News

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 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 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 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” 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 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 ...

Gold Prices Hover in Tight Range Singapore, 9 May (ONA) --- Gold prices hovered in a tight range today as investors turned their attention to US economic data that could offer additional insights into when the Federal Reserve might implement interest rate reductions.Spot gold rose 0.2% at USD 2,314.26 ounce. US gold futures lost 0.1% to USD 2,321.00.Meanwhile, spot silver gained 0.7% to USD 27.53 per ounce.Platinum advanced 0.8% at USD 982.10 and palladium firmed 0.5% to USD 956.13. ---Ends/Thuraiya/AG ...

Australia Pushes Gas Development Amidst Through New Strategy Canberra, 9 May (ONA) --- Australia unveiled a strategy to ramp up natural gas development while maintaining its pledge to achieve net zero carbon emissions by 2050.Australia, a major liquefied natural gas (LNG) exporter, supplied approximately a fifth of global LNG shipments last year, with major projects managed by Chevron and Woodside Energy Group in Western Australia, serving major markets in China, Japan, and South Korea.The strategy was released today, outlining the government's plans to work with industry and state ...

AI Boom Set to Fuel Data Centre Deals in Asia in 2024Singapore, 9 May (ONA) --- Global private equity investors and asset managers are readying for billions of dollars’ worth of M&A and investments linked to data centres in Asia Pacific, as the artificial intelligence (AI) boom fuels demand for digital infrastructure.The intense pace of deals in the world's most populous region comes as countries and companies respond to booming demand for AI, calling for more data capacity, industry executives said.Asia Pacific, including Japan, has led dealmaking activities in the global ...

OCCI Delegation Concludes Visit to Singapore Singapore, 9 May (ONA) --- The delegation of Oman Chamber of Commerce and Industry (OCCI) today concluded its visit to the Republic of Singapore. The the last day's activities included several meetings with officials from companies specialized in the fields of higher education, engineering consultancy, real estate development and container management. The delegation also reviewed Singapore’s regulations and systems that are related to establishing businesses, as well as the country’s tax and labour laws. During the final ...

MSX Gains 12 Points Muscat, 9 May (ONA) --- Muscat Stock Exchange (MSX) general index (30) today gained (12.4) points, comprising a rise by (0.26%) to close at (4769.96) points, compared to the last session, which stood at (4757.53) points. The trading value today stood at (RO 2,569,805), comprising a drop by (3.1%), compared to the last session, which stood at (RO 2,652,098). The report released by MSX pointed out that the market value went up by (0.111%) to reach about (RO 24.39) billion. The report added that the value of shares bought by non-Omani investors reached (RO ...

Oman Pavilion at ATM 2024 in Dubai Sees Large Visitors Turnover Dubai, 9 May (ONA) --- The Sultanate of Oman’s pavilion at the Arabian Travel Market (ATM) 2024 saw a large turnover of visitors from companies specialized in the fields of regional and international travel and tourism. ATM 2024 was held in Dubai, the United Arab Emirates (UAE), under the theme “Empowering Innovation - Transforming Travel through Entrepreneurship”. The pavilion, which concluded its participation at the ATM today, included 36 establishments from the public and private sectors, including ...

Bank of England Keeps Rates Unchanged London, 9 May (ONA) --- The Bank of England has decided to keep UK interest rates unchanged, but gave a new sense of optimism that borrowing costs could soon be cut if inflation is reined in. While the central bank voted to hold rates at 5.25%, Governor Andrew Bailey said he was “optimistic that things are moving in the right direction.” Bailey said there had been “encouraging news” on inflation which the bank expects to come close to its 2% target between April and June. But he added: “We need to see more evidence that ...

Oman Participates in AIM Congress in Abu Dhabi Abu Dhabi, 9 May (ONA) --- The Sultanate of Oman, represented by the Ministry of Commerce, Industry and Investment Promotion and ASYAD Group took part in the 13th edition of AIM Congress, held in Abu Dhabi. This edition of the congress was held under the theme ‘Adapting to A Shifting Investment Landscape: Harnessing New Potentials for Global Economic Development’. The participation aimed to showcase Oman as a premier investment destination due to its competitive features, investment opportunities and business incentives ...

