Category: ECONOMY

invest corp
Investcorp to launch $100mn fund for Omani Pension Funds

Investcorp, a leading global provider and manager of alternative investments, will launch a $100 million fund dedicated to Oman’s Pension Funds. The Opportunities Fund (the Fund), was announced at an event hosted by the Ministry of Defence Pension Fund in Muscat. The event, which gathered several senior representatives from the Sultanate’s other pension funds, discussed […]

Oman’s inflation rises 0.49 per cent in February

The annual inflation rate in Oman for February 2018 increased to 0.49 per cent compared to the same month of the previous year according to the consumer price index (CPI) data released by the National Centre for Statistics and Information (NCSI). The rate declined by 0.05 per cent compared to January 2018. The rise in […]

PDO unveils major community funding

Petroleum Development Oman (PDO) has committed to support a raft of new initiatives to benefit communities and boost sustainable development across the Sultanate. The programme includes commitments in the key areas of health and safety, community infrastructure, employability training, charities, and animal welfare. At an official ceremony at PDO’s Muscat headquarters recently, 18 Memorandums of […]

Lulu India
Lulu Group launches integrated project in India

Retail major Lulu Group has officially launched one of the largest projects of its kind in the south Indian state of Andhra Pradesh. Based on a public-private-partnership (PPP) model, the integrated project comprises a world-class convention centre with a capacity for 7,000 people, a 2 million square feet shopping mall and a luxury hotel on […]

Port of Salalah
Port of Salalah handles record cargo in Jan 2018

After handling record volumes of 13.58 million tonnes in 2017, the Port of Salalah continued to deliver strong performance in January 2018 by handling 1.55 million tonnes, breaking its previous monthly volume record set just over six months ago. “Our general cargo services business delivered strong growth in January thanks to the plans our commercial […]

Oman Oil, Omifco, Omantel launch entrepreneurial platform at NBC

The National Business Centre (NBC) in cooperation with Oman Oil Company (OOC), Oman India Fertilizer Company (Omifco) and Oman Telecommunications Company (Omantel) launched OM.HUB, the entrepreneurial platform at NBC in Knowledge Oasis Muscat, under the patronage of Dr. Ali bin Masoud Al Sunaidy, Minister of Commerce and Industry. The inaugural ceremony also witnessed the signing […]

PEIE BankDhofar
PEIE teams up with BankDhofar to attract foreign investments

The Public Establishment for Industrial Estates (PEIE) and BankDhofar have signed a memorandum of understanding (MoU) with the aim of attracting foreign investments that will bring new industries, generate employment and industrialise the county further. The MoU focuses on a joint marketing of PEIE and Oman as an investment destination, visiting and attending meetings when […]

Oman Gas
Oman Gas to raise $1bn bridge loan

Oman Gas Co. is working with a group of banks to raise a bridge loan of slightly over $1 billion, which will later be refinanced via a US dollar bond issue, sources familiar with the matter said. The natural gas transport company, which was bought by state-owned Oman Oil Company in 2013, will use the […]

Inflation at 1.6 per cent in 2017

The annual average inflation in the Sultanate was 1.6 per cent last year. However, the economic activity in the Sultanate improved in 2017 after having contracted in the previous two consecutive years mainly due to the recovery in crude oil prices. The average price of Omani Crude during 2017 stood at $51.30 per barrel as […]

SEZAD signs two contracts worth RO48mn

The Special Economic Zone Authority in Duqm (SEZAD) has signed two agreements with contracting firms for building service corridors between Duqm Refinery, Duqm Port and the planned liquid berth. The first contract for building two service roads with a contract value of OMR38.8 million will connect Duqm port area with the refinery. The contract, which […]