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Economy
Madayn Event Highlights Safety, Security Requirements and Insurance Coverage for Industrial Units

Muscat, 9 Nov (ONA) --- The Public Establishment for Industrial Estates – Madayn organised today a discussion session on ‘Safety and security requirements and challenges of insurance coverage provision for industrial units’. A number of public and private bodies participated in the session including the Civil Defence and Ambulance Authority, Public Authority for Social Insurance, Capital Market Authority, insurance companies, and companies and factories based in Madayn’s industrial cities. The discussion session underlined the safety and ...

Total Fixed Internet Subscriptions Rise 7.4pc till September 2021

Muscat, 9 Nov (ONA) --- The total fixed internet subscriptions in the Sultanate of Oman reached 522,127 by the end of September 2021 while the number of fixed internet subscriptions via internet protocol increased by 7.4% compared to the same period in 2020, according to data released by the National Centre for Statistics and Information (NCSI). Of this, total fixed telephone line subscriptions reached 585,362 by the end of September 2021 while prepaid and postpaid analogue fixed telephone lines fell by 4.8% to 283,891 subscribers compared to the same period in ...

Finance Ministry Issues Circular on Public Entities’ Closing Accounts for Fiscal Year 2021

Muscat, 9 Nov (ONA) – In implementation of the Financial Law (promulgated under Royal Decree No. 47/98) and the State’s Financial and Administrative Audit Law (promulgated under Royal Decree No. 111/2011), the Ministry of Finance today issued a circular on the preparation of the closing account for the current fiscal year ending 31 December 2021. The Ministry of Finance hereby requests all ministries, government units, authorities, public establishments, sports associations and other departments concerned to pursue the prescribed procedures when presenting their respective ...

Oman Oil Price Rises 11 Cents

Muscat, 9 Nov (ONA) --- Oman oil price (January Delivery 2022) today reached 82.41 US Dollars, comprising an increase by 11 cents from the price of yesterday (Monday), which was 82.30 US Dollars.The average price of Oman oil (November Delivery 2021) has stabilized at 72.78 US Dollars, thus 3.40 US Dollars per barrel higher than October Delivery 2021. --- Ends/TH/AG ...

GCC Annual Entrepreneurs Forum 2021 Kicks off

Muscat, 8 Nov (ONA) – Tasks of the first version of the GCC Entrepreneurs Annual Forum (2021) kicked off today.The forum is organised by the Authority for Small and Medium Enterprises Development (ASMED) in cooperation with the Secretariat General of GCC States.Halima Rashid Al Zar’ee, Chairperson of ASMED, said in a welcome speech that the forum rallies efforts of GCC states for the empowerment of small and medium enterprises (SMEs) in implementation of the decisions of the GCC Economic Cooperation Committee at its 57th session held in Muscat in May 2019.The forum showcases success GCC ...

Crown Prince of Bahrain Receives GCC Finance Ministers

Manama, 8 Nov (ONA) – Prince Salman Hamad Al Khalifa, Crown Prince and Prime Minister of Bahrain, received here today the GCC ministers of finance and economy, who participated in meetings of the Financial and Economic Cooperation Committee. The meeting touched on the significance of unifying efforts towards the activation of cooperation among GCC states in economic, investment and commercial fields. On the sidelines of the session, Sultan Salim Al Habsi, Minister of Finance met the Secretary General of the GCC, Dr. Nayef Falah Al Hajraf. The meeting discussed ways to ...

Oman Participates in International Conference on Health in Islamic Countries

Tehran, 8 Nov (ONA) --- The Sultanate of Oman, represented by Oman Chamber of Commerce and Industry (OCCI), called for the cooperation of public and private health institutions to position medical tourism in Islamic countries in its suitable place on the world tourism map. The statement was made during Oman’s participation in the 5th International Conference on Health in Islamic Countries, hosted by the Iranian capital, Tehran from 7 till 9 November 2021. Oman affirmed that transforming medical tourism from individual health services into an industry and a source ...

Oman, Iran Discuss Means of Boosting Trade Relations

Tehran, 8 Nov (ONA) --- The Sultanate of Oman and the Islamic Republic of Iran held here today a session of talks to discuss means of boosting trade and economic relations between the two countries. The session was attended by Eng. Ridha Juma Al Saleh, Chairman of Oman Chamber of Commerce and Industry (OCCI), Gholam Hossein Shafei, President of the Iranian Chamber of Commerce, Industry, Mines and Agriculture, and Mohsen Zarrabi, Chairman of Iran-Oman Joint Chamber of Commerce. The two sides exchanged views on ways to promote trade relations between the private sector in ...

