Oman Business Finder

Ibri Industrial City implementing 23 projects worth over OMR9mn

Muscat: The Public Establishment for Industrial Estates “Madayn” is currently implementing the construction project of Ibri Industrial City, where the completion rate of the infrastructure project in Phase One has surpassed 27 per cent.

Phase One of the project is being developed on an area of 3 million sqm and incorporates road works, services networks such as sewage, rain and telecom networks, and wadi protection walls.
The number of localised projects in Ibri Industrial City in Al Dhahirah governorate has reached 23 projects on a total area of 250,000 sqm and an investment value exceeding OMR9 million, informed Eng. Nasser Al Mabsali, Director General of Ibri Industrial City. These projects represent several sectors including building materials, oil and gas services, foodstuff and warehouses.

Al Mabsali pointed out that Ibri Industrial City is located on an area spanning 10 million sqm, and aims at localising a variety of industrial, commercial and service activities such as light and medium industries, commercial projects, and administrative offices, industrial workshops, warehouses, and workforce township.

It is worthwhile to mention that Madayn floated a tender earlier this year as an investment opportunity to establish a one-stop shop comprising a petrol station, rest area, and service station for trucks and vehicles passing through the road to Saudi Arabia.
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Total value of GCC contracts awarded up 11.7% to $22.8bn

Muscat: Total value of GCC contracts awarded increased by 11.7 per cent year-on-year during the second quarter of 2022 to $22.8 billion against $20.4 billion in the same period of 2021, according to a new report.“Saudi Arabia and Oman reported higher contract awards during the quarter that more than offset a dip in awards in Kuwait, Bahrain, Qatar, and the UAE, the Kuwait-based Kamco Invest, said in its latest report.

Saudi Arabia, the GCC’s largest projects market, recorded the biggest year-on-year (y-o-y) increase in the value of contracts awarded during the second quarter (Q2) of 2022 reached $16.5 billion in 2022 as compared to $9.3 billion in Q2-2021. Contracts awarded as part of the $500 billion Neom project boosted the kingdom's project awards during the quarter. According to MEED, three out of the 10 biggest contracts awarded in the Kingdom during Q2-2022 were from the Neom project.
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Pact to attract investments at Al Jabal Al Akhdar signed

Al Jabal Al Akhdar: The office of the Governor of Al Dakhiliyah signed a memorandum of cooperation (MoC) with Oman Tourism Development Company (OMRAN).

The MoC aims to achieve sustainable development in infrastructure, government services and public utilities in the tourism sector, as well as to create an investment-attractive milieu in Al Jabal Al Akhdar, the Governorate of A’Dakhiliyah.
The MoC was signed by Hilal Said Al Hajri, Governor of A’Dakhiliyah and Eng. Mohammed Abu-Bakar Al Ghassani, OMRAN’s Vice Chairman of the Board of Directors.

The MoC stipulates setting up a joint vision between the governorate and OMRAN to create innovative incubators that support the development and establishment of small and medium enterprises (SMEs).
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Mobile phone subscriptions increase by 13.9% in May

Muscat: The total number of mobile phone subscriptions in the Sultanate of Oman increased by 13.9 per cent at the end of May 2022 to reach 6,187,816 compared to the same period in 2021, according to the latest data issued by the National Centre for Statistics and Information (NCSI).

Post-paid mobile phone subscriptions rose by 24.3 per cent by the end of May 2022 to reach 1,411,312 compared to the same period in 2021, while the number of pre-paid mobile phone subscriptions declined by 1.4 per cent to reach 4,776,504.
Among those subscriptions, 3,648,078 were through service providers and 1,128,426 through reselling.

Moreover, the number of active mobile broadband subscriptions increased by 6.2 per cent at the end of May 2022 compared to May 2021. Subscriptions to the fixed Internet service registered a rise at the end of May 2022 by 1.9 per cent to reach 524,916, compared to the same period in 2021.
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Holiday announced for Muharram in Oman

Muscat: Sunday, 31 July, 2022 has been announced as an official holiday for employees of the public and private sectors on the occasion of the Holy Prophet’s Hijra Anniversary and the advent of the new Hijri year 1444 AH.

