News

Belarusian President Visits Sohar Port Sohar, 17 Dec (ONA) --- President Aleksandr Lukashenko of the Republic of Belarus and his accompanying delegation today visited Sohar Port in North Al Batinah Governorate, as part of his official visit to the Sultanate of Oman. President Lukashenko took note of the competitive features and incentives of the port, the largest hub of its kind in the Sultanate of Oman and the fastest growing port in the region. The President was briefed about the integrated logistics system of ASYAD Group and its affiliate facilities—including ports, free ...

Oman Oil Price Drops 65 Cents Muscat, 17 Dec (ONA) --- Oman oil price (February delivery 2025) today reached 73.54 US Dollars, comprising a drop by 65 cents compared to the price of yesterday “Monday” which stood at 74.19 US Dollars. The average price of Oman oil (December delivery 2024) stabilized at 74.82 US Dollars per barrel, thus 1.33 US Dollars per barrel higher than November delivery ...

OCCI Launches 3rd Edition of Commercial Franchise Programme Muscat, 16 Dec (ONA) --- Oman Chamber of Commerce and Industry (OCCI) today launched the 3rd edition of the Commercial Franchise Programme with the aim of qualifying business owners and preparing Omani companies to benefit from the advantages and opportunities of commercial franchise. The ceremony was held under the auspices of HH Sayyid Dr. Kamil bin Fahd bin Mahmoud Al Said, Secretary General at the Secretariat General of the Council of Ministers. Faisal bin Abdullah Al Rowas, Chairman of the Board of Directors ...

Agreement Signed to Establish Centre for 4IR in Oman Muscat, 16 Dec (ONA) --- Acting with the support of the Ministry of Economy, the Ministry of Transport, Communications and Information Technology today signed a cooperation agreement with the World Economic Forum (WEF) to establish the Fourth Industrial Revolution Centre in the Sultanate of Oman. The new 4IR centre counts as the sixth centre of its kind that is established in the Middle East in cooperation with the World Economic Forum—the 22nd centre globally. The centre is scheduled to begin operating in the first quarter ...

Commerce Ministry Reviews National Program “Nazdaher” Before Shura Council Muscat, 16 Dec (ONA) --- The Ministry of Commerce, Industry and Investment Promotion reviewed the National Program for Private Sector and Foreign Trade Development “Nazdaher”. The ministry also reviewed the efforts to foster growth and development of the trade and industry sectors and support and develop the business and investment environment. This took place during the meeting held by Khalid Hilal Al Maawali, Chairman of the Shura Council and members of the Council, with Qais Mohammed Al ...

Inflation in Oman Amongst Lowest Rates GloballyMuscat, 16 Dec (ONA) --- The Sultanate of Oman has attached great interest to the issue of global inflation.Oman has been striving to contain inflation rates within the targets of the financial, economic and social policies. It has also exerted sincere efforts to avoid its exacerbation to the rates witnessed by many developed, emerging and developing countries. These high rates of inflation affected the growth of the economy and the standards of living in these countries.The outbreak of Covid-19 pandemic in 2020, followed by closures and ...

MSX Gains 6 PointsMuscat, 16 Dec (ONA) --- Muscat Stock Exchange (MSX) general index (30) today gained (6.4) points, comprising a rise by (0.14%) to close at (4521.10) points, compared to the last session, which stood at (4514.66) points.The trading value today stood at (RO 5,976,855), comprising a drop by (32.3%), compared to the last session, which stood at (RO 8,829,936).The report released by MSX pointed out that the market value went up by (0.327%) to reach about (RO 27.25) billion.The report added that the value of shares bought by non-Omani investors reached (RO 970,000), ...

Oman Organizes Conference to Discuss Governments' Readiness to Achieve Sustainable Development Muscat, 16 Dec (ONA) --- A conference titled "Governments' Readiness to Achieve Sustainable Development" kicked off in Muscat today. The conference is organized by the Ministry of Labour in cooperation with the Arab Administrative Development Organization (ARADO), affiliated to the Arab League. The two-day conference is aimed to discuss the best policies and practices that contribute to the achievement of sustainable development goals. The conference also seeks to enhance ...

