Economic & Business News

Oman achieves OMR1.21b trade surplus

(Times of Oman - 12/17/2017 6:20:00 AM)

The Sultanate has achieved a whopping trade surplus of OMR1.21 billion by the end of 2016, which was driven by the country’s favourable trade with Asian nations. The total imports last year were recorded at OMR8.9 billion and total exports were at ...

Industrial facilities investments at QR260bn

(The Peninsula - 12/17/2017 6:17:00 AM)

Minister of Energy and Industry H E Dr Mohammed bin Saleh Al Sada said that a total of 730 industrial facilities were registered at the ministry with a combined investments close to QR260bn. Delivering a speech at an industrial forum held on the ...

Oman’s economy seems to be in correction mode

(Gulf News - 12/17/2017 6:10:00 AM)

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. ...

Health insurance drives growth of insurance sector in Oman

(Oman Daily Observer - 12/17/2017 6:06:00 AM)

The insurance sector in Oman grew at an average annualised rate of 10.3 per cent between 2011 and 2016 to $1.2 billion, the third fastest growth in the GCC. The expanding market is mainly attributed to the rapid rise in the health insurance segment. The ...

Potential for 10 biogas plants around the Sultanate

(Oman Daily Observer - 12/17/2017 6:04:00 AM)

The prodigious quantities of bio-waste being generated daily around the Sultanate can feed as many as 10 biogas plants suitable for producing either electricity for local communities or thermal heat for industry. Alternatively, the bio-waste can also be ...

Saab launches new production unit in Abu Dhabi

(Trade Arabia - 12/17/2017 5:57:00 AM)

Saab, a Swedish aerospace and defence company, has officially launched its development and production centre in Abu Dhabi at Tawazun Industrial Park (TIP), the hub for strategic defence and aerospace manufacturing. Saab’s new unit will serve as a centre ...

Saudi Arabia launches new housing project in Jeddah

(Trade Arabia - 12/17/2017 5:53:00 AM)

Saudi government has launched its ambitious Jeddah Gateway housing project on a 192,000-sq-m area located east of Haramain Expressway, said a report. The project, being implemented by Sundus Developers, will boast 30 buildings with eight to 16 floors ...

UAE, Saudi, Bahrain follow US with interest rate hike

(Gulfnews - 12/14/2017 12:17:00 PM)

The UAE, Saudi Arabia and Bahrain followed the US in raising key interest rates on Wednesday, following the announcement from the Federal Reserve. The UAE central bank said it was raising its key interest rate by 25 basis points, the same amount as the ...

Dell EMC hastens KSA digitization acceleration plan

(Saudi Gazette - 12/14/2017 6:37:00 AM)

Dell EMC hosted its flagship Dell EMC Forum at the Four Seasons Hotel in Riyadh, Saudi Arabia. Following Dell Technologies’ first anniversary celebration as the world’s largest privately-controlled technology company, Dell EMC demonstrated its ...

Banks directed not to misuse Citizen’s Account deposits

(Saudi Gazette - 12/14/2017 6:36:00 AM)

The Saudi Arabian Monetary Authority (SAMA) has directed all local banks not use any amounts of money that are deposited in the Citizen’s Account Program for any other banking purposes. The central bank asked the banks not to deduct the money from the ...