This was stated in a ministerial decision issued by the Ministry of Labour reading as follows:
“On the occasion of the Holy Prophet’s Hijra Anniversary and the new Hijri year 1444 AH, and as the first day of Muharram falls on the weekend, Sunday 31 July 2022 has been decided as an official holiday for employees of the State’s Administrative Apparatus and other legal entities, as well as establishments of the private sector. The moon-sighting of the month of Muharram will be announced by the departments concerned.

Employers may agree on terms to engage employees on the said holiday—if deemed necessary due to the nature of their work—provided they compensate the workers for the holiday”.
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Oman's crude oil production rises by 12.9%

Muscat: The Sultanate of Oman’s production of crude oil and condensates recorded an increase of 9.4 per cent by the end of May 2022 to reach 157,462,200 barrels compared to May 2021, according to the latest data issued by the National Centre for Statistics and Information (NCSI).

Separately, crude oil production saw a rise of 12.9 per cent by the end of May 2022, while condensates production declined by 2.4 per cent.
The total average price for crude Oman oil recorded a surge of 46 per cent to reach $80 per barrel compared to $54.8 per barrel in 2021.
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Tax Authority urges people to submit tax returns by end of this month

Muscat: The Tax Authority has urged those who are subject to value added tax to submit tax returns for the second quarter of 2022 by the end of July 2022.

"To implement the provisions of the Value Added Tax Law and its Executive Regulations, the Tax Authority calls on those who are subject to the same tax to submit their tax returns for the second quarter of 2022, according to the tax declaration form. The form is available through the electronic services portal: www.taxoman.gov.om," Tax Authority said in a statement.
The Authority also urges people to submit all the required financial data according to the forms. The deadline for submitting is July 31
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Delegation briefed about immense opportunities in Salalah Free Zone

Muscat: The existing and potential investment opportunities and the world-class infrastructure that meet the requirements of investors, were conveyed to a delegation on their visit to the Salalah Free Zone and Port.

The media delegation comprising reporters of Arab and foreign news agencies were also acquainted with the transport system, the logistics sector and the available business opportunities in Dhofar Governorate.
The visit comes within the delegation’s visit to the Governorate to promote economic, investment and tourism projects.

During the visit to Salalah Free Zone, the delegation was briefed by Ahmed bin Said Tabook, Director General of Commercial Affairs at Salalah Free Zone.
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Sultanate preparing new strategy for SME sector

Muscat: A strategy is being prepared for the Small and Medium Enterprises (SMEs) sector in line with Oman Vision 2040 by the Authority for Small and Medium Enterprises (ASMED).

The new strategy seeks to extend a supportive environment for SMEs through the development of mechanisms and programmes that strengthen the integration of all entities related to entrepreneurship.
It is also being prepared to augment the contribution of SMEs to the gross domestic product (GDP), raising the Sultanate of Oman’s indicators in the field of entrepreneurship and also to bring in new initiatives to generate employment opportunities in the country.

The total number of SMEs registered at ASMED at the end of May 2022 increased by 46.9 per cent to reach 78,089 compared to 53,166 SMEs during the same period in 2021, according to the data released by the National Centre for Statistics and Information.
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Indigo to add more flights between India and Oman

Muscat: Indigo Airline will operate four weekly flights from Charan Singh International Airport to Muscat International Airport and two weekly flights from Trivandrum International Airport to Muscat International Airport.

"Oman Airports congratulates Indigo Airline on the launch of the two new destinations coming from Chaudhary Charan Singh International Airport to Muscat International Airport with four flights per week and from Trivandrum International Airport to Muscat International Airport with two flights per week. Wishing them more progress and safe journeys," Oman Airports said in a statement.
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Pact signed to develop container freight station and logistics complex in Sohar Port

Muscat: Sohar Port and Freezone has partnered with Arkan Sohar Logistics to develop a port-based Container Freight Station (CFS) and logistics complex that will occupy 26,000 m2.

Through this agreement, Arkan Sohar Logistics will offer bonded and non-bonded facilities, ambient and covered storage, as well as temperature-controlled, dry, chilled and frozen storage facilities.
These facilities will also provide value-added services such as cross stuffing for import, re-export and transhipment cargo, lashing, crating, staging, labelling, repacking, kitting, and order processing. An Oman-based company, Arkan Sohar Logistics has become one of the fastest-growing logistics service providers in the region with a total investment of approximately OMR 2.7 million.
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Bank Muscat posts net profit of OMR99.26 million

Muscat: Bank Muscat, the flagship financial institution in the Sultanate, has announced its preliminary unaudited results for the six months ended 30 June 2022.

