Category: INDUSTRY

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 […]

ECONOMY
PDO 2
PDO signs research and development deals with Omani universities

Petroleum Development Oman (PDO) has signed research and development agreements with Sohar and Al Sharqiyah Universities to help resolve some of its complex technical challenges. It is hoped the memorandums of understanding (MoUs) will help PDO further develop its competitive delivery by reducing costs, increasing production and reserves while operating in a safer and greener environment. […]

ECONOMY
Oma Budget
Total budget expenditure down by 5.8 per cent

Oman’s total budget expenditure fell by 5.8 per cent to RO12,908.2mn in 2016, according to the Central Bank of Oman’s (CBO’s) annual report. As the cut in expenditure fell short of the decline in revenues, the fiscal deficit stood at RO5,300mn in 2016, compared with RO4,361.4mn in 2015 (fiscal deficit as a percentage to GDP […]

Banking & Finance
CBO-1
Economy expected to continue slowdown in 2017: CBO

The annual report of the Central Bank of Oman (CB), released today, says Oman’s economy is expected to witness a slowdown in 2017, but the country is well placed to deal with the challenges in the short term. The government has been proactive in undertaking various measures to address the macroeconomic challenges over the medium-term. […]

Banking & Finance
bankmuscat
Bank Muscat posts RO84mn net profit for the first half

    Bank Muscat reported net profit of RO84.31mn for the first half of 2017, down from RO90.47mn for the same period in 2016. The bank’s net interest income from conventional banking stood at RO125.63 million for the first six months of 2017, compared with RO124.42mn for the same period of 2016, reflecting an increase […]

Industry
raysut-cement-3q16-financial-results_
Raysut Cement to sell its stake in Oman Portuguese Cement Products

Raysut Cement is planning to sell its entire stake in Sohar-based Oman Portuguese Cement Products Co to Opal Development Co,  says the company in its first quarter financial report. Salalah-based Raysut Cement owns a 50 per cent shareholding in Oman Portuguese Cement from 2011. An extraordinary general meeting (EGM) of Raysut Cement shareholders scheduled for July 25 is […]

ECONOMY
OMRAN
Omran to complete phase 2 of OCEC by June 2018

      The fully integrated Oman Exhibition & Convention Centre (OCEC) precinct takes strides towards completion as this major project  already achieved the completion of Phase 1 – the Exhibition Center while Phase 2 – the Convention Center completion delivery is at advance stage with all the structural, civil and MEP works nearing completion […]

Banking & Finance
MSM
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 […]

Energy
almslide2
Al Maha Petroleum bags OMR91mn contracts from Raeco, Mwasalat

Al Maha Petroleum Products Marketing Company has bagged two contracts valued at OMR91 million for supplying gas oil to Rural Areas Electricity Company (Raeco) and to build and operate a new fuel station for national transport company Mwasalat at its headquarters. The first contract, valued at OMR73 million, is for supplying 380 million litres of […]

Industry
Pradeep Kumar Nair
Changing paradigms

Pradeep Kumar Nair, CEO of Sebacic Oman, talks about manufacturing sector’s role in Oman’s economic diversification and the potential of Duqm in redrawing the Sultanate’s industrial future   Manufacturing sector is a key plank in government of Oman’s economic diversification strategy. How are industries going to shape Oman’s economic future? Industrial growth is inevitable for […]



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