MSX index ends higher

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The MSX index closed at 4,508.68 points, up by 0.72 per cent from the previous close. The Sharia Index ended up by 0.7 per cent at 481.57 points.

Oman Qatar Insurance, up 5.41 per cent, was the top gainer while Muscat Thread Mill, down 8.7 per cent, was the top loser. Shares of HSBC Bank Oman were the most active in terms of the number of shares traded while Ooredoo were the most active in terms of turnover.

A total number of 331 trades were executed during the day’s trading session, generating a turnover of OMR1.9 million, with more than 8.33 million shares changing hands. Out of 40 traded securities, 16 advanced, 9 declined, and 15 remained unchanged. At the session close, domestic investors were net buyers for OMR86,000 while foreign investors were net sellers for OMR79,000, followed by GCC & Arab investors for OMR7,000 worth of shares.

Financial Index closed at 7,163.24 points, up 0.33 per cent. Prices of Oman Qatar Insurance, National Bank Oman, Bank Dhofar, Sohar International Bank and Oman Arab Bank were up by 5.41 per cent, 3.31 per cent, 1.45 per cent, 0.97 per cent and 0.83 per cent respectively. Prices of Muscat Finance, Ahli Bank and Ominvest were down by 1.54 per cent, 1.54 per cent and 1.2 per cent respectively.

Industrial Index closed at 6,284.77 points, down 0.09 per cent. Prices of National Aluminium, Al Anwar Ceramics, Gulf Mushroom Products, Oman Fisheries and Galfar Engineering were up by 4.88 per cent, 2.56 per cent, 2.04 per cent, 1.89 per cent and 0.61 per cent respectively. Prices of Muscat Thread Mill, Dhofar Cattle Feed, Raysut Cement and Oman Cement were down by 8.7 per cent, 5 per cent, 4.31 per cent and 0.67 per cent respectively.

Services Index was up by 0.48 per cent before closing at 1,621.53 points. Prices of SMN Power Holding, Oman National Engineering, Ooredoo and Oman Telecom were up by 3.13 per cent, 2.8 per cent, 2.02 per cent and 1.33 per cent respectively. There were no losers for the day.

Source:https://timesofoman.com/article/121505-msx-index-ends-higher-17

Egypt’s engineering exports rise to $1.8B in first half of 2022

Egypt’s engineering exports rose during the first half of 2022 by 27 percent to $1.8 billion, compared to $1.4 billion in the same period of 2021, according to the monthly report of the Export Council for Engineering Industries.

Engineering exports witnessed a 4 percent increase in June 2022 compared to the same month 2021, reaching $303 million compared to $291 million in June of 2021, according to a press release.

The council’s report indicated that the most important sectors whose exports increased during the first half of 2022 compared to the same period in 2021 were electrical appliances (49 percent), cables (60), household appliances (10 percent), machinery (117 percent) and metals (46 percent).

Source:https://www.egypttoday.com/Article/3/117960/Egypt-s-engineering-exports-rise-to-1-8B-in-first

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.

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

UAE to emerge as global digital finance hub

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The UAE is fast emerging as the digital finance capital of the region and a global digital hub, helped by conducive regulations, government leadership and talent inflow.

The UAE is driving digital transformation with the adoption of digitization across public and private sectors.

The UAE government recently approved a Digital Economy Strategy that aims to increase contribution of this sector to 20 per cent – more than doubling the current target of about 10 per cent in 10 years.

Also, the emergence of blockchain-based financial transactions and development of regulatory frameworks for digital assets at onshore and offshore jurisdictions within the UAE gives it a clear competitive advantage in digital finance.

Metaverse transition
As Metaverse becomes the centre of digital transition for economies and enterprises, it does not yet have an industry-wide definition. It can be thought of as one conceptual iteration of the internet supporting a collection of real-time applications and experiences across devices.

As businesses prepare for the Metaverse, the next generation of the internet (Web3) – which combines virtual reality, virtual money and virtual transactions – the UAE is set to emerge as a leader in Metaverse finance (MetaFi).

MetFi is a combination of decentralized finance (DeFi), centralized finance (CeFi), and traditional finance (TradFi), with new products designed to meet the unique needs of the new economic ecosystem.

Financial services in Metaverse
Financial services will play an important role in the evolution from capital formation to supporting commerce within the Metaverse. Fundamental to its economic infrastructure would be a high-transaction throughput financial infrastructure, necessitating need for payment rails in the Metaverse. Financial institutions can also play a role in providing liquidity, including for certain DeFi protocols as well as financing in the Metaverse.

The UAE’s banking sector has witnessed rapid developments in digital transformation with digitization of existing services, a number of digital-only services, and blockchain-based transactions.

Full steam on digital
According to Citibank’s Digital Money Index, the UAE is ranked fifth globally, behind Switzerland, Luxemburg, Hong Kong and Singapore. The UAE is far ahead of its Gulf peers with Qatar at 10, Bahrain and Kuwait at 31 and 33, respectively.

Metaverse readiness
Ghose believes UAE’s digital money readiness potentially ties into the Metaverse, which is emerging as the next potential big-tech. Metaverse combines the physical and digital worlds in an immersive manner – and not purely in the virtual reality space. It would require countless new technologies to come together, including applications around Web3, DeFi and non-fungible tokens (NFTs).

Enterprise use cases of the Metaverse will likely include internal collaboration, client contact, sales and marketing, advertising, events and conferences, engineering and design and workforce training.

SOurce:https://gulfnews.com/business/uae-to-emerge-as-global-digital-finance-hub-1.87224932

Boeing wins huge Qatar Airways deal in blow to Airbus

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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