The bank posted a net profit of OMR99.26 million for the period compared to OMR94.65 million reported during the same period in 2021, an increase of 4.9 per cent.
The key highlights of the results for the period are as follows:

Net Interest Income from Conventional Banking and Net Income from Islamic Financing stood at OMR 166.25 million for the six months ended 30 June 2022 compared to OMR 168.44 million for the same period in 2021, a decrease of 1.3 per cent due to higher interest expenses.

Non-interest income was OMR 81.44 million for the six months ended 30 June 2022 as compared to OMR 74.70 million for the same period in 2021, mainly due to higher income from the sale of investments.
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Muriya's new project promises to spur investment opportunities in real estate sector

Muscat: Muriya, Oman’s most diversified real estate developer, has announced the launch of ‘Fanar Views’, a new first-of-its-kind residential project primely located in Hawana Salalah.

Just a five-minute walk to the Fanar Hotel & Residences Beach, the marina and the destination’s world-class amenities, Fanar Views offers luxurious waterfront living and a unique investment opportunity with high potential returns within a lucrative year-round rental market.
“With the Governorate of Dhofar continuing to gain standing as a sought-after tourist destination and growing real estate market, Fanar Views is a great choice for living as well as a robust investment opportunity. As the first such development in the area, ‘Fanar Views’ offers an ideal base from which to experience the beauty of the governorate, complete with access to all of what Hawana Salalah as well as the key offerings that Fanar Hotel & Residences have to offer,” said Seif Elkhouly, Chief Development Officer, Muriya.
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Risks related to financial stability in Oman have eased: CBO

Muscat: The risks related to financial stability in the Sultanate of Oman have eased, but new vulnerabilities have appeared that may test the resilience of our financial system, the Central Bank of Oman (CBO) said.

“However, the banking sector retains the capacity to absorb a variety of shocks without adverse spillover effects on credit supply and the real economy," The CBO said in its tenth issue of the Financial Stability Report (FSR), which was released on Sunday.
While highlighting the fiscal and financial relief provided by the government and CBO, the FSR report acknowledges the role of the financial sector in the provision of credit and financial services throughout the COVID-19 pandemic that helped craft a swift post-pandemic recovery plan duly supported by favourable oil prices.

The FSR states that the ongoing geopolitical tensions in Europe fuel inflationary pressures that are mounting across the globe.

“The ensuing monetary tightening may weigh on growth, especially for the sectors that are still in the recovery phase," the central bank's FSR report said.

Nevertheless, the inflation outlook in Oman remains moderate, and "as an oil exporter, rising commodity prices are so far a net positive for Oman as the higher proceeds from hydrocarbons have provided ample fiscal space to the government to counterbalance any inflationary pressures with targeted interventions to complement the impact of monetary policy actions," the report added.
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Six tourism projects worth OMR960mn being implemented in Oman

Muscat: The Ministry of Commerce, Industry and Investment Promotion is working in cooperation with the Ministry of Heritage and Tourism and a number of private sector’s companies on five investment opportunities, with investments of OMR960 million.

The opportunities are represented by a national destination for entertainment and tourism which will be established in the Wilayat of Barka in South Al Batinah, Yiti-Yenkit Project (Phase 1-B) in Muscat Governorate, Al Irfan City, Rawasi Project in the Wilayat of Bausher and Musandam Adventure Centre in the Wilayat of Khasab.
Faisal Said Al Hakamani, Director of Investment Opportunities Department at the Ministry of Commerce, Industry and Investment Promotion said that these initiatives aimed to attract qualitative investments in the economic diversification sectors and for creation of the engravement appropriate for the success and development of all investments.

The initiatives also aimed to empower and encourage the private sector to invest and to contribute to increasing the percentage of direct foreign investments in the gross domestic product (GDP) and promotion of the Sultanate as a promising investment destination.

