News

Economy
Oil Prices Fall on Rising US Inventories, Libyan Output

Oil Prices Fall on Rising US Inventories, Libyan Output Singapore, 29 Jan (ONA) --- Oil prices slid today, giving up some of last session's gains, as an increase in US crude stockpiles and easing worries over Libyan supplies weighed on prices. Brent crude futures fell 18 cents, or 0.2%, to $77.31 a barrel, while US crude futures declined 15 cents, or 0.2%, at $73.62 a barrel. US crude oil and gasoline stocks rose last week, while distillate inventories fell, market sources said on Tuesday, citing American Petroleum Institute figures. ---Ends/AG ...

Panel Discussion Focuses on Enhancing investment in transport, logistics, IT Sectors

Panel Discussion Focuses on Enhancing investment in transport, logistics, IT SectorsMuscat, 29 Jan (ONA) --- The Authority for Small and Medium Enterprises Development (ASMED) today organized its 9th dialogue session, which focused on means of enhancing investments of small and medium enterprises (SMEs) and start-ups in the transport, logistics and information technology (IT) sectors.The session dealt with three main objectives: Enhancing the approach of partnership and integration among SMEs and the parties concerned; improving the business environment and its attractiveness to the ...

MSX Gains 4 Points

MSX Drops 22 Points Muscat, 29 Jan (ONA) --- Muscat Stock Exchange (MSX) general index (30) today drops (22.7) points, comprising a decline by (0.50%) to close at (4545.21) points, compared to the last session, which stood at (4565.88) points. The trading value today stood at (RO 3,752,065), comprising an increase by (28.6%), compared to the last session, which stood at (RO 2,916,496). The report released by MSX pointed out that the market value went down by (0.204%) to reach about (RO 27.54) billion. The report added that the value of shares bought by non-Omani investors ...

Omani-Qatari Business Forum Explores Joint Investment Opportunities

Omani-Qatari Business Forum Explores Joint Investment Opportunities Muscat, 29 Jan (ONA) --- The Omani-Qatari Business Forum, held here today, explored opportunities of joint investments between the Sultanate of Oman and the State of Qatar in the fields of infrastructure, logistics, energy and converting industries. The forum also reviewed means of developing partnerships that serve local and regional markets and support sustainable economic growth. This forum is held within the framework of the state visit of Sheikh Tamim bin Hamad Al Thani, Emir of the State of Qatar to ...

Oman Oil Price Drops 54 Cents

Oman Oil Price Drops 54 CentsMuscat, 29 Jan (ONA) --- Oman oil price (March delivery 2025) today reached 79.88 US Dollars, comprising a drop by 54 cents compared to the price of yesterday “Tuesday” which stood at 80.42 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 ...

Commerce Minister, Qatari Counterpart Explore Means of Boosting Trade Cooperation

Commerce Minister, Qatari Counterpart Explore Means of Boosting Trade CooperationMuscat, 29 Jan (ONA) —— Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion held a meeting in Muscat today with Sheikh Faisal Thani Al Thani, Minister of Commerce and Industry in the State of Qatar.The meeting explored means of enhancing joint cooperation in the economic, trade and investment areas.The two sides alsodiscussed ways of promoting mutual investments by addressing the recommendations of the Qatari-Omani Investment Forum, held in the State of Qatar, and following up the ...

Omani Startup Accelerator Celebrates Graduation of New Batch of Aspirant Entrepreneurs

Omani Startup Accelerator Celebrates Graduation of New Batch of Aspirant Entrepreneurs Muscat, 28 Jan (ONA) --- The Omani Startup Accelerator today celebrated the passing out of a batch of its members. The event was held in cooperation with the Authority for Small and Medium Enterprises Development (ASMED) and the Public Establishment for Industrial Estates (Madayn), represented by the Industrial Innovation Academy. The ceremony was held under the auspices of Abdulsalam Mohammed Al Murshidi, Chairman of Oman Investment Authority (OIA), who affirmed that these youth products ...

Gold Holds Steady as Traders Focus on Federal Reserve

Gold Holds Steady as Traders Focus on Federal ReserveSingapore, 28 Jan (ONA) --- Gold held steady today as investors focused on the US Federal Reserve's policy meeting to see if the US President Donald Trump's policies have an impact on the central bank's views.Spot gold was nearly steady at $2,738.90 per ounce while US gold futures rose 0.2% to $2,743.10.Bullion prices fell more than 1% on Monday as a low-cost Chinese artificial intelligence model triggered a sell-off in the broader market.Spot silver was down 0.4% at $30.07 per ounce, palladium dropped 0.4% to $957 and platinum fell ...

