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Economy
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 ...

HH Sayyid Theyazin Presides over 50th Anniversary of OCCI Establishment

HH Sayyid Theyazin Presides over 50th Anniversary of OCCI EstablishmentMuscat, 15 May (ONA) --- HH Sayyid Theyazin bin Haitham Al Said, Minister of Culture, Sports and Youth, today presided over a ceremony marking the 50th anniversary of establishment of Oman Chamber of Commerce and Industry (OCCI). The ceremony took place at Oman Convention and Exhibition Centre.During the ceremony, HH Sayyid Theyazin was briefed about OCCI’s history and key achievements over the past 50 years. The briefing was accompanied with illustrations, paintings and video clips.Then, HH Sayyid Theyazin inaugurated ...

MSX Gains 17 Points

MSX Gains 17 Points Muscat, 15 May (ONA) --- Muscat Stock Exchange (MSX) general index (30) today gained (17.4) points, comprising a rise by (0.37%) to close at (4775.30) points, compared to the last session, which stood at (4757.89) points. The trading value today stood at (RO 2,245,271), comprising a drop by (61 %), compared to the last session, which stood at (RO 5,754,229). The report released by MSX pointed out that the market value went up by (0.137%) to reach about (RO 24.39) billion. The report added that the value of shares bought by non-Omani investors reached (RO ...

PDO Boosts In-Country Value with $2.5 Billion Investment in 2023

PDO Boosts In-Country Value with $2.5 Billion Investment in 2023 Muscat, 15 May (ONA) ---- Petroleum Development Oman (PDO) celebrated a significant milestone in its commitment to In-Country Value (ICV) during its bi-annual ICV Day, which have gone the extra mile to contribute to Oman’s economic development. The event marked the 12th anniversary of the programme and highlighted PDO's impressive achievement of $2.5 billion of retained value in 2023, which is equivalent to 40% of its total supply chain spend. Notably, $900 million was allocated for Small and ...

Hafeet Rail Launches Preparatory Work for Construction of Omani-Emirati Railway Link

Hafeet Rail Launches Preparatory Work for Construction of Omani-Emirati Railway Link Sohar, 15 May (ONA) ---- Hafeet Rail has announced that preparatory work is commencing full speed ahead for the construction of the transformative railway link between the Sultanate of Oman and the United Arab Emirates (UAE), during a site visit for key officials and members of the Asyad and Hafeet Rail executive management teams, in addition to project contractors and consultants. The visit included an introduction to the key stops at the passengers, repairs and shipping stations, as well ...

Oman Oil Price Declines 57 Cents

Oman Oil Price Declines 57 Cents Muscat, 15 May (ONA) --- Oman oil price (July delivery 2024) today reached 83.40 US Dollars, comprising a drop by 57 cents from the price of yesterday (Tuesday) which stood at 83.97 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 ...

Oman Participates in Fourth Qatar Economic Forum

Oman Participates in Fourth Qatar Economic Forum Doha, 14 May (ONA) --- The Sultanate of Oman, represented by the Ministry of Finance, participated in the Fourth Qatar Economic Forum held under the theme “A World Remade: Navigating the Year of Uncertainty” during the period from 14 to 16 May 2024 in Doha. The Sultanate of Oman’s delegation participating in the forum was headed by Sultan Salim Al Habsi, Minister of Finance. A number of leaders, experts, decision-makers and economists from more than 50 countries participate in the forum, which was opened under the ...

Oman, Netherlands Discuss Joint Cooperation in Ports, Hydrogen Techniques

Oman, Netherlands Discuss Joint Cooperation in Ports, Hydrogen Techniques Rotterdam, 14 May (ONA) --- Eng. Said Hamoud Al Maawali, Minister of Transport, Communications and Information Technology today held a meeting with the Minister of Infrastructure and Water Management of the Kingdom of the Netherlands. The meeting was held on the sidelines of the Sultanate of Oman’s participation in the World Hydrogen Summit 2024, currently being held in Rotterdam. The meeting explored aspects of joint cooperation between the two countries in fields of ports, hydrogen techniques, ...