He added that the investment opportunities comes within the Ministry’s plan for this year on the targeted key projects, programmes and initiatives which contribute to the development of the national economy.
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Buying yellow metal becomes cheaper in Oman

Muscat: It just got cheaper for people in Oman and the other GCC countries to buy gold. The Indian government recently raised import duties on gold to 12.5 percent, up from 7.5 percent, and Shamlal Ahamed, managing director of international operations at Malabar Gold and Diamonds, said this move has made buying gold comparatively more affordable in the Gulf region.

“The recent announcement by the Indian government to raise import duty to 12.5 percent from 7.5 percent is expected to make gold more expensive across India,” he said.
“This hike has increased the gold price difference between the GCC and India. The gold price in the GCC will get more attractive than in India, with a saving of 12 to 15 percent. The weakening Rupee will further increase the gold rate in India.

“Gold prices have reduced to consumer-friendly levels in the GCC and it is the perfect time for customers to make use of this opportunity to benefit from the gold rate ahead of the holiday season, and buy jewellery as gifts for dear ones back home,” Shamlal Ahamed added.

“We are also expecting tourists from India to increase their jewellery purchases during their visit. The price advantage here will further enhance bridal jewellery purchases from residents and tourists alike.”

India’s gold import duty hike came into effect on 1 July. The country is the second-largest consumer of gold, and fulfills a large portion of its demands through imports.

The upward revision in the import duty is seen as a measure to disincentivise imports amidst the widening trade deficit.
India’s trade deficit widened to a record $24.29 billion in May 2022 from $6.53 billion in the same month last year, as per data released by the Ministry of Commerce and Industry.

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People across Oman gear up for Eid Al Adha holidays

Muscat: People across Oman are excitedly planning for their Eid holidays next week, Some had finalised their plans even before the holidays were announced.

People in both the public and private sector will enjoy a long weekend, from Friday, 8 July, to Tuesday, 12 July, with work resuming on Wednesday, 13 July.
The Ministry of Labour pointed out that employers may agree on terms to engage them on the said holiday—if deemed necessary due to the nature of their work—provided they are compensated for the same.

“I have already booked tickets to Salalah for my family,” said Madhav, an Indian expatriate in Sohar. “We know that Salalah is packed during this time of the year, because of the Khareef season, so we booked early. I had already spoken to my company regarding the need to take a couple of more days off so that my travel plans are not disrupted, depending on the nature of the holidays, but fortunately, it looks like everything will fit in just perfectly.”

Salalah and the Dhofar regions are always popular during this time of the year, owing to the Khareef season, which is characterised by refreshing rains, cool mists and constant breeze, while the rest of the Middle East is sweltering under temperatures of 40 degrees Celsius and above. Khareef runs from about July to September, and marks the peak of the tourist season in Oman’s south.
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OMR301mn collected as VAt in Oman in 2021

Muscat: The value-added tax (VAT) increased by 0.3 per cent over the estimated figure to reach OMR301 million in 2021 in Oman. The authorities also collected OMR103 million in selective tax, an increase of 8.8 per cent during the same period.

This followed a unified Gulf Cooperation Council (GCC) agreement to implement VAT to find alternative sources of revenue other than oil and gas.
Statistics further reveal that the total tax and fee revenues decreased by 8 per cent to reach OMR1.49 billion at the end of 2021 compared to the approved budget estimate of OMR1.62 billion.

This decline was mainly attributed to the repercussions of the COVID-19 pandemic on the national economy which had resulted in frequent closures and restrictions on goods and travel movements through international ports.

Other precautionary measures issued by the Supreme Committee had also led to a decrease in commercial activities.

The introduction of the stimulus packages to support small and medium enterprises (SMEs) had led to a number of exemptions, reduced fees and postponing of some dues also led to a reduction in the estimated revenue from taxes and fees.
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Arabian Gulf records 3 earthquakes

Muscat: The Earthquake Monitoring Centre at Sultan Qaboos University indicated that three earthquakes were recorded today in the Arabian Gulf, the highest of which is 6.5 magnitude.

An earthquake with a magnitude of 6.1 was recorded in the Arabian Gulf at 3.24 am, 114 km from the wilayat of Khasab.
An earthquake with a magnitude of 4.8 was recorded in the Arabian Gulf at 1.47 am, 117 km from the wilayat of Khasab.