DeepSeek Rating Sparks Tension in Global Currency Markets

DeepSeek Rating Sparks Tension in Global Currency MarketsSingapore, 28 Jan (ONA) --- The Japanese yen gave up some of the safe-haven-driven gains today as investors grappled with the potential implications of a Chinese startup's free open-source artificial intelligence (AI) model, while fresh tariff threats had the euro on the back foot.The US dollar steadied after it took a hit overnight amid a broad shakeout in financial markets on the emergence of China's DeepSeek free AI assistant that it says uses lower-cost chips and less data.The dollar index, which measures the US currency ...

MSX Gains 4 Points

MSX Gains 4 Points Muscat, 28 Jan (ONA) --- Muscat Stock Exchange (MSX) general index (30) today gained (4.8) points, comprising a rise by (0.11%) to close at (4565.88) points, compared to the last session, which stood at (4561.07) points. The trading value today stood at (RO 2,916,496), comprising an increase by (27%), compared to the last session, which stood at (RO 2,296,395). The report released by MSX pointed out that the market value went down by (0.132%) to reach about (RO 27.60) billion. The report added that the value of shares bought by non-Omani investors ...

Tokyo Stocks Drop as Tech Falls on Fears of Weaker AI Chip Demand

Tokyo Stocks Drop as Tech Falls on Fears of Weaker AI Chip DemandTokyo, 28 Jan (ONA) --- Tokyo stocks ended lower today, led by selling of technology shares on fears that demand for semiconductors used in artificial intelligence could weaken after a low-cost AI model was developed by a Chinese startup.The 225-issue Nikkei Stock Average ended down 548.93 points, or 1.39 percent, from Tuesday at 39,016.87. The broader Topix index finished 1.17 points, or 0.04 percent, lower at 2,756.90. Shares of chip-testing equipment maker Advantest fell 11.14 percent, or 1,023 Japanese yen (JPY), to ...

Eco-friendly Cars in Korea Exceed 10% in 2024

Eco-friendly Cars in Korea Exceed 10% in 2024Seoul, 28 Jan (ONA) --- The total number of registered vehicles in the Republic of Korea increased to 26.3 million units by the end of 2024, up 1.3 percent increase compared to 2023.South Korea's News Agency (Yonhap) said today that eco-friendly vehicles rose to over 10 percent of total registered vehicles for the first time, recording 10.4 percent, up 2.2 percentage points from 2023, The growth was mainly driven by hybrid models, which saw a significant increase, reaching 2.02 million units.The number of electric vehicles and hydrogen ...

Joint Omani-Indian Committee Explores Means of Augmenting Trade Relations

Joint Omani-Indian Committee Explores Means of Augmenting Trade Relations Muscat, 28 Jan (ONA) --- The Joint Omani-Indian Committee today held its 11th session in Muscat to review trade and investment relations between the two countries and means of enhancing them in sectors of mutual interest. The Omani side was headed by Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion and Piyush Goyal, Minister of Commerce and Industry of the Republic of India. During the session, the two sides explored means of expanding cooperation in the fields ...

OCCI Committee Discusses Regulation Governing Exhibitions in Oman

OCCI Committee Discusses Regulation Governing Exhibitions in Oman Muscat, 28 Jan (ONA) --- The Exhibitions, Conferences and Events Committee of Oman Chamber of Commerce and Industry (OCCI) today held its first meeting of the year (2024) during which it discussed updates to the exhibitions regulation. The regulation seeks to provide a suitable environment for the growth of the sector of exhibitions and conferences. The meeting was chaired by Salim Omar Al Hashmi, Head of the Committee. The committee also reviewed preparations for the “Arab Events Forum”, ...

Oman-India Business Forum Underscores Importance of Boosting Partnerships

Oman-India Business Forum Underscores Importance of Boosting Partnerships Muscat, 28 Jan (ONA) --- Oman Chamber of Commerce and Industry (OCCI) organized today the Oman-India Business Forum. The event was organized in cooperation with the Ministry of Commerce, Industry and Investment Promotion. The forum aims to establish sustainable cooperation based on active participation, innovation and benefiting from strength points of the two countries’ economies. It also targets expanding investment opportunities and joint Omani-Indian projects. Moreover, the Oman-India ...

