 Omani small and medium enterprises (SMEs) to furnish a stimulating environment for growth and sustainability. The MoCs, signed in Muscat, were in implementation of an agreement signed by Oman Chamber of Commerce and Industry (OCCI) and Ooredoo to support the SMEs sector in Oman. The MoCs included providing dedicated communication packages scheduled to be promoted through SME ...

Oman's Trade Balance Records RO 6,5 Billion Growth Muscat, 14 Jan (ONA) --- The Sultanate of Oman's trade balance recorded a surplus of RO 6,562 million at the end of October 2024, compared to a surplus of RO 6,344 million during the same period in 2023, according to preliminary statistics issued by the National Center for Statistics and Information. As per the statistics, the value of oil and gas exports in the Sultanate of Oman by the end of October 2024 increased by 21.1% compared to the end of October 2023. The statistics indicated that the total value of merchandise ...

Oman Participates in “Future of Mining Conference” in Riyadh Riyadh, 14 Jan (ONA) --- Represented by the Ministry of Energy and Minerals, the Sultanate of Oman today participated in the “Future of Mining Conference” in Riyadh. The conference constitutes an international platform that brings together governments, international companies, research institutions and experts in the mining sector. It offers an opportunity to review the latest technological developments and investment potentials. The Sultanate of Oman’s delegation was headed by Mohsin Hamad Al ...

MSX Gains 13 Points Muscat, 14 Jan (ONA) --- Muscat Stock Exchange (MSX) general index (30) today gained (13.6) points, comprising a rise by (0.30%) to close at (4611.09) points, compared to the last session, which stood at (4597.45) points. The trading value today stood at (RO 2,340,246), comprising a drop by (59.2 %), compared to the last session, which stood at (RO 5,742,374). The report released by MSX pointed out that the market value went up by (0.125%) to reach about (RO 28.09) billion. The report added that the value of shares bought by non-Omani investors reached ...

Asyad Group Demonstrates Global Multimodal Expertise with Successful 335 Mt Shipment from India to Nigeria Muscat, 14 Jan (ONA) --- Asyad Group, the global integrated logistics provider, recently successfully executed a complex multimodal shipment of 335 metric tons of cargo from India to Nigeria, using a combination of air charter and ocean vessel. This project underscores Asyad’s capabilities in connecting Asia to West Africa through both air charter and ocean shipments and its expertise in managing diverse cargo types, including specialized flat rack and tween deck ...