Oman Participates in Meeting of GCC Civil Retirement, Social Security Agencies

Muscat, 8 Nov (ONA) --- The Sultanate of Oman, represented by the Civil Service Employees Pension Fund (CSEPF) and the Public Authority for Social Insurance, today participated in the 20th meeting of Heads of the GCC Civil Retirement and Social Security Agencies. The online meeting reviewed a number of issues of joint Gulf action, such as following up the progress made on applying the Unified System to Extend Insurance Protection and the initiative to update a comparative study of the civil retirement and social insurance systems. ---Ends/MS/AH ...

Agreement for Waste Management, Recycling Inked by Omani, Saudi Firms

Muscat, 8 Nov (ONA) – Two firms, one from the Sultanate of Oman and the other from the Kingdom of Saudi Arabia, signed an agreement for joint action in the field of waste recycling and management. “Al Khedmah Recycling” of Oman and Saudi Arabia “Tadweer” will exchange expertise and carry out joint operations to achieve the highest possible levels of environment sanitation and natural resources protection. Natural waste will be recycled to produce reusable raw materials to be launched in local and external markets as recycled products—which will achieve optimum use of ...

MSX Declines 3 Points

Muscat, 8 Nov (ONA) --- Muscat Stock Exchange (MSX) general index (30) today lost (3.2) points, comprising a decline by (0.08%) to close at (4050.07) points, compared to the last session, which stood at (‪‪‪‪4053.23) points. The trading value today stood at (RO 1,654,049), comprising a drop by (63.8%), compared to the last session, which stood at (RO 4,569,294). The report released by MSX pointed out that the market value rose by (0,052%) to reach about (RO 22.04) billion. The report added that the value of shares bought by non-Omani investors reached (RO ...

National Competitiveness Committee Studies Ways of Upgrading Oman Ranking in International Indices

Muscat, 8 Nov (ONA) – The National Competitiveness Committee today held its third meeting of the year under the chairmanship of Dr. Said Mohammed Al Saqri, Minister of Economy. The meeting, attended by representatives of the public and private sectors, discussed means of cementing cooperation with parties concerned in Oman and abroad with a view to raising the Sultanate of Oman’s ranking in international competitiveness indices and reports. The topics of the agenda covered the discussion of the international competitiveness book, the international federation of ...

Oman Oil Price Rises 2.55 US Dollars

Muscat, 8 Nov (ONA) --- Oman oil price (January Delivery 2022) today reached 82.30 US Dollars, comprising an increase by 2.55 US Dollars from the price of last (Friday), which was 79.75 US Dollars. The average price of Oman oil (November Delivery 2021) has stabilized at 72.78 US Dollars, thus 3.40 US Dollars per barrel higher than October Delivery 2021. ---Ends/MS/AG ...

Oman Participates in 114th Meeting of GCC Financial, Economic Cooperation Committee

Manama, 7 Nov (ONA) --- The Sultanate of Oman today took part in the 114th meeting of the GCC Financial, Economic Cooperation Committee, held here today at the level of GCC ministers of finance and economy. The Omani side at the meeting was headed by Sultan Salim Al Habsi, Minister of Finance The meeting reviewed topics of the agenda, which included the recommendations of governors of monetary organisations and central banks and the proposals of heads and directors of tax administrations and the customs authority, among other issues related to the GCC common ...

Oman Power and Water Procurement Company to Float Manah Solar Power Project

Muscat, 7 Nov (ONA) -- Oman Power and Water Procurement Company is preparing to award two Manah Solar Power Plant projects—Manah solar power 1 and Manah solar power 2. The development of the two projects is due to stand at RO 300 million. The company will later select two international developers to undertake the business, set to cover construction, ownership and operation tasks. The projects come within economic diversification plans, based on the status of the energy sector as a prime mover of “Invest in Oman” project. It is part of the government’s approach to ...