Oman Participates in 16th Summit of Islamic Financial Services Board Bandar Seri Begawan, 9 May (ONA) --- The Sultanate of Oman, represented by the Central Bank of Oman (CBO) participated in the 16th Summit of the Islamic Financial Services Board (IFSB), hosted in Bandar Seri Begawan, Brunei Darussalam. Oman’s delegation was headed by Tahir Salim Al Amri, Executive President of the Central Bank of Oman. In its sixteenth edition, the Summit delved into the opportunities and benefits of adopting change and innovation in the Islamic financial services industry, and how ...

Oman Oil Price Rises 1.70 US Dollars Muscat, 9 May (ONA) --- Oman oil price (July delivery 2024) today reached 84.68 US Dollars, comprising a rise by 1.70 US Dollars compared to the price of yesterday (Wednesday), which stood at 82.89 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 ...

Forum Held to Enhance Competitiveness of National Products, Services at Hotel EstablishmentsMuscat, 8 May (ONA) --- Activities of a forum titled “Enhancing the Competitiveness of National Products and Services in Hotel Establishments” kicked off today.Organized by the Ministry of Heritage and Tourism, the two-day forum looks into various means of empowering domestic products and services, including policies and laws related to government procurements.The opening ceremony was held under the auspices of Salim Mohammed Al Mahrouqi, Minister of Heritage and TourismThe forum saw a ...

MSX Drops 21 PointsMuscat, 8 May (ONA) --- Muscat Stock Exchange (MSX) general index (30) today dropped (21.1) points, comprising a decline by (0.44%) to close at (4757.53) points, compared to the last session, which stood at (4778.59) points.The trading value today stood at (RO 2,652,098), comprising a drop by (17.6%), compared to the last session, which stood at (RO 3,216,840).The report released by MSX pointed out that the market value went down by (0.113%) to reach about (RO 24.37) billion.The report added that the value of shares bought by non-Omani investors reached ...

Omani Trade Team Studies Singaporean Experience in Entrepreneurship, Food SecuritySingapore, 8 May (ONA) --- A delegation from Oman Chamber of Commerce and Industry (OCCI) currently visiting the Republic of Singapore was briefed today about the Singaporean experience in the fields of entrepreneurship and food security.The briefing took place during the Omani delegation’s meeting with officials of the Small and Medium Enterprises (SME) Support institution affiliated to the Singaporean Ministry of Commerce. During the meeting, the two sides discussed standard mechanisms to achieve ...

Oman Air Receives Cirium Award for Highest On-Time Performance in Middle East, Africa for 2023 Dubai, 8 May (ONA) --- Oman Air bagged the Cirium award for Best On-Time Performance (OTP), for which it ranked highest in the Middle East and Africa during 2023. Capt. Nasser Ahmed Al Salmi, Oman Air’s Chief Operating Officer, accepted the award from Cirium Chief Executive Officer, Jeremy Bowen, during the Arabian Travel Market (ATM), Dubai. Commenting on the occasion, Capt. Nasser Al Salmi said, “Achieving the highest on-time performance rating amongst our regional peers is ...

Samail Industrial City Inks 3 Investment Pacts Worth Over RO 8 Million Samail, 8 May (ONA) --- Samail Industrial City, an affiliate of the Public Establishment for Industrial Estates “Madayn”, signed three new investment contracts to localise projects in the fields of water desalination, building materials, and plastics, with a total investment value exceeding RO 8 million. The three projects will cover a total area of approximately 50,000 sqm. The new projects aim to generate job opportunities for national cadres and supply both local and international markets with ...

Oman Oil Price Declines 1.10 US Dollars Muscat, 8 May (ONA) --- Oman oil price (July delivery 2024) today reached 82.89 US Dollars, comprising a drop by 1.10 US Dollars from the price of yesterday (Tuesday) which stood at 84.08 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 ...

