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January 19, 2020
Muscat: Bank Muscat, the flagship financial institution in the Sultanate, has announced its preliminary results for the year ended December 31, 2019. The financial results are subject to the approval of external auditors, the board of directors, Central Bank of Oman and shareholders of the bank.
The bank posted a net profit of OMR185.55 million for the year compared to OMR179.63 million reported during the same period in 2018, an increase of 3.3 per cent.
The key highlights of the results for the year"...
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January 15, 2020
MUSCAT, JAN 14 – The planned roll-out of a number of key initiatives, notably in the form of Mandatory Health Insurance, Real Estate Investment Trusts (REITs) and Exchange-Traded Funds (ETFs), is expected to have a positive impact on the performance of the Muscat Securities Market (MSM) during 2020, according to local Omani investment services firm Ubhar Capital SAOC (U-Capital). The Muscat-based company listed a number of events and developments – international, regional and local – that, it said, would likely"...
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Alizz Islamic Bank board approves swap for proposed merger with OAB
January 19, 2020
MUSCAT, JAN 18 – Alizz Islamic Bank has approved the swap ratio proposed by Oman Arab Bank (OAB) in a potential merger between the two banks.
The swap ratio of around 81 per cent / 19 per cent for the shareholders of OAB and Alizz was green-lighted by the latter’s Board of Directors and recommended to the shareholders for their approvals, said Alizz in a filing to the Capital Market Authority (CMA) on Thursday.
The actual swap ration will be based on the net asset value as per the audited financial statements"...
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Avoid any display of festivities in hotels: Ministry of Tourism
January 19, 2020
Muscat: In reference to the Diwan of Royal Court announcement regarding the mourning period and the flying of flags at half-mast over the forthcoming 40 days, the Ministry of Tourism has urged all hotels and tourism establishments and organizations to halt all types of festivals, art or music shows or any display of festivities or joy which were planned to take place at their facilities during the mourning period of 40 days. “All establishments"...
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KPMG seminar proposes measures to drive fiscal sustainability, growth
January 19, 2020
Muscat: Continued government spending in specified areas along with the active role of the private sector is expected to help achieve fiscal stability and drive economic growth in the Sultanate, KPMG Lower Gulf representatives said at a seminar held in Muscat.
Following the publication of Oman’s Budget for 2020, KPMG Lower Gulf provided analysis and discussed its implications for corporates with several Oman’s business leaders.
Ashok Hariharan, Partner and Head of Tax, presented some of"...
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Rezayat Logistics Group invests in Port of Duqm
January 19, 2020
Muscat: Rezayat Logistics Group is a Saudi based, closely held family-owned business group serving the international investment, and IT & telecommunications.
Rezayat leases 4 ha land at a very prime location within the Port of Duqm’s logistics land.
With the arrival of the first shipment of modern and premium brand mobile cranes, the group announced the opening of Rezayat Logistics Oman, Duqm branch. This first batch of assets intends to serve ongoing projects in Duqm. An initial $15 million"...
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BankDhofar reports OMR 30.24 million net profit for 2019
January 19, 2020
Muscat: BankDhofar reported a net profit of OMR 30.244 million for the year-to-date 31st December 2019 (consolidated after-tax), with its Islamic window achieving remarkable growth in profitability recording a 17.36 per cent increase in net profit (before tax).
Commenting on the announcement, BankDhofar’s CEO Abdul Hakeem Al Ojaili said: “This year’s results have been impacted by some increase in net provisions from the classification of certain large exposures, resulting in the decline of net"...
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Sinopec to review potential $16 bn US gas deal
January 19, 2020
SINGAPORE: China’s Sinopec, expected to be the next major Chinese buyer of US liquefied natural gas (LNG), is planning to review terms of a potential $16 billion supply deal with Cheniere Energy Inc after a sharp drop in LNG prices, industry officials said.
That could delay sign-off on a deal that would help Beijing meet ambitious targets it set for US energy purchases in a Phase 1 trade agreement it signed with the United States on Wednesday.
Sinopec, officially named China Petroleum & Chemical Corp,"...
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