The MSX30 Index ended the week higher by 0.50 per cent. All sub-indices ended lower except financial index which gained 0.08 per cent by. Services & Industrial Index closed lower by 0.29 per cent and 0.41 per cent, respectively.
MSX Shariah Index closed lower by 0.39 per cent.
Al Kamel Power disclosed that there has been no formal decision from the Oman Power and Water Procurement Company SAOC (OPWP) on the results of the Power 2022 tender which the Company has participated in.
As it stands, the Company's Power Purchase Agreement (PPA) is due to expire on 31 December 2021. Further, OPWP is developing a Spot Market for the wholesale trading of electricity. The Spot Market is expected to go live by end of 2021. The Company appointed an independent consultant to conduct a study to assess the revenues that the Company can expect to generate from the said Spot Market. The study concluded that the level of revenues that the Company can expect to generate from the Spot Market will be negligible and hence will not be economically feasible for the company.
Accordingly, the Company will be in a position to continue carrying out business only if the PPA is extended. Based on the above the Company will assess the impairment of its Property, Plant and Equipment (PPE) and record any necessary adjustment resulting therefrom in the financial statements for the period ended September 30, 2021.
S&P Global Ratings could upgrade Oman’s sovereign grade for the first time since 2007 after improving its outlook to positive, following a fiscal turnaround that’s reducing the strain on its public finances. S&P’s change in the outlook from stable is a signal the firm is more inclined to raise the rating than cut it. S&P, the first of the major credit assessors to give Oman a non-investment grade, affirmed its long-term foreign currency rating at B+ last week, on par with Bahrain.
Central Bank of Oman (CBO) has issued a number of directives to all banks and finance leasing companies (FLCs), including the announcement of a stimulus package of procedures and incentives aimed at containing the economic impact of the Covid19 pandemic on the lives of individuals and institutional borrowers.
Taking into account, the current economic scenario and in continuation of previously issued instructions, the CBO, has issued further directives, to banks and Finance & Leasing Companies, to extend the grace period for repayment to borrowers.
CBO emphasizes that, it is necessary for the borrowers, especially the companies which previously benefited from these procedures, to take into account the importance of reassessment of their financial conditions, before the expiry of the grace period on December 31, 2021.
The total number of vehicles registered in the Sultanate totaled 1.544 million in August 2021, representing a small decline over the December 2020 registered vehicles at 1.557mn, according to the National Centre for Statistics and Information. Private vehicles topped the list of vehicles registered at 1.224 million, followed by 0.232 million commercial vehicles and 28,883 taxis. The number of vehicles with temporary registration reached 9,892 compared to 15,351 vehicles in December 2020.
OPEC+ agreed on Oct 4 to maintain an existing pact to hike oil output by 400,000 barrels per day (bpd) in November, amid strong global demand for crude. In its 21st Ministerial Meeting, OPEC and its allies affirmed the production adjustment plan and the monthly production adjustment mechanism approved earlier and the decision to adjust upward the monthly overall production by 400,000 bpd for November.
OPEC+ also reiterated the critical importance of adhering to full conformity and to the compensation mechanism taking advantage of the extension of the compensation period until the end of December 2021. The 22nd OPEC and non-OPEC Ministerial Meeting is scheduled for November 4.
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