Category: ECONOMY

Mazoon Dairy
Foundation stone laid for RO100mn Mazoon Dairy project

Oman’s Minister of Agriculture, Fuad bin Jaafar Al Sajwani, has presided over a foundation stone laying ceremony for Mazoon Dairy’s flagship dairy project at Al Sunayah. The event formally marked the official launch of the main construction work on the state of the art OMR100 million project. The minister was joined by the members of […]

Omani banks achieve 5.9 per cent growth in credit at OMR23b

Omani banks, including Islamic institutions, achieved a year-on-year growth of 5.9 per cent in total credit at OMR23 billion by August-end this year. Credit to the private sector alone grew by 6.4 per cent to OMR20.8 billion as of the end of August 2017, the Central Bank of Oman (CBO) said in its latest monthly […]

Banking & Finance
Central bank raises OMR63m through treasury bills

Oman’s central bank raised OMR62.81 million by way of a treasury bill. The treasury bill has a maturity period of 91days, from October 18 to January 17, 2018. The average accepted price reached 99.711 for every OMR100 while the minimum accepted price arrived at 99.705 per OMR100. The average discount rate and the average yield […]

Oman Qatar Insurance allots shares

Oman’s stock market watchdog Capital Market Authority has approved the allocation of Oman Qatar Insurance Company in accordance with an allocation policy. The shares are allocated to the small investors category at 100 per cent, while the second category of major investors are allocated 63.224 per cent on pro-rata basis. The total volume of shares […]

Wind Farm
OPWP floats tender for wind resource assessment campaign

A wind resource assessment campaign will be conducted by Oman Power and Water Procurement Company (OPWP). For conducting the campaign, OPWP has floated a tender seeking proposals from bidders to carry out the campaign. The campaign will conducted in multiple locations in the country and include provision of equipment/sensors, installation, operation and maintenance and data […]

Inflation in Oman at 1.60 per cent in September

Oman’s year-on-year inflation, based on the consumer price index for September 2017 touched 1.60 per cent, driven by a rise in transport cost, furnishings, household equipment and routine household maintenance, according to the data released by the National Centre for Statistics and Information (NCSI). The major cause of the inflation was a 3.45 per cent […]

Ashok Hariharan
KPMG encourages companies to prepare for value added tax

Companies in Oman can learn from the experience of Saudi Arabia and the United Arab Emirates (UAE) when they implement Value Added Tax (VAT) in January 2018 and thereby avoid potential pitfalls, according experts at a recent seminar organised by the Entrepreneur’s Organisation of Oman in collaboration with KPMG. The implications of introducing VAT in […]

NBC Iran delegation
Iranian delegation visits the National Business Centre

A high profile delegation specialised in science and technology sector in Iran visited recently the National Business Centre (NBC) at the Knowledge Oasis Muscat. The delegates were briefed on the vision, objectives and services of NBC delivered to the entrepreneurs. The National Business Centre was launched by the Public Establishment for Industrial Estates (PEIE) in […]

Orpic’s Mina Al Fahal Refinery to undergo major turnaround

A major planned turnaround and maintenance activity is currently being undertaken at Oman Oil Refineries and Petroleum Industries Company’s (Orpic’s) Mina Al Fahal Refinery for 45 days, between October 3 and November 16, 2017. This shutdown, to ensure Orpic’s operations run safely and smoothly at all times, will be used to execute a number of […]

Oman’s government expenditure falls

Oman’s government expenditure for the first seven months of 2017 declined 2.7 per cent to OMR6,486.9 million, from OMR6,663.8 million in the same period of last year. The gross revenue by the end of July 2017 recorded an increase of 25.7 per cent to touch OMR4,701.5 million, compared with OMR3,740.5 million during the same period […]