China's Retail Sales Rise 3% in NovemberBeijing, 16 Dec (ONA) --- China's retail sales of consumer goods went up 3% year on year to hit 4.38 trillion yuan ($608.82 billion) in November 2024, China's National Bureau of Statistics said today. Last month, retail sales of consumer goods in urban regions rose 2.9% to 3.76 trillion yuan, while sales in rural regions stood at 616.7 billion yuan, up 3.2%, the data showed. In the first 11 months of 2024, retail sales of consumer goods totaled nearly 44.3 trillion yuan, up 3.5% year on year. Online retail sales of ...

Tender Results of Government Treasury Bills Worth RO 35 Million Issued Muscat, 16 Dec (ONA) --- The total issuance of Government Treasury Bills amounted to RO 35 million. The value of the allotted Treasury bills amounted to RO 10 million, for a maturity period of 28 days. The average accepted price reached RO 99.685 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 4.10625% and 4.11923%, respectively. Whereas, the value of the allotted Treasury bills amounted to RO 25 million, for a maturity ...

China's Industrial Output up 5.4 % in NovemberBeijing, 16 Dec (ONA) --- China's value-added industrial output, an important economic indicator, expanded 5.4% year-on-year in November, official data showed today. On a monthly basis, the industrial output edged up 0.46% in November from the previous month, data from the National Bureau of Statistics showed. During the January-November period, it rose 5.8% year-on-year. The industrial output measures the activity of enterprises each with an annual main business turnover of at least 20 million yuan (about USD 2.8 ...

Oil Eases as Investors Eye Fed Rate CutsSingapore, 16 Dec (ONA) --- Oil futures today eased from their highest levels in weeks as investors awaited a meeting of the Federal Reserve for indication of further rate cuts. Brent crude futures fell 21 cents, or 0.3%, to $74.28 a barrel. US West Texas Intermediate crude dropped 30 cents, or 0.4%, to $70.99 a barrel. The Fed is expected to cut interest rates by a quarter of a percentage point at its 17-18 December 2024 meeting which will also provide an updated look at how much further Fed officials think they will ...

Gold Edges Higher with Spotlight on Fed Reserve's MeetingSingapore, 16 Dec (ONA) --- Gold prices inched higher today as investors anticipated a potential interest rate cut by the Federal Reserve this week. Spot gold was up 0.1% to $2,650.86 per ounce. Meanwhile, U.S. gold futures slipped 0.2% to $2,669. As for other precious metals, spot silver slipped 0.2% to $30.50 per ounce, platinum shed 0.6% to $918.90, while palladium was steady at $953.10.--- ...

Oman Oil Price Rises 73 Cents Muscat, 16 Dec (ONA) --- Oman oil price (February delivery 2025) today reached 74.19 US Dollars, comprising a rise by 73 cents compared to the price of last “Friday” which stood at 73.46 US Dollars. The average price of Oman oil (December delivery 2024) stabilized at 74.82 US Dollars per barrel, thus 1.33 US Dollar per barrel higher than November delivery 2024. --- Ends/Thuraiya/AH ...

Oman, Tanzania Sign Agreement for Avoidance of Double Taxation, Tax Evasion Muscat, 15 (ONA) --- The Sultanate of Oman and the Republic of Tanzania today signed in Muscat an agreement for the avoidance of double taxation. The agreement pertains to taxes on income and the prevention of tax evasion between the two countries. The agreement was signed by Nasser Khamis Al Jashmi, Chairman of the Tax Authority and Dr.Mwigulu Lameck Nchemba, Tanzanian Minister of Finance and Planning. The agreement provides legal protection for investors, to spare them the imposition of double ...

