A new report shows Islamic banking in Oman is expected to support the financial sector in the Sultanate.Published by the rating agency Moody’s, the report is titled 'Islamic Banking in Oman: Solid Growth Prospects Moderated by Industry Challenges’. It says...
Recently, there has been talk of banning Whatsapp in Arab countries. Whatsapp is an Over-the-Top (OTT) messaging application, which has proven to be very popular with users. Rumours surfaced in Oman suggesting the country might block Whatsapp. But a...
A recent study released by the U.S.-based JOC Group, which includes the Journal of Commerce, and the PIERs data service, has declared the port of Salalah as the sixth top transshipment port globally and 18th top port globally. According to the...
New official statistics show that compared to 2010, the Sultanate of Oman increased its foreign investments by about 36.5 percent at the end of 2011. Released by the National Centre for Information and Statistics (NCSI), the figures show an Omani...
India and Oman explore B2B links. India, with an estimated GDP CAGR of over 14.46% by the year 2017, is easily one of the fastest growing economies in the world. Attempting to further its growth, India needs to focus on effectively...
A top government official has revealed that Oman is considering the issuance of a U.S. dollar-denominated sovereign bond, which would mark the return of Sultanate to the international bond market. Speaking to Reuters, Omani finance minister Darwish al-Balushi stated that...
As Islamic banking gains a strong foothold in Oman, the central bank has given the Islamic financial institutions a one-year relaxation on stringent rules governing the holding of foreign assets. The decision has been made to facilitate the domestic development...
United Real Estate Company (URC), the Middle East’s leading real estate development company, announced today that its Junoot project in Shuwaimiyah, has received the prestigious ‘Special Judges Recognition’ award during the 11th Annual MIPIM Architectural Review Future Projects Awards....
The US-based PSOMAS has completed the infrastructure plan for the mega International Medical City (IMC) project in Oman.Apex Medical Group is leading the development of this modern healthcare project, which will serve the growing regional and international healthcare needs....
The Capital Market Authority (CMA), Oman's financial regulator, believes that active measures must be taken to encourage consolidation in the country's financial sector. Consolidation in the financial sector will allow Omani banks to grow bigger in scale and also...
 The government of Oman believes that the new harbor on Hallaniyat Islands will play a pivotal role in the development of economy and create tremendous tourism opportunities for Oman.The harbor is expected to be completed within a year's time....
Port of Salalah has lent administrative support in the interest of good worker and employee relations to the election process of the company’s Union Administrative Authority (UAA) and registration of the General Assembly (union) members last week.875 employees at...
 The Royal Oman Police has entered into a deal with a digital security firm to provide an end-to-end electronic passport solution for the Sultanate.After the deal, Gemalto will be working with the government to introduce state-of-the-art secure travel documents. The...
The Sultanate of Oman has announced its plans to spend an estimated USD 1.5 billion on the construction of a medical complex.According to Ahmed Al Qasmi, director general for planning at the health ministry, the government would be inviting...
Omani Qatari Telecommunications Company, also known as Nawras, has obtained financing worth USD 182 million for its aggressive network upgrade plans.The five-year financing agreement will help the telecom provide funds for capital expenditure and working capital requirements. The financing...
Oman is seeking to buy $117 million worth of weapons from the United States.The announcement was made in a press release by the US Defence Security Cooperation Agency about a possible foreign military sale to the sultanate.The deal includes...
Oman has urged investors to exploit the huge potential available in the aquaculture and integrated farming sector as part of the government's campaign to make aquaculture a growing and vibrant food production sector, a top government official said on Tuesday. Dr Fuad bin...
(Written by Philip Paul, Head of Agency, Cluttons Oman)The decision to licence the operation of the Islamic banking in the Sultanate has opened up windows of opportunities for the banking sector in Oman. The successful launch of “Bank Nizwa”,...
Oman announced on Wednesday its Ministry of Transport and Communications (MoTC) has initiated work on the feasibility study of the ambitious GCC railway project to boost transport services across the region.The first stage of the railway project will start...
Oman's crude oil and derivatives production dropped 4.1% in June this year compared to the previous month, figures released by the Ministry of Oil and Gas said.According to official statistics, output fell to 27.7 million barrels in June from 28.89...
Oman has reported a healthy first quarter but remains cautiously optimistic about its 2012 outlook."The overall outlook for Oman remains positive in 2012 despite heightened downside risks to global recovery", said Central Bank of Oman in its annual report.Despite...
Omani finance ministry official on Wednesday said higher than expected oil prices will help reduce OR1.2bn ($3.1bn) budget deficit projected for 2012.The Gulf nation sold its oil at an average price of $115 per barrel in the first five months...
By Matthew WrightThe logistics and supply chain sector in Oman continues to grow and benefit from significant investment in infrastructure, warehousing and transportation. The recent third TransOman conference provided valuable insights into a sector with great potential to help...
By Matthew WrightOman Airport Management Company figures indicate that Muscat’s hospitality sector should be in robust health with the number of passengers using Muscat International Airport increasing significantly from 4 million per year in 2008 to 6.5 million per year...
Oman posted a 1.5 billion rial ($3.8 billion) budget surplus for the Jan-Apr period of this year thanks to a surge in oil revenues. Inflation also dropped to 3% in April, the Gulf country's economy ministry data showed on...
Oman Air announced on Monday its passenger revenue increased 28% during the first five months of the year as more people travelled with the national flag carrier.The Muscat-based carrier, which serves 41 destinations, recorded a net passenger growth of 28%...
Oman’s Ministry of Tourism said in a statement on Tuesday its resort and hotel industry continues to expand with over 2,000 additional rooms scheduled for opening in 2012/2013.The sultanate hopes to add 726 rooms, while opening niche resorts in...
Oman posted a budget surplus of OMR768m ($2bn) in the first two months of 2012 thanks to rising oil prices that boosted revenue, data released by the finance ministry suggested on Sunday.According to Reuters calculations, the surplus is equivalent to...
Oman’s nominal gross domestic product (GDP) recorded a growth of 22.7% to OMR27.95bn ($72.62bn) during 2011, according to the state news agency.Oman News Agency reported that the GDP of the country’s oil sector expanded 36.3% to OMR14.22bn with GDP...
The UAE and Oman announced they have decided to set up two committees on investment and transportation in order to encourage joint ventures and improve business facilities in neighbouring countries. The agreement was signed during the third meeting of...
Oman Air on Sunday announced it suffered from a loss of 110 million riyals ($285.71m) in 2011 due to spiralling fuel costs.The Omani national flag carrier said in an email statement that revenue for the year increased by 35% to 311.3...
Reports coming from Tehran suggest the Iranian President Mahmoud Ahmadinejad had a telephonic conversation with Omani ruler Sultan Qaboos Bin Said on Wednesday in which both leaders stressed the need for strengthening mutual relations between the neighbouring countries and...
A crude oil pipeline bypassing the strategic Strait of Hormuz is almost complete in the United Arab Emirates and will start flowing oil from next month, a Reuters report said Monday.The 480-km pipeline with a capacity of up to...