The bank will seek shareholder approval for its sukuk programme at a meeting on March 19 and regulatory approval thereafter, local media reported.
Shell Oman Marketing Company previously supplied half of Oman Air’s fuel at Muscat airport.
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.
Omnivest had previously said that it was looking into the feasibility of the transaction.
In contrast to other GCC nations, Oman’s banking sector is small but well performing with Islamic banking rising in prominence.
The government will offload 142.5 million Omantel shares, reducing its holding to 51 per cent from 70 per cent.
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.
The officials were sentenced to three years in jail for abuse of office.
Oman relies on oil and gas for 87 per cent of its budget revenue.
Expenses for the quarter, which include wages, interconnection costs and roaming charges, reduced by 2.7 per cent.
Officials expect to award the first construction contract in 2015.
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.
Goutam Sen is allegedly being held in detention as part of a corruption probe involving Oman’s oil industry.
The group posted sales of $90.1 million in 2012, according to its financial statements.
The firm, majority-owned by Ooredoo, made a net profit of OMR10 million.
The lender offered a 15 per cent cash dividend plus bonus shares of 10 per cent in 2012.
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.
The firm has been looking to secure more orders from Gulf countries to offset a projected decline in US military spending.
The lender made a net profit of 9.3 million rials in the three months to December 31.
Bank Sohar is currently in talks with rival lender Bank Dhofar over a possible merger.
Mohammed Ali was handed a three-year jail term and ordered to pay fines worth 600,000 rials
Results were boosted by the $38.8 million payout from insurers after the bank was the victim of a major cyber fraud case.
Over 20 government officials and private executives from Oman’s oil industry are accused of offering or accepting bribes in exchange for contracts.
The Muscat governorate recorded the highest average household income of $3,789 per month.
The Dubai index is developing a negative 14-week momentum divergence.
The government plans to borrow half of that amount overseas from commercial banks and “strategic partners”.
Spending this year is projected at $35.1 billion, up five per cent from the original expenditure plan in the 2013 budget.
Oman was unusually assertive in opposing a Saudi plan for Gulf Arab states to close ranks against Iran.
The mall, set to become the largest shopping destination in the Sultanate, will house 350 stores.
A merger between the two lenders will create the second-largest bank in Oman with assets of about $10 billion.