News

Gold Rises on Fed Rate Cut Hopes Singapore, 6 May (ONA) --- Gold prices ticked higher today, as expectations that the Federal Reserve will start cutting interest rates later in the year and tensions in the Middle East lifted bullions appeal. Spot gold rose 0.3% to $2,309.24 per ounce. US gold futures gained 0.5% to $2,318.80 per ounce. Among other precious metals, spot silver was up 1.3% to $26.89 per ounce. Platinum lost nearly 0.7% to $948.97, and palladium inched up 0.1% to $946.58. --- Ends/Khalid ...

Saudi Arabia to Host 3rd Global Project Management Forum in June Riyadh, 6 May (ONA) --- The third Global Project Management Forum (GPMF) is set to kick off in the capital Riyadh on 2 June 2024, focusing on the theme "We Achieve the Dream: Leadership, Empowerment, Sustainability." The two-day event will be a pivotal platform for industry leaders, project managers, and decision-makers worldwide. The GPMF will delve into a wide array of topics pertaining to project management across various sectors. It aims to foster collaboration, share insights, and ...

China's Central Bank Injects 2 Billion Yuan into Banking System Beijing, 6 May (ONA) --- China's central bank conducted 2 billion yuan ($282 million) of seven-day reverse repos at an interest rate of 1.8% today. The move aims to keep liquidity reasonable and ample in the banking system, the People's Bank of China said in a statement, reported by China's News Agency (Xinhua). A reverse repo is a process in which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future. --- Ends/Khalid ...

Oil Futures Rise on Middle East Tensions Singapore, 6 May (ONA) --- Oil futures rose today over concerns of expanding tensions in the Middle East. Brent crude futures climbed 28 cents, or 0.3%, to $83.24 a barrel, while US West Texas Intermediate (WTI) crude futures were at $78.40 a barrel, up 29 cents, or 0.4%. Last week, both futures contracts posted their steepest weekly loss in three months with Brent falling more than 7% and WTI down 6.8%. --- Ends/Khalid ...

MSX Drops 13 Points Muscat, 6 May (ONA) --- Muscat Stock Exchange (MSX) general index (30) today dropped (13.6) points, comprising a decline by (0.28%) to close at (4791.67) points, compared to the last session, which stood at (4805.25) points. The trading value today stood at (RO 2,305,495), comprising a decrease by (38.98%), compared to the last session, which stood at (RO 3,778,002). The report released by MSX pointed out that the market value went down by (0.023%) to reach about (RO 24.41) billion. The report added that the value of shares bought by non-Omani ...

Sharia Index Forum Reviews Prospects of Investment Compatible with IslamMuscat, 6 May (ONA) --- The Sharia Index Forum, organized by Muscat Stock Exchange (MSX) in cooperation with Alizz Islamic Bank, opened today at Oman Convention and Exhibition Centre (OCEC). The forum discussed the economic prospects of the index and its role in promoting investments compatible with Islamic Sharia and attracting local and foreign investors.The opening of the forum was held under the auspices of Dr. Said Mohammed Al Saqri, Minister of Economy.The forum studied three working papers. The first dealt ...

NCSI Bags an Award in Digital Transformation Field Kuwait, 6 May (ONA) --- The National Centre for Statistics and Information (NCSI)won the “Sheikh Salem Al Ali Al Sabah Informatics Award” in its 23rd edition. The NCSI won in the category of “Digital Transformation in Sustainable Development” for its electronic consensus of population, housing and establishments in 2020. The award was handed over to Dr. Khalifa Abdullah Al Barwani, CEO of the NCSI at Bayan Palace, Kuwait. Al Barwani emphasized that winning the award comes as an appreciation for NCSI efforts in the ...

Tender Results of Government Treasury Bills Worth RO 85.5 Million Issued Muscat, 6 May (ONA) --- The total issuance of Government Treasury Bills amounted to RO 85.5 million. The value of the allotted Treasury bills amounted to RO 6.5 million, for a maturity period of 28 days. The average accepted price reached RO 99.647 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 4.59760% and 4.61387%, respectively. Whereas, the value of the allotted Treasury bills amounted to RO 17 million, for ...

Added Value of Private Enterprises Exceeds RO 8.8 Billion Muscat, 6 May (ONA) --- The total added value of active private enterprises in the Sultanate of Oman during the fourth quarter of 2023 amounted to RO 8,850.6 million, according to preliminary data issued by the National Center for Statistics and Information (NCSI). The contribution of the actual operating enterprises to the GDP at current prices during the fourth quarter of 2023 stood at 81.2%, compared to 84% for the fourth quarter of 2022. The added value of large enterprises amounted to RO 6,579.4 million, ...

Oman Oil Price Declines 9 Cents Muscat, 6 May (ONA) --- Oman oil price (July delivery 2024) today reached 83.93 US Dollars, comprising a drop by 9 cents from the price of last (Friday) which stood at 84.02 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/Anas ...

