BUSINESS NEWS

GCC bank mergers to ease capacity and boost profitability

GCC bank mergers to ease capacity and boost profitability
Muscat - 

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 affirms ‘stable’ outlook for GCC sovereigns in 2019

Moody’s affirms ‘stable’ outlook for GCC sovereigns in 2019
Muscat - 

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.

CMA gives initial approval for Oman’s first real estate fund

Muscat - 

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.

MSM launches electronic listing service for closed companies

MSM launches electronic listing service for closed companies
Muscat - 

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's 2018 net profit rises to RO179.6mn

Bank Muscat's 2018 net profit rises to RO179.6mn
Muscat - 

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.

OOMC to open service stations in Tanzania

Muscat - 

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, Eni join hands to pursue new exploration opportunity

BP, Eni join hands to pursue new exploration opportunity

Muscat - 

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.

TRA approves renewal of Ooredoo's first-class mobile license

TRA approves renewal of Ooredoo's first-class mobile license

Muscat - 

Omani Qatari Telecommunications Company (Ooredoo) on Sunday confirmed the Telecommunications Regulatory Authority's (TRA) approval to renew Ooredoo's first class mobile license.



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Happy New Year

It’s mid-Jan today and though it’s already been a fortnight into the New Year, I guess it is still not too late to wish you all a Happy New Year.