Britain Joins Trans-Pacific PactLondon, 15 Dec (ONA) --- Britain officially became the 12th member of a trans-Pacific trade pact which includes Japan, Australia and Canada on Sunday as it seeks to deepen ties in the region and build its global trade links after leaving the European Union. Britain announced last year (2023) it would join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in its biggest trade deal since Brexit. The accession means Britain will be able to apply CPTPP trade rules and lower tariffs with eight of the 11 ...

OQBI Shares Listed on MSX Muscat, 15 Dec (ONA) --- Muscat Stock Exchange (MSX) celebrated today the listing of OQ Base Industries under the ticker symbol (OQBI), and the commencement of its share trading following the successful Initial Public Offering (IPO) of 49% of its capital. The IPO raised a total of approximately RO 387 million (exceeding USD 1 billion), with a subscription rate 2.1 times higher than the shares offered, reflecting strong confidence from local, regional and international investors in OQ Base Industries’ diverse and attractive portfolio, as well as ...

Oman, Belarus Explore Means of Promoting Economic CooperationMuscat, 15 Dec (ONA) --- Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion held a meeting in Muscat today with Alexander Efimov, Minister of Industry of Belarus , on the sidelines of the official visit of President Aleksandr Lukashenko of the Republic of Belarus, to the Sultanate of Oman. During the meeting, the two sides discussed means of promoting economic cooperation between the two countries. They also discussed ways to support trade exchange and addressing banking and ...

Gas Production Increases by 4.5pcMuscat, 14 Dec (ONA) —— Gas production (including imports and local production) in the Sultanate of Oman increased by 4.5% to reach 47,105.5 MNCM at the end of October 2024 compared to 45,093.5 MNCM until the end of October 2023.Further, natural gas consumption increased by 76.7% in power generation plants, whereas consumption in industrial projects, industrial areas and oil fields decreases by 8.5%, 5.1%, and 12%, respectively, until the end of October 2024.—— Ends/AH ...

Oil Exports Increase in October 2024Muscat, 14 Dec (ONA) —— The Sultanate of Oman’s oil exports recorded an increase of 0.01% at the end of October 2024 to reach 256,318.800 barrels compared to the corresponding period in 2023 when it was 256,290.600 barrels, according to the data issued by the National Centre for Statistics and Information (NCSI).According to NCSI statistics, the production of oil in the Sultanate of Oman decreased by 5.1% at the end of October 2024 to reach 303,149.600 barrels compared to 319,297.100 barrels during the corresponding period in 2023.Crude oil production ...

5pc Growth in Omani Exports, Local Sales Insured by Credit OmanMuscat, 14 Dec (ONA) —— Credit Oman continues its dedicated efforts to enhance the presence of Omani exports on both international and regional levels by providing credit insurance services aimed at protecting exporters and mitigating commercial and non-commercial risks.Sheikh Khalil Ahmed Al Harthy, CEO of Credit Oman, announced that non-oil Omani exports and local sales insured by Credit Oman experienced an overall growth of 5% in the third quarter of the current year, reaching a total value of RO 272.8 million, compared to ...

Outstanding Credit Extended by ODCs Reaches RO 31.9 BillionMuscat, 14 Dec (ONA) —— Other depository corporations (ODCs) consist of conventional and Islamic banks in Oman. The total outstanding credit extended by ODCs grew by 4.8 percent to RO 31.9 billion at the end of October 2024, with credit to the private sector demonstrating an increase of 4.4 percent (Y-o-Y) to reach RO 26.8 billion.According to a report issued by the Central Bank of Oman (CBO), household sector received the highest share of the total private sector credit at approximately 45.2 percent at end-October 2024, followed ...

Oman-Qatar Committee Discusses Ways to Boost Cooperation, Encourage Joint InvestmentsDoha, 12 Dec (ONA) --- The Omani-Qatari Joint Committee today held its 23rd session in Doha. The meeting dealt with aspects of cooperation in different fields, including economy, trade and investment.The Omani side was headed by Sultan Salim Al Habsi, Minister of Finance, while Ali Ahmed Al Kuwari, Minister of Finance of the State of Qatar, headed his country’s side. The joint committee discussed means of upgrading cooperation between the two sides in the fields of tourism, investment, ...

