Oman’s economy grows by 10 per cent

Oman’s economy has achieved a robust 10.1 per cent growth rate at RO20.33bn for the first nine months of 2017, mainly driven by a remarkable growth in crude oil prices in the international market and surge in non-oil activities. The average price of Oman Crude surged ahead by 27.8 per cent to $51.3 per barrel […]

Omani banks achieve robust 7.3 per cent growth in credit

Omani banks, including Islamic institutions, have achieved a year-on-year credit growth of 7.3 per cent at RO23.5bn  by November-end of 2017. Credit to the private sector alone rose by 6.5 per cent to RO20.9bn by the end of November 2017, the Central Bank of Oman (CBO) said in its latest monthly report. The banking sector […]

Al Madina Takaful
Al Madina Takaful names new CEO

Al Madina Takaful, Oman’s first Takaful insurance provider, announced the appointment of Usama Al Barwani as CEO. Al Barwani who was the acting CEO of the company was one of the key people involved in transforming Al Madina from a traditional insurance firm into Oman’s first takaful (sharia-based) insurance company. He has played a pivotal role […]

Win-win partnership

An Indian business delegation representing a wide swath of sectors visited Oman to explore bilateral trade and investments opportunities   An Indian trade delegation from the states of Gujarat and Maharashtra, comprising promoters of 45 Indian companies representing various sectors, visited Oman from January 16-19, 2018 to explore trade and investments cooperation with Omani companies. The […]

Nama appoints advisors for privatising five subsidiaries

Nama Holding, a government-owned holding company of Nama Group which is engaged in generation, transmission, distribution, supply and procurement of electricity in Oman, has appointed a consortium of advisors, jointly led by London Economics and Lazard Freres, to privatise its five subsidiary power distribution and transmission firms. London Economics will provide economic advisory services, while Lazard […]

Oman to sell LNG to BP Singapore

Oman LNG and BP Singapore have signed a major sales and purchase agreement (SPA) for supplying liquefied natural gas (LNG) to the latter. The agreement, a free-on-board (FOB) contract starting from January 2018, will span over a period of seven years for lifting 1.1 million tonnes per annum (mtpa), which is equivalent to approximately 18 […]

Indian Business delegation
Indian delegation explores trade opportunities in Oman

The Public Authority for Investment Promotion and Export Development (Ithraa) and the Public Establishment for Industrial Estates (PEIE) joined hands to meet with an Indian business delegation at the Knowledge Oasis Muscat. “Oman has a long history of bilateral trade with India, with links dating back centuries, and we are looking to ensure this tradition […]

nBO 3
NBO registers RO44mn net profit

National Bank of Oman (NBO) said that its net profit for 2017 stood at OMR44 million, down from OMR55.8 million posted in the previous year. The bank’s loans, advances and financing activities for customers edged down by 0.6 per cent to RO2,653.9mn in 2017, against OMR2,670.3 million for the previous year, according to a disclosure […]

Omantel to declare results after finalising Zain accounts

Oman Telecommunications Company (Omantel), the largest telecom firm in the Sultanate, said that the company is currently not in a position to disclose the initial unaudited financial results as Zain group is yet announce its financial results. Zain group, which is 21.9 per cent owned by Omantel, is treated as a subsidiary of Omantel and […]

Al Mazyunah Free Zone attracts 160 companies

Al Mazyunah Free Zone has attracted 160 companies, which resulted in heavy investment. “This growth comes as a result of several factors and efforts made by the Public Establishment for Industrial Estates (PEIE) and related governmental bodies to streamline and facilitate the investment procedures in Al Mazunah Free Zone and to overcome the challenges facing […]