Oman Participates in 2nd Gulf Housing Week in Doha

Oman Participates in 2nd Gulf Housing Week in Doha Doha, 14 May (ONA) --- The Sultanate of Oman, represented by the Ministry of Housing and Urban Planning, is taking part in the activities of the second edition of Gulf Housing Week held in the city of Doha, the State of Qatar. The event is showcasing projects for future cities, notably the Sultan Haitham City, Oman Mountain Front project, the Al Khuwair Downtown project and “integrated residential neighbourhoods” project. As part of the activities, Eng. Hamad Ali Al Nizwani, Undersecretary of the Ministry of Housing and ...

Gold Prices Drift Higher as Key US Inflation Data Looms

Gold Prices Drift Higher as Key US Inflation Data Looms Singapore, 14 May (ONA) --- Gold prices drifted up today, with the spotlight shifting to key inflation reports due this week, which could offer more insights on the pace and scale of the US Federal Reserve's (central bank) interest rate cuts this year. Spot gold was up 0.4% at $2,344.39 per ounce, after falling 1% yesterday. US gold futures rose 0.3% to $2,350.00. Spot silver rose 0.8% to $28.41 per ounce and palladium gained 0.8% to $968.43. Platinum was up 0.6% to $1,002.90, after hitting a near one-year ...

Media Meeting Unveils Programs Focused on Customer Satisfaction in Electricity Sector

Media Meeting Unveils Programs Focused on Customer Satisfaction in Electricity Sector Muscat, 14 May (ONA) --- Nama Supply Company, in partnership with Nama Distribution Company and Nama Dhofar Services Company, today organized a media conference to unveil their programs focused on enhancing customer satisfaction. The conference covered various initiatives aimed at raising awareness regarding electricity consumption and efficiency, as well as field campaigns to strengthen the partnership between service providers and the community. The meeting aimed to educate the customers ...

Tax Forum Reviews Tax Developments, Challenges and Modern Systems

Tax Forum Reviews Tax Developments, Challenges and Modern Systems Muscat, 14 May (ONA) --- The Oman Tax Forum, organized by the Tax Authority in cooperation with Ernst & Young company, was launched in Muscat today under the patronage of Nasser Khamis Al Jashmi, Chairman of the Tax Authority. As many as 300 persons representing major companies operating in the Sultanate of Oman attended the forum. The forum opened with a speech delivered by Said Ahmed Al Shanfari, Director General of the Second Directorate General of Taxes on behalf of the Tax Authority. He ...

MSX Drops 11 Points

MSX Drops 11 Points Muscat, 14 May (ONA) --- Muscat Stock Exchange (MSX) general index (30) today lost (11.7) points, comprising a decline by (0.24%) to close at (4757.89) points, compared to the last session, which stood at (4769.56) points. The trading value today stood at (RO 5,754,229), comprising a rise by (124.9%), compared to the last session, which stood at (RO 2,558,983). The report released by MSX pointed out that the market value went down by (0.082%) to reach about (RO 24.36) billion. The report added that the value of shares bought by non-Omani investors ...

Oman Oil Price Rises 9 Cents

Oman Oil Price Rises 9 Cents Muscat, 14 May (ONA) --- Oman oil price (July delivery 2024) today reached 83.97 US Dollars, comprising a rise by 9 cents compared to the price of yesterday (Monday), which stood at 83.88 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 ...

Oman-Kuwait Business Forum Explores Ways to Enhance Bilateral Cooperation

Oman-Kuwait Business Forum Explores Ways to Enhance Bilateral Cooperation Kuwait, 13 May (ONA) --- The Oman-Kuwait Business and Investment Forum, held at Kuwait Chamber of Commerce and Industry today, discussed ways to enhance existing cooperation between the two countries in various fields. The forum was held on the sidelines of the current "State Visit" made by His Majesty Sultan Haitham bin Tarik to the State of Kuwait. Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, said in a speech at the forum that Oman and Kuwait have ...

