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HSBC Bank Oman Appoints Andrew Long As CEO

Long joins from HSBC Bank Egypt and replaces Ewan Stirling.

Oman Air To Raise Capital By $519m As Annual Loss Widens

The carrier’s annual loss widened by 16 per cent to OMR113.34 million in 2013.

Street Protests Urge Oman To Pursue Graft

Nearly 30 people accused of corruption have been sentenced to prison terms ranging from one to 23 years.

Oman Sets Up Committee To Ensure Financial Stability

The committee includes the CEO of the Capital Market Authority and officials from the finance ministry.

Oman’s ORPIC Awards Two Contracts For Plastics Complex

The $3.6 billion Liwa Plastics Project will be built in Oman’s northern industrial city of Sohar.

Oman Plans To Privatise One More Company In 2014

Oman’s government has said it would revive its privatisation programme to raise revenue and stimulate the private sector.

First Half Of Omantel Share Sale 1.99 Times Subscribed

The sale required investors to place minimum orders of two million shares each.

Iran Says Seals Gas Export Deal With Oman

Three agreements were signed between Oman and Iran, one of which was an initial deal on building a gas pipeline linking Iran with the Sultanate.

Oman Central Bank Says No Quick Introduction Of Islamic Instruments

The need for Islamic interbank tools is relatively acute in Oman because its Islamic banking regulations prohibit the use of commodity murabaha.

Oman Central Bank Tells Lenders To Avoid Conflicts Of Interest

The move coincides with a wide-ranging government crackdown on corruption.

Oman Court Jails Businessman To 15 Years Over Bribes

Mohammed Ali was previously sentenced to three years in jail in January over bribes made to Petroleum Development Oman.

Oman Targets Big Rise In Gas Output Over Next 5 Years -Official

Oman aims to raise gas output to an average of 120 million cubic meters per day (mcm/d) over the five-year period from 2014 through 2018, according to an official.

Oman’s Bank Muscat Plans $1.3bn Islamic Bond Programme

The bank will seek shareholder approval for its sukuk programme at a meeting on March 19 and regulatory approval thereafter, local media reported.

Al Maha Wins Oman Air Fuel Supply Deal, Shell Loses

Shell Oman Marketing Company previously supplied half of Oman Air’s fuel at Muscat airport.

Oman To Replace 480 Public Sector Expat Workers In Civil Services

Around 114 expatriate employees in civil services have been replaced to date while the remaining 480 positions will gradually be given to Omanis by 2015, an official said.

Oman’s Ominvest Won’t Proceed With Oman Arab Bank IPO

Omnivest had previously said that it was looking into the feasibility of the transaction.

Oman: Islamic Banking On The Rise

In contrast to other GCC nations, Oman’s banking sector is small but well performing with Islamic banking rising in prominence.

Oman’s Sale Of 19% Of Omantel To Start Next Week

The government will offload 142.5 million Omantel shares, reducing its holding to 51 per cent from 70 per cent.

Oman To Replace 100,000 Expats In Private Sector Jobs

The Sultanate is looking to reduce its expat work force to 33 per cent from its current level of 39 per cent, a senior official said.

Ex-Government Officials In Oman Jailed For Abuse Of Office

The officials were sentenced to three years in jail for abuse of office.

Oman May Sell Assets, Borrow Abroad If Oil Prices Drop

Oman relies on oil and gas for 87 per cent of its budget revenue.

Omantel Q4 Profit Up 13% Despite Revenue Drop

Expenses for the quarter, which include wages, interconnection costs and roaming charges, reduced by 2.7 per cent.

Oman Signs $35m Railway Consultancy Deal With Italferr

Officials expect to award the first construction contract in 2015.

Oman To Sell 19% Of Omantel In Two Phases

The first phase is reserved for wealthy local investors and due to finish in March and the second will be open to all Omanis, say reports.

National Gas Co Confirms CEO Detained In Corruption Case

Goutam Sen is allegedly being held in detention as part of a corruption probe involving Oman’s oil industry.

Oman’s National Gas CEO Held By Prosecution

The group posted sales of $90.1 million in 2012, according to its financial statements.

Oman Telco Nawras Q4 Profit Falls 3%

The firm, majority-owned by Ooredoo, made a net profit of OMR10 million.

Oman’s Bank Dhofar Proposes 14% Cash, 11% Bonus Share Dividend

The lender offered a 15 per cent cash dividend plus bonus shares of 10 per cent in 2012.

HSBC Oman To Pay First Dividend Since Merger

The bank made a net loss of 1.8 million rials in Q4 2013, compared to a net loss of 4.77 million rials in the year before period.

Raytheon Announces $1.28bn Missile Deal With Oman

The firm has been looking to secure more orders from Gulf countries to offset a projected decline in US military spending.