News Archives - Page 43 of 101

April 10, 2022

Saudi oil chief Prince Abdulaziz bin Salman says energy security imperiled by attacks

Saudi Arabia’s oil chief said markets are going through a “jittery period” and reiterated Tuesday that the kingdom’s ability to ensure energy security is no longer guaranteed.

Energy Minister Prince Abdulaziz bin Salman said cross-border attacks have put to question “our ability to supply the world with the necessary energy requirements.” The attacks have been carried out by Yemen’s rebel Houthis, who are supported by Iran.

“It goes without saying that if this security supply is impacted, it will impact us … but more fundamentally, I think it also will affect the world economy,” he said.

Prince Abdulaziz said Saudi Arabia and the United Arab Emirates could once rely on a collective effort to ensure their energy security. “These pillars are no longer there,” he added. The prince spoke at the World Government Summit, an event sponsored by the government of Dubai in the UAE.

Oil prices, already at their highest in years, have shot up further amid the Houthi attacks on Saudi Arabia, OPEC’s largest oil producer. Brent crude prices are trading above $110 a barrel, though have soared at times past $120.

The Houthis have used drones and missiles to target the kingdom’s oil facilities, and have also attacked targets in the UAE’s capital of Abu Dhabi.

On Friday, they hit a Saudi oil products storage facility in the Red Sea coastal city of Jiddah, sending huge plumes of black smoke into the air that were visible from the vicinity of the Formula One race where practice laps were underway.

The war in Yemen – where a Saudi-led military coalition, which includes the UAE, has been battling the Houthis since 2015 – has rattled these two Gulf Arab states, revealing the vulnerability of their oil facilities.

Saudi Arabia has expressed its frustrations in official statements, saying it will not bear any responsibility for shortages in oil supplies due to the attacks.

Crude oil prices have also been buoyed by a deal struck by leading producers, led by Saudi Arabia and Russia, in an alliance known as OPEC+, which limited oil production to keep prices from crashing amid pandemic lockdowns in 2020. The group has stuck to its cautious plan of releasing more barrels on a monthly basis as COVID-1 9 restrictions have eased. Critics of the plan say the Russian war in Ukraine is roiling markets and sending energy prices soaring for consumers at the pump.

High energy prices have not only benefited oil exporters, but have also helped Russia offset some of the economic pain from Western sanctions over its invasion of Ukraine.

The United States, European nations and Japan have either called on Gulf Arab producers with spare capacity to pump more oil or, at a minimum, suggested they should. British Prime Minister Boris Johnson delivered that request in person in Riyadh and Abu Dhabi this month.

“What we are asking for (is) not to tell us ‘do this and do that’. We are experts in our field and we have been doing it for a very long time,” UAE energy minister, Suhail al-Mazrouei, said at the summit.

Al-Mazrouei, doubled-down on the OPEC+ alliance a day earlier in remarks at an energy forum in Dubai. Again on Tuesday, he and the Saudi energy minister stressed the importance of Russia’s roughly 10 million barrels a day in crude output, saying it amounts to almost 10% of global oil demand. They insisted that politics – in reference to Russia’s invasion of Ukraine – should be separated from energy policy.

We are not taking a side today,” the Emirati minister said. The aim of OPEC+, he said, is stabilizing the market.

Gulf Arab states have been hedging their policies since the start of the Russian invasion, careful not to be seen as choosing a side.

Despite U.S. condemnation of the Houthis and U.S.-supplied anti-missile systems for Saudi Arabia, relations between the Biden administration and Crown Prince Mohammed bin Salman, the kingdom’s de-factor ruler, remain tense. There has been no direct call between the two since the U.S. president took office, though President Joe Biden has spoken to the prince’s father, King Salman.

As the White House inches closer to a nuclear deal with Iran, the Biden administration has tried to reassure traditional Mideast allies of its commitment to their security. Israel and several Gulf Arab states remain fiercely opposed to any efforts that would lift sanctions on Iran.