An earthquake of magnitude 6.5 was recorded in the Arabian Gulf at 1.32 am, 111 km away from the state of Khasab in Musandam Governorate. Tremors were felt in each of the wilayats of Khasab, Dibba and Sohar, according to the earthquake intensity report issued by Earthquake Monitoring Centre.
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Rocks cleared on this road in Oman

Muscat: The Department of Roads in Musandam Governorate removed rocks that had fallen on the road.

The Ministry of Transport, Communications and Information Technology said: "The Roads Department of Musandam Governorate is removing fallen rocks on the coastal road Khasab-Tibat and the mountainous dirt road Khasab-Si-Diba and opening them to traffic in cooperation with the Royal Oman Police."
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Omani company gets recognition from Microsoft

Muscat: An Omani company Onsor Technologies has been recognised as a finalist for the 2022 Microsoft Modern Device Partner of the Year Award for modern devices category.

Onsor Technologies company said in a statement: “ We are proud that we have been recognised as a Finalist of the 2022 Microsoft Modern Device Partner of the Year Award.”

The Microsoft Partner of the Year Awards recognise Microsoft partners that have developed and delivered outstanding Microsoft-based applications, services, and devices during the past year. Awards were classified in various categories, with honorees chosen from a set of more than 3,900 submitted nominations from more than 100 countries worldwide.

Salah Al Rasbi, Chairman of the Executive Committee of Onsor, said: “We are pleased with this recognition from one of the strongest companies in the world in this sector."
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Ministry urges Hajj related companies to acquire permits

Muscat: The Ministry of Endowments and Religious Affairs reminds Hajj companies of the necessity of obtaining and printing electronic Hajj permits before heading to the ports and security points.

The ministry said: "All Hajj companies must ensure that electronic Hajj permits are issued and printed on paper to be presented at the ports and security points, in addition to the pilgrims cards, before they leave the Sultanate of Oman."
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Pact worth OMR83mn signed to set up rubber powder production plant

Muscat: Sur Industrial City, affiliated with the Public Establishment for Industrial Estates (Madayn), has signed an investment contract with Al Fairuz Projects and Investments, to establish a rubber powder production plant with an investment value touching OMR83 million for phase one of the project.

Commenting on the project, Eng. Abdulqadir bin Salim Al Balushi, Director General of Sur Industrial City, stated that this eco-friendly project will be developed on an area of 230,000 sqm and will adopt cutting-edge tyre recycling technologies.
“The tyre recycling project is expected to generate 212 job opportunities, of which 75 per cent will be for Omanis,” Al Balushi informed.

On his part, Eng. Ahmed bin Mohamed Washah, Executive Director of the project, pointed out that the rubber powder production plant will be beneficial for the manufacturing industries that use biofuel and carbon, as they will be extracted utilising advanced and environmentally friendly technology rather than harmful tyre burning.

The project establishment phase is expected to commence during the last quarter of the current year, and the two-year planned construction phases will kick off in the first half of next year.
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Summit highlights consumer-driven manufacturing, connected services

Muscat: Oman Economic Review (OER) organised the Manufacturing Summit and Awards 2022, themed 'Smart Manufacturing: Enhancing competitiveness, innovation and transformation'.

The event focused on consumer-driven manufacturing, connected services, smart factories, industry 4.0, the digital economy, sustainability, hyper-automation, real-time performance monitoring, lead time compression (order-to-cash), speed up a time to market, supply chain cost and reliability (inventory turns and cash conversion cycles), eliminating profit leaks across the value chain, leveraging data and analytics for superior customer insights, educating and up-skilling in quality and lean manufacturing practices, as well as improving quality levels to achieve world-class performance.
The summit’s opening ceremony was held under the patronage of Dr Saleh Said Masn, Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry.

Dr Saleh reiterated the importance of this summit which highlights the manufacturing sector in Oman and encourages the private sector to exert more efforts in this field, which is one of the main lucrative sectors targeted by Oman Vision 2040.
The first panel discussion is titled 'Manufacturing: Enhancing Competitiveness and Transformation' and will focus on the topic of increasing the competitiveness of Oman’s manufacturing sector, promoting exports, ensuring supply chain reliability, attracting FDI and adopting Industry 4.0 practices.
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