News

Omani Business Delegation to Visit KSAMuscat, 30 Nov (ONA) ——Oman Chamber of Commerce and Industry (OCCI) will lead tomorrow Sunday a trade delegation to the Kingdom of Saudi Arabia (KSA) to enhance trade and investment exchanges between the two countries in the private sector, while benefiting from Saudi expertise and experiences across various industrial and commercial fields.The delegation includes several business owners and representatives from small and medium enterprises.Eng. Said Ali Al Abri, Head of OCCI North Al Batinah Branch and head of the delegation, stated that this visit ...

18th Annual GPCA Forum to Begin in Muscat MondayMuscat, 30 Nov (ONA) ——The Sultanate of Oman, represented by OQ Group, will host the 18th Annual Gulf Petrochemicals and Chemicals Association (GPCA) Forum, which will begin this Monday at the Oman Convention and Exhibition Centre.The event, spanning several days, highlights Oman’s dedication to cementing its status as a strategic hub for the petrochemical and chemical industries on both regional and global levels.Ashraf Hamad Al Mamari, Group CEO of OQ, stated: “OQ Group is proud to host the 18th Annual Forum of the Gulf Petrochemicals ...

MSX Gains 32 PointsMuscat, 28 Nov (ONA) --- Muscat Stock Exchange (MSX) general index (30) today gained (32.6) points, comprising a rise by (0.72%) to close at (4563.05) points, compared to the last session, which stood at (4530.44) points.The trading value today stood at (RO 3,543,109), comprising a drop by (22.7%), compared to the last session, which stood at (RO 4,584,183).The report released by MSX pointed out that the market value went up by (0.113%) to reach about (RO 27.39) billion.The report added that the value of shares bought by non-Omani investors reached (RO 504,000), ...

Ministerial Meeting Highlights Means of Activating Economic Diplomacy Muscat, 28 Nov (ONA) --- Acting in cooperation with the Foreign Ministry, the Ministry of Commerce, Industry and Investment Promotion today organised a video conference with ambassadors who head Omani diplomatic missions in GCC states, Arab countries, Asian countries and Australia. The meeting was aimed at activating economic diplomacy by establishing partnerships to promote investment and develop Omani exports in global markets. The conference discussed ways of enabling embassies to register companies and ...

Fish Canning, Value Added Complex in Duqm Inaugurated Duqm, 28 Nov (ONA) --- The Special Economic Zone at Duqm (SEZAD) celebrated today the inauguration of the Fish Canning and Value-Added Products Complex, managed by the International Seafood Company (SIMAK), a subsidiary of the Fisheries Development Oman (FDO). The ceremony was held under the auspices of Dr. Saud Hamoud Al Habsi, Minister of Agriculture, Fisheries and Water Resources. The Fish Canning Complex benefits from the facilities provided by the Fish and Food Industries Zone and the Multipurpose Fishing Port ...

Mining Concession Agreement Signed in North A’Sharqiyah Governorate Muscat, 28 Nov (ONA) --- The Ministry of Energy and Minerals today signed a mining concession agreement with Al Tamman Indsil FerroChrome Company for exploration and mining in concession area No. (22-D) in North A’Sharqiyah Governorate. The concession zone extends over an area of ​​790 square kilometres, with a set of ophiolite rocks that contain indicators of existing ores like copper and chromium. The agreement requires the company to conduct a comprehensive exploration programme during the ...

Oman Oil Price Declines 1.49 US DollarsMuscat, 28 Nov (ONA) --- Oman oil price (January delivery 2025) today reached 70.67 US Dollars, comprising a decline by 1.49 US Dollars compared to the price of yesterday “Wednesday” which stood at 72.16 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/AG ...

Plan of National Digital Economy Programme Discussed Muscat, 27 Nov (ONA) - The technical committee of the National Digital Economy Programme today held its second meeting of the year (2024) under the chairmanship of Dr. Ali Amer Al Shidhani, Undersecretary of the Ministry of Transport, Communications and Information Technology for Communications, in the presence of representatives of relevant government departments. The meeting discussed ways of implementing the recommendations of the first meeting of the technical committee of the National Digital Economy Programme. It also ...

MSX Drops 22 Points Muscat, 27 Nov (ONA) --- Muscat Stock Exchange (MSX) general index (30) today lost (22.3) points, comprising a decline by (0.49%) to close at (4530.44) points, compared to the last session, which stood at (4552.78) points. The trading value today stood at (RO 4,584,183), comprising a rise by (4.3%), compared to the last session, which stood at (RO 4,395,136). The report released by MSX pointed out that the market value went down by (0.109%) to reach about (RO 27.36) billion. The report added that the value of shares bought by non-Omani investors reached ...

Oman Oil Price Declines 29 CentsMuscat, 27 Nov (ONA) --- Oman oil price (January delivery 2025) today reached 72.16 US Dollars, comprising a decline by 29 cents compared to the price of yesterday “Tuesday” which stood at 72.45 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 ...

