Home GCC Oman

Oman

Oman Air Orders Five Boeing 737-900ER Planes

The order, previously logged as being from an unidentified customer, makes Oman Air the first Gulf customer for the next generation aircraft.

Oman Air Flight Suffers Cockpit Window Damage

Investigation now underway into the cause of the damage on the evening flight from Muscat.

Oman Needs To Consider Fiscal Reforms

The sultanate’s central bank has issued a warning to the country which echoes a similar statement by the IMF last week.

Oman Needs To Slash Spending To Keep Budget Sustainable – IMF

The sultanate needs to adjust its fiscal balance by around 10 per cent of GDP over the medium term, said the IMF.

Oman Considers Dollar Bond Issue In 2014 – Central Bank

The non-OPEC oil exporter’s only previous international bond was a $225 million Eurobond sold in March 1997.

Kuwait Grants Oman $2.5bn In Development Aid

The Kuwaiti Fund for Arab Economic Development will supply the amount in annual installments over a 10-year period.

Oman Air Orders Three Airbus A330 Aircraft

The order, which will bring Oman Air’s A330 fleet to a total of 10 aircraft, is thought to be worth around $720 million.

Kerry Hails Tentative U.S. Arms Sale To Oman

The U.S. Secretary of State met Oman’s defence minister in the Sultanate on Wednesday to oversee the $2.1 billion deal.

Solar Power Brightens Oman Oil Output Prospects

The Gulf State has commissioned the Middle East’s first solar enhanced oil recovery (EOR) project.

Refinery Shutdown Forces Oman Fuel Imports

A two-month shutdown of Oman’s biggest refinery slashed Omani regular gasoline output by 42 per cent in the first quarter of 2013.

For Banks In Cyber Heist, How To Get Their Money Back?

Bank of Muscat lost $40 million and UAE-based RAKBANK lost $5 million in the global heist.

Bank Muscat Looking At Ways To Recover Fraud Money

Bank Muscat had reported in February that its pre-paid travel cards were hit by fraud, forcing it to take a 15 million rial ($39.0 million) loss provision.

Rudisha, Gatlin Win In Doha’s Diamond Meeting

Shelly-Ann Fraser-Pryce also featured as a host of Olympic medallists began their build up to August’s world championships in Moscow.

Omantel Q1 Profit Dips 2.5% As Costs Outstrip Revenue Growth

Omantel made a net profit of $75.6 million in the three months to March 31.

Oman’s Central Bank Sets Minimum Target For SME Lending

Commercial banks have ensure that at least five per cent of their total loans are given to small and medium-sized firms.

Two Oman Power Firms Plan IPOs In Mid-2014

Both Al Suwaidi Power Co and Al Batinah Power Co aim to each offer a 35 per cent stake to the public.

Oman Visitor Traffic Surges With Air Route Expansion

Increased services from aviation hubs like Dubai and Doha boost Salalah’s tourism.

Oman May Issue USD Bond For First Time In 17 Years

The government hopes to facilitate debt sales by its private sector, says finance minister Darwish al-Balushi

Oman Telco Nawras Posts 21% Drop In Q1 Net Profit

The company said increased depreciation arising from network modernisation had impacted its net profit.

Oman Central Bank To Help Boost Lending To SMEs

Supporting smaller firms is a key part of the government’s economic policy but lending growth hit a 22 month low in February.

ITC Projects Revive Oman’s Real Estate

Integrated Tourism Complex developments, such as Muscat Hills and The Wave, help to revive the Sultanate’s real estate market.

Bank Muscat Q1 Profit Drops 25.1%, Misses Forecasts

The lender made a OMR15 million one-off provision after some of its prepaid travel cards were hit by fraud.

Oman’s Alizz Islamic Bank Eyes Q3 Launch -COO

Alizz Islamic Bank is the second full-fledged Islamic bank in the sultanate.

Oman Plans To Build $1bn Oil Storage Facility

The facility, located in Duqm, will be able to store up to 200 million barrels of crude oil.

Oman Firm Signs Deal To Build $200m Sugar Refinery

The refinery will begin operations by the end of 2015 and will produce one million tonnes of sugar per year.

Oman’s Sohar 2 And Barka 3 Power Plants Fully Operational

The two new plants will together add 1,500MW of power to the sultanate’s current existing capacity of 4,500MW.

Oman Goods Trade Surplus Rises 2.3% In 2012

Oman’s merchandise trade surplus reached $24 billion last year.

Oman To Shift To Friday-Saturday Weekend

Currently Oman, like neighbouring Saudi Arabia, follows a Thursday-Friday weekend.

Oman’s Islamic Banks Get Extension On Foreign Holdings

Oman’s Islamic lenders can hold no more than 40 per cent of their net worth in the form of foreign currency-denominated assets.

Oman Finance Minister Signals Spending Restraint

Oman does not expect to spend more than its budgeted amount this year.