Khazaen Signs Agreement Worth RO 15-Million to Establish livestock Vaccine Factory

Khazaen Signs Agreement Worth RO 15-Million to Establish livestock Vaccine Factory Muscat, 28 Jan (ONA) --- “Khazaen Economic City” in the Governorate of South Al Batinah and “Medical and Educational Supplies Technology Company” today signed an agreement worth more than RO 15 million to set up a factory for the production of animal vaccines. The agreement was signed by Eng. Salim Suleiman Al Dhuhli, CEO of Khazaen Economic City, and Dr. Mamdooh Aqeed, CEO of the company. The unit, expected to be set on an approximate area of 10,000 square metres, is aimed at ...

Oman, India Explore Investment Opportunities in Economic, Free Zones

Oman, India Explore Investment Opportunities in Economic, Free Zones Muscat, 28 Jan (ONA) --- Sheikh Dr. Ali Masoud Al Sunaidy, Chairman of the Public Authority for Special Economic Zones and Free Zones (OPAZ) today received in his office Piyush Goyal, Minister of Commerce and Industry of the Republic of India. During the meeting, the two sides explored cooperation and investment opportunities in special economic zones, free zones and industrial estates that are supervised by OPAZ. The two sides also reviewed means of establishing joint projects in the fields of mining, ...

Ministry of Finance Generalizes Government Assets’ National Register Project

Ministry of Finance Generalizes Government Assets’ National Register ProjectMuscat, 28 Jan (ONA) --- The Ministry of Finance began disseminating the “National Register of Government Assets” (codenamed “Osool” or "Assets"). The ministry organized an inaugural meeting today to implement the 4th phase of the registry project in the presence of representatives of more than 40 government units.The meeting was aimed at enlightening target government units about the project. The discussion covered the project’s implementation stages, workflow mechanisms, responsibilities and ...

Oman Oil Price Drops 94 Cents

Oman Oil Price Drops 94 Cents Muscat, 28 Jan (ONA) --- Oman oil price (March delivery 2025) today reached 80.42 US Dollars, comprising a drop by 94 cents compared to the price of yesterday “Monday” which stood at 81.36 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/AG ...

OCCI Committee Studies Remarks on Wage Protection System’s Application

OCCI Committee Studies Remarks on Wage Protection System’s Application Muscat, 27 Jan (ONA) --- The Labour Market Committee of Oman Chamber of Commerce and Industry (OCCI) held its first meeting of the current year (2025) under the chairmanship of Mohammed Hassan Al A'nasi, Head of the committee. The meeting discussed the observations of business owners on the implementation of the Wage Protection System and associated fines. The meeting affirmed OCCI’s keenness to study the impacts of implementation of the Wage Protection System on private sector establishments. The ...

FAO Oman Projects See 83% Surge in Value

FAO Oman Projects See 83% Surge in ValueMuscat, 27 Jan (ONA) ——The Food and Agriculture Organization of the United Nations (FAO) has significantly enhanced its collaboration with the Sultanate of Oman, achieving an 83% increase in the total value of its projects.In 2024, FAO's project portfolio in the Sultanate of Oman reached a value of $4,276,985, compared to $2,335,819 in 2022.FAO’s diverse range of projects, developed in partnership with the Omani government and private sector, aims to bolster food security and strengthen local capacities. Key initiatives focus on climate ...

Oman, India Review Means of Boosting Economic Cooperation

Oman, India Review Means of Boosting Economic Cooperation Muscat, 27 Jan (ONA) --- Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion today received at Invest Oman lounge Piyush Goyal, Minister of Commerce and Industry of the Republic of India. The meeting comes within the framework of the 11th session of the joint Omani-Indian Committee, held in Muscat. During the meeting, the two sides reviewed areas of cooperation in the fields of technology, pharmaceuticals, renewable energy and infrastructure. They also touched on means of attracting ...