Oil Prices Remain Steady Singapore, 27 Nov (ONA) —- Oil prices steadied today, with markets assessing the potential impact of a ceasefire deal between Lebanon and the Israeli entity, and ahead of Sunday's OPEC+ meeting of producers. Brent crude futures fell 2 cents to $72.79 a barrel, while US West Texas Intermediate crude futures were at $68.73 a barrel, down 4 cents, or 0.1 Percent. OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allies are discussing a further delay to a planned oil output hike that was due to start in January 2025, ...

Gold Trades in Tight Range Ahead of US Inflation DataSingapore, 27 Nov (ONA) —- Gold prices today flitted within a narrow range as investors awaited key US inflation data for insights into the potential scale of a Federal Reserve rate cut next month (December 2024). Spot gold was steady at $2,635.56 per ounce, moving largely within a slim $9 range during the session. US gold futures rose 0.6% to $2,635.80. Spot silver edged 0.1% lower to $30.39 per ounce, platinum was flat at $927.45 and palladium was down by 0.4% to $973.50.—- ...

Symposium Organized on Exporting to EU Muscat, 26 Nov (ONA) --- Oman Manufacturers Association, in cooperation with the Ministry of Commerce, Industry and Investment Promotion, organized a symposium on exporting to the European Union (EU). The event was held at “Invest Oman” lounge at the Civil Aviation Authority’s building in the Airport Heights. Further, the event was held under the auspices of Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion. The symposium aimed to support Omani companies in entering EU markets and ...

Energy Ministry Awards Swedish Company Contract for Development of Concession Area 56 Muscat, 26 Nov (ONA) --- The Ministry of Energy and Minerals has awarded a contract for the development of Concession Area 56 to Swedish company Tethys Oil. The concession area was declared a commercial zone, with its exploration and production agreement extended by an additional period of 20 years lasting until 2044. The ministry explained that the project includes developing the fields that were discovered in the area located between the "Wilayat of Shaleem W’Al-Halaniyyat Islands” and ...

Dialogue Session Discusses SME Investment in Economic Zones Muscat, 26 Nov (ONA) --- The Authority for Small and Medium Enterprises Development (ASMED) today organised a dialogue session in Muscat to discuss means of enhancing investments by small and medium enterprises (SMEs) in special economic zones and free zones. The session was aimed at encouraging entrepreneurs to present innovative ideas that contribute to the development of economic sectors, improving the attractiveness of the business environment and shaping policies of support for SMEs. The session touched on ...

MSX Gains 33 Points Muscat, 26 Nov (ONA) --- Muscat Stock Exchange (MSX) general index (30) today gained (33.8) points, comprising a rise by (0.75%) to close at (4552.78) points, compared to the last session, which stood at (4518.95) points. The trading value today stood at (RO 4,395,136), comprising a drop by (48.7%), compared to the last session, which stood at (RO 8,566,595). The report released by MSX pointed out that the market value went up by (0.219%) to reach about (RO 27.39) billion. The report added that the value of shares bought by non-Omani investors reached ...

Symposium Discusses Role of Decentralization in Economic Diversification Muscat, 26 Nov (ONA) --- The Oman Chamber of Commerce and Industry (OCCI) today organized a symposium titled "Decentralization and its Role in Diversifying the Economy and Generating Employment Opportunities in Omani Governorates". The symposium reviewed practical models from the German experience. It elaborated on areas of preparing governorate budgets and disbursement mechanisms, as well as means of attracting local and foreign investment and highlighting investment opportunities of ...

China Pledges to Ensure Stability of Global Industrial, Supply ChainsBeijing, 26 Nov (ONA) --- China pledged to ensure stability of global industrial, supply chains, promote high-standard opening up steadfastly, expand market access further, and welcome more foreign enterprises to engage in industrial cooperation in the country, China's News Agency (Xinhua) quoted Chinese Premier Li Qiang as saying that China will continue to take concrete actions to ensure stable and unimpeded global industrial and supply chains.He added that with the in-depth development of economic ...

Oil Prices FallSingapore, 26 Nov (ONA) --- Oil prices slipped in early trade today, extending declines from the previous session. Brent crude futures fell 28 cents, or 0.38%, to $72.73 a barrel, while US West Texas Intermediate crude futures were at $68.62 a barrel, down 32 cents, or 0.46%. Both benchmarks settled down $2 per barrel yesterday (Monday).--- ...

Gold Prices Hold Steady Singapore, 26 Nov (ONA) --- Gold prices held steady today after a 3% drop in the previous session, supported by increased safe-haven demand following US President-elect Donald Trump's pledge to impose tariffs on all imports from Canada, Mexico and China. Spot gold was steady at $2,625.48 per ounce, after hitting its lowest since 18 November earlier in the session. US gold futures edged 0.3% higher to $2,625.80. Spot silver was flat at $30.29 per ounce, platinum shed 0.2% to $937.05 and palladium was up 0.3% at $975.65.--- ...

