Recent merger and acquisition activity among the GCC banks is beneficial for the sector as it will ease overcapacity and boost profitability through synergies and increased pricing power, Moody's Investors Service said.
Moody's Investors Service on Wednesday said that its outlook for sovereign creditworthiness in 2019 in the GCC is stable overall, reflecting its expectations for the fundamental credit conditions that will drive sovereign credit over the next 12-18 months.
The Capital Market Authority (CMA) has issued its initial approval for the establishment of the sultanate's first real estate investment fund named 'Aman REITs'. This is part of the economic diversification initiatives of innovative finance and financing lab supported by Tanfeedh.
The Muscat Securities Market (MSM) has launched an electronic listing service for closed companies as part of its continuous efforts in the automation of services. Badr bin Hamoud al Hinai, director of operations at the MSM said, "The idea of adding the electronic listing service is to improve and facilitate the mechanism of submitting and delivering the required documents for listing and capital change processes.”
Bank Muscat has reported a net profit of RO179.63mn for the year ended December 31, 2018 compared to RO176.82mn net profit posted for the previous year, an increase of 1.6 per cent.
Oman Oil Marketing Co (OOMC), which aims to be among the top five fuel retailers in the GCC, is planning to open new service stations in Tanzania.
BP and Eni on Monday signed a heads of agreement (HoA) with the Ministry of Oil and Gas to work jointly towards a significant new exploration opportunity in Oman.
Omani Qatari Telecommunications Company (Ooredoo) on Sunday confirmed the Telecommunications Regulatory Authority's (TRA) approval to renew Ooredoo's first class mobile license.