Friday, March 29, 2024 | Ramadan 18, 1445 H
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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

MSX closes the week lower

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MSX30 Index ended the week lower by 1.82 per cent. All indexes ended the week lower. The Financial Index closed down by 1.47 per cent. Industrial and services Index ended lower by 0.25 per cent and 2.11 per cent respectively. The MSX Shariah Index closed lower by 1.01 per cent.


The Board of Directors of Oman Qatar Insurance Co SAOG has advised the Capital Market Authority, the Muscat Stock Exchange and the investor community that it has resolved to issue a letter to the board of directors of Vision Insurance SAOG inviting them to explore the possibility of a merger between Vision Insurance and the Company. The Company records that at the current time, the two entities are only exploring the possibility of a merger. Any definitive merger between the two entities will be subject to approvals from their respective boards, shareholders and stakeholders, satisfactory due diligence, as well as requisite regulatory approvals and signing of legally binding agreements. The Company will keep the market apprised of developments concerning the potential merger through further disclosures.


The total number of Small and Medium Enterprises (SMEs) registered in the Authority for Small and Medium Enterprises Development increased by 42.7 per cent end of March 2022 compared to the same period 2021 to reach 73,741 compared to 51,663 in March 2021, according to the data released by the National Centre for Statistics and Information (NCSI). Among the governorates, the Governorate of Muscat topped the list by reaching 24,977 enterprises, comprising a rise of 43.7 per cent, followed by the Governorate of North Al Batinah with 11,646, comprising an increase by 40.5 per cent, the Governorate of Al Dakhiliyah with 8,534, going up 32.0 per cent and the Governorate of Dhofar by 6,935 constituting a surge by 60.7 per cent compared to the same period in 2021.


Value of traded property in Oman went down by 14.9 per cent end of March 2022 to RO 587.5m compared to RO 690.3mn same period last year. Traded value of mortgage contracts went down by 22.6 per cent end-March to RO 284.5m compared to RO 367.6m in same period. Traded value of sale contracts declined by 5.3 per cent to RO 299.1m 1Q22 compared to RO 315.7m. Number of properties issued end-March also declined by 19.1 per cent to 60,251 compared to 74,450 same period 2021.


The Ministry of Commerce, Industry and Investment Promotion, in cooperation with the government and private sectors, unveiled at Oman Convention and Exhibition Centre last week a total of 18 investment opportunities of an aggregate investment volume of over RO 1.5 billion. These opportunities are concentrated in the tourism and circular economy sectors. These opportunities, details of which will be made available via the “Invest in Oman” platform, pertain to recycling waste electrical and electronic equipment, a biogas plant to produce electricity and heat, fertiliser production, waste-to-energy plant, recycling of used cooking oil, glass waste, green waste, waste paper, cardboard, copper and aluminium scrap and fish waste. The list also includes a lead-acid battery treatment project, while other investment opportunities pertain to the tourism initiatives in various governorates of the Sultanate of Oman.


Global credit ratings agency Moody’s Investor Service last week revised up its outlook for the Omani banking system to ‘stable’ from ‘negative’ due to an improvement in the banks’ operating environment. ‘We have changed our outlook for the Omani banking system to stable from negative to reflect a partial recovery in the challenging operating conditions facing the banks,’ Moody’s said in its report. The ratings agency expects loan growth in Oman will likely accelerate slightly as the economy recovers and strengthening business and consumer confidence increases demand for credit. It said that Omani banks’ profitability will remain steady and the banks will maintain solid capital buffers. ‘Deposit growth will continue to lag loan demand, keeping funding flows relatively tight. [Courtesy: U-Capital]


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