“We have developed and delivered our side of the story,” Prince Abdulaziz said, referring to the kingdom’s position on the link between its national security and global energy market stability.

“People, others, need to deliver their own side of the commitment,” he added. “Otherwise, the very pillar of energy security will be disturbed, to say the least.”

This year, the World Government Summit is being held on the premises of Dubai Expo 2020, the six-month-long world’s fair that concludes later this week.

Source:https://economictimes.indiatimes.com/news/international/saudi-arabia/saudi-oil-chief-prince-abdulaziz-bin-salman-says-energy-security-imperiled-by-attacks/articleshow/90516776.cms

April 10, 2022

UAE, Saudi say OPEC should not play politics

The energy ministers of Saudia Arabia and the United Arab Emirates, key members of OPEC+, said on Tuesday the producers’ group should not engage in politics as pressure mounted on them to take action against Russia over its invasion of Ukraine.

Asked by the moderator at an industry event about whether OPEC+ has a moral responsibility to expel Russia from the group, Saudi Energy Minister Prince Abdulaziz bin Salman said “everybody leaves his politics at the door” when they hold meetings.

“If we don’t do that we would not have dealt with so many countries at different times. It could have been with Iraq at one point, it could have been with Iran at one point.”

OPEC+ has come under increasing pressure to pump more crude since Russia, the largest producer in the OPEC+ group, invaded Ukraine on Feb. 24, and Western nations enacted sanctions in response that have curtailed Russian oil exports.

Both Prince Abdulaziz and UAE energy minister Suhail al-Mazrouei said the focus was on balancing crude oil markets and satisfying consumers.

“We have one mission and only one mission which is stabilizing the market. So we cannot be politicizing, or bringing politics to the organization having that debate … our aim is to calm the market,” said Mazrouei.

“If we are asking anyone to leave, then we are raising the prices, then we are doing something that is against what consumers want.”

The Gulf states, close U.S. allies, are members of the Organization of the Petroleum Exporting Countries as well as OPEC+, which includes OPEC and other large oil producers such as Russia and Mexico.

Prince Abdulaziz said Russia produces enough oil every day equal to about 10% of the world’s consumption.

If the security of oil supplies is threatened the world economy will suffer. That security is a priority now and some countries are forgetting about the affordability of energy, he said.

Yemen’s Iran-aligned Houthis have escalated attacks on Saudi Arabia’s oil facilities in recent weeks and ahead of a temporary truce for the Muslim holy month of Ramadan. The movement have also launched attacks on the UAE.

Houthis said they launched recent attacks on Saudi energy facilities and the Saudi-led coalition said oil giant Aramco’s petroleum products distribution station in Jeddah was hit, causing a fire in two storage tanks but no casualties.

Prince Abdulaziz drew attention to the politics at play inside OPEC that members have to accept.

“I ask you, who has been throwing these rockets and missiles at us and at Abu Dhabi? Who is financing? Who’s training?,” he said at the industry event, referring to Saudi Arabia’s rival Iran, also a key player in OPEC.

“Who’s supplying these weapons? It is a member of OPEC. I leave it for your imagination … A cynical mind sometimes helps.”

Source:https://economictimes.indiatimes.com/news/international/saudi-arabia/uae-saudi-say-opec-should-not-play-politics/articleshow/90517166.cms

February 27, 2022

New initiative unveiled to examine key issues shaping Oman’s business landscape

Tejarah Talks, a new initiative launched by the Ministry of Commerce, Industry & Investment Promotion (MoCIIP) will hold its first event on February 23 at the Civil Aviation Authority Training Centre in Al Hail North.

Supported by Sohar Port & Freezone, HSBC and Oman Business Forum, over the coming year Tejarah Talks will bring together panels of experts, business and thought leaders in a series of seven interactive and informal discussion-led evening sessions to examine key issues shaping Oman’s business landscape, influencing the sultanate’s socio-economic environment, impacting investment and driving non-oil exports.