Oman, Kuwait Sign 4 MoUs in Various Fields

Oman, Kuwait Sign 4 MoUs in Various Fields Kuwait, 13 May (ONA) --- The Sultanate of Oman and the State of Kuwait signed at the Kuwait Chamber of Commerce and Industry today 4 memorandums of understanding (MoUs) in the fields of direct investment, metrology activities, diplomatic studies and training, as well as another MoU between the Oman Investment Authority (OIA) and the Kuwait Investment Authority. Signing the MoUs comes within the framework of the current state visit of His Majesty Sultan Haitham bin Tarik to the State of Kuwait. These MoUs represented in the MoU between ...

IMF Experts Conclude Visit to Sultanate of Oman

IMF Experts Conclude Visit to Sultanate of Oman Muscat, 13 May (ONA) --- The International Monetary Fund (IMF) mission concluded its preliminary meetings with the government of the Sultanate of Oman during the period from 30 April to 8 May 2024 within the framework of Article IV consultations for the year 2024. The Fund’s team and the Omani side discussed the most prominent recent economic and financial developments, the economic prospects in the near and medium term in light of regional and international developments, and public policy priorities in the Sultanate of Oman. ...

MSX Drops 8 Points

MSX Drops 8 Points Muscat, 13 May (ONA) --- Muscat Stock Exchange (MSX) general index (30) today lost (8.97) points, comprising a decline by (0.19%) to close at (4769.56) points, compared to the last session, which stood at (4778.53) points. The trading value today stood at (RO 2,558,983), comprising a rise by (23.1%), compared to the last session, which stood at (RO 2,079,527). The report released by MSX pointed out that the market value went down by (0.079%) to reach about (RO 24.38) billion. The report added that the value of shares bought by non-Omani investors reached ...

Gold Prices Tick Down as Traders Brace for Key US Inflation Data

Gold Prices Tick Down as Traders Brace for Key US Inflation Data Singapore, 13 May (ONA) --- Gold prices inched down today as investors awaited key US inflation reports, which could shed more light on the timing of the Federal Reserve's first rate cut. Spot gold fell 0.2% at USD 2,354.77 per ounce. Prices hit a two-week high in the previous session. US gold futures fell 0.6% to USD 2,361. Spot silver fell 0.4% to USD 28.03 per ounce, platinum inched down 0.1% to USD 992.89 and palladium was unchanged at USD 978.03. --- Ends/Khalid ...

Oman Participates in Meeting of Indian Ocean Tuna Commission

Oman Participates in Meeting of Indian Ocean Tuna Commission Bangkok, 13 May (ONA) --- Represented by the Ministry of Agriculture, Fisheries and Water Resources, the Sultanate of Oman took part in the opening session of the meeting of the Indian Ocean Tuna Commission (IOTC). The IOTC meeting began today in Bangkok, Kingdom of Thailand, and will run until 17 May 2024. Oman’s delegation was headed by Eng. Yaqoub Khalfan Al Busaidi, Undersecretary of the Ministry of Agriculture, Fisheries and Water Resources for Fisheries. The meeting discusses reports by three ...

Tender Results of Government Treasury Bills Worth RO 33 Million Issued

Tender Results of Government Treasury Bills Worth RO 33 Million Issued Muscat, 13 May (ONA) --- The total issuance of Government Treasury Bills amounted to RO 33 million this week. The value of the allotted Treasury bills amounted to RO 8 million, for a maturity period of 28 days. The average accepted price reached RO 99.645 for every RO 100, and the minimum accepted price arrived at RO 99.645 per RO 100. The average discount rate and the average yield reached 4.62768% and 4.64417%, respectively. The value of the allotted Treasury bills amounted to RO 25 million, for ...

