MSX30 Index ended the week higher by 0.07 per cent. The Services index ended the week higher by 0.29 per cent. The Industrial Index and Financial index closed lower by 1.21 per cent and 0.05 per cent respectively. The MSX Shariah Index closed down by 0.70 per cent.
Barka Water and Power company informed the Capital Market Authority, the Muscat Stock Exchange, and the shareholders that the Company and its lenders have been working on re-scheduling the Company's loan repayments as a result of the expiry of the Company's Power and Water Purchase Agreement. Following these discussions, the Company, the Facility and Security Agent and the Lenders are in the process of finalizing documents amendments and approvals in respect of the Loan rescheduling, and to amend the repayment and insurance schedules (the "Loan Agreement Amendments"). As a continuation to the disclosure published on 10 May 2022 and in context of the discussions surrounding the Loan Agreement Amendments, the Company and the Lenders have agreed to defer payment of outstanding amounts until June 23, 2022. The Company will continue to provide further updates in this regard.
In accordance with the banks strategic objects of achieving long term sustainable value, operational efficiency and business growth, both local and international; Bank Muscat disclosed that it intends to gradually reduce the operations of its branch in the state of Kuwait with the aim of complete closure of the branch by 2025. Bank Muscat Kuwait branch constitutes only about 0.5 per cent of the bank total assets of RO 13 billion. The bank will keep the market informed in the future of any material developments in this regard.
Total expatriate worker numbers rose 2 per cent MoM and 5 per cent YOY in April 2022. Private sector expatriates rose by 5 per cent YoY in April 2022, while family expatriates also rose 4 per cent YoY. Government expatriates continue to decline (fell 14 per cent YoY). The total number of expatriates stood at 1.51 million at end-Apr’22, forming 32 per cent of Oman’s population and 82 per cent of total expatriate population.
The value of landed fish in Oman in February 2022 increased by 6 per cent MoM to RO 41.507 million and Total Traditional Fishery Production also increased by 13 per cent MoM to 59.746k. On YoY basis, the value increased by 23 per cent, and production number declined by 22 per cent.
Oman recorded net foreign outflows of $7 million in the month of May 2022. Oman’s highest positive inflow YoY came in the month of June 2021 when net inflows during the month were recorded at $75 million. The total foreign outflow since the start of the year till end of May reached $24.8 million. (Courtesy: U-Capital)
Oman Observer is now on the WhatsApp channel. Click here
