Category: News

Listed companies distribute RO418mn dividend

Listed firms on the Muscat Securities Market have announced that they will distribute OMR417.6 million worth of dividend to their shareholders. The cash dividends approved by the annual general meetings that were held in March stood at about OMR360 million. Still, a number of companies announced that they will distribute interim cash dividends in the […]

Omantel expands fibre optic services in Muscat

          Oman Telecommunications Company (Omantel), the Sultanate’s leading provider of integrated telecommunication services, announced the launch of fibre optic services to homes across Al Ghubra and Azaiba. The roll out will enable thousands of residents in those areas to benefit from high-speed fibre optic technology with competitive prices, giving customers great […]

Bank Muscat posts RO44.23mn Q1 net profit

Bank Muscat posted a net profit of RO 44.23 million for the Q1 period ended 31st March 2017 compared to RO 43.75 million reported during the same period in 2016, an increase of 1.1 per cent. The key highlights of the preliminary results announced for the period are as follows: Net Interest Income from Conventional […]

Sohar becomes one of the fastest growing ports in Middle East

Sohar now ranks as one of the world’s fastest growing port and free zone developments and is fast becoming one of the Middle East’s prime industrial and logistical hubs. The industrial area has received investments of more than $26 billion and the port handles one million tonnes of cargo throughput each week, with more than […]

Oman crude climbs above $55per barrel

For the second time in nearly a month, Oman Crude recovered lost ground to settle at well above the psychologically significant $55 per barrel mark yesterday. Prices rose 62 cents to reach $55.34 in trading yesterday in trend with international crude prices, buoyed by expectations that Opec and non-Opec producers would extend their joint deal […]

SalamAir aircraft 1
 SalamAir launches flights to KSA, Pakistan 

SalamAir has announced the addition of new destinations to its fast-growing network with flights to Saudi Arabia scheduled to start on April 16th, 2017. With return tickets as low as OMR 89, Oman’s first budget airline will fly daily to Jeddah’s King Abdulaziz International Airport and in the coming weeks add Madinah to its flight schedule. The airline will […]

Dry port Al Mazyunah
New dry port to come up in Al Mazyunah Free Zone

The foundation stone for a new dry port project, named ‘Sasco’ was laid at Al Mazyunah Free Zone yesterday under the auspices of Shaikh Abdullah bin Aqeel al Ibrahim, acting Deputy Governor of Dhofar. The ceremony was held in the presence of Sheikh Amer bin Salim Kashoob, Wali of Al Mazyunah, Hilal bin Hamad Al […]

Sohar Port
New $1bn power plant key to Sohar Port’s expansion

Work is progressing fast on the construction of Sohar III, a green-field, integrated combined-cycle gas turbine power plant located in Sohar Port. The project is valued at over $1 billion and is on track to commence commercial operations by January 2019. With more than enough capacity to power new developments in the recently announced Sohar […]

Duqm Refinery
Oman, Kuwait to sign Duqm refinery agreement

A joint venture agreement between Oman Oil Company, the government’s investment arm in the oil and gas sector and energy related projects, and Kuwait Petroleum International (KPI) to build the Duqm Refinery and Petrochemical Industries Company (DRPIC) will be signed on Monday. The project, which will have a capacity to refine 230,000 barrels per day, […]

Ras Markaz
Ras Markaz crude storage project to be awarded soon

A tender for developing the first phase of a large crude storage facility at Ras Markaz near Duqm will be awarded soon. The first phase will have a storage capacity of 10 million barrels of crude oil. Tenders have been submitted by bidders for the first phase, said Salim bin Nasser Al Aufi, undersecretary at […]

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