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Economy
CBO Raises Repo Rate for Local Banks by 75 Basis Points

CBO Raises Repo Rate for Local Banks by 75 Basis Points Muscat, 22 Sep (ONA) --- The Central Bank of Oman (CBO) has increased its repo rate for local banks by 75 basis points to stand at 3.75%. The move comes after the U.S. Federal Reserve’s recent announcement to hike its key policy rate. The Central Bank of Oman’s monetary policy target is to sustain and maintain its fixed exchange rate. This policy is aligned with the structure and nature of the Omani economy. There are a number of advantages for the Sultanate of Oman that are derived from this policy, namely ensuring the ...

Oman Oil Price Declines 1.59 US Dollar

Oman Oil Price Declines 1.59 US DollarMuscat, 22 Sep (ONA) --- Oman oil price (November Delivery 2022) today reached 91.25 US Dollars, comprising a drop by 1.59 US Dollar from the price of yesterday (Wednesday) which stood at 92.84 US Dollars.The average price of Oman oil (September Delivery 2022) has stabilized at 103.21 US Dollars per barrel, thus 9.72 US Dollars per barrel lower than August Delivery 2022. --- Ends/Thuraiya/Anas ...

Heritage, Tourism Ministry Organizes Workshop on Dealing with Chinese Visitors

Heritage, Tourism Ministry Organizes Workshop on Dealing with Chinese VisitorsMuscat, 21 Sep (ONA) --- The Ministry of Heritage and Tourism organized a second workshop to enlighten partners in the Omani tourism sector about how to deal with Chinese visitors and understand their needs.The workshop was held in the presence of Azzan Qassim Al Busaidi, Tourism Undersecretary.Chinese outbound flights grew from 57 million in 2010 to 155 million in 2019, with Oman seeing the largest increase in Chinese tourists from 44,580 in 2018 to 107,446 in 2019, an increase of 141 percent. These figures ...

Commerce Ministry Launches Comprehensive Guide for its Services

Commerce Ministry Launches Comprehensive Guide for its ServicesMuscat, 21 Sep (ONA) --- The Ministry of Commerce, Industry and Investment Promotion today launched a Service Guide aimed to apply the best practices in serving beneficiaries and furnishing a better business environment for investors.The launch took place during a media briefing organized by the Ministry at Sheraton Hotel, Ruwi in Muscat. The guide covers all the 180 services provided by the Ministry.The media briefing dealt with the “Charter of Corporate Governance for Closed Commercial Companies”, through which the ...

Uzbek Delegation Explores Investment Opportunities in Oman

Uzbek Delegation Explores Investment Opportunities in Oman Muscat, 21 Sep (ONA) --- Oman Chamber of Commerce and Industry (OCCI) today hosted an Uzbek delegation, which is visiting Oman to explore investment opportunities in both countries. The meeting also explored means of enhancing economic cooperation between the two countries. The visiting delegation was headed by Furkat Sidikov, Deputy Foreign Minister of Uzbekistan. Businessmen from both countries were present during the meeting. Several B2B meetings were held between Omani and Uzbek businessmen from several ...

Inflation Rate in Oman Hits 2.4pc in August 2022

Inflation Rate in Oman Hits 2.4pc in August 2022Muscat, 21 Sep (ONA) --- The inflation rate of the Consumers Price Index (CPI) in the Sultanate of Oman stood at 2.4% in August 2022, according to the latest data issued by the National Centre for Statistics and Information (NCSI).The data indicated a rise in the prices of main groups in August 2022 compared to August 2021, such as education by 5.1%, food and non-alcoholic beverages by 4.9%, health by 3.5%, transport by 3.1%, restaurants and hotels by 2.1%, miscellaneous goods and services by 1.5%, recreation and culture by 1.4%, ...

MSX Gains 32 Points

MSX Gains 32 PointsMuscat, 21 Sep (ONA) --- Muscat Stock Exchange (MSX) general index (30) today gained (32.3) points, comprising a rise by (0.72%) to close at (4508.68) points, compared to the last session, which stood at (4476.35) points.The trading value today stood at (RO 1,902,735), comprising a surge by (178.4%), compared to the last session, which stood at (RO 683,509).The report released by MSX pointed out that the market value went up by (0.142%) to reach about (RO 23.22) billion.The report added that the value of shares bought by non-Omani investors reached (RO 272,000), ...

