MUSCAT: The benchmark index of the Muscat Stock Exchange (MSX) declined last week by 0.67% and closed at 4,719 points, declining for the third week in a row after losing about 31.8 points from last previous week.All sectoral indices recorded a raise except for the Financial sector index, which drop 70.4 points. While the industrial sector index recorded the highest increase at 75.8 points, the Service sector index increased by about 11.6 points, and the Shariah index gained about five points.
Muscat Stock Exchange (MSX) has joined the 'Tabadul' platform, the region’s first digital exchange hub, established on the mutual market access model that provides a trading network between stock exchanges regionally. As a result, MSX’s listed securities, along with those of ADX and BHB, are now available for digital trading, further enhancing liquidity and facilitating trading mechanisms for investors. The announcement came during a bell ringing ceremony, organized by the Abu Dhabi Securities Exchange at its headquarters, to officially welcome MSX to Tabadul.
The total number of small and medium enterprises (SMEs) in the Sultanate of Oman which is funded by the Inma Fund in 2022 stood at 144 projects in various economic sectors, with a total value of RO 20 million. At the forefront of those sectors is industry (20 %), followed by services (19 %), transport and logistics (16 %), infrastructure (15 %), trade (10 %), tourism (9 %) and the oil and gas sector (8 %). The projects funded by Inma Fund in Oman’s various governorates managed to boost their production lines and provided a number of products and services to the local market, which contributed to revitalising the economic movement and increasing cash flow. The industry sector, which received the largest share of funding from the Inma Fund in 2022, is considered one of the vital sectors in Oman that contribute to boosting the GDP.
The Gross Domestic Product (GDP) rate at current prices of the Sultanate of Oman increased by 30.4 % to reach RO 32 billion until the end of September 2022, compared to the same period in 2021. This came in the first edition of the ‘Quarterly National Accounts Indicators’ report issued by NCSI. It reviews the most important indicators at current and constant prices, the growth rates of economic activities, and the most important indicators supporting an increase in gross domestic product until the end of September 2022. The report attributed this rise to the high growth rate of oil activities until the end of September 2022 at current prices, by 72.5 % compared to the same period in 2021, which is the highest among economic activities, in addition to the high growth rate in manufacturing activities, achieving 65.6 % during the same period. The report stated that the value GDP at constant prices of the Sultanate of Oman until the end of September 2022 recorded an increase of 4.5 % to reach RO 26 billion, compared to the same period in 2021. This increase is mainly attributed to the growth of oil activities until the end of September 2022 by 12 % at constant prices, which is considered the highest among economic activities, in addition to the increase in the growth rate of service activities by 5 %. Meanwhile, the growth rate of construction activity decreased by 2.2 % until the end of September 2022 at current prices compared to the same period in 2021.
The Ministry of Finance and the Saudi Fund for Development signed MoU to finance the infrastructure construction project for the integrated economic zone in Al Dhahirah Governorate in Oman. The signing ceremony took place on the sidelines of the Omani-Saudi Investment Forum held in Riyadh. The MoU serves to consolidate Omani-Saudi economic relations and encourage partnerships between their sectors. The first phase of the project costs around RO 122 million.
The project includes the construction of infrastructure, roads, electrical installations, water and sewage networks, treatment of industrial waste, and the setting up of basic facilities, in addition to providing engineering consultancy services for the project (design and supervision). The establishment of the integrated economic zone in Al Dhahirah Governorate seeks to maximise benefits from its strategic location on the borders with Saudi Arabia. The new zone will augment trade exchange between the two countries, attract Saudi companies to set up projects in Oman and consolidate economic partnerships. It will also cut down the cost of production and export, facilitate the supply of goods and products, attract quality industries and provide new employment opportunities. [Courtesy: U-Capital]
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