MSX down 2.00 per cent for the week

MUSCAT: MSX30 Index ended the week down by 2.00 per cent. The Financial Index ended the week lower by 2.12 per cent, the Services Index also ended the week down by 2.05 per cent. The Industrial index closed also down by 1.04 per cent. The MSX Shariah Index closed also down by 1.71 per cent.

The total number of Small and Medium Enterprises (SMEs) registered in the Authority for Small and Medium Enterprises Development increased by 46.3 per cent in July 2022 compared to the same period 2021 to reach 80,077 compared to 54,726 end-June 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 26,990 enterprises, comprising a rise of 46.2 per cent, followed by the Governorate of North Al Batinah with 12,317 enterprises, comprising an increase by 42.5 per cent, the Governorate of A’Dakhiliyah with 8,995, going up 33.1 per cent and the Governorate of Dhofar by 8,340, constituting a surge by 81.9 per cent compared to the same period in 2021.

Omani ports recorded a more than 28 per cent growth in imports during the first five months of 2022, helped by economic recovery and improved domestic demand this year. Cargo volumes imported through Oman’s seaports jumped by 28.4 per cent to 15.7mn tonnes during January – May period of this year compared to 12.2mn tonnes recorded in the corresponding period of last year, according to the official data reported by Oman News Agency. Major Omani ports – Port of Salalah, Sohar Port and Port of Duqm – have increased their capabilities to enhance the sultanate’s economic growth and development. The efforts made by the sultanate’s seaports during the past years have led to an increase in their import/export capabilities.

A new tranche of investment options focusing on four key sectors – food security, health, culture and sports – is due to be unveiled next month, a high-level official of Oman’s Vision 2040 programme has revealed. Aisha al Saifi, Vice President of the National Investment & Export Development Programme (Nazdaher) – an initiative set up under the auspices of Vision 2040 – said the investment proposals are part of a prodigious pipeline of opportunities, worth an estimated RO 11 billion in total investment, which are being offered up to local and international players over the 2021 – 2025 timeframe.

Helped by the post-pandemic economic recovery and improved demand for Omani products in the United States, India and the Middle East markets, the sultanate’s non-oil exports grew by more than 47 per cent in the first five months of this year. Oman’s total non-oil exports jumped by 47.3 per cent to RO 3.023bn during January – May period of 2022 compared to RO 2.053bn recorded in the same period of 2021, driven by increased demand from key markets in the region and around the world, the data released by National Centre for Statistics and Information (NCSI) showed. The burgeoning demand for Omani exports suggests that the sultanate’s economy is well on a recovery path. Supported by strong recovery in oil prices and government’s economic stimulus measures, Oman’s nominal GDP grew at a solid pace of 25.7 per cent in the first quarter of this year. [Courtesy: U-Capital]