Thanking Sohar Port & Freezone, HSBC and Oman Business Forum for their support of Tejarah Talks, Maymuna Al Adawi, MoCIIP Director and Tejarah Talks organiser said, “Through this inspiring initiative, we look forward to showcasing the dynamism of business and industry in Oman and highlighting how under the wise guidance of His Majesty Sultan Haitham bin Tarik, Oman Vision 2040 is creating the conditions where more than ever investors in our country can grow, succeed and thrive.”

Tackling topics directly relevant to business, industry and investment in Oman, economic diversification and job creation as well as pressing global issues, Tejarah Talks will explore post-COVID company culture, the evolving world of manufacturing, cracking export markets, the green transition, creative industries and Gen Z, and marketing in the new data-led world. The first Tejarah Talks session will examine the role of sustainability in enhancing competitiveness, attracting investment and unlocking new opportunities.

Al Adawi added, “I am delighted to share that Sustainability: A Nice-to-have or a Need-to-have? will be the focus of our first Tejarah Talks. Of extreme importance and highly topical as the world works towards meeting the climate targets set by the Paris Agreement, this is a central pillar of Oman Vision 2040 and something many Omani companies are building their strategies and future success around. Amongst them is Sohar Port & Freezone with its plans to create a hub for lower-cost hydrogen and develop a 3.5GW solar power capacity. Another standout project is the green hydrogen plant spearheaded by OQ on the Special Economic Zone Duqm. In fact, attendees will hear from a panel of local and international businesses committed to innovative thinking to reverse climate change, lower Oman’s CO2 emissions, improve sustainability and lead the transition to renewables.”

Starting at 7:30pm, the talks will be moderated by His Highness Sayyid Dr Adham Al Said, Founder, The Firm, the evening’s panellists are Mazin Al Saadi, HSSE Manager, Mazoon Dairy; Mark Geilenkirchen, CEO, Sohar Port & Freezone; Dr Firas Al Abduwani, VP, Clean Energy OQ Alternative Energy; Simon Adcock, Head, Commercial Banking, HSBC; and Dr Michael Tsang, Founder, Three Pillars Consulting.

Designed to educate, inspire and entertain, Tejarah Talks are open to the general public and live-streamed to the world via MoCIIP’s Twitter feed to both share discussion outputs and the strength and possibilities of Oman’s competitive offer with as wide an audience as possible.

Source:https://timesofoman.com/article/113495-new-initiative-unveiled-to-examine-key-issues-shaping-omans-business-landscape

February 27, 2022

Asyad Terminals – Duqm to manage and operate 3 berths in Port of Duqm

In line with the official inauguration of Port of Duqm, Asyad Ports-Duqm is set to commence the operation and management of the general cargo terminal that includes three commercial berths in Port of Duqm, following Asyad Group’s strategy to enhance the competitiveness of Omani ports and maximise their investment and economic returns, as underpinned by Oman Logistics Strategy (SOLS 2040).

Asyad Terminals – Duqm, established through a partnership between Asyad Ports and Port of Duqm, will manage and operate three berths in Port of Duqm, which can accommodate the largest container ships and very large crude carriers (VLCC) to serve customers and trade partners.

The first one is a multi-use general cargo berth with a capacity of about 1 million TEUs per annum, the second is a bulk cargo berth offering a capacity of almost 5 M TEUs per annum, while the third is a Ro-Ro vessels berth. These berths will consequently absorb the anticipated growth in ships traffic and cargo operations, ramp up a trade via Port of Duqm with international ports, provide exporters and suppliers of local and global business communities with rapid solutions, and meet Sezad’s economic projects’ requirements.

“This significant milestone, which translates the pillars and objectives of Oman Vision 2040, gives to national operators priority of managing large Omani ports and associated logistics services, and optimizing the use of port equipment and facilities to promote national exports and Oman’s economic growth”, said Sheikh Nasser Sulaiman Al Harthy, Chairman of the Board of Directors of Asyad Group.