Record-breaking Edition of Arabian Travel Market Opens Tomorrow Dubai, 5 May (ONA) --- Arabian Travel Market (ATM), the leading global event for the travel and tourism sector, will return to the Dubai World Trade Centre this week for its 31st edition. Taking place from 6 to 9 May 2024, over 41,000 attendees are expected to visit the annual trade show, which will feature 2,300 exhibitors from 165 countries. This year, ATM is centred on the theme ‘Empowering Innovation – Transforming Travel through Entrepreneurship’, spotlighting the pivotal role of start-ups and ...

MSX Gains 31 Points Muscat, 5 May (ONA) --- Muscat Stock Exchange (MSX) general index (30) today gained (31.9) points, comprising a rise by (0.67%) to close at (4805.25) points, compared to the last session, which stood at (4773.30) points. The trading value today stood at (RO 3,778,002), comprising a drop by (30.8%), compared to the last session, which stood at (RO 5,459,339). The report released by MSX pointed out that the market value went up by (0.370%) to reach about (RO 24.41) billion. The report added that the value of shares bought by non-Omani investors reached ...

Finance Minister Receives IMF Executive Director Muscat, 5 May (ONA) --- Sultan Salim Al Habsi, Minister of Finance received in his office today Dr. Mahmoud Mohieldin, Executive Director at the International Monetary Fund (IMF) to discuss several topics of common concern. The two sides highlighted international and local growth forecasts and the effects of public policies in tackling financial crises, as well as Oman’s efforts in green sustainable financing. --- Ends/Anas ...

Financial Services Authority Reconstitutes Raysout Cement Company Board Muscat, 5 May (ONA) --- The Financial Services Authority (FSA) today issued a decision reconstituting the board of directors of Raysout Cement Company (SAOG). The decision appointed a new board of directors comprising experts, independent and impartial members to manage the company temporarily. The board will be chaired by Shabib Mohammed Al Darmaki and will comprise the membership of Naser Jumaa Al Zadjali, Badr Awad Al Shanfari, Ali Rashid Ali Al Shuhi and Abdulhameed Ahmed Al Balushi. The new board ...

Car Fuel Production Decreases 3.2pc by End of March 2024 Muscat, 5 May (ONA) --- The Sultanate of Oman’s production of car fuel recorded a decrease of 3.2% by the end of March 2024 compared to the corresponding period in 2023, according to preliminary statistics released by the National Center for Statistics and Information (NCSI). The production of regular fuel (M-91) fell by 15.3% by the end of March 2024%. High grade fuel (M-95) increased by 17.9%. Production of M-91 fuel reached 3,920,500 barrels, while sales stood at 3,340,100 barrels. The production of M-95 fuel reached ...

Oman Post Secures First Place in EMS Performance Awards for Second Consecutive Year Muscat, 5 May (ONA) --- The Sultanate of Oman, represented by Oman Post, an affiliate of Asyad Group, has secured once again the first place at the EMS Performance Awards and was ranked second in EMS Customer Care among the 190 member countries of the Universal Postal Union (UPU). Oman’s first place ranking at the EMS Performance Awards for the second consecutive year showcases the consistent trajectory of growth that Oman Post has successfully pioneered over the past years. Additionally, ...

SAS 48 Hackathon on Green Technologies Kicks OffMuscat, 2 May (ONA) --- Activities of the 6th edition of “SAS 48 Hackathon” kicked off in Muscat today under the slogan “Green Tech”. The event was organized by the Ministry of Transport, Communications and Information Technology.The opening ceremony was held under the auspices of Dr. Ali Amer Al Shidhani, Undersecretary of the Ministry of Transport, Communications and Information Technology for Communications and Information Technology.The hackathon targets entrepreneurs and experts in the sectors of logistics, agriculture and ...

Oman Participates in Tashkent International Investment ForumTashkent, 2 May (ONA) --- Represented by the Ministry of Commerce, Industry and Investment Promotion, the Sultanate of Oman is taking part in Tashkent International Investment Forum, held in the Republic of Uzbekistan.Oman’s delegation to the two-day forum is headed by Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion. It includes Sayyida Wafa Jabr Al Busaidi, Ambassador of the Sultanate of Oman to the Republic of Uzbekistan, and a number of businesspeople.Activities of the first day of the ...

MSX Gains 6 Points Muscat, 2 May (ONA) --- Muscat Stock Exchange (MSX) general index (30) today gained (6.1) points, comprising a rise by (0.13%) to close at (4773.30) points, compared to the last session, which stood at (4767.23) points. The trading value today stood at (RO 5,459,339), comprising a surge by (130.9%), compared to the last session, which stood at (RO 2,364,456). The report released by MSX pointed out that the market value went down by (0.010%) to reach about (RO 24.32) billion. The report added that the value of shares bought by non-Omani investors reached ...

