MSX index ends marginally lower

The MSX index closed at 4,044.86 points, down by 0.33 per cent from the previous close. The Sharia Index ended down by 1.12 per cent at 489.78 points.

Sembcorp Salalah, up 5.19 per cent, was the top gainer while, Al Jazeera Services, down 9.81 per cent, was the top loser. Shares of Vision Insurance were the most active in terms of the number of shares traded while Omantel was the most active in terms of turnover.

A total number of 499 trades were executed during the day’s trading session, generating a turnover of OMR1.87 million, with more than 10 million shares changing hands. Out of 45 traded securities, 8 advanced, 21 declined and 16 remained unchanged. At the session close, Domestic investors were net sellers for OMR336,000 while foreign investors were net buyers for OMR204,000 followed by GCC & Arab investors for OMR132,000 worth of shares.

Financial Index closed at 6410.24 points, down by 0.43 per cent. Prices of National Finance, Vision Insurance and Al Madina Takaful were up by 2.52 per cent, 1.91 per cent, 1.04 per cent respectively. Prices of Muscat Finance, Al Omaniya Financial Services, Global Financial Investments, Ominvest, and Al Anwar Investment were down by 3.23 per cent, 2.86 per cent, 1.39 per cent, 1.36 per cent, and 1.27 per cent respectively.

Industrial Index closed at 5693.21 points, down by 1.07 per cent. Prices of Oman Fisheries, Al Anwar Ceramics, Salalah Mills, Gulf International Chemicals, and Dhofar Cattle Feed were up by 1.45 per cent, 0.47 per cent, 0 per cent, 0 per cent, and 0 per cent respectively. Prices of National Aluminium, Raysut Cement, Al Maha Ceramics, Galfar Engineering, and Oman Cement were down by 5.5 per cent, 3.68 per cent, 3.49 per cent, 1.43 per cent, and 1.29 per cent respectively.

Services Index was down by 0.33 per cent before closing at 1627.88 points. Prices of Sembcorp Salalah, National Gas and Ooredoo were up by 5.2 per cent, 2.36 per cent, 2.29 per cent respectively. Prices of Al Jazeera Services, Oman National Engineering, OIFC, Renaissance Services, and Al Batinah Hotels were down by 9.81 per cent, 3.36 per cent, 1.99 per cent, 1.79 per cent, and 0 per cent respectively.

Source:https://timesofoman.com/article/113649-msx-index-ends-marginally-lower-66

Brent crude tops $100 a barrel on Russia-Ukraine tensions

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Brent crude prices surged past $100 a barrel for the first time since 2014 amidst report of an impending Russian invasion into Ukraine. The escalating tensions sparked fears of a disruption in critical energy exports.

Futures in London jumped almost 3.3% after a news report that Russian President Vladimir Putin has decided to conduct a special operation to “protect” the Donbas region before falling back below the key threshold.

Source:https://timesofoman.com/article/113680-brent-crude-tops-100-a-barrel-on-russia-ukraine-tensions

Delegation of 9th National Defense batch visits Special Economic Zone at Duqm

The Public Authority for Special Economic Zones and Free Zones (Opaz) organised a visit for the delegation of the 9th National Defense batch, headed by Air Vice Marshal Eng. Saleh bin Yahya Al Maskari, Commandant of the National Defense College (NDC) and several faculty members, to the Special Economic Zone at Duqm continued for three days.

Upon their arrival at the headquarter of the Special Economic Zone at Duqm (Sezad), the delegation met with Dr Ali bin Masoud Al Sunaidy, Chairman of the Public Authority for Special Economic Zones and Free Zones, and many officials from Sezad and companies operating in the Zone.

The delegation was briefed on the different capabilities of Sezad in many sectors, most notably the renewable energy sector (green energy), logistics and others. Further, the delegation was toured around the different projects and facilities in the zone, including the port and dry dock and energy projects such as Duqm Refinery and central facilities.

Moreover, the delegation visited several other projects in Sezad such as the multi-purpose Fishing Port, the Port of Duqm, the dry dock, the Karwa Motors factory, the tourist zone and the Rock Garden.

Source:https://timesofoman.com/article/113726-delegation-of-9th-national-defense-batch-visits-special-economic-zone-at-duqm

Tethys oil production from Oman reaches 325,632 barrels in January

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Tethys Oil’s share of the production, before government, take, from Blocks 3&4 onshore the Sultanate of Oman, in January 2022 amounted to 325,632 barrels of oil, corresponding to 10,504 barrels of oil per day.