Al Harthy also added that the management of Asyad Group adopts a clear strategy aimed at enhancing logistics investments and increasing the operational efficiency of Omani ports, which would generate new prospects for international investment and trade companies and private Omani companies in this vital sector.

As additional results, the Omani ports will become a much sought-after hub for various global shipping lines and will create new business opportunities for SMEs in different sector-related operational services.

On his part, Dr Ahmed Mohammed Al Abri, CEO of Asyad Ports, indicated, “Asyad is moving ahead in developing the ports sector in Oman, achieving further progress and taking multiple initiatives to turn the ports of Oman into an investment pull factor. In co-operation with various government agencies, those ports will grow to become a leveraging pillar for trade and economic development in the country.”

He subsequently highlighted that assigning the management and operation of the general cargo terminal in the Port of Duqm to Asyad Terminals – Duqm was a serious step forward into the circle of worldwide competition in the area of operation of international berths and ports. He elaborated that Asyad Terminals – Duqm will seek to develop the superstructure of Port of Duqm and handle general, bulk and rolled cargo.

Furthermore, the Company will provide competitive incentives and initiatives to facilitate business and raise the competitive advantage of Port of Duqm, thus becoming a multi-purpose global trade gateway offering access to markets that include more than three billion consumers around the world.

“Asyad Ports has over the past years demonstrated its solid know-how, administrative capabilities, and national competence, in managing Oman’s ports (A’Suwaiq, Shinas, Khasab, Port of Sultan Qaboos and Khazaen Dry Port), and employing those abilities to strengthen the crucial role of Port of Duqm as a prime location and a nerve centre in the global supply chain,” added Dr Ahmed Al Abri.

In the same vein, particularly on the ICV side, Dr Ahmed Al Abri pointed, “Assigning the management and operation of the commercial berths in Port of Duqm to Asyad Terminals – Duqm will undoubtedly lead to finding a common ground with the private sector in many fields, and will offer business opportunities to Omani SMEs, in various logistics services and support activities such as customs clearance, transport, storage and maintenance. This will naturally occur with the rebound of trade through the port and the local markets become connected to global markets through direct shipping lines.

Port of Duqm, officially inaugurated in February 2022, is one of the most important and largest ports in the Middle East as it extends over an area of 188 square kilometres and consists of 9 berths which are 2.25 km long, 350 m wide, and up to 18 m deep. The Port of Duqm incorporates various industrial lands, a stretch of 2,000 hectares and logistics lands estimated at 1,000 hectares. It has an 8.7km breakwater that rises 11 metres above sea level, in addition to a secondary breakwater of 4.6km. Thanks to its unique specifications, the Port can receive the largest ships in the world.

Source:https://timesofoman.com/article/113507-asyad-terminals-duqm-to-manage-and-operate-3-berths-in-port-of-duqm

February 27, 2022

Asian shares end mostly lower as investors eye Ukraine crisis

Asian shares were mostly lower on Monday after a retreat on Wall Street, as investors watched for developments in Ukraine after Russia rescinded earlier pledges to pull tens of thousands of its troops away from Ukraine’s northern border.

Tokyo, Seoul, Hong Kong and Shanghai declined while Sydney advanced.

Russia is a major energy producer and a military conflict also could disrupt energy supplies and make for extremely volatile energy prices.

Tokyo’s Nikkei 225 index lost 0.8% to 26,910.87, while the Hang Seng in Hong Kong shed 1.1% to 24,062.67. In Seoul, the Kospi gave up 0.2% to 2,739.59 and the Shanghai Composite index fell 0.4% to 3,476.47. India’s Sensex lost 0.2% and Thailand’s benchmark was 0.5% lower.