Oman to Host UFI Global Congress 2022 of Exhibition Industry

Muscat, 7 Nov (ONA) --- The UFI Global Association of the Exhibition Industry endorsed Oman’s hosting of the UFI Global Congress 2022, the world’s largest gathering of global exhibition industry. Oman will be represented by the Oman Convention and Exhibition Centre (OCEC) in hosting the event. The announcement was made in the conclusion of the UFI Global Congress held in Rotterdam, the Kingdom of the Netherlands. This precedent reflects Oman’s preparedness in activating tourism activities after they were suspended due to the Covid-19 pandemic, as the ...

Automobile Fuel Production Increases 13pc till End of September 2021

Muscat, 7 Nov (ONA) --- The Sultanate of Oman’s refineries recorded an increase in the production of automobile fuel until the end of September 2021 by 13%, compared to the corresponding period of 2020, according to data released by the National Centre for Statistics and Information (NCSI). Of the total production, sales of petrol (M-95) stood at 9,510,900 barrels, an increase by 16%, while its exports stood at 1,422,200 barrels, comprising a rise by 10%, compared to the corresponding period in 2020. The production of standard grade petrol (M-91) by Omani refineries ...

MSX Gains 3 Points

Muscat, 7 Nov (ONA) --- Muscat Stock Exchange (MSX) general index (30) today added (3.5) points, comprising a rise by (0.09%) to close at (‪‪4053.23) points, compared to the last session, which stood at (‪‪‪‪4049.76) points. The trading value today stood at (RO 4,569,294), comprising a rise by (44.7%), compared to the last session, which stood at (RO 3,157,938). The report released by MSX pointed out that the market value rose by (0.014%) to reach about (RO 22.02) billion. The report added that the value of shares bought by non-Omani investors reached (RO ...

Latest Testing Equipment of Oil Well Cement Quality Launched in Oman

Muscat, 7 Nov (ONA) --- Oman Cement Company (OCC) launched today an oil-well cement strength testing equipment, which is considered the most advanced instrument in the Sultanate of Oman used for measuring the quality of cement.The testing equipment simulates the high pressure and heat conditions prevalent in oil wells to test quality.Through this move, OCC aims to develop the quality measurement of oilfield cement produced by the company to fulfil the demand in Oman and abroad.Dr. Hilal Saif Al Dhamri, General Manager of Manufacturing at OCC said, “this equipment is one of the ...

Two Weekly Trips, Sohar Airport Welcomes First Fly Dubai Flight

Sohar, 4 Nov (ONA) --- Sohar Airport today received the first flight of Fly Dubai, thus launching the direct line between Sohar and Dubai International Airport at the rate of two flights per week on Thursdays and Saturdays. The inauguration of this direct line comes as a result of the continuous efforts to promote air traffic in Sultanate's airports managed by Oman Airports, and to cope with challenges imposed by the Covid-19 pandemic. The return of international flights from and to Sohar Airport in less than two months, since the lift of the quarantine requirement ...

MSX Declines 11 Points

Muscat, 4 Nov (ONA) --- Muscat Stock Exchange (MSX) general index (30) today lost (11.7) points, comprising a decline by (0.287%) to close at (4049.76) points, compared to the last session, which stood at (‪‪‪‪4061.43) points.The trading value today stood at (RO 3,157,938), comprising a rise by (317.3%), compared to the last session, which stood at (RO 756,682).The report released by MSX pointed out that the market value fell by (0.052%) to reach about (RO 22.02) billion.The report added that the value of shares bought by non-Omani investors reached (RO 230,000), comprising ...

Total Revenues Exceed RO 7 Billion by End of September 2021 in Oman

Muscat, 4 Nov (ONA) --- The Sultanate of Oman’s public revenue increased by 22.6% by the end of September 2021 to RO 7,367.6 million compared to RO 6,011.8 million registered by the end of September 2020, said the Ministry of Finance.Over the past months, the Sultanate of Oman has witnessed some improvement in oil prices, which averaged USD57.4 at the end of the 3rd quarter of 2021, which has raised net oil revenue to RO 3,908.5 million and gas revenue to RO 1,422.0 million.The current revenues increased by 45.2% at the end of September 2021, totaling RO 2,004.1 million compared ...

Oman Air to Resume Flights Between Muscat and Bangkok from 11 November

Muscat, 4 Nov (ONA) --- Oman Air, the national carrier of the Sultanate of Oman, will resume flights between Muscat and Bangkok, Thailand from 11 November 2021.The flights will be operated twice weekly on Thursdays and Saturdays. The Thursday flight will depart Muscat at 22:00 local time and arrive in Bangkok 06:45 local time on Friday.The flight from Bangkok will depart at 09:15 local time on Friday and arrive in Muscat at 12:35 local time on Friday. The Saturday flight will depart Muscat at 09:00 local time and arrive in Bangkok at 17:45 local time. The Saturday flight ...

