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Economy
Oman Participates in IsDB Board of Governors Meeting

Oman Participates in IsDB Board of Governors Meeting Riyadh, 29 Apr (ONA) --- The Sultanate of Oman is currently participating in the 49th annual meeting of the Islamic Development Bank’s (IsDB) Board of Governors, held in Riyadh, the Kingdom of Saudi Arabia (KSA). Oman’s delegation in the meeting is headed by Sultan Salim Al Habsi, Minister of Finance and Governor of the IsDB. During his speech, Al Habsi underscored the efforts exerted by the IsDB group during the previous 50 years in promoting economic and social development in member states. Several meetings ...

Hydrom Meets Target to Deliver over 1 mtpa of Renewable Hydrogen with Round 2 Auction Award

Hydrom Meets Target to Deliver over 1 mtpa of Renewable Hydrogen with Round 2 Auction Award Muscat, 29 Apr (ONA) --- Hydrom, Oman’s green hydrogen orchestrator, announced signing two new green hydrogen projects in Dhofar worth US$ 11 billion. The signings follow the successful completion of Hydrom’s second round of auctions bringing the total hydrogen production in Oman to 1.38 million tonnes per year (mtpa) by 2030. The first agreement was signed with a consortium consisting of Electricité de France S.A. and its subsidiary EDF Renewables (EDF Group), Electric Power ...

MSX Gains 14 Points

MSX Gains 14 PointsMuscat, 29 Apr (ONA) --- Muscat Stock Exchange (MSX) general index (30) today gained (14.2) points, comprising a rise by (0.30%) to close at (4774.88) points, compared to the last session, which stood at (4760.67) points.The trading value today stood at (RO 3,911,216), comprising a drop by (4.5%), compared to the last session, which stood at (RO 4,094,235).The report released by MSX pointed out that the market value went down by (0.007%) to reach about (RO 24.19) billion.The report added that the value of shares bought by non-Omani investors reached (RO 652,000), ...

Oman Sustainability Week Kicks Off

Oman Sustainability Week Kicks OffMuscat, 29 Apr (ONA) --- Activities of Oman Sustainability Week kicked off today at the Oman Convention and Exhibition Centre under the slogan “Sustainable Living in a Circular Society”. The event, which lasts several days, is attended by representatives of a large number of local and international establishments.The opening ceremony was held under the auspices of HH Sayyid Taimour Asa’ad Al Said, Chairman of the Board of Governors of the Central Bank of Oman (CBO).Oman Sustainability Week is organized by Oman Exhibitions Organizing ...

Oman, Republic of Korea Explore Boosting Cooperation

Oman, Republic of Korea Explore Boosting Cooperation Seoul, 29 Apr (ONA) --- Dr. Ali Masoud Al Sunaidy, Chairman of the Public Authority for Special Economic Zones and Free Zones (OPAZ) met in Seoul, the Republic of Korea with Jeong In-kyo, Trade Minister and Chairman of the Korean side in the Omani-Korean Committee and a number of officials of the Ministry in the presence of Zakariya Al Saadi, Ambassador of the Sultanate of Oman to the Republic of Korea. During the meeting, the two sides discussed how to leverage Korean technologies to manage smart industrial cities and how to ...

Tender Results of Government Treasury Bills Worth RO 48 Million Issued

Tender Results of Government Treasury Bills Worth RO 48 Million Issued Muscat, 29 Apr (ONA) --- The total issuance of Government Treasury Bills amounted to RO 48 million. The value of the allotted Treasury bills amounted to RO 7 million, for a maturity period of 28 days. The average accepted price reached RO 99.645 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 4.62768% and 4.64417%, respectively. The value of the allotted Treasury bills amounted to RO 41 million, for a ...

Oman Forum Explores Private Sector Role to Achieve SDGs

Oman Forum Explores Private Sector Role to Achieve SDGs Muscat, 29 Apr (ONA) --- The 12th edition of Oman Forum, held today in Muscat, discussed the role of the private sector in achieving the sustainable development goals. The event was held under the patronage of HH Sayyid Faris Fatik Al Said. Oman Forum was organized by “Alam Al Iktisaad Wal A’mal” or “The World of Economy and Business” magazine with support from the Ministry of Commerce, Industry and Investment Promotion, the Environment Authority and several private sector companies. This edition of the ...