Australia’s S&P/ASX 200 gained 0.2% to 7,233.60 as the country reopened its borders to more international travel after nearly two years of being mostly sequestered due to the pandemic.

Outbreaks of coronavirus fueled by the highly contagious omicron variant are also a worry. A preliminary reading on factory data for Japan on Monday showed a sharp drop in the manufacturing purchasing manager’s index, to 52.9 from 55.4 on a 0-100 scale where readings above 50 indicate expansion.

But analysts said they expect activity to rebound as the latest wave of infections subsides.

In Australia, shares in AGL, the country’s biggest electricity generator, jumped 10% after it said it had rejected an 8 billion Australian dollar ($5.8 billion) takeover bid from tech billionaire Mike Cannon-Brookes and Canadian investment firm Brookfield.

Shares in software company Atlassian, founded by Cannon-Brookes, fell 2%.

On Friday, stocks capped a week of volatile trading on Wall Street with a broad sell-off.

The S&P 500 lost 0.7% to 4,348.87 while the Dow Jones Industrial Average also slipped 0.7%, to 34,079.18. The Nasdaq composite bore the brunt of the selling, skidding 1.2% to 12,548.07. Small company stocks also fell, with the Russell 2000 index down 0.9% to 2,009.33.

Treasury yields fell Friday, as investors shifted money into the safety of US bonds. The yield on the 10-year Treasury, which affects rates on mortgages and other consumer loans, was steady at 1.93% early Monday.

Markets have been hit by worries over how companies will cope with inflation at decades-high levels in many countries, and over whether consumers might pull back on spending to cope with higher costs for most things.

Wall Street is looking ahead to determine how markets will react to a more aggressive monetary policy from the US Federal Reserve as it begins tightening after two years of ultra-low interest rates and other supportive measures.

source:https://timesofoman.com/article/113547-asian-shares-end-mostly-lower-as-investors-eye-ukraine-crisis

February 27, 2022

MSX index ends marginally lower

The MSX index closed at 4,084.28 points, down by 0.09 per cent from the previous close. The Sharia Index ended up by 0.23 per cent at 496.20 points.

Takaful Oman, up 9.52 per cent, was the top gainer while, Phoenix Power, down 6.00 per cent, was the top loser. Shares of United Finance were the most active in terms of the number of shares traded while Bank Muscat was the most active in terms of turnover.

A total number of 610 trades were executed during the day’s trading session, generating a turnover of OMR4.85 million, with more than 27.48 million shares changing hands. Out of 40 traded securities, 6 advanced, 15 declined and 19 remained unchanged. At the session close, Domestic investors were net buyers for OMR551,000 while GCC & Arab investors were net sellers for OMR300,000 followed by foreign investors for OMR250,000 worth of shares.

Financial Index closed at 6462.36 points, down by 0.2 per cent. Prices of Takaful Oman, United Finance, Taageer Finance, Bank Muscat, and Vision Insurance were up by 9.52 per cent, 6.41 per cent, 3.7 per cent, 0.39 per cent, and 0 per cent respectively. Prices of Al Sharqia Investment, Global Financial Investments, Oman United Insurance, Muscat Finance, and Al Madina Takaful were down by 3.23 per cent, 2.67 per cent, 2.07 per cent, 1.56 per cent, and 1.03 per cent respectively.

Industrial Index closed at 5763.6 points, down by 0.15 per cent. The price of Oman Cables Industry, was up by 1.26 per cent. Prices of National Aluminium, Oman Fisheries, Galfar Engineering, Oman Chromite, and Raysut Cement were down by 3.19 per cent, 2.99 per cent, 1.41 per cent, 1.37 per cent, and 1.04 per cent respectively.

Services Index was down by 0.56 per cent before closing at 1638.33 points. The price of Oman Telecom was up by 0.99 per cent. Prices of Phoenix Power, Oman National Engineering, Al Batinah Power, Ooredoo, and Al Batinah Hotels were down by 6 per cent, 2.52 per cent, 2.04 per cent, 1.12 per cent and 0 per cent respectively.

