The State General Reserve Fund (SGRF), Oman Investment Fund (OIF), Oman Oil Company (OOC) and Oman National Investments Development Company (TANMIA) have initialed a Memorandum of Association of Mining Development Oman (MDO).
Oil prices edged up on Monday after a breakdown in diplomatic ties between Saudi Arabia and Iran that some speculated could result in supply restrictions, although gains were tempered by data showing some of Asia’s largest economies are struggling.
Oman’s government has approved the 2016 General Budget with a deficit of 3.3 billion riyals. Darwish Al Balushi, the Minister Responsible for Financial Affairs, said that the total revenues for 2016 are estimated to 8.6 billion riyals, while expenditure is estimated to 11.9 riyals in 2016.
Global economic growth will be ‘disappointing’ next year, the head of the International Monetary Fund (IMF) said in a guest article for German newspaper Handelsblatt’ published on Wednesday.
Measures for rationalising expenditure are being taken and the ministries are cooperating fully as they understand the problem, Darwish bin Ismail Al Balushi, Minister Responsible for Financial Affairs, told reporters in Muscat.
‘The 2016 Economic Outlook’ discussion recently hosted at Capital Club, Dubai’s Premier Private City Club and member of the ENSHAA group of companies, and moderated by renowned speaker, advisor and author Dr Tommy Weir, offered members key insights into what to expect in the coming year regarding the region’s economy.
Bank Muscat, the flagship financial services provider in the Sultanate, has won a prestigious award from J P Morgan Bank in recognition of operational excellence in the field of dollar payments processing.
US energy group Enterprise and oil trader Vitol raced to exploit the end of a 40-year ban on most US crude exports, the first of many firms eager to “stress test” last week’s historic opening.
Private deposits of commercial banks in the Sultanate as at the end of October 2015 rose by 8.10 per cent to OMR11,786.1 million compared to OMR10,902.6 million in the corresponding period last year, according to the monthly statistical bulletin published by the Central Bank of Oman (CBO).