Oman Oil Price Drops 40 Cents

Oman Oil Price Drops 40 Cents Muscat, 29 Apr (ONA) --- Oman oil price (June delivery 2024) today reached 89.27 US Dollars, comprising a drop by 40 cents compared to the price of last (Friday), which stood at 89.67 US Dollars. The average price of Oman oil (April delivery 2024) has stabilized at 80.85 US Dollars per barrel, thus 2.10 US Dollars per barrel higher than March delivery 2024. --- Ends/Anas ...

MSX Gains 47 Points

MSX Gains 47 Points Muscat, 28 Apr (ONA) --- Muscat Stock Exchange (MSX) general index (30) today gained (47.03) points, comprising a rise by (1.00%) to close at (4760.67) points, compared to the last session, which stood at (4713.64) points. The trading value today stood at (RO 4,094,235), comprising a drop by (73.2%), compared to the last session, which stood at (RO 15,258,320). The report released by MSX pointed out that the market value went up by (0.228%) to reach about (RO 24.19) billion. The report added that the value of shares bought by non-Omani investors ...

Abraj Energy Services Signs MoU with Algeria’s Sonatrach to Expand Cooperation

Abraj Energy Services Signs MoU with Algeria’s Sonatrach to Expand Cooperation Muscat, 28 Apr (ONA) --- Abraj Energy Services, Oman’s leading oil and gas services provider, inked a Memorandum of Understanding (MoU) with Sonatrach, the Algerian oil and gas group. This agreement aims to create new business opportunities and foster integrated project management in the oil and gas services sector between the two countries. The MoU was signed by Eng. Saif Said Al Hamhami, CEO of Abraj Energy Services, and Farhat Aounougui, Vice President of Business Development and Marketing at ...

Agreement Inked to Establish First LNG Bunkering Project in Sohar Port

Agreement Inked to Establish First LNG Bunkering Project in Sohar Port Sohar, 28 Apr (ONA) --- Sohar Port and Freezone has signed a sub-usufruct agreement with Marsa Liquefied Natural Gas LLC for the development of an LNG liquefaction plant in Sohar Port. Marsa Liquefied Natural Gas LLC is a joint venture between TotalEnergies EP Oman Development B.V. and OQ. This project is set to significantly reduce the industry's carbon footprint, advance Sohar as a forerunner in the global green energy revolution and establish Sohar Port as the first LNG bunkering hub in the ...

Manah Grid Station Worth RO 11 Million Starts Operations

Manah Grid Station Worth RO 11 Million Starts Operations Muscat, 28 Apr (ONA) --- Oman Electricity Transmission Company (OETC) successfully completed all construction works, and energization process at the 400 kV Manah Grid Station, worth RO 11 million. This encompassed the 400 kV overhead lines connecting Manah Grid Station to 400/132 kV Naheda Grid Station and from Manah Grid Station and New Izki Grid Station. This project was completed in a period of 1 year and 8 months. The electrical transmission network is with clean and renewable energy units. This is to ensure ...

MSX Gains 6 Points

MSX Gains 6 PointsMuscat, 25 Apr (ONA) --- Muscat Stock Exchange (MSX) general index (30) today gained (6.5) points, comprising a rise by (0.14%) to close at (4713.64) points, compared to the last session, which stood at (4707.10) points.The trading value today stood at (RO 15,258,320), comprising a rise by (14.9%), compared to the last session, which stood at (RO 13,282,660).The report released by MSX pointed out that the market value went down by (0.001%) to reach about (RO 24.13) billion.The report added that the value of shares bought by non-Omani investors reached (RO 229,000), ...

Oman, Saudi Arabia Sign MoU to Fund Omani Industrial Zones’ Infrastructure Projects

Oman, Saudi Arabia Sign MoU to Fund Omani Industrial Zones’ Infrastructure Projects Muscat, 25 Apr (ONA) --- Sultan Salim Al Habsi, Minister of Finance, today received Sultan Abdulrahman Al Murshid, CEO of the Saudi Fund for Development (SFD), to discuss mechanisms of cooperation between Oman and the SFD, in addition to updates on ongoing joint development projects. On the sidelines of the meeting, the two sides signed a memorandum of understanding (MoU) to finance the infrastructure of some industrial zones in Oman. The MoU seeks to develop industrial and logistic sectors and ...

Oman Oil Price Rises 4 Cents

Oman Oil Price Rises 4 CentsMuscat, 25 Apr (ONA) --- Oman oil price (June delivery 2024) today reached 89.01 US Dollars, comprising a rise by 4 cents compared to the price of yesterday (Wednesday), which stood at 88.97 US Dollars.The average price of Oman oil (April delivery 2024) has stabilized at 80.85 US Dollars per barrel, thus 2.10 US Dollars per barrel higher than March delivery 2024.--- Ends/AH ...