Source:https://timesofoman.com/article/113555-msx-index-ends-marginally-lower-65

February 27, 2022

Regional energy investments expected to grow

Energy investments in the Mena region are expected to continue to grow on the strength of higher oil and gas prices throughout 2022, according to a new report.

“The uptick in regional energy investments, which registered a $13 billion increase in Apicorp’s latest five-year outlook issued in the second quarter of 2021, will continue over the mid-term,” the Arab Petroleum Investments Corporation (Apicorp) said in a report outlining the key trends that are expected to shape the Middle East and North Africa (Mena) energy markets landscape this year.

Among the trends the report examines is the impact of oil and gas prices on energy investments in the region and the main factors weighing down on broader economic recovery.

“Despite the volatility in commodity prices which is expected to persist throughout 2022, the good news in the short-term is that oil and gas prices will likely remain elevated throughout the year, providing support for energy investments including renewable energy and ESG-related projects,” Dr Ahmed Ali Attiga, CEO of Apicorp, said.

“Power sector investments in Mena are also expected to continue to thrive, with an accelerating shift towards renewables. Collectively, the region is expected to add nearly 20 GW of solar power over the next five years,” he further added.

The MENA region will take centre stage in the ongoing global energy transition as all eyes shift to Egypt, which will host COP27 in November — and UAE for COP28 in 2023. Yet while the transition continues to steadily gain momentum, the report notes that it may be marred by mixed policy signals from governments as they attempt to balance imperatives that are oftentimes very difficult to align: emissions reduction, energy affordability and energy security.

Thus, a sustainable and comprehensive policy is needed to avoid tilting the policy scale too far in favour of one of these factors, as this may lead to unintended consequences such as market distortions, heightened volatility, and energy shortfalls.

The already substantial pressure on policymakers is expected to be further exacerbated by continued volatility in commodity markets in 2022 due to the pandemic, uncertainty over macroeconomic policy, and supply chain disruptions. Despite the modest –-albeit uneven—recovery in 2021, it will take time for this improvement to migrate downstream and ease cost pressures this year.

As for the energy markets, the report forecasts that they will remain comparatively stable during 2022 due to higher oil production by Opec+ and non-Opec countries and increased gas production and LNG supply. Brent is expected to average between $65 per barrel and $75 per barrel. As for gas, the JKM and TTF/NBP hub prices in Asia and Europe are expected to cool down considerably from their all-time highs of 2021, especially after the winter season.

The report’s analysis of energy investment trends suggests that the expected robust oil and gas prices in 2022 have triggered an opportunity to return to pre-pandemic activity. As a result, energy investments in Mena are forecast to grow in 2022 from the $805 billion in Apicorp’s Mena Energy Investment Outlook 2021-2025 and continue in the upcoming 5 years, namely on the strength of sustained higher oil and gas prices and planned unconventional gas and upstream investments.

For petrochemicals, the drive for further integration and rationalisation will continue with reconfigurable petrochemical plants shifting to high-margin products such as plastic packaging films and healthcare and hygiene products.

“The strong pipeline of investments we are seeing in the downstream projects reflects the region’s push to direct more funds to this sector, especially in brownfield petrochemicals projects versus greenfield ones. This makes sense in light of the current market conditions which favour improving cost and operating efficiencies in existing projects rather than sheer expansion,” said Nicolas Thevenot, Managing Director of Corporate Banking at Apicorp.

The uncertainty around COVID recovery will continue to influence how market dynamics will ultimately play out. Given the global vaccine inequity and a constantly evolving virus, governments are still grappling with the dilemma of public health versus economic recovery.

In addition to global trade, supply chains and services, the current surge in cases globally will also adversely affect international travel and tourism. This will dent economic growth during 2022, which has already prompted a slight downward revision of the 2022 GDP growth forecasts in some regions and a likely asymmetric global recovery that is not necessarily sustainable for all countries.

