Tag Archives: Oman

Oil’s $30 price plunge this week has sharply increased strains on a number of pegged currencies in energy-exporting emerging markets, above all in Nigeria and Oman where currencies have come under pressure in forward markets. The coronavirus threat to an already fragile global economy and an oil price war between …

The Heritage Foundation says US-Oman relations must improve in 2020 with the new Sultan Haitham.  They note, “The United States and Oman share many geopolitical challenges and have had good relations dating back two centuries. Under the leadership of Sultan Haitham, U.S.–Omani relations will be entering a new chapter. The …

Saudi Arabia’s vice minister of defense visited Oman on Monday and met with ruler Sultan Qaboos, Omani state news agency ONA reported, following a deal to end a power struggle in the south of Yemen. The Saudi defense ministry said Prince Khalid bin Salman, a son of the king, would …

Oman’s ministry of oil and gas has signed a gas exploration agreement with Italy’s Eni and BP Oman for concession block 77, the ministry said on its Twitter feed on Wednesday. The agreement involves seismic studies and the drilling of exploration wells and it is hoped this could also lead …

Oman’s minister responsible for foreign affairs held talks with Iran’s foreign minister on Saturday, Iranian state media reported, as tensions mount in the Gulf between Tehran and Washington. Oman maintains friendly ties with both the United States and Iran and has previously been a go-between for the two countries, which …

Iraq and Oman signed a memorandum of understanding to cooperate in the oil and gas sector, including the possibility of building a shared refinery in Oman for processing imported Iraqi crude, the Iraqi oil minister said in a statement on Thursday. Iraq will aim to export crude to Oman, according …

The UAE participated in the 27th meeting of the Gulf Cooperation Council, GCC, Ministerial Committee for Planning and Development, which was held in the Omani capital, Muscat. The UAE delegation was headed by Eng. Mohamed Ahmed bin Abdulaziz Al Shehhi, Under-Secretary for Economic Affairs at the Ministry of Economy, and …

Russia on Thursday warned against rushing to attribute blame for a suspected attack on oil tankers in the Gulf of Oman, and said the incident should not be used to stoke tensions with Tehran, Russia’s RIA news agency reported. Two oil tankers were attacked, leaving one ablaze and both adrift, …

Two oil tankers were hit in suspected attacks in the Gulf of Oman, shipping firms and industry sources said on Thursday, sending oil prices as much as 4% higher a month after four other tankers were damaged by limpet mines in the region. One of the tankers, the Front Altair, …

Oman’s Duqm Refinery said on Saturday it had signed a $4.61 billion multi-sourced Sharia compliant project financing agreement. “The financing is provided by 29 reputed financial institutions from 13 countries; insurance and guarantees are provided by three major export credit agencies,” Duqm Refinery said in a Twitter post. The financing …

A two-day surge turned a sludgy, sulphurous crude into the world’s costliest oil benchmark this week, confounding traders and throwing the market into turmoil. Oman oil on the Dubai Mercantile Exchange, which will play a key role when Saudi Arabia sets the cost of its shipments to Asia next month, …

The Oman government’s revenue rose by 23.2 per cent to 4,091.9 million riyals (Dh39.08 billion) for the first five months of 2018, over the same period of last year, thanks to a major recovery in oil prices. As a result of a growth in oil prices, the net oil revenue …

The number of jobs that have been specified by Oman’s oil and gas sector (5,000 jobs) has been exceeded in certain jobs, a top official at the Ministry of Oil and Gas, said. The drive is part of Omani government plans to provide jobs to nationals. On October 3, the …

Tristar Group has opened new transport and warehouse facilities in Abu Dhabi and Oman aimed at enhancing its integrated logistics services to the downstream oil industry in the GCC (Gulf Cooperation Council). The two new facilities are located in the Industrial City of Abu Dhabi and Rusayl Industrial Estate in …

State-run Indian Oil Corp on Sunday raised transport fuel to record highs in Delhi on the seventh day of resuming the daily price change system, following a temporary suspension that lasted 20 days. The price of petrol in Delhi touched a record high of Rs 76.24 per litre under the …

Oman’s economy received mixed marks from the International Monetary Fund (IMF) following a visit by a delegation as part of the Article IV process. On the one hand, the sultanate received much praise for demonstrating the required capability to cut the budget deficit. But there are concerns about the quite …

In the arid vastness of this corner of the Arabian Peninsula, out where goats and the occasional camel roam, rocks form the backdrop practically every way you look. But the stark outcrops and craggy ridges are more than just scenery. Some of these rocks are hard at work, naturally reacting …