Germany Nationalises Gas Giant amid Energy Crisis

Germany Nationalises Gas Giant amid Energy Crisis Berlin, 21 Sep (ONA) --- Germany is to nationalise gas giant Uniper in an effort to secure energy supplies amid the war in Ukraine. The deal will see the German government take on a 98.5% stake in the firm at a cost of €8.5bn (£7.4bn). Germany is Europe's biggest importer of Russian gas, and has been particularly squeezed as Russia has reduced supplies in recent months. Chief executive Klaus-Dieter Maubach said the deal would help Uniper's role as "a system-critical energy supplier". Before Russian-Ukrainian war, ...

Oman Oil Price Rises 24 Cents

Oman Oil Price Rises 24 CentsMuscat, 21 Sep (ONA) --- Oman oil price (November Delivery 2022) today reached 92.84 US Dollars, comprising a rise by 24 cents from the price of yesterday (Tuesday) which stood at 92.60 US Dollars.The average price of Oman oil (September Delivery 2022) has stabilized at 103.21 US Dollars per barrel, thus 9.72 US Dollars per barrel lower than August Delivery 2022. --- Ends/Thuraiya/Anas ...

Oman Hosts IMF’s 2022 Article IV Meetings

Oman Hosts IMF’s 2022 Article IV MeetingsMuscat, 20 Sep (ONA) --- The International Monetary Fund (IMF) mission began a series of meetings here today within the framework of 2022 Article IV talks.The meetings, which run until 4 October, are hosted by Oman, represented by the Central Bank of Oman (CBO) and the Ministry of Finance.IMF delegates will meet with officials of the CBO, the Ministry of Finance, the National Centre for Statistics and Information (NCSI), the Ministry of Social Development, the Ministry of Labour and representatives of other governmental and non-governmental ...

Thirty Usufructs Signed for New Fuel Filling Stations in Oman

Thirty Usufructs Signed for New Fuel Filling Stations in OmanMuscat, 20 Sep (ONA) --- The Ministry of Housing and Urban Planning signed 30 usufruct agreements to build fuel filling stations in different sites in the governorates of Oman to the tune of RO 5.6 million.The stations have a total area of 101,842 square metres.The initiative seeks to achieve fiscal sustainability, attract investments, boost government revenues and encourage the local community to engage in business activities.The agreements were signed by Eng. Hamad Ali Al Nazwani, Housing Undersecretary, and representatives ...

Oman Refineries’ Sales Increase 6pc by July 2022

Oman Refineries’ Sales Increase 6pc by July 2022Muscat, 20 Sep (ONA) --- The Sultanate of Oman’s refineries sales increased by 18.6% by the end of July 2022 compared to the same period in 2021, according to the latest data issued by the National Centre for Statistics and Information (NCSI).The production of (M-95) automobile fuel stood at 9,258,500 barrels, comprising a rise by 11.8% compared to the same period in 2021. Sales of M-95 automobile fuel increased by 0.7% to reach 7,239,600 barrels, while its exports surged by 93.1% to reach 2,745,900 barrels.The production of standard ...

MSX Gains 6 Points

MSX Gains 6 Points Muscat, 20 Sep (ONA) --- Muscat Stock Exchange (MSX) general index (30) today gained (6.3) points, comprising a rise by (0.14%) to close at (4476.35) points, compared to the last session, which stood at (4470.06) points. The trading value today stood at (RO 683,509), comprising a drop by (24.9%), compared to the last session, which stood at (RO 900,764). The report released by MSX pointed out that the market value went down by (0.016%) to reach about (RO 23.19) billion. The report added that the value of shares bought by non-Omani investors reached ...

Oman Tourism Forum to Explore Initiatives Related to Adventure Tourism

Oman Tourism Forum to Explore Initiatives Related to Adventure Tourism Muscat, 20 Sep (ONA) --- The Ministry of Heritage and Tourism, Oman Convention and Exhibition Centre, Omran Group and Visit Oman platform will organize “Oman Tourism Forum” on 27 September 2022. The two-day forum is specialized in adventure tourism. Organizing this forum comes to focus on best practices in the field of adventure tourism and the most prominent initiatives implemented to improve the efforts of the Sultanate of Oman in this field. In this year's edition, the forum will address adventure ...

Oman, Norway Business Forum Explores Promoting Trade, Investment Relations

Oman, Norway Business Forum Explores Promoting Trade, Investment Relations Muscat, 20 Sep (ONA) --- Oman Chamber of Commerce and Industry (OCCI) today organized the Oman-Norway Business Forum. Present at the forum were Omani and Norwegian businessmen. The forum aimed at exploring trade and investment relations between the two countries. It also discussed establishing trade partnerships among businessmen in both countries. The forum also focused on augmenting the volume of trade exchange in general, as well as laying emphasis on oil and gas sectors, and energy solutions in ...