Another uncertainty stems from the need for governments to introduce fiscal austerity measures to rein in spending and curb soaring inflation. Although markets ended 2021 with high returns (27 per cent in the case of the S&P 500 index), high jobs growth and soaring commodity prices pushed inflation rates higher.

A fear of stagflation looms as public fiscal stimulus packages are withdrawn, asset purchasing programs are tapered and interest rates rise. While these measures will very likely cause economic recovery to slow down, the lagging unemployment rates are expected to remain relatively high amid a simmering inflationary cycle that may turn out not to be transitory after all.

source:https://timesofoman.com/article/113560-regional-energy-investments-expected-to-grow

February 26, 2022

Digital platform for displaying, buying and selling Omani products launched

The Public Establishment for Industrial Estates – Madayn launched the first integrated Omani digital platform (SouqMadayn) for displaying, buying and selling Omani products under the patronage of Dr Said bin Mohammed Al Saqri, Minister of Economy, in the presence of a number of their excellencies at the Knowledge Oasis Muscat.

SouqMadayn platform aims at displaying, buying and selling Omani products between companies (B2B) as well as offering government procurement (B2G). The platform shall enhance the presence of national industries in local and foreign markets by utilising cutting-edge technologies and software and taking the utmost advantage of e-commerce technologies.

Speaking at the event, Hilal bin Hamad Al Hasani, CEO of Madayn, said that the platform will be of benefit to Small and Medium Enterprises (SMEs) in promoting their products, increasing income, reducing costs and raising efficiency.

“Madayn will seek to link SouqMadayn with the Tender Board, which will help in distributing purchases in a smart and fair approach electronically. This will eventually contribute to promoting Omani products and boosting production, as well as offering job opportunities for the Omani nationals,” Al Hasani pointed out.

He added, “As the Sultanate of Oman’s government is paying great importance to the digital transformation programme, being an essential pillar of strategic sectors and taking into consideration its impact on boosting the national economy, this platform comes to keep pace with the efforts made in this regard and to devise digital solutions that increase the sales of Omani products and explore new markets for these products.”

On her part, Wafaa Al Salmi, Head of the E-Marketing at Mizah Marketing and Business Development – the marketing arm of Madayn –said that this digital platform is characterised by many features that enable Omani factories to showcase their products to local and international buyers representing government and private bodies.

“Through SouqMadayn, users can benefit from volume purchase and bulk discounts, flexible payments options, secure payment transactions, support from Credit Oman, logistics facilities, minimum order quantity, wholesale bulk order, an option to Request for a Quote – (RFQ), online auction, e-tendering facility, value package memberships for suppliers, brand sponsorship, and online advertisement opportunity. The factories operating in Oman can now register through SouqMadayn to benefit from its variety of services.”

SouqMadayn also complements the objectives of the ‘Made in Oman’ Campaign, which is designed to encourage consumers both individuals and organisations to choose locally manufactured products and services; highlight the competent capabilities of the Omani products to compete locally and internationally, and stress the significance of buying Omani products and its direct contribution to the national economy.

It is noteworthy to mention that this platform aligns with Madayn’s efforts to achieve digital transformation objectives, given the impact of digital transformation on accelerating, developing and enhancing businesses. Madayn has recently developed its Digital Transformation Strategy in pursuance of Madayn Vision 2040 and several projects have commenced achieving the objectives of the strategy.

Source:https://timesofoman.com/article/113600-digital-platform-for-displaying-buying-and-selling-omani-products-launched

February 26, 2022

Shell launches its first electric vehicle charging hub in Oman

Shell Oman Marketing Company has launched its first electric vehicle (EV) charging hub in Oman, located at Al Bandar Service Station in Seeb. It has supplemented the existing fuel station with a fast electric charging point, catering to the EV owners in the capital.