Oman, USA Explore Means of Promoting Trade, Investment

Oman, USA Explore Means of Promoting Trade, Investment Washington, 24 Apr (ONA) --- The Sultanate of Oman and the United States of America (USA) today explored means of promoting trade and investment, in addition to addressing shared challenges during the 2nd Strategic Dialogue held in Washington. The Omani side was chaired by Sheikh Khalifa Ali Al Harthy, Undersecretary of the Foreign Ministry for Political Affairs whilst the USA side was chaired by Jose W. Fernandez, Under Secretary for Economic Growth, Energy, and the Environment at the U.S. Department of State, The ...

1st Oman-USA Economic Forum Explores Enhancing Trade, Investment Exchange

1st Oman-USA Economic Forum Explores Enhancing Trade, Investment Exchange Washington, 24 Apr (ONA) --- The first Oman-USA Economic Forum discussed in Washington D.C. enhancing trade and investment exchange between the two countries. The forum was organized by the Embassy of the Sultanate of Oman in the United States of America (USA) in conjunction with the US Chamber of Commerce on the sidelines of the Second Oman-USA Strategic Dialogue. Sheikh Khalifa Ali Al Harthy, Undersecretary of the Foreign Ministry for Political Affairs, delivered a speech in which he underscored ...

Transport Ministry Launches Digital Excellence Award in Government Sector

Transport Ministry Launches Digital Excellence Award in Government Sector Muscat, 24 Apr (ONA) --- The Ministry of Transport, Communications and Information Technology today launched the first edition of the Digital Excellence Award in the government sector. The award forms as part of the ministry's commitment to accelerate the pace of digital transition and enhance innovation in the government sector in line with the goals of Oman Vision 2040. It also seeks to upgrade the Sultanate of Oman’s ranking in the Global Competitiveness Index for e-Government Development by raising ...

MSX Gains 10 Points

MSX Gains 10 Points Muscat, 24 Apr (ONA) --- Muscat Stock Exchange (MSX) general index (30) today gained (10.8) points, comprising a rise by (0.23%) to close at (4707.10) points, compared to the last session, which stood at (4696.30) points. The trading value today stood at (RO 13,282,660), comprising a rise by (453.1%), compared to the last session, which stood at (RO 2,401,279). The report released by MSX pointed out that the market value went up by (0.043%) to reach about (RO 24.13) billion. The report added that the value of shares bought by non-Omani investors reached ...

Oman, Japan Review Aspects of Economic Cooperation

Oman, Japan Review Aspects of Economic Cooperation Tokyo, 24 Apr (ONA) ---- Dr. Ali bin Masoud Al Sunaidi, Chairman of the Public Authority for Special Economic Zones and Free Zones (OPAZ) held a meeting in Tokyo with Saito Ken, Japanese Minister of Economy, Trade and Industry. The meeting reviewed aspects of the economic cooperation between Oman and Japan, and the most significant projects being implemented in Oman's economic zones, free zones, and industrial cities. The most significant project is the low-carbon iron production project, which is in the Special Economic ...

Oman Oil Price Rises 29 Cents

Oman Oil Price Rises 29 Cents Muscat, 24 Apr (ONA) --- Oman oil price (June delivery 2024) today reached 88.97 US Dollars, comprising a rise by 29 cents compared to the price of yesterday (Tuesday), which stood at 88.68 US Dollars. The average price of Oman oil (April delivery 2024) has stabilized at 80.85 US Dollars per barrel, thus 2.10 US Dollars per barrel higher than March delivery 2024. --- Ends/Thuraiya/AH ...

CBO Announces Auction Results of 70th GDB Issue

CBO Announces Auction Results of 70th GDB Issue Muscat, 23 Apr (ONA) --- The Central Bank of Oman (CBO) today announced the auction results of the 70th Government Development Bonds (GDB) issue worth RO 125 million. According to a media release issued by CBO’s Market Operations Department, the 70th GDB Issue, which received overwhelming response from investors, has received applications amounted RO 212,981,700. The average yield was 5.03 percent at an equivalent price of RO 99.660 while the highest yield was 5.20 percent at an equivalent price of RO 99.345 and ...

Minister of Transport and Communications Receives Algerian Official

Minister of Transport and Communications Receives Algerian Official Muscat, 23 Apr (ONA) --- Eng. Said Hamoud Al Maawali, Minister of Transport, Communications and Information Technology received in his office today Ibrahim Boughali, President of the People’s National Assembly of the People’s Democratic Republic of Algeria. During the meeting, the two sides reviewed areas of cooperation in the transport, communications and information technology sectors. The two sides also touched on a set of topics of mutual interest that serve the two countries. The meeting was ...

