Fuelling growth

Within a short span of time, Seven Seas Petroleum Group has grown into a full-fledged supply and service company with diversified presence in different industry segments in Oman, UAE and Qatar. Excerpts from an interview with Managing Director, Shuayb K Al Suleimany Can you give us a brief on the Seven Seas Petroleum and its […]

National Life net profit soars 303 per cent

National Life and General Insurance Company (National Life), a leading composite insurer in Oman, said its profit after tax grew by 303 per cent toRO4.70mn for the first half of 2017, from RO1.16mn in the first half of 2016. Thus, National Life has already exceeded the net profit of the entire year of 2016. National Life […]

Raysut shareholders approve proposal to sell Oman Portuguese Cement

Raysut Cement said its shareholders have approved a proposal to sell Oman Portuguese Cement Products Co. to Opal Development Co.  The decision was taken at an extraordinary general meeting of the company held on July 25, Raysut Cement said in a disclosure statement posted on the Muscat Securities Market (MSM) website. Meanwhile, earlier this month, […]

Al Ahlia IPO gets encouraging response

Al Ahlia Insurance Company’s initial public offering, which opened for subscription on July 4 2017, has been very well received by the market and attracted positive feedback from investors following the company’s meetings with some of the most influential investors and research analysts in the Sultanate. Following the successful meeting of the company’s management with […]

Banking & Finance
CMA reviews approval norms of insurance products

Oman’s Capital Market Authority (CMA) has organised a workshop to review the directives for insurance products and an approval mechanism. The event was attended by representatives of national and foreign insurance firms operating in the Sultanate as a prelude for the implementation of updated directives. The workshop highlighted the key legal requirements from insurers on […]

Muscat Gases to sell stake in firm to Air Products

Muscat Gases Company said its shareholders have approved a proposal to set up United Industrial Gases Company LLC and transfer the company’s industrial gas business to the new limited liability firm. Muscat Gases will sell 70 per cent of the issued share capital in United Industrial Gases to Air Products Leasing B V in line […]

Duqm 2
OTTCO to develop Ras Markaz crude oil storage terminal

The Special Economic Zone Authority at Duqm (Sezad) has granted Oman Tank Terminal Company (OTTCO) a usufruct right to construct Ras Markaz crude oil storage terminal. OTTCO is one of Oman Oil Company’s subsidiaries, the investment arm for the Sultanate of Oman in the field of oil and gas industry. The agreement was executed on […]

Oman Hotels plans to buyback shares from minority shareholders

The majority shareholders of Oman Hotels and Tourism Company plan to buyback the company’s shares from minority shareholders who own 50,000 shares or less. The offer price is fixed at 436 baisas per share, and is valid from May 30 to June 29, 2017, according to a disclosure statement posted on the MSM website. This […]

MEDC shares to be offered to institutional investors; IPO to follow

    Nama Holding will invite Omani institutional investors to sell shares in Muscat Electricity Distribution Company (MEDC) within the next few days, according to a press release. This will be followed by an initial public offering for retail investors, which will be the second phase of the share offer. MEDC is a subsidiary of […]

Bank Dhofar-1
BankDhofar names new chief executive officer

BankDhofar announced Abdul Hakeem Omar Al Ojaili as the chief executive officer of the bank. Abdul Hakeem Al Ojaili took over the leadership role of acting chief executive officer of the bank in October 2013. He has 26 years of banking experience, a Master Degree in Banking Management from University of Exeter, UK and a […]