The new ShellRecharge service will enable customers to charge their EVs speedily and to enjoy seamless drives within and around the city. Already featuring an environmentally sustainable design with built-in solar panels on the Shell Select store, the service station is now also equipped with a 50kW electric charging point.

Along with a comfortable waiting area and the Shell Select convenience store, the site also includes the newest Shell Café, Shell’s in-house coffee brand, which is being launched in a growing number of countries around the world.

While at the inaugural ceremony, István Kapitány, Global Executive Vice President of Shell Mobility said, “Shell has a proud tradition of supporting Oman’s drivers and making their journeys better with products like our premium Shell V-Power fuels and great convenience offers. I’m pleased to be opening the next chapter of Shell’s history in Oman with the introduction of ShellRecharge to our forecourts. We’ve designed the Al Bandar hub to offer an EV charging experience that is as convenient and comfortable as possible. By integrating a Shell Café, we’re also offering drivers the opportunity to recharge themselves as well as their EVs. Ultimately, the goal of Shell Mobility is to provide everything our customers need while they’re on the road, and this new location is a first step in doing exactly that.”

Expressing his delight with the launch of the new ShellRecharge at Al Bandar service station, Dr Mohammed Al Balushi, CEO, Shell Oman, said, “The ShellRecharge at Al Banadar service station marks a first in our EV roadmap and it will redefine EV charging in Oman. As a leading player in our sector, Shell Oman will contribute expertise in the energy transition to support Oman’s Carbon Control Target Plan which is rooted in the Oman Vision 2040. It remains our endeavour to collaborate with the relevant authorities and stakeholders to realise the goals of the National Energy Strategy and accelerate the gradual transition to a lower-carbon economy and an energy matrix with lower carbon emissions. At the same time, the introduction of Shell Café proves our commitment to the development of our network and the improvement of our offer. We want to provide our customers with the best possible experience, so our Shell Café hospitable environment will provide them with a comfortable rest and refreshment before their onward journey.”

While 2021 proved to be a game-changer in EV sales globally, Oman, with a growing choice of new electric car brands, is expected to witness corresponding growth in the future. This would augur well for companies investing in charging points that are compatible with all EVs, like Shell’s electric charging point at Al Bandar. Shell is committed to not only providing cleaner energy solutions that are environmentally sustainable but also generating better awareness of greener alternatives in the community.

Source:https://timesofoman.com/article/113601-shell-launches-its-first-electric-vehicle-charging-hub-in-oman

February 26, 2022

Al Mouj Muscat drives new financing partnership with United Finance

Oman’s premium lifestyle destination, Al Mouj Muscat, has entered into a new partnership with United Finance giving residents the option of preferred financing rates to help them reach their lifestyle goals.

United Finance is one of the leading finance and leasing services providers in the Sultanate and thanks to the new agreement, as well as attractive rates, residents benefit from having a premium and personalised service through a fast and convenient process for securing finance.

Nasser bin Masoud Al Sheibani, CEO of Al Mouj Muscat, says: “Al Mouj Muscat is a community designed to give all of our residents’ access to a truly unique oceanfront lifestyle, where life can be enjoyed at its best. Partnerships like this one are a perfect example of the opportunities we create, and an easy, tailored and entirely exclusive and extremely attractive financing offer. A true reflection of our ongoing commitment to providing services and experiences with our residents’ value.”

United Finance was established in 1997 and commenting on the recent signing, its CEO Nasser bin Salim Al Rashdi says, “It is an honour to provide this bespoke service for the residents of Al Mouj Muscat. As a non-banking financier, we are always looking for ways to reimagine our customer service experience and by make financing and loans readily available to consumers.”

The preferred rates United Finance have introduced to Al Mouj Muscat require only a 20 per cent down payment for up to three years credit which applies to owners as well as tenants at Al Mouj Muscat who meet the eligibility criteria.

Source:https://timesofoman.com/article/113602-al-mouj-muscat-drives-new-financing-partnership-with-united-finance