Heritage Ministry Unveils Packages on Sur As Capital of Tourism 2024Dubai, 7 May (ONA) --- As part of its participation in the Arabian Travel Market (ATM) expo in Dubai, the Ministry of Heritage and Tourism today announced the tourism packages of the Wilayat of Sur, the Capital of Arab Tourism 2024.Dr. Walid Ali El Hennawy, Assistant Secretary-General for Events and Media at the Arab Tourism Organization, expressed the hope that the Wilayat of Sur would become a major destination for Arab and international tourism. He added that the wilayat boasts a range of diverse marine and ...

Oman, Brazil Explore Means of Enhancing Tourism Cooperation Muscat, 7 May (ONA) --- Salim Mohammed Al Mahrouqi, Minister of Heritage and Tourism today received in his office Celso Sabino Oliveira, Minister of Tourism of the Federative Republic of Brazil and his accompanying delegation. The Minister’s visit to Oman coincides with marking the 50th anniversary of establishing diplomatic relations between Oman and Brazil. During the meeting, the two officials discussed means of boosting cooperation and relations in the tourism field. The meeting was attended by officials ...

MSX Drops 13 PointsMuscat, 7 May (ONA) --- Muscat Stock Exchange (MSX) general index (30) today dropped (13.1) points, comprising a decline by (0.27%) to close at (4778.59) points, compared to the last session, which stood at (4791.67) points.The trading value today stood at (RO 3,216,840), comprising a rise by (39.5%), compared to the last session, which stood at (RO 2,305,495).The report released by MSX pointed out that the market value went down by (0.059%) to reach about (RO 24.40) billion.The report added that the value of shares bought by non-Omani investors reached ...

US Fed Reluctance to Cut Rates Makes Easing Harder for Emerging Markets Washington, 7 May (ONA) --- The monetary policy pursued by the US Federal Reserve is casting its shadow on global markets, including emerging markets, after the US central bank's recent decision to keep high interest rates unchanged. Federal Reserve Chairman Jerome Powell had previously acknowledged the impact of US monetary policy on global markets, despite noting that the current cycle does not cause the same amount of turmoil as previous cycles. The Wall Street Journal said that "Central banks in ...

Oman, Singapore Explore Augmenting Cooperation in Industrial, IT Fields Singapore, 7 May (ONA) --- A delegation from Oman Chamber of Commerce and Industry (OCCI), met in Singapore's capital city, with several specialists in the fields of information technology and representatives of Singapore’s business and manufacturing federations. The meeting was attended by Anwar Ahmed Muqaibal, Charge d’affaires of the Sultanate of Oman’s embassy in the Republic of Singapore. The delegation visited a company in Singapore’s science park. The company specializes in digital ...

Omani-Brazilian Investment Forum Marks Diplomatic Ties, Economic CooperationMuscat, 7 May (ONA) --- The Sultanate of Oman and the Federative Republic of Brazil today celebrated the 50th anniversary of establishing diplomatic relations by organizing the Omani-Brazilian Investment Forum, which began in Muscat.The opening ceremony was held under the auspices of Salim Mohammed Al Mahrouqi, Minister of Heritage and Tourism. It was attended by representatives of private sector companies in both countries.The two-day forum focused on investment, clean energy, re-export, heavy ...

Hotels Revenue in Oman Exceed RO 71.9 million by End of March 2024 Muscat, 7 May (ONA) --- The revenues of 3-5-star hotels in the Sultanate of Oman reached RO 71,907,000 by the end of March 2024, up by 8.3% compared to RO 66,395,000 during the corresponding period in 2023, according to statistics issued by the National Centre for Statistics and Information (NCSI). The data indicate that the rise is attributed to the increase in the total number of hotel guests by 12.1% to reach 598,128 by the end of March 2024 compared to 533,790 by the end of March 2023. Meanwhile, accompany ...

OPAZ Delegation Explores Means of Boosting Economic Partnerships with China Beijing 7 May (ONA) --- A delegation from the Public Authority for Special Economic Zones and Free Zones (OPAZ) held several meetings in Beijing with a number of Chinese businesspeople from companies operating in the fields of green industries, iron, technology, modern information technology and chemicals. The OPAZ delegation is headed by Eng. Ahmed Hassan Al Dheeb, Deputy Chairman of OPAZ. The meetings came within the framework of attracting and localizing quality investments in Oman. ...