MUSCAT: The MSX30 Index ended the week flat. The financial Index ended lower by 0.73 per cent. Services Index and Industrial Index ended higher by 1.34 per cent and 0.25 per cent, respectively. The MSX Shariah Index closed down by 2.05 per cent.
The Ministry of Commerce, Industry and Investment Promotion has signed an agreement with leading investment advisory services firm Ubhar Capital to promote investment opportunities in the Sultanate of Oman. The cooperation agreement was signed by the Investment Promotion Under-Secretary Assela bint Salem al Samsamiyah with Shaikh Abdulaziz bin Khalifa al-Saadi, CEO of Ubhar Capital. As part of the pact, Ubhar will assist the Ministry in highlighting the Sultanate of Oman’s value proposition as an investment destination, identify target areas and economic activities for investment, undertake preliminary feasibility studies focusing on attractive investment opportunities, and identify potential investors as well.
Oman Fisheries Company SAOG disclosed that the company had signed a private placement subscription agreement on February 16, 2022 with Aqua Holding Company, an SPV of Gulf-Japan Food Fund, an international private equity fund. The SPV will invest an amount of RO 3,807,700 for new shares in the company, with the company's issued share capital to be increased to RO 16,307,700. The company's board of directors also recommends increasing the company's authorised share capital to RO 20 million.
Latest NCSI data shows that hotel occupancy rate for Oman reached 47.5 per cent during Dec 2021, compared to 26.7 per cent for the same period in 2020, going up by 77.6 per cent. The number of guests in hotels reached about 136k during Dec 2021, compared to 84.5k guests during Dec 2020, constituting a rise of 61.4 per cent. The total revenues of hotels amounted to RO 102 million for the year, vs about RO 84.6 million in 2020.
The value of landed fish in Oman in Oct 2021 rose by 16 per cent MoM to RO 45.8 million while total traditional fishery production rose by 30 per cent to RO 91.9 million. On YoY basis, the value rose 27 per cent, while the production number was flat.
Saudi Arabia's consumer price index rose 1.2 percent in January compared to the same time in 2021 as transport costs spiraled higher, according to government data released on Tuesday. However, prices were unchanged from December 2021, the Saudi General Authority for Statistics said. The year-on-year rise was mainly the result of higher prices for transport, which rose by 4.9 percent on the back of higher gasoline prices, which jumped 34.5 percent year-on-year, the data showed.
Saudi Arabia’s central bank announced that the government has approved the licensing of a third digital bank, called D360 Bank, with a capital of 1.65 billion riyals ($440 million). It added that the Kingdom’s Public Investment Fund (PIF) was part of the consortium of companies and investors launching the new lender. The creation of digital banks in the Kingdom is part of the Financial Sector Development Program within Saudi Vision 2030, which seeks to enable financial institutions to support the growth of the private sector, and open the way for new companies to provide financial services.
[Courtesy: U-Capital]
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