Oman Manages to Cut Down Public Debt to RO 15.1 Billion

Oman Manages to Cut Down Public Debt to RO 15.1 Billion Muscat, 13 May (ONA) --- The size of the public debt of the Sultanate of Oman stood at about RO 15.1 billion at the end of March 2024, compared to RO 15.3 billion at the end of 2023, comprising a decrease of about RO 188 million. By the end of Q1 of 2024, the Ministry of Finance repaid more than RO 206 million to the private sector. This reflects the payment vouchers received through the e-financial system that have completed the documentary cycle. At the end of Q1 of 2024, the public revenue amounted to RO 2.826 billion, ...

Oman Oil Price Declines 90 Cents

Oman Oil Price Declines 90 Cents Muscat, 13 May (ONA) --- Oman oil price (July delivery 2024) today reached 83.88 US Dollars, comprising a drop by 90 Cents from the price of last (Friday) which stood at 84.78 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 ...

MSX Gains 8 Points

MSX Gains 8 Points Muscat, 12 May (ONA) --- Muscat Stock Exchange (MSX) general index (30) today gained (8.6) points, comprising a rise by (0.18%) to close at (4778.53) points, compared to the last session, which stood at (4769.96) points. The trading value today stood at (RO 2,079,527), comprising a drop by (19.1%), compared to the last session, which stood at (RO 2,569,805). The report released by MSX pointed out that the market value went up by (0.025%) to reach about (RO 24.40) billion. The report added that the value of shares bought by non-Omani investors reached (RO ...

Volume of Development Bank’s Lending Portfolio Stands at RO 245.8 Million in 1st Quarter of 2024

Volume of Development Bank’s Lending Portfolio Stands at RO 245.8 Million in 1st Quarter of 2024 Muscat, 12 May (ONA) --- The Development Bank’s lending portfolio posted a growth of 4 percent to stand at approximately RO 245.8 million during the first quarter of 2024 compared to its size at the end of December 2023. Statistics issued by the bank indicated that the number of loans approved by the bank in the first quarter of 2024 amounted to 1,499 loans, worth RO 33.6 million, an increase of 26 percent compared to the first quarter of 2023. Statistics showed that loan ...

Intaj Suhar Signs Key Partnerships for Moulds Manufacturing

Intaj Suhar Signs Key Partnerships for Moulds Manufacturing Sohar, 12 May (ONA) --- Aligned with the efforts of the Public Establishment for Industrial Estates “Madayn” to support local industries and maximise local value addition, Intaj Suhar – affiliated to the Industrial Innovation Academy – signed cooperation agreements with Muna Noor Plastic Industries, Areej Vegetable Oils and Derivatives, Techno Plastic Industry, and National Aluminum Products Company. The agreements aim at enhancing cooperation between Intaj Suhar and the companies in the fields of ...

Agreement Signed to Establish Factory for Manufacturing “Sarooj” Product

Agreement Signed to Establish Factory for Manufacturing “Sarooj” ProductSohar, 11 May (ONA) —- Suhar Industrial City, affiliated to the Public Establishment for Industrial Estates “Madayn”, has inked a cooperation agreement with Middle East Calcined Clay Company to establish a factory for manufacturing the Omani “Sarooj” product, which is used as a material in restoration, urbanisation and decoration.The project is set to be situated on an area of 45,000 sqm with an investment of RO 5.4 million.The agreement was signed by Eng. Abdullah bin Ahmed Al Mayasi, Director General of ...

MoCIIPa Exerts Efforts to Improve Investment Environment in Oman

MoCIIPa Exerts Efforts to Improve Investment Environment in OmanMuscat, 11 May (ONA) —- The Ministry of Commerce, Industry and Investment Promotion (MoCIIP) is actively working on collaborations with relevant entities to improve the investment environment in the Sultanate of Oman by overcoming challenges facing foreign investors, defined by law as any natural or legal non-Omani entity establishing an investment project in Oman.To further enhance the investment environment in Oman, the MoCIIP has begun implementing the Council of Ministers’ decision to reduce commercial registration fees ...