Tender Results Issue No. 143 of Government Treasury Bills Worth RO 9 Million Issued

Tender Results Issue No. 143 of Government Treasury Bills Worth RO 9 Million Issued Muscat, 20 Sep (ONA) --- A tender of Government Treasury Bills, issue number 143, worth RO 9 million was issued this week. Treasury Bills are short-term highly secured financial instruments issued by the Ministry of Finance, and they provide licensed commercial banks the opportunity to invest their surplus funds. The Central Bank of Oman (CBO) acts as the Issue Manager and provides the added advantage of ready liquidity through discounting and repurchase facilities (Repo). ...

Oman Oil Price Rises 2.23 US Dollars

Oman Oil Price Rises 2.23 US Dollars Muscat, 20 Sep (ONA) --- Oman oil price (November Delivery 2022) today reached 92.60 US Dollars, comprising a rise by 2.23 US Dollars from the price of yesterday (Monday) which stood at 90.37 US Dollars. The average price of Oman oil (September Delivery 2022) has stabilized at 103.21 US Dollars per barrel, thus 9.72 US Dollars per barrel lower than August Delivery 2022. --- Ends/Anas ...

CBO Board of Governors Convenes its Third Meeting of 2022

CBO Board of Governors Convenes its Third Meeting of 2022 Muscat, 19 Sep (ONA) --- The Central Bank of Oman (CBO) convened its third Board of Governors meeting of 2022 at its headquarters here today. The CBO Board of Governors reviewed the economic, financial and monetary developments in the Sultanate of Oman during the third quarter of 2022. The Board also examined the financial safety reports of banks and performance indicators through banking supervision and oversight reports. A number of proposals and studies on developing CBO’s monetary policies were also reviewed in ...

Asyad Group Launches Second Ship Made in Duqm Drydock

Asyad Group Launches Second Ship Made in Duqm Drydock Duqm, 19 Sep (ONA) --- Asyad Group announced the inauguration of the second ship built at ASYAD Drydock in Duqm ‘MEFK Pearl’, a 24 meters long boat that will be operated at the Port of Fujairah. This new milestone in the Group’s shipbuilding journey further solidifies ASYAD’s position on the logistics world map as a hub, supplying regional markets with high-tech technologies and turnkey steel and aluminum ships.Dr. Ibrahim Bakhit Al Nadhairi, CEO of Asyad Shipping and Asyad Drydock said, "This step complements ...

Agreement Inked to Train Students in Tourism Sector

Agreement Inked to Train Students in Tourism Sector Muscat, 19 Sep (ONA) --- The Ministry of Heritage and Tourism signed an agreement of cooperation with the Ministry of Education to implement the “Oman is my destination” programme. The programme aims to train students (grades 9-12) in the tourism sector. The agreement was signed by Azzan Qasim Al Busaidi, Tourism Undersecretary and Dr. Abdullah Khamis Ambdusaidi, Education Undersecretary. The cooperation agreement comes within the framework of grooming the entrepreneurial skills of students. It also aims to ...

Labour Empowerment Conference Explores Boosting Professional Performance

Labour Empowerment Conference Explores Boosting Professional Performance Muscat, 19 Sep (ONA) --- The Ministry of Labour, in cooperation with Media Thought organization, organized a conference on labour empowerment. The three-day conference aims to groom work abilities and boost professional performance of labour. The opening ceremony was held under the aupices of Dr. Muna Salim Al Jardani, Undersecretary of the Ministry of Higher Education, Research and Innovation for Vocational Training. Several working papers were presented during the conference that cover a range ...

MSX Gains 4 Points

MSX Gains 4 Points Muscat, 19 Sep (ONA) --- Muscat Stock Exchange (MSX) general index (30) today gained (4.5) points, comprising a rise by (0.10%) to close at (4470.06) points, compared to the last session, which stood at (4465.59) points. The trading value today stood at (RO 909,764), comprising a drop by (71.5%), compared to the last session, which stood at (RO 3,191,476). The report released by MSX pointed out that the market value went down by (0.094%) to reach about (RO 23.19) billion. The report added that the value of shares bought by non-Omani investors reached ...

