News Archives - Page 44 of 101

February 26, 2022

CBO issues treasury bills worth OMR177mn

The Central Bank of Oman (CBO) raised OMR177 million by way of allotting treasury bills on Wednesday.

The treasury bills are for a maturity period of 91 days, from February 23 until May 25, 2022.

The average accepted price reached OMR99.822 for every OMR100, and the minimum accepted price arrived at OMR99.820 per OMR100. The average discount rate and the average yield reached 0.71461 per cent and 0.71589 per cent, respectively.

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 acts as the Issue Manager and provides the added advantage of ready liquidity through discounting and repurchase facilities (Repo).

The interest rate on the Repo operations with CBO is 0.5 per cent while the discount rate on the Treasury Bills Discounting Facility with CBO is 0.75 per cent.

Furthermore, treasury bills promote the local money market by creating a benchmark yield curve for short-term interest rates. Additionally, the government may also resort to this instrument whenever felt necessary for financing its recurrent expenditures.

Source:https://timesofoman.com/article/113641-cbo-issues-treasury-bills-worth-omr177mn

February 26, 2022

Madayn highlights investment opportunities at Expo 2020

The Public Establishment for Industrial Estates – Madayn is promoting the available investment opportunities in its network of industrial cities at Expo 2020 in the UAE.

This comes in line with its vision in enhancing the Sultanate’s position as a leading regional centre of manufacturing, ICT, innovation and entrepreneurship excellence, and its mission in attracting industrial investments and providing continued support, through regionally and globally competitive strategies, good infrastructure, value-adding services, and easy governmental processes.

Opportunities

Madayn officials are present at the Sultanate of Oman’s pavilion at Expo 2020 to promote Madayn Investment Complexes in four industrial cities. At Sur Industrial City, investment opportunities are available in food investment complexes on an area of 42,000 sqm, and multiple industries investment complexes on an area of 41,000 sqm.

Moreover, Samail Industrial City is offering investment opportunities in food investment complexes (53,000 sqm), multiple industries investment complexes (22,000 sqm), and logistics investment complexes (61,000 sqm). The available investment opportunities at Sohar Industrial City include food investment complexes (60,000 sqm), multiple industries (60,000 sqm), and plastic industries investment complexes (50,000 sqm). Al Buraimi Industrial City also offers investment opportunities in food investment complexes (27,000 sqm) and multiple industries investment complexes (32,000 sqm).

Madayn is also promoting investment opportunities for industries derived from feasibility studies at Expo 2020, as Madayn in cooperation with the Ministry of Commerce, Industry and Investment Promotion identified the investment opportunities in the industrial sector based on preliminary feasibility studies on the local and international markets. As these opportunities have been identified, the investor needs to carry out detailed feasibility studies for the targeted sectors such as plastic industries, food industries, building materials industries, among others.

Additionally, Madayn officials are highlighting the opportunities available in developing and operating infrastructure, intending to strengthen Public-Private Partnership in the development and operation of new industrial cities or strategic projects.
During this week at Expo 2020, Madayn officials elaborated on the Sultanate’s investment climate, the industrial cities about Madayn, and the investment incentives to several international business delegations visiting Expo 2020.

Source:https://timesofoman.com/article/113642-madayn-highlights-investment-opportunities-at-expo-2020

February 26, 2022

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

February 26, 2022

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

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

February 26, 2022

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

February 26, 2022

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

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

February 26, 2022

How Oman is planning to supercharge its industrial sector by 2040

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

February 6, 2022

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/

February 6, 2022

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.

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

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

February 6, 2022

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

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.

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.

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