The Official Selling Price (OSP) for Oman Export Blend Crude Oil for January 2022 was $80.26 per barrel. The OSP, as published by Sultanate of Oman’s Ministry of Energy and Minerals, is the benchmark price for Tethys Oil’s monthly oil sales excluding trading and quality adjustments.

Tethys Oil, through its wholly-owned subsidiary Tethys Oil Block 3 & 4, has a 30 per cent interest in Blocks 3&4. Partners are Mitsui E&P Middle East B.V. with 20 per cent and the operator CC Energy Development (Oman branch) holding the remaining 50 per cent.
Tethys Oil is a Swedish oil company with a focus on onshore areas with known oil discoveries.

The company’s core area is Oman, where it holds interests in Blocks 3&4, Block 49, Block 56 and Block 58. Tethys Oil has net working interest 2P reserves of 26.2 million barrels of oil (mmbo) and net working interest 2C Contingent Resources of 15.6 mmbo and had an average oil production of 11,136 barrels per day from Blocks 3&4 during 2021.

source:https://timesofoman.com/article/113727-tethys-oil-production-from-oman-reaches-325632-barrels-in-january

How Oman is planning to supercharge its industrial sector by 2040

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Construction work has started on five new industrial cities across Oman as the sultanate seeks to establish a total of 40 by 2040.

Coinciding with Industry Day in Oman, Hilal bin Hamad Al Hasani, CEO of the Public Establishment for Industrial Estates (Madayn), revealed that new industrial cities are being built in Khasab, Ibri, Thumrait, Shinas and Al Mudhaibi.

“These industrial cities will be added to the nine that are operating across the sultanate, which will play a pivotal role in enhancing comprehensive and sustainable economic and social development under the wise leadership of Sultan Haitham bin Tarik,” said Al Hasani.

He added that Madayn has the goal of setting up a total of 40 industrial cities as part of Oman Vision 2040.

With only one industrial city in Oman back in 1991, the industrial sector is now thriving with an expanding network of industrial cities across the country.

“With nearly 2,300 localised projects, the total investment volume in Madayn’s industrial cities today is approaching RO7 billion. The Omanisation rate in these projects exceeds 38 percent of the total workforce in the industrial cities, which accounts for up to 8 percent of the total private sector workforce at the national level and exceeds 63 percent of the total workforce in the industrial sector of Oman,” Al Hasani added.

Madayn has introduced recently its Industrial Innovation Academy to promote a diversified and sustainable economy based on technology, knowledge and innovation.

It has also announced plans for new industrial cities in Musandam, Al Dhahirah, Al Sharqiyah North, Al Batinah North and Dhofar governorates and has started to look for local and foreign investors to develop other industrial cities in partnership with the private sector.

Madayn has recently announced a package of incentives and exemptions from fees to support the investment climate in its various industrial cities.

Al Hasani said that despite the global economic fluctuations and Covid-19 impact, Madayn’s total investment volume increased by 1.6 percent, the total number of projects grew by 3.4 percent, and the percentage of leased space increased to 2 percent.

Source:https://www.arabianbusiness.com/gcc/oman/oman-industries/how-oman-is-planning-to-supercharge-its-industrial-sector-by-2040

H.E. Minister of Commerce and Industry meets Malaysian Prime Minister’s Special Envoy to the Middle East

His Excellency Sheikh Mohammed bin Hamad bin Qassim Al Thani, Minister of Commerce and Industry, met with His Excellency Mr. Abdul Hadi Awang, the Malaysian Prime Minister’s Special Envoy to the Middle East, who is currently visiting Qatar.

During the meeting, the officials touched on the bilateral relations between the two countries in the commercial, industrial, and investment fields, as well as ways to enhance and develop them. The officials discussed aspects of joint cooperation between the two sides.

His Excellency the Minister of Commerce and Industry highlighted the economic policies Qatar has put in place to support the private sector, and pointed out the incentives, legislation, and promising opportunities that encourage foreign investment for companies wishing to participate in Qatar’s economy.

Source:https://www.moci.gov.qa/en/mec_news/h-e-minister-of-commerce-and-industry-meets-malaysian-prime-ministers-special-envoy-to-the-middle-east/

Oman set to extend economic reforms as finances stabilise after Covid shock

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Oman is set to extend an economic overhaul that has helped to stabilise the finances of the weakest Gulf state, according to its foreign minister.