Oman-UAE Investment Forum Discuses Means of Boosting Cooperation

Oman-UAE Investment Forum Discuses Means of Boosting Cooperation Abu Dhabi, 23 Apr (ONA) ---- Oman-UAE Investment Forum today discussed means of promoting the existing cooperation between the Sultanate of Oman and the United Arab Emirates (UAE) in various areas.The event was held at the Emirate Palace Hotel in Abu Dhabi, within the context of the His Majesty the Sultan’s current state visit to the UAE.Abdussalam bin Mohammed Al Murshidi, Chairman of Oman Investment Authority sad that continuous growth in the volume of trade and investment exchange between the two countries ...

MSX Drops 1 Point

MSX Drops 1 Point Muscat, 23 Apr (ONA) --- Muscat Stock Exchange (MSX) general index (30) today lost (1.6) point, comprising a decline by (0.03%) to close at (4696.30) points, compared to the last session, which stood at (4697.87) points. The trading value today stood at (RO 2,401,279), comprising a drop by (23.1%), compared to the last session, which stood at (RO 3,122,563). The report released by MSX pointed out that the market value went down by (0.028%) to reach about (RO 24.11) billion. The report added that the value of shares bought by non-Omani investors reached ...

GDP at Constant Prices Increases 1.3pc at the End of Q4 of 2023

GDP at Constant Prices Increases 1.3pc at the End of Q4 of 2023 Muscat, 23 Apr (ONA) --- The gross domestic product (GDP) at constant prices of the Sultanate of Oman at the end of the fourth quarter of 2023 increased by 1.3% to reach (at market price) RO 38.3 billion, compared to the end of the fourth quarter of 2022, during which the GDP at constant prices reached RO 37.8 billion, according to preliminary data issued by the National Center for Statistics and Information (NCSI). This increase is attributed to the rise in oil activities by 0.4% percent to RO 12.4 billion by ...

Oman, UAE sign agreements in Investment, Economic Sectors

Oman, UAE sign agreements in Investment, Economic Sectors Abu Dhabi, 23 Apr (ONA) --- The Sultanate of Oman and the United Arab Emirates (UAE) today signed agreements and memorandums of understanding in different fields. The pacts, inked as of the state visit of His Majesty Sultan Haitham bin Tarik to the UAE, cover the areas of investment, renewable energy, railways and modern technology. In the field of investment, a memorandum of understanding (MoU) was signed by the Ministry of Commerce, Industry and Investment Promotion and the UAE Ministry of Investment. It aims to ...

Oman Oil Price Rises 1.84 US Dollars

Oman Oil Price Rises 1.84 US Dollars Muscat, 23 Apr (ONA) --- Oman oil price (June delivery 2024) today reached 88.68 US Dollars, comprising a rise by 1.84 US Dollars compared to the price of yesterday (Monday), which stood at 86.84 US Dollars. The average price of Oman oil (April delivery 2024) has stabilized at 80.85 US Dollars per barrel, thus 2.10 US Dollars per barrel higher than March delivery ...

Oman Petroleum and Energy Show Paves the Way for Affordable, Sustainable, Clean Energy

Oman Petroleum and Energy Show Paves the Way for Affordable, Sustainable, Clean Energy Muscat, 22 Apr (ONA) --- Under the patronage of the Ministry of Energy and Minerals, Oman Petroleum and Energy Show (OPES 2024), officially commenced at the Oman Convention and Exhibition Centre today. The three-day event was inaugurated by Eng. Salim Nasser Al Aufi, Minister of Energy and Minerals, drawing the presence of eminent figures from various ministries, authorities, esteemed delegates, and luminaries representing the spectrum of energy stakeholders. Organized by ...

OQ Group Announces Final Investment Decision with TotalEnergies to Build LNG Bunkering Plant at Sohar Port

OQ Group Announces Final Investment Decision with TotalEnergies to Build LNG Bunkering Plant at Sohar Port Muscat, 22 Apr (ONA) --- OQ, the global integrated energy group, has announced the final investment decision with TotalEnergies for the construction of the Marsa LNG Bunkering project at Sohar Port, at a total cost of USD 1.6 billion, with TotalEnergies contributing 80% and OQ 20% via their incorporated joint venture Marsa Liquefied Natural Gas LLC. The project integrates an upstream and downstream business segments. The upstream component entails the production ...