Gold Edges Lower as Dollar Rises, Fed Meeting in Focus

Gold Edges Lower as Dollar Rises, Fed Meeting in FocusSingapore, 27 Jan (ONA) --- Gold prices edged lower in early Asian hours today as the dollar gained, while investors awaited more guidance on interest rate decision from the US Federal Reserve's first meeting of 2025 later this week.Spot gold was down 0.1% to $2,768.01 per ounce. US gold futures shed 0.2% to $2,772.70.US Fed policymakers are expected to keep rates on hold in the current 4.25%-to-4.50% range in their 28-29 January meeting.As for other precious metals, spot silver was 0.3% lower to $30.52 per ounce, palladium ...

Oil Slips as Trump Repeats Call for OPEC to Reduce Prices

Oil Slips as Trump Repeats Call for OPEC to Reduce PricesSingapore, 27 Jan (ONA) --- Oil prices fell more than 1% today after US President Donald Trump called on OPEC to reduce prices following the announcement of wide-ranging measures to boost US oil and gas output.Brent crude futures dropped 87 cents, or 1.11%, to $77.63 a barrel after settling up 21 cents on Friday.US West Texas Intermediate crude was at $73.77 a barrel, down 89 cents, or 1.19%.Trump on Friday reiterated his call for the Organization of the Petroleum Exporting Countries to cut oil prices. However, OPEC and its ...

Tender Results of Government Treasury Bills Worth RO 52.80 Million Issued

Tender Results of Government Treasury Bills Worth RO 52.80 Million Issued Muscat, 27 Jan (ONA) --- The total issuance of Government Treasury Bills amounted to RO 52.80 million. The value of the allotted Treasury bills amounted to RO 2 million, for a maturity period of 28 days. The average accepted price reached RO 99.700 for every RO 100, and the minimum accepted price arrived at RO 99.700 per RO 100. The average discount rate and the average yield reached 3.91071% and 3.92248%, respectively. Whereas, the value of the allotted Treasury bills amounted to RO 10 million, ...

MSX Gains 7 Points

MSX Gains 7 Points Muscat, 27 Jan (ONA) --- Muscat Stock Exchange (MSX) general index (30) today gained (7.8) points, comprising a rise by (0.17%) to close at (4561.07) points, compared to the last session, which stood at (4553.31) points. The trading value today stood at (RO 2,296,395), comprising a surge by (44.9%), compared to the last session, which stood at (RO 1,584,339). The report released by MSX pointed out that the market value went down by (0.006%) to reach about (RO 27.63) billion. The report added that the value of shares bought by non-Omani investors reached ...

Oman, India Ink Protocol on Double Taxation Avoidance

Oman, India Ink Protocol on Double Taxation Avoidance Muscat, 27 Jan (ONA) --- The Sultanate of Oman and the Republic of India today signed in Muscat an amended protocol for the agreement on avoidance of double taxation and prevention of financial evasion. The protocol was signed by Nasser Khamis Al Jashmi, Chairman of the Tax Authority and Amit Narang, Ambassador of India to Oman. Al Jashmi underscored the importance of signing this protocol in a bid to enhance economic relations between Oman and India. The signing of the protocol, he added, comes as a result of efforts ...

Oman Oil Price Drops 40 Cents

Oman Oil Price Drops 40 Cents Muscat, 27 Jan (ONA) --- Oman oil price (March delivery 2025) today reached 81.36 US Dollars, comprising a drop by 40 cents compared to the price of last “Friday” which stood at 81.76 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/AG ...

MSX Drops 50 Points

MSX Drops 50 Points Muscat, 26 Jan (ONA) --- Muscat Stock Exchange (MSX) general index (30) today lost (50.5) points, comprising a drop by (1.10%) to close at (4553.31) points, compared to the last session, which stood at (4603.84) points. The trading value today stood at (RO 1,584,339), comprising a decline by (55.2%), compared to the last session, which stood at (RO 3,539,160). The report released by MSX pointed out that the market value went down by (0.620%) to reach about (RO 27.63) billion. The report added that the value of shares bought by non-Omani investors ...

Fish Landing Through Artisanal Fishing Exceeds 477K Tons

Fish Landing Through Artisanal Fishing Exceeds 477K Tons Muscat, 26 Jan (ONA) --- The amount of total fish landed through artisanal fishing in the Sultanate of Oman by the end of September 2024 reached 477,312 tons, comprising a rise by 11.6% compared to 427,589 tons by the end of September 2023, according to the data issued by the National Centre for Statistics and Information (NCSI). The value fish landed (including artisanal, commercial and coastal) by the end of September 2024 reached RO 348 million. Statistics indicate that the amount of fish landed through commercial ...