MSX30 Index ends week flat

MSX30 Index ended the week almost flat. Financial sector rose 0.11 per cent, Industrial by 0.85 per cent while Services sector declined by 0.18 per cent. MSX Shariah Index closed higher by 1.11 per cent.

Oman’s capital markets regulator, the Capital Market Authority, is preparing regulations to allow and license crowdfunding platforms in the sultanate. Crowdfunding is a way of funding start-ups, small projects and businesses by raising funds from a large number of people through licensed online platforms.

The CMA’s board of directors has approved the necessary amendment in the capital market legislations to license crowdfunding platforms in the Sultanate.

The CMA acknowledged that the crowdfunding platforms are innovative instruments and financial technologies which enable entrepreneurs and micro, small and medium enterprises to get more appropriate financing mechanisms.

The CMA board emphasised the importance of launching such type of digital platforms for their significance as financing options for SMEs in the sultanate to enhance economic development, job creation and financial inclusion.

Oman Food Investment Holding Company (OFIC) — the government’s food sector investment and development arm – has revealed that it is offering an equity stake of up to 35 per cent in its flagship poultry venture, A’Namaa Poultry, slated to commence commercial operation in January 2022.

According to an official of wholly-state-owned OFIC, an affiliate of Oman Investment Authority (OIA) — the country’s integrated sovereign wealth fund — the available stake is primarily targeted at local and international private investors.

At full capacity, A’Namma Poultry is projected to generate Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) of RO 13.7 million, while the Internal Rate of Return (IRR) is estimated at 17.5 per cent, according to the official.

Value of traded property in Oman went up by 30.4 per cent in 6M/2021 to RO 1,370.7m compared to RO 1,050m in 6M/2020. Traded value of mortgage contracts during the same period went up by 16.3 per cent to RO 757.7m compared to RO 651.7m in same period last year.

Traded value of sale contracts rose by 70 per cent to RO 602m compared to RO 354m in 6M/2020. Number of properties issued during 6M/2021 also rose by 68 per cent to 129.149K compared to 76.818 in 6M/2020.

The total number of vehicles registered in the Sultanate totaled 1.541m in June 2021, representing a small decline over the December 2020 registered vehicles at 1.557m, according to the National Centre for Statistics and Information. Private vehicles topped the list of vehicles registered at 1.220m, followed by 0.232m commercial vehicles and 29,169 taxis. The number of vehicles with temporary registration reached 10,687 compared to 15,351 vehicles in December 2020.

The total number of guests in hotel properties of the 3 to 5-star category in the Sultanate increased to 522,329 guest till end of June 2021, compared to 425,905 guests for the same period of 2020.

The occupancy rate for month end of June increased by 29.8 per cent, according to the latest monthly statistics released by the National Centre for Statistics and Information (NCSI). Total revenues of these hotels fell by 35.8 per cent per cent to RO 37,013K in June 2021, compared to RO 57,670K during the same period of the previous year. [U-Capital]