OQ Group Welcomes 220 New Employees Muscat, 26 Nov (ONA) --- OQ Group welcomed the eleventh batch of graduates into its Graduate Development Programme, comprising 220 new employees. This brings the total number of programme graduates to 1,798. This initiative reflects OQ's commitment to developing national talent as part of its human capital investment strategy, empowering Oman's youth. Engineer Ali Mohammed Al Lawati, Chief People & Technology Officer at OQ, highlighted OQ’s dedication to nurturing national talent to empower Omani youth and create job opportunities across ...

Oman Oil Price Declines 1.09 US Dollars Muscat, 26 Nov (ONA) --- Oman oil price (January delivery 2025) today reached 72.45 US Dollars, comprising a decline by 1.09 US Dollars compared to the price of yesterday “Monday” which stood at 73.54 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/AH ...

Transport Ministry Signs Concession Agreement to Develop, Manage A'Suwaiq Port Muscat, 25 Nov (ONA) --- The Ministry of Transport, Communications and Information Technology today signed a concession agreement with Asyad Group to develop, manage and operate A'Suwaiq Port for 40 years. The agreement aims to develop A'Suwaiq Port in a manner that makes it a major commercial hub and supporter of the national economy, in addition to enhancing the position of the Sultanate of Oman as a global logistics centre. The agreement goes in line with the Ministry’s strategy to empower ...

MSX Drops 41 PointsMuscat, 25 Nov (ONA) --- Muscat Stock Exchange (MSX) general index (30) today lost (41.4) points, comprising a decline by (0.91%) to close at (4518.95) points, compared to the last session, which stood at (4560.39) points.The trading value today stood at (RO 8,566,595), comprising a rise by (33.04%), compared to the last session, which stood at (RO 6,439,095).The report released by MSX pointed out that the market value went down by (0.196%) to reach about (RO 27.33) billion.The report added that the value of shares bought by non-Omani investors reached ...

Tender Results of Government Treasury Bills worth RO 40.15 Million Issued Muscat, 25 Nov (ONA) --- The total issuance of Government Treasury Bills amounted to RO 40.15 million. The value of the allotted Treasury bills amounted to RO 23 million, for a maturity period of 28 days. The average accepted price reached RO 99.687 for every RO 100, and the minimum accepted price arrived at RO 99.685 per RO 100. The average discount rate and the average yield reached 4.07791% and 4.09071%, respectively. Whereas, the value of the allotted Treasury bills amounted to RO 17.15 million, for a ...

OQEP Achieves RO 272 Million Net Profit by End of September 2024 Muscat, 25 Nov (ONA) --- The net profit of OQ Exploration and Production (OQEP) during the first 9 months of 2024 reached RO 272 million (USD 707 million), with an increase of 18% over the targeted figure of RO 230 million (USD 599 million). The financial figures of the company for the first 9 months of 2024 indicate that the company achieved a Free Cash Flow of RO 236 million (USD 614 million) compared to the targeted figure of RO 232 million (USD 603 million), comprising a rise by 2%. The ...

OQBI IPO Institutional Tranche Fully Covered on Day One Muscat, 25 Nov (ONA) --- The institutional tranche of OQBI’s IPO, comprising 30% of the offered shares, was covered on the very first day of the offering, at the top end of the offer price range at 111 baizas per share; noting that the subscription period for retail and institutions is set to close on November 28 and December 1, respectively. Dr. Lamya Harib Al Kharusi, IPO Execution Manager at OQ Group, highlighted that the strong demand underscores the offering's appeal and strong value proposition of OQBI. She ...

Oman Oil Price Declines 53 CentsMuscat, 25 Nov (ONA) --- Oman oil price (January delivery 2025) today reached 73.54 US Dollars, comprising a decline by 53 cents compared to the price of last “Friday” which stood at 74.07 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/AG ...

MSX Loses 48 PointsMuscat, 24 Nov (ONA) --- Muscat Stock Exchange (MSX) general index (30) today lost (48.5) points, comprising a decline by (1.05%) to close at (4560.39) points, compared to the last session, which stood at (4608.84) points.The trading value today stood at (RO 6,439,095), comprising a rise by (75.8%), compared to the last session, which stood at (RO 3,663,019).The report released by MSX pointed out that the market value went up by (12.166%) to reach about (RO 30.71) billion.The report added that the value of shares bought by non-Omani investors reached (RO 689,000), ...

OQBI Receives Commitments for 30% Subscription in its IPO Offer Muscat, 24 Nov (ONA) --- OQ Base Industries (OQBI) received irrevocable commitments from several anchor investors to subscribe for 30% of the Offer Size in the company’s IPO. The commitments’ value amounts to RO 14.1 million per investor (a total of RO 56.4 million). The anchor investors are the Saudi Public Investment Fund (PIF), Oman’s Social Protection Fund, Falcon Investments LLC a subsidiary of Qatar Investment Authority (QIA) and the Gulf Investment Corporation (GIC). The anchor investor ...