Oman Oil Price Declines 66 Cents

Muscat, 4 Nov (ONA) --- Oman oil price (January Delivery 2022) today reached 80.93 US Dollars, comprising a decline by 66 cents from the price of yesterday (Wednesday), which was 81.59 US Dollars.The average price of Oman oil (November Delivery 2021) has stabilized at 72.78 US Dollars, thus 3.40 US Dollars per barrel higher than October Delivery 2021. --- Ends/TH/AG ...

Asyad Group Announces Start of Operations for Khazaen Dry Port

Muscat, 3 Nov (ONA) --- Asyad Group, in coordination with the Ministry of Transport, Communications and Information Technology and the Royal Oman Police (ROP), announced the commencement of Khazaen Dry Port (KDP) operations as a customs bonded dry port. The Dry Port, which is internationally identified with the code ‘OMKDP’, is ready to serve customers and facilitate imports, exports and storage activities of all general cargo and containers through efficient logistics solutions. Located in Barka, it will also play a pivotal role in bolstering trade across the ...

Oman, KSA Sign MoU in Telecom, IT

Riyadh, 3 Nov (ONA) --- The Sultanate of Oman and the Kingdom of Saudi Arabia (KSA) signed here today a Memorandum of Understanding (MoU) in the fields of telecommunication and information technology (IT).The MoU was signed by Eng. Said Hamoud Al Ma'awali, Minister of Transport, Communications and Information Technology and Eng. Abdullah Amer Al Swaha, KSA Minister of Communication and Information Technology.The MoU stipulates cooperation in the fields of digital transformation, investment in digital economy, fostering talents and IT.It also covers the scope of cooperation ...

Agriculture Ministry, OFMC Ink Agreement to Buy Wheat Crops from Omani Farmers

Muscat, 3 Nov (ONA) --- The Ministry of Agriculture, Fisheries and Water Resources signed an agreement with Oman Flour Mills Company (OFMC) vide which the company buys the wheat crops, locally known as (Al Bur) of Omani farmers in the 2022 harvest season.The agreement will enhance food security and support Omani farmers to enable them engaging in the food market.The agreement was signed by Dr. Ahmed Nasser Al Bakri, Undersecretary for Agriculture and Haitham Mohammed Al Fannah, CEO of OFMC.Al Bakri said that this agreement is the second of its kind, following the first agreement, ...

MSX Gains 6 Points

Muscat, 3 Nov (ONA) --- Muscat Stock Exchange (MSX) general index (30) today added (6.1) points, comprising a rise by (0.150%) to close at (‪‪4061.43) points, compared to the last session, which stood at (‪‪‪‪4055.36) points.The trading value today stood at (RO 756,682), comprising a drop by (61.1%), compared to the last session, which stood at (RO 1,944,916).The report released by MSX pointed out that the market value rose by (0.003%) to reach about (RO 20.03) billion.The report added that the value of shares bought by non-Omani investors reached (RO 88,000), comprising ...

Oman, KSA Hold Talks on Regulating Air Transport Services

Riyadh, 3 Nov (ONA) --- A session of talks was held here today between the Sultanate of Oman and the Kingdom of Saudi Arabia (KSA) on regulating air transport services.The Omani side was headed by Eng. Naif Ali Al Abri, Chairman of the Civil Aviation Authority (CAA) whilst the Saudi side was led by Abdulaziz Abdullah Al Duailej, President of the General Authority of Civil Aviation (GACA).The talks reviewed air traffic between the two countries, as well as investment and logistic opportunities in the civil aviation sector. --- Ends/MS/KH ...

Oman Oil Price Declines 1.99 US Dollar

Muscat, 3 Nov (ONA) --- Oman oil price (January Delivery 2022) today reached 81.59 US Dollars, comprising a decline by 1.99 US Dollar from the price of yesterday (Tuesday), which was 83.58 US Dollars.The average price of Oman oil (November Delivery 2021) has stabilized at 72.78 US Dollars, thus 3.40 US Dollars per barrel higher than October Delivery 2021. --- Ends/TH/AG ...