Category: ECONOMY

ECONOMY
Oman Oil Korean Subsidiary
Oman Oil’s subsidiary completes phase IV of Korean power project

GS EPS Co, a joint independent power producer associate of Oman Oil Company (OOC), and GS Holdings has completed the construction of Phase IV, 900 megawatt (MW) combined cycle power plant powered by directly imported LNG. The ceremony was held with the presence of Mohamed Al Harthy, Ambassador of the Sultanate of Oman to the […]

ECONOMY
Duqm Refinery Amec Foster
Duqm Refinery inks a project management contract with Amec Foster Wheeler

Duqm Refinery signed an agreement with AMEC Foster Wheeler Engineering Consultancy LLC (AFW) for providing project management services during the construction phase of its 230,000 barrels per day-capacity refinery. AFW’s scope of work includes project management contractor services to be delivered as part of an Integrated Project Management Team (IPMT), according to a company release. […]

ECONOMY
Wind Farm
Masdar signs EPC contract for wind farm in Oman

Abu Dhabi’s renewable energy company, Masdar, signed an Engineering, Procurement and Construction (EPC) contract with a global consortium comprising GE and Spain’s TSK to build the Dhofar Wind Power Project, the first large-scale wind farm in Oman and the GCC. The Dhofar Wind Power Project is a result of the joint development agreement that was […]

ECONOMY
Customs begins services at Al Mazunah Free Zone Story Picture
Directorate General of Customs begins services at Al Mazunah Free Zone

The Directorate General of Customs has started providing services to investors, traders and operating companies at the Al Mazunah Free Zone from the beginning of this month. The services are provided at the customs area, which was prepared by the free zone as per the requirements in terms of gates, customs inspection, and electronic scales, […]

ECONOMY
Duqm Refinery
Oman Wanfang plans 25 new projects in Duqm

Oman Wanfang, which is the master developer of China Oman Industrial Park in Duqm, plans to develop 25 new projects, which will take the total number of projects within the industrial park to 35. The proposed 25 projects are in the final stage of studies or in the design stage, said Ali Shah, chief executive […]

ECONOMY
SME
Boosting SME funding

Sharakah introduces some changes in funding scheme by increasing the fund limit to RO350,000, in addition to reducing the interest rate and increasing the credit period for its bill discounting scheme Fund for Development of Youth Projects (Sharakah) has recently announced some changes in their funding schemes, increasing the fund limit from RO200,000 to RO350,000, […]

ECONOMY
soharport-
Sohar port breaks container volume record

Despite on-going issues in the maritime industry and the continued lull in global oil prices, container volumes at Sohar port in the second quarter of 2017 grew by 11 per cent from the same quarter last year, as Sohar emerges as one of the region’s prime logistical hubs. Dry bulk cargo also grew significantly at […]

ECONOMY
Muriya - Wateera Image 1
Muriya facilitates rental returns to property owners in Hawana Salalah

Meeting the growing demand for real estate from visitors and expatriates in Hawana Salalah, Muriya has launched Wateera Rental to provide homeowners and visitors with high-end rental services at the destination. Wateera’s comprehensive expertise includes all aspects of rental services, ranging from property management, furnishing packages, logistics, to cleaning services perfectly suited for new arrivals […]

COMPANIES
CEO S VENKATACHALAM
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 […]

Banking & Finance
MpClear
Oman launches MpClear system

Mobile payment clearing and switching (MpClear), a unique system aimed at enhancing the payment infrastructure of the country, was launched recently, according to a statement by Central Bank of Oman (CBO). With the launch of this system, Oman is the first country within the GCC countries to implement such system under the Central Bank leadership. It will also […]