MUSCAT: MSX30 Index ended the week higher by 0.26 per cent. The industrial index ended the week higher by 0.19 per cent. The Financial Index and service index closed down 0.30 per cent and 0.29 per cent respectively. The MSX Shariah Index closed higher by 0.22 per cent.
Takaful Oman Insurance announced that it has received regulatory approval from the Capital Market Authority (CMA) for the Rights Issue of 150,000,000 Offer Shares at a price of Baizas 41 per share (consisting of issue price of Baizas 40 and Baiza 1 towards issue expenses). The Board of Directors of the Company hasresolved that the Record Date of the Rights Issue shall be May 22, 2022 Oman Fisheries Co announced to its shareholders that a commercial fishing agreement has been reached with the Irish company Atlantic Dawn in May 2022, one of the leading companies in small pelagic, for a period of three years. The partners aim to utilise the fishing quotas granted to the company by the Ministry of Agricultural and Fisheries Wealth and Water Resources in order to secure sustainable supplies in addition to enhancing export operations. Accordingly, Atlantic Dawn will bring a small pelagic fishing vessel targeting 30,000 metric tons of small pelagic that, if achieved, will result in improvement in financial performance and margins. It is anticipated that the ships will start fishing in Omani waters by the next fishing season in 2022.
Total expatriate worker numbers rose 2 per cent MoM and 3 per cent YOY in March’22. Private sector expatriates rose by 3 per cent YoY in March’22, while family expatriates also rose 3 per cent YoY. Government expatriates continue to decline (fell 13 per cent YoY). The total number of expatriates stood at 1.49mn at end-Mar’22, forming 32 per cent of Oman’s population and 82 per cent of total expatriate population. Total expatriate workers continue to remain below the numbers in Jan’20 (proxy for pre-covid), but the recent trend of growth is encouraging, especially for its impact on economic output and sectors like real estate, consumer goods and services, telecoms etc.
The Authority for Public Services Regulation (APSR), which regulates the electricity sector, among other public utility services in the Sultanate of Oman, plans to shortly commission an audit of licensed power transmission and distribution companies to ensure that consumers are not impacted by poor quality power supply. The audit will form the basis of a new ‘Quality of Power Supply Regulatory Framework’ to help monitor compliance by transmission and distribution licensees with the technical requirements of quality of supply across their networks. A number of consultants are participating in a competitive tender launched by APSR for the selection of a qualified firm to undertake the proposed audit, as well as to develop the regulatory framework around it. Interested bidders have until Jun 6, 2022 to submit their proposals in this regard.
Islamic banking is continuing to grow rapidly in Oman driven by growing awareness about Sharia-compliant products, strong retail demand and supportive regulations. Total assets of the sultanate’s Islamic banks and windows grew by 10.7 per cent year-on-year to hit RO6bn mark in the first quarter of 2022, according to the Central Bank of Oman’s data released on Sunday. In terms of market share, Oman’s Islamic banking assets now make up 15.4 per cent of total banking sector assets as of the end of March 2022, the central bank data showed. Islamic banking assets in Oman recorded a strong 30 per cent average annual growth between 2013 and 2021, compared with around 5 per cent average annual growth for conventional banking assets, according to Moody’s.
[Courtesy: U-Capital]
Oman Observer is now on the WhatsApp channel. Click here