Transport Ministry Launches Virtual Tour Service in OmanMuscat, 12 Dec (ONA) --- Acting in cooperation with the National Survey Authority (NSA) for geospatial information and Google company, the Ministry of Transport, Communications and Information Technology has launched the first phase of a virtual tour project in the Sultanate of Oman.The launch ceremony was held under the auspices of Dr. Mohammed Nasser Al Zaabi, Secretary General of the Ministry of Defence.The service seeks to enable users around the world to explore Oman’s natural landscapes, historical landmarks and modern ...

Oman Oil Price Rises 1.49 US Dollars Muscat, 12 Dec (ONA) --- Oman oil price (February delivery 2025) today reached 73.67 US Dollars, comprising a rise by 1.49 US Dollars compared to the price of yesterday “Wednesday” which stood at 72.19 US Dollars. The average price of Oman oil (December delivery 2024) stabilized at 74.82 US Dollars per barrel, thus 1.33 US Dollar per barrel higher than November delivery 2024. --- Ends/AG ...

Round 3 of Green Hydrogen Projects Unveiled Muscat, 11 Dec (ONA) --- Hydrogen Oman Company“Hydrom” today unveiled the 3rd round of public bidding on lands for green hydrogen projects in the Sultanate of Oman. The bidding round will start in early 2025. This was announced during the “Investor Day” event which was organized by Hydrom. The event is first-of-its-kind and it saw the participation of 400 investors and leaders in the sector from all over the world. The participants aimed to explore new strategic investment opportunities in the green hydrogen sector in ...

ICAO Security Week Concludes with Muscat Declaration Muscat, 11 Dec (ONA) --- Activities of the International Civil Aviation Organization (ICAO) Security Week 2024 concluded today with Muscat Declaration on Aviation Security and Aviation Cybersecurity. Muscat Declaration affirms that aviation connects the world, brings people and countries together, and makes social and economic development possible through travel, trade and tourism, and thus shall be effectively protected. The declaration acknowledges the importance of a common UN approach involving cooperation and ...

Energy, Minerals Ministry Signs Mining Concession Agreement to Produce 400,000 Tons of Salt AnnuallyMuscat, 11 Dec (ONA) --- The Ministry of Energy and Minerals today signed a concession agreement with Naqa Salt company for mining in area No. 51-k, located in the Film area in Al Wusta Governorate. Through the agreement, the company has a mandate to explore an area of ​​109 square kilometres to produce about 400,000 tons of salt annually. The agreement was signed on behalf of the Government of the Sultanate of Oman by Eng. Salim Nasser Al Aufi, Minister of Energy and Minerals. ...

Gold Prices Remain Flat Amid Focus on Inflation Data Washington, 11 Dec (ONA) --- Gold prices traded mostly flat today as investors looked forward to a critical U.S. inflation print that could influence chances of a widely expected Federal Reserve's interest rate cut next week and offer more cues on their 2025 outlook.Spot gold held its ground at $2,693.80 per ounce, as of 1038 GMT, having hit its highest since Nov. 25 earlier in the session. U.S. gold futures rose 0.2% to $2,724.10.Markets are keenly watching upcoming U.S. inflation data, as a 25-basis-point Fed rate cut next week ...

Oman Oil Price Rises 51 CentsMuscat, 11 Dec (ONA) --- Oman oil price (February delivery 2025) today reached 72.19 US Dollars, comprising a rise by 51 cents compared to the price of yesterday “Tuesday” which stood at 71.68 US Dollars.The average price of Oman oil (December delivery 2024) stabilized at 74.82 US Dollars per barrel, thus 1.33 US Dollar per barrel higher than November delivery ...