By Haytham Mouzahem* The past two decades have witnessed a reemergence of Sufism in the Gulf states. The phenomenon may be understood, in part, as a reaction to the extremism of “Salafi jihadism”: Gulf states opposed to the extremist strand have begun to welcome Sufi scholars from other Muslim countries …

Oman has the means to maintain its currency peg and has no plans to change it even though the decline in oil prices has hurt its finances, central bank Governor Tahir Al Amri said. Oman’s gross foreign currency reserves, which stood at $19.6 billion (Dh71.9 billion) at the end of …

The GCC’s non-financial corporate sector is expected to face pressure on profitability resulting from fiscal consolidation efforts in the current year and the next, according to ratings agency Moody’s. “GGC governments have done fairly well in balancing reform implementation while preventing any systemic shock to the corporate sector. However, fiscal …

With key tourism projects and infrastructure development, Oman’s Ministry of Tourism (MoT) is making significant efforts to enhance the country’s offerings in the sector while emphasising on sustainable development. As a signatory to the United Nations Agenda 2030 for sustainable tourism development, Oman has adopted several measures to enhance tourism …

While most people in the UAE get an average of seven hours of sleep a night, around half would give up social media for an extra hour of sleep, a recent poll by furnishing retailer Ikea showed. Work stress, kids and distractions of technology came out on top when people …

The successful listing of Adnoc Distribution on Abu Dhabi bourse is likely to encourage more energy companies from the region to go public to raise capital as low oil prices hurt their revenues, according to analysts. Adnoc Distribution, the fuel and retail arm of Abu Dhabi National Oil Company (Adnoc) …

Oman’s Ministry of Finance has postponed the decision to implementation of Value-Added Tax (VAT) until 2019. The application of the selective tax on certain products will start by the middle of 2018, the ministry said. No further details have been given about the postponement by the Omani authoirites. In November, …

Jasim Ali, Special to Gulf News The Omani economy is doing fine in the ongoing environment of continuing socioeconomic challenges. What’s more, multinational agencies are projecting improved performances in the medium-term for the sultanate on the assumption of stronger oil prices. Also, the preliminary projections for 2018 budget assume stronger …

With major projects such as the Oman Convention Bureau and the new Muscat International Airport nearing completion, the tourism and MICE (Meetings, Incentives, Conferences and Exhibitions) industries in Oman are set to undergo a major expansion in the coming years, according to the Sultanate’s Ministry of Tourism (MOT). In an …

In the context of persistent low oil prices resulting in lower economic growth across the oil exporting countries, the GCC countries need to continue fiscal consolidation at a gradual phase, the International Monetary Fund (IMF) said in its latest Regional Economic Outlook. Lower oil prices have contributed to large fiscal …

Oman cancelled the bidding process to select its third mobile phone operator in favour of a group backed by its wealth funds, a month after delaying a decision on the licence. The Gulf state’s third mobile operator will be run by a local company owned by the funds and a …

By Graham Fuller* — The political and economic assault against Qatar by a Saudi-led coalition so far shows no signs of succeeding in bending Qatar to its will. More seriously, it raises ominous signals for the future of geopolitics in the Arabian Peninsula. That future may have less to do …

THE LEVANT NEWS — Muscat: An Omani found guilty of posting revealing pictures of his girlfriend on Instagram was sentenced on Thursday to one month in jail and fined 2,000 Omani riyals, half of of which his ex-girlfriend would receive for compensation. The man posted the pictures to hurt his …

The Levant News — by Ghassan Michel Rubeiz, Washington — At great risk, Saudi Arabia confronts Iran in rhetoric and on the battlefield in Syria and Yemen. The National Council on US-Arab Relations, NCUSAR, is an established Washington intercultural agency focused on Arab Gulf interests. This year’s Iran meeting (October 14-15) was the 24th …

Six Yemenis held for more than a decade at the U.S. military prison at Guantanamo have been flown to Oman for resettlement, the Pentagon said on 12 June, the latest step in President Barack Obama’s slow push to close the facility. The release came a week after Defense Secretary Ash …

THE LEVANT – Oman’s royal court sought to reassure the nation Thursday about the health of 73-year-old ruler Sultan Qaboos who has been undergoing treatment in Germany for almost three months. “The sultan is in good health and continuing to follow the medical treatment he has been prescribed and which …

THE LEVANT – Oman is sharing its experience of religious tolerance and co-existence among the followers of various faiths through a touring exhibition titled, “Oman’s Message of Islam”. The exhibition, organised by the Ministry of Endowments and Religious Affairs, is taking its message to Western countries, and is currently visiting England’s Cambridge University, …