Category: News

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 […]

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 […]

COMPANIES
CMA
Al Ahlia IPO gets encouraging response

Al Ahlia Insurance Company’s initial public offering, which opened for subscription on July 4 2017, has been very well received by the market and attracted positive feedback from investors following the company’s meetings with some of the most influential investors and research analysts in the Sultanate. Following the successful meeting of the company’s management with […]

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
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 […]

ECONOMY
Oman FIsh
Oman’s fish production grows by 5.4 per cent

Oman’s total fish production grew by 5.4 per cent to 270,863 tonnes last year, from 257,001 tonnes in 2015, thanks to a robust growth in the catch of traditional fishermen. The contribution of the traditional sector in fish catch grew by 5.2 per cent to 267,981 tonnes last year, up from 254,767 tonnes in the […]

CMA approves merger of Muscat National Holding’s subsidiaries

Oman’s market regulator Capital Market Authority (CMA) has approved the merger of Muscat Insurance Company and Muscat Life Assurance Company with its parent company Muscat National Holding Company (MNHC). Muscat Insurance Company and Muscat Life Assurance are fully-owned subsidiaries of Muscat National Holding, said a company statement. On completion of both mergers, MNHC will be […]