Category: News

News
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InfoFort drives digital transformation at Sohar Port and Freezone

InfoFort, an Aramex company and a leading information management solution provider in the Middle East and Africa, on Tuesday announced the implementation of an electronic document management system and digitisation of the physical records at the Sohar Port and Freezone in the Sultanate of Oman. With global investments of $25 billion, the deep-sea port and […]

Banking & Finance
CMA
CBO approves merger between National Finance and Oman Orix

National Finance Company and Oman Orix Leasing Company have received in-principle approvals from the Central Bank of Oman for their proposed merger. However, it is subject to approvals from shareholders of both firms and final approval from regulatory authorities, according to disclosure statements posted by both companies on the Muscat Securities Market (MSM) website. National […]

News
Omantel net profit rises by nine per cent
Omantel to acquire minority stake in Kuwait’s Zain for RO326mn

Oman Telecommunications Company (Omantel) has agreed to acquire a minority stake in Kuwait’s Zain group for OMR325.6 million. Omantel, the Sultanate’s biggest telecommunications service provider, has signed a share purchase agreement with Kuwaiti Mobile Telecommunications Company (popularly known as Zain group) for purchasing 425.7 million treasury shares or a 9.84 per cent stake in the […]

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 […]

News
Duqm refinery 2
Duqm Refinery awards three EPC contracts

Duqm Refinery has awarded three main Engineering, Procurement and Construction (EPC) contracts to multinational companies for building the company’s proposed 230,000 barrels per day-capacity refinery in the Al Wusta region. The first EPC contract for building the refinery’s main processing plants was awarded to a joint venture of Tecnicas Reunidas SA and Daewoo Engineering & […]

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
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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 […]

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 […]

National Business Centre signs incubation deals with two firms

Two Omani companies have signed incubation deals with the National Business Centre (NBC), which is part of the Public Establishment for Industrial Estates (PEIE). The two companies that have signed the agreement are Muscat Statistical Consulting and Fourth Domain for Geophysical Consulting. The two companies will benefit from the services and incentives provided by the […]