“Our fiscal position is now sound and improving,” Sayyid Badr bin Hamad Albusaidi said in a podcast hosted by Al-Monitor.

“This gives us really a solid foundation to make real progress toward some of the perhaps ambitious economic goals we have set for ourselves in the vision,” he said, referring to Vision 2040, an economic blueprint.

Since taking power in January 2020, Sultan Haitham bin Tariq has moved to balance Oman’s finances and prepare it for a time after oil.

The effort included cutting subsidies, introducing a value-added tax and even planning for income tax – which would be a first for a Gulf Arab state.

Oman’s cost-cutting steps along with a rally in oil prices helped the sultanate return to global debt markets. Some rating agencies have raised their outlook for the country.

“Our fiscal position is now sound and improving,” Sayyid Badr bin Hamad Albusaidi said in a podcast hosted by Al-Monitor.

“This gives us really a solid foundation to make real progress toward some of the perhaps ambitious economic goals we have set for ourselves in the vision,” he said, referring to Vision 2040, an economic blueprint.

Oman joins Gulf neighbours as it implements 5% VAT

Since taking power in January 2020, Sultan Haitham bin Tariq has moved to balance Oman’s finances and prepare it for a time after oil.

The effort included cutting subsidies, introducing a value-added tax and even planning for income tax – which would be a first for a Gulf Arab state.

Oman’s cost-cutting steps along with a rally in oil prices helped the sultanate return to global debt markets. Some rating agencies have raised their outlook for the country.

Future reforms will look at subsidies, public-sector employment and the provision of safety nets, while “developing ways for those who enjoy the privileges of relative wealth to make an appropriate contribution to the common good,” the foreign minister said.

A “renewed emphasis on inclusion will contribute to making Oman an even more attractive and more desirable location for foreign business and investments,” he said.

Source:https://www.arabianbusiness.com/politics-economics/oman-set-to-extend-economic-reforms-as-finances-stabilise-after-covid-shock

Boeing said to launch 777X freighter with Qatar Airways plane deal

Scion Industrial Engineering

Oman set to extend economic reforms as finances stabilise after Covid shock

Oman is set to extend an economic overhaul that has helped to stabilise the finances of the weakest Gulf state, according to its foreign minister.

“Our fiscal position is now sound and improving,” Sayyid Badr bin Hamad Albusaidi said in a podcast hosted by Al-Monitor.

“This gives us really a solid foundation to make real progress toward some of the perhaps ambitious economic goals we have set for ourselves in the vision,” he said, referring to Vision 2040, an economic blueprint.

Since taking power in January 2020, Sultan Haitham bin Tariq has moved to balance Oman’s finances and prepare it for a time after oil.

The effort included cutting subsidies, introducing a value-added tax and even planning for income tax – which would be a first for a Gulf Arab state.

Oman’s cost-cutting steps along with a rally in oil prices helped the sultanate return to global debt markets. Some rating agencies have raised their outlook for the country.

Future reforms will look at subsidies, public-sector employment and the provision of safety nets, while “developing ways for those who enjoy the privileges of relative wealth to make an appropriate contribution to the common good,” the foreign minister said.

A “renewed emphasis on inclusion will contribute to making Oman an even more attractive and more desirable location for foreign business and investments,” he said.

Source:https://www.arabianbusiness.com/politics-economics/oman-set-to-extend-economic-reforms-as-finances-stabilise-after-covid-shock

Boeing wins huge Qatar Airways deal in blow to Airbus

Scion Industrial Engineering

Boeing Co. formally launched a freighter version of its 777X jetliner as Qatar Airways struck one of the largest cargo deals on record, giving the US planemaker an edge over longtime rival Airbus SE.

The Doha-based carrier placed a firm order for 34 of the 777-8 freighters plus options for an additional 16 jets, the companies said Monday. That total includes 20 jets converted from a previous order for a passenger version of the 777X. The outlines of the deal were first reported by Bloomberg last week.

Qatar also agreed to take 25 of the largest version of Boeing’s 737 Max narrowbody jet, with options for another 25 of the workhorse aircraft.

The blockbuster order bolsters Boeing’s decades-long strength in air freighters as Airbus, which is locked in a bitter feud with Qatar Air, tries to muscle into the market.

The deal also serves as a showcase of trade relations between the US and Qatar. The announcement came at a White House ceremony with Boeing Chief Executive Officer Dave Calhoun, Qatar Airways boss Akbar Al Baker and other officials that coincided with a meeting between Qatar’s ruling emir, Sheikh Tamim bin Hamad Al Thani, and US President Joe Biden.

