Saturday, August 13, 2022 | Muharram 14, 1444 H
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MSX closes the week marginally higher

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MUSCAT: MSX30 Index ended the week higher by 0.18 per cent. Services index was the only index ending higher by 0.61 per cent. The Industrial Index and financial index closed lower by 0.31 per cent and 0.56 per cent respectively. The MSX Shariah Index closed down by 0.50 per cent.

The EGM of National Life & General Insurance Company SAOG held on June 26, 2022 approved the Company's proposal of acquiring 49.99 per cent share capital of Royal & Sun Alliance Insurance (Middle East) BSC Bahrain shares in return for the issuance of up to a maximum of 133,374.343 new shares through private placement. The issued share capital of the Company Royal & Sun Alliance Insurance will increase from RO 26,500,000 up to a maximum of RO 39,837,435. The company also Approved of the increase in the authorised share capital of the company from RO 50,000,000 to RO 100,000,000 and amend the Company's Articles of Association.

Oman Chlorine SACG Company has announced to its shareholders that it has started production of its new calcium chloride plant in Suhar Industrial City on June 25, 2022. The new plant has designed capacity of 80 metric tonnes per day.

In regard to the complaint filed by Sweets of Oman with regard to informational falsification, the court found the defendants from the first to fourth one are guilty of the minor offence of using information technology tools to commit a crime of informational falsification. Accordingly, the court ruled that they should be punished by imprisonmemnt for one year obliging them to pay an amount of RO 1000 as a fine for each one of them, and to be expelled from the Sultanate once they complete their terms. The other defendants were acquitted.

The Sustainable City — Yiti, set to be the first fully sustainable community in the Sultanate of Oman, signed last week a Memorandum of Understanding with Sohar Islamic Bank to open an Escrow Account for the newly launched master planned project in the capital city of Muscat. This agreement was made in accordance with Royal Decree 30/2018, which aims to protect developers’ funds. Accordingly, The Sustainable City — Yiti can now offer Escrow services for the buyers of its upcoming 1,657 residential units — including 300 eco-friendly and energy-efficient villas, 1225 apartments and 132 luxury serviced apartments.

The total number of Small and Medium Enterprises (SMEs) registered in the Authority for Small and Medium Enterprises Development increased by 46.9 per cent in May 2022 compared to the same period 2021 to reach 78,089 compared to 53,166 in May 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 26,374 enterprises, comprising a rise of 47.1 per cent, followed by the Governorate of North Al Batinah with 12,030, comprising an increase by 43 per cent, the Governorate of A’Dakhiliyah with 8,821, going up 33.3 per cent and the Governorate of Dhofar by 7,887, constituting an increase by 77.7 per cent compared to the same period in 2021.

Total expatriate worker numbers rose 1.2 per cent MoM and 7 per cent YOY in May 2022. Private sector expatriates rose by 7.8 per cent YoY in May 2022, while family expatriates also rose 7.2 per cent YoY. Government expatriates continue to decline (fell 17.2 per cent YoY). The total number of expatriates stood at 1.51 million at end-May 2022, forming 33 per cent of Oman’s population and 82 per cent of total expatriate population.

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