Category: INDUSTRY

Interviews
talal-said-al-mamari
Committed to digitisation

Talal Said Marhoon Al Mamari, CEO, Omantel shares his thoughts on the company’s performance, investment in infrastructure upgradation and future plans.  Mayank Singh reports Can you give us an overview of Omantel’s performance in 2016 and Q1 2017? The company’s revenue reached RO132.6mn in Q1 2017, while the net profit reached RO23.8mn compared to RO34.8mn […]

Energy
shell
Production of petroleum products in Oman grows by 12 per cent

A 12 per cent growth in production of refined products was registered in the first half of this year, over the same period of last year, according to the statistics issued by the National Centre for Statistics and Information (NCSI). The statistics, based on data from the Oman Oil Refineries and Petroleum Industries Company (Orpic), […]

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
CBO
Interest rates increase amid tight liquidity situation

Bank interest rates in Oman have increased in view of the tight liquidity situation and increased competition among banks for deposit mobilisation. The weighted average interest rate on total deposits—both rial Omani and foreign currency deposits—rose to 1.423 per cent by the end of 2016, from 0.931 per cent in the same period of the […]

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. […]