“It will be an absolute world-beater,” Calhoun said of the freighter. “It will offer Qatar the highest payload and the lowest fuel costs.”

Boeing shares jumped 4.3 percent to $198.82 at 3:36 p.m. in New York, the largest gain on the Dow Jones Industrial Average. General Electric Co., which makes engines for the two plane models, rose 2 percent.

Boeing provided the first specifications for its newest freighter, including its market entry, which is targeted for 2027. The aircraft will be the world’s largest twin-engine cargo jet, with a range of 4,410 nautical miles and a maximum payload of 118 metric tonnes, Boeing said in a statement.

The plane is Boeing’s first new jet model since it unveiled the 737 Max 10 nearly five year ago. The 50-jet order represents two full years of production on the 777X assembly line, Calhoun said.

The launch comes as Airbus is trying to break Boeing’s longtime lock on air freighters with a cargo-hauling version of its A350 jetliner. Qatar Air’s CEO had pushed both airframers to step up with next-generation freighters before the airline flagged coating flaws with its fleet of A350 aircraft.

Tensions have escalated into a legal dispute, with Airbus revoking a contract for A321neo aircraft bound for Qatar Airways, an unusual step that underscored the friction between the company.

Qatar Airways also signed an order with GE for 30 GE9X engines for its 777X airplanes. The pact is valued more than $6.8 billion based on current list prices, and includes spares, services, maintenance and four GE90-115B engines, the US industrial giant said.

Source:https://www.arabianbusiness.com/industries/transport/boeing-wins-huge-qatar-airways-deal-in-blow-to-airbus

Qatar weighs alcohol sales in stadiums at 2022 World Cup

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Qatari officials are weighing whether to relax the country’s ban on alcohol at sporting events amid pressure from FIFA and Anheuser-Busch InBev to let fans drink beer in stadiums at the 2022 World Cup, according to people familiar with the matter.

Deliberations so far have centered on whether to make Bud Light or another lower-alcohol Budweiser product available inside the venues, said the people, declining to be named as the matter is confidential.

While Qatari officials have yet to announce a final decision, organisers have signalled increasing willingness to accommodate demands from fans as the tournament’s drawn closer.

For the World Cup, Qatar’s Supreme Committee on Delivery and Legacy has promised alcohol will be available in designated “fan zones” outside stadiums and other hospitality venues.

A spokesperson said the group is working with FIFA and Qatari stakeholders to “cater to all local and visiting fans,” and “further details will be communicated in due course.”

The tournament has been beset with controversies, ranging from scheduling complications due to Qatar’s summer heat to the treatment of migrant workers.

Difficulties could mount once fans arrive and face local norms, such as dress codes requiring men and women cover their bodies from shoulders to knees in many public spaces.

Alcohol availability has been a particular flashpoint for criticism around FIFA’s decision to hold the quadrennial soccer spectacle in a conservative Muslim country where public displays of affection, boisterousness and drunkenness are taboo.

Qatar prohibits alcohol sales at almost all restaurants not associated with a high-end hotel or resort. With employer permission, foreign residents can also buy bottles of liquor, beer and wine for home consumption from a single Qatar Airways-run depot on the outskirts of Doha.

Five years ago, Hassan Al Thawadi, the Supreme Committee’s Secretary-General, said he favoured a ban on alcohol in public areas and that drinking would be permitted only in “far-away places.”

In June, he promised that liquor would be “readily available” to those who want it, touting previous experiments with “fan zones” around Qatar.

FIFA and Budweiser maker AB Inbev, which have been in partnership since 1986, are pushing for more concessions. They’ve had success in the past – Brazil passed the so-called Budweiser Bill to overturn local laws that prohibited beer in stadiums for the 2014 World Cup.

But they’ll still need to persuade Qatari officials that alcohol can be sold at stadiums without leading to the kind of unrest that has marred other major soccer tournaments and prompted leagues either to ban or limit consumption at games.

Spokespeople for FIFA and AB InBev said they’re trying to create an atmosphere that’s “respectful” towards Qatar’s customs and traditions while still making alcohol available for those who want it.

“For many around the world, having a beer is part of the shared fan experience of enjoying major sports events,” AB InBev said in an emailed statement, also noting its non-alcoholic offerings. Neither commented on discussions with local organizers.

Source:https://www.arabianbusiness.com/lifestyle/lifestyle-sport/qatar-weighs-alcohol-sales-in-stadiums-at-2022-world-cup