Oman Oil Price Declines 63 Cents

Oman Oil Price Declines 63 Cents Muscat, 19 Sep (ONA) --- Oman oil price (November Delivery 2022) today reached 90.37 US Dollars, comprising a drop by 63 cents from the price of last (Friday) which stood at 91.00 US Dollars. The average price of Oman oil (September Delivery 2022) has stabilized at 103.21 US Dollars per barrel, thus 9.72 US Dollars per barrel lower than August Delivery 2022. --- Ends/Anas ...

Electricity Production in Oman Rises 1.6pc in First Half of 2022

Electricity Production in Oman Rises 1.6pc in First Half of 2022 Muscat, 18 Sep (ONA) --- The Sultanate of Oman’s production of electricity increased by 1.6 percent till the end of June 2022 to reach 20,100 GW per hour, according to the latest data issued by the National Centre for Statistics and Information (NCSI). The Governorate of Dhofar recorded a rise in electricity production by 9.2 percent, to reach 2,100 GW per hour. The governorates of North Al Batinah, South Al Batinah and A’Dhahirah recorded an increase in total electricity production by 6.5 percent to reach ...

Commerce Ministry Bans Import of Plastic Bags

Commerce Ministry Bans Import of Plastic BagsMuscat, 18 Sep (ONA) — The Ministry of Commerce, Industry and Investment Promotion has issued a ministerial decision that bans the import of plastic bags with effect from January 2023.Eng. Sami Salim Al Sahib, Director General of Industry at the Ministry, said that the decision comes in line with the ministry’s plans to regulate market activities pertaining to the import of products that damage the environment.He added that the decision, issued in coordination with the Environment Authority, will support Omani factories by limiting unfair ...

Oman’s Amin Solar PV Plant Gets I-REC Standards Certification

Oman’s Amin Solar PV Plant Gets I-REC Standards CertificationMuscat, 18 Sep (ONA) — Amin Renewable Energy Company (AREC), the owner and operator of a 105 MW solar PV project located in Dhofar Governorate, has been awarded the I-REC’s global standards renewable energy certificate. The I-REC certification provides validation that every megawatt-hour (MWh) of electricity generated from a certified project comes from renewable sources until it reaches the end-user.Following the certification, an output of 206,000 MWh of renewable energy from the plant’s solar PV complex, located in Nimr ...

MSX Declines 13 Points

MSX Declines 13 Points Muscat, 18 Sep (ONA) --- Muscat Stock Exchange (MSX) general index (30) today lost (13.1) points, comprising a decline by (0.29%) to close at (4465.59) points, compared to the last session, which stood at (4478.67) points. The trading value today stood at (RO 3,191,476), comprising a rise by (50.8%), compared to the last session, which stood at (RO 2,115,821). The report released by MSX pointed out that the market value went down by (0.010%) to reach about (RO 23.21) billion. The report added that the value of shares bought by non-Omani investors ...

ASMED Launches Financing Programme to Empower SMEs to Get Tenders

ASMED Launches Financing Programme to Empower SMEs to Get TendersMuscat, 15 Sep (ONA) --- The Authority for Small and Medium Enterprises Development (ASMED) has launched a financing programme to encourage small and medium enterprises (SMEs) to win tenders and employment opportunities.The project targets SMEs, earns them the support of government establishments and private firms and covers all sectors and activities.The programme seeks to enhance technical practices that contribute to the sustainability of projects, right from the stage of foundation to the stages of development and ...

World Shares Mostly Higher Despite Inflation

World Shares Mostly Higher Despite InflationNew York, 15 Sep (ONA) --- World shares were mostly higher today and trading on Wall Street yielded modest gains.Germany’s DAX added 0.4% to 13,075.05 while the CAC 40 in Paris edged 0.1% higher to 6.230.03. Britain’s FTSE 100 climbed 0.6% to 7,320.71. The futures for the S&P 500 and the Dow industrials were up 0.3%, the Associated Press reported.A report on inflation at the whole sale level in the USA released yesterday (Wednesday) showed that prices are still rising rapidly, with pressures building underneath the surface, even ...

MSX Declines 11 Points

MSX Declines 11 Points Muscat, 15 Sep (ONA) --- Muscat Stock Exchange (MSX) general index (30) today lost (11.3) points, comprising a decline by (0.25%) to close at (4478.67) points, compared to the last session, which stood at (4489.97) points. The trading value today stood at (RO 2,115,821), comprising a rise by (38.4%), compared to the last session, which stood at (RO 1,529,198). The report released by MSX pointed out that the market value went down by (0.094%) to reach about (RO 23.21) billion. The report added that the value of shares bought by non-Omani investors ...