Agreement Inked toDevelop Club Med Musandam Resort Worth USD 100 MillionMuscat, 2 May (ONA) —— The hospitality scene in Oman is about to get a major boost with the official signing of the Club Med Musandam project, marking the debut of the first Club Med Resort in the Middle East.This exclusive resort, located along the stunning shores, is a collaboration between Oman Tourism Development Company (OMRAN Group), Club Med, and Royal Court Affairs. The signing underscores OMRAN Group's commitment to boosting Oman's economy and promoting tourism through sustainable projects.The signing event ...

Oman Participates in GCC Commerce Ministers Meetings Muscat, 2 May (ONA) --- The Sultanate of Oman took part in the GCC’s 66th ministerial meeting of the Trade Cooperation Committee, the 52nd meeting of the Industrial Cooperation Committee, the meeting of the ministerial committee for standardization affairs and the consultative meeting between GCC ministers of commerce and industry and chairmen of chambers of commerce, held in Doha, the State of Qatar. Oman’s delegation in the meetings were headed by Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment ...

Oman Oil Price Declines 85 Cents Muscat, 2 May (ONA) --- Oman oil price (July delivery 2024) today reached 84.46 US Dollars, comprising a drop by 85 cents from the price of yesterday (Wednesday) which stood at 85.31 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/Anas ...

Tender Board Awards Tenders, Additional Works Worth Over RO 87.7 MillionMuscat, 1 May (ONA) --- The Tender Board today awarded a number of tenders and additional works for the implementation of development projects worth RO 87,731,571.The business tasks were awarded during the Tender Board’s second meeting of the year, headed by Said Mohammed Al Saqri, Minister of Economy, Chairman of the board.Key works that were endorsed included a tender for the design and construction of 12 school buildings in various governorates of the Sultanate of Oman (RO 20,950,094), a framework contract ...

AI Fuels Cloud Computing Boom Washington, 1 May (ONA) --- Tech giants Amazon, Microsoft, and Alphabet have seen robust sales in their cloud computing divisions, signaling a surge in corporate spending fueled by artificial intelligence (AI) initiatives.Amazon's AWS reported a 17% growth in Q1, surpassing Wall Street's expectations and achieving a $100 billion annual run-rate.Microsoft's Azure and Google Cloud also exceeded projections with growth rates of 31% and 28% respectively.Analysts attribute this growth to both AI investments and an overall acceleration in cloud spending by ...

COMEX 2024 to Begin on 27 May Muscat, 1 May (ONA) --- COMEX 2024 Technology Exhibition will kick off on 27 May at Oman Convention and Exhibition Centre (OCEC). The four-day event is organized by the Ministry of Transport, Communications and Information Technology in cooperation with the Arabian Research Bureau. This was unveiled during a press conference held today at the Ministry headquarters. Dr. Ali Amer Al Shidhani, Undersecretary of the Ministry of Transport, Communications and Information Technology for Communications and Information Technology pointed out that ...

MSX Drops 17 Points Muscat, 1 May (ONA) --- Muscat Stock Exchange (MSX) general index (30) today lost (17) points, comprising a decline by (0.36%) to close at (4767.23) points, compared to the last session, which stood at (4784.23) points. The trading value today stood at (RO 2,364,456), comprising a drop by (65.1%), compared to the last session, which stood at (RO 6,771,161). The report released by MSX pointed out that the market value went up by (0.056%) to reach about (RO 24.33) billion. The report added that the value of shares bought by non-Omani investors reached ...

NCSI Receives IMF Delegation Muscat, 1 May (ONA) --- Dr. Khalifa Abdullah Al Barwani, CEO of the National Centre for Statistics and Information (NCSI) today received a delegation of experts from the International Monetary Fund (IMF). The meeting came within the framework of preparation for the 2024 Article IV consultations. The consultations are hosted by the Sultanate of Oman, represented by the Central Bank of Oman (CBO) and the Ministry of Finance, till 8 May 2024. During the meeting, the two sides reviewed statistics and information which reflect economic and financial ...

Housing Ministry Signs Contracts Worth More Than RO 12.5 millionMuscat, 1 May (ONA) --- The Ministry of Housing and Urban Planning today signed 62 usufruct contracts in the agriculture and industry sectors with an investment value exceeding RO 12.5 million. The contracts were signed in cooperation with the Ministry of Agriculture, Fisheries and Water Resources, and the Authority for Small and Medium Enterprises Development (ASMED).Seven of the contracts were signed for the implementation of projects based on the outputs of food security laboratories. They had an investment value of ...

Oman Oil Price Declines 2.04 US Dollars Muscat, 1 May (ONA) --- Oman oil price (July delivery 2024) today reached 85.31 US Dollars, comprising a drop by 2.04 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 Hosts IMF Delegation Muscat, 30 Apr (ONA) --- The International Monetary Fund (IMF) commenced its meetings today in preparation for the 2024 Article IV consultations, hosted by the Sultanate of Oman represented by the Central Bank of Oman (CBO) and the Ministry of Finance. IMF experts are set to conduct a series of meetings with officials and specialists from CBO, the Ministry and a number of government and private sector institutions. The meetings will discuss the recent economic and financial developments, recent inflation developments, financial stability risks, ...