Flooding hit many areas of Dubai and Abu Dhabi, the UAE capital, and cut off major roads, snarling traffic and leaving cars stranded.

Vast swathes of land across the desert region are seeing the sprouting of new special zones to entice big business to set up shop. But can the model work to power the GCC economy?

MUSCAT, OMAN – As part of its investment solutions and Sharia-compliant products and services, ahli islamic, ahlibank’s Islamic banking window, introduced the first of its kind Islamic Money Market Fund in the Sultanate. ahli islamic customers now have the opportunity to invest and gain exposure to attractive local and regional...

Tokyo, Japan--The UAE exported 44.1 percent, namely 31.3 million barrels, of Japan's crude oil needs in February 2024, according to the Agency for Natural Resources and Energy in Tokyo. The agency, part of the Japanese Ministry of Economy, Trade and Industry, stated that the amount of crude that Japan imported...

Net profit grew by 13.1 percent compared to 2022

MUSCAT, OMAN – The Central Bank of Oman (CBO) has announced that the total issuance of Treasury Bills amounted to US$181 million (RO 70 million) this week. According to the Oman News Agency (ONA), the value of the allotted Treasury Bills amounted to US$12.9 million (RO 5 million) for a...

Amman, Jordan--Jordan and Oman have signed a raft of agreements to boost direct investment in both the countries. The first memorandum of understanding (MoU), which was signed by the ministries of investment of Jordan and Oman's ministry of trade, industry, and investment promotion, called for cooperation between the two parties...

MUSCAT, OMAN - Omani banks listed on the Muscat Stock Exchange (MSX) recorded net profits of US$1.17 billion (RO453.5 million) in 2023, up 18.6 percent from US$992 million (RO382.3 million) in 2022. According to the Oman News Agency, the banking sector benefited from several local economic indicators in 2023, including...

Muscat, Oman--The Oman Investment Authority (OIA) has unveiled a new fund called “Future Fund Oman” valued at US$5.19 billion. The fund will serve a wide range of investment categories, develop the national economy and attract foreign investments. According to the Oman News Agency (ONA), According to the Oman News Agency...

"First of all, they are not proportional. All of these constitute disproportionate use of force," Erdogan told journalists after Friday prayers in Istanbul. Oman, a mediator in attempts to end Yemen's long-running civil war, expressed its "worry" at the strikes on Houthi rebel military targets that, according to the Houthis,...

The announcement came hours after a British-navy maritime security agency said armed men boarded the Greek-owned, Marshall Islands-flagged St Nikolas off Oman and changed course towards Bandar-e-Jask in Iran. Four or five "unauthorized boarders are reported to be wearing military-style black uniforms with black masks", the United Kingdom Maritime Trade Operations...

Oman emerges top performer in the GCC region.

MUSCAT, OMAN - As part of its ongoing efforts to support the Islamic banking industry, ahli Islamic signed a Memorandum of Understanding (MoU) with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). The primary goal is to reinforce collaboration in capacity building within ahli Islamic and foster the...

MUSCAT, OMAN - Maisarah Islamic Banking Services, Islamic window of BankDhofar, acted as an Issue Manager for the Sovereign Sukuk Series 7 issuance on behalf of the government. The Sukuk-Al-Ijara structure has a seven-year maturity and was conducted through private placement to sophisticated investors in Oman. The issuance has been...

In 2023, Saudi Arabia, UAE, Qatar, Bahrain, Oman and Kuwait collectively advanced in technology and sustainable development, achieving global integration.

Muscat, Oman - Oman's achieved a 15.4% year-on-year sector growth, as reported by the National Center for Statistics and Information (NCSI). The growth revolves around a rapidly evolving landscape, propelled by strategic investments and diversification endeavors. Maritime freight was at the forefront, commanding a significant 54.8 percent share of all...

Hong Kong - The government of Oman’s targets to expand local green hydrogen production could support key credit metrics, such as GDP, fiscal revenue and the balance of payments, over the long term against the backdrop of the global energy transition, says Fitch Ratings. Uncertainty around potential outcomes remains high at...

Dubai, UAE – Oman, Qatar, and the United Arab Emirates, particularly Dubai, have secured top positions for residential property investment in 2024, the inaugural "Housearch Investment Index" highlighted in its report. The trend underscores the region's appeal as a stable and reliable investment haven, especially amidst cooling property markets in...

Muscat, Oman -- Oman's revenues for the nine-month period of 2023 declined 17 percent to 9.8 billion riyals ($25.45 billion), compared to 11.86 billion riyals for the same period in 2022. The financial performance bulletin issued by the Omani Ministry of Finance today indicated that the net oil revenues until...

The UAE plays a pivotal role as IRENA headquarters and key renewable energy hub, Dr Nawal Al Hosany, the permanent representative of the UAE to IRENA, tells TRENDS.

Tehran, Iran – Iran and Oman have signed two memoranda of understanding to boost bilateral cooperation and using their national currencies in mutual trade instead of the dollar, mehrnews reported on Thursday. The MoUs were signed between Iran’s Minister of Industry, Mines and Trade Abbas Aliabadi, and Oman’s Minister of...

The Gulf Railway aiming for completion by 2030, will link GCC nations with a comprehensive rail network, marking a new era in regional transportation and economic integration.

Fujairah, UAE - High in remote mountains in the oil-rich Emirates, a new plant will soon take atmospheric CO2 and pump it into rock -- part of controversial attempts to target planet-heating emissions without abandoning fossil fuels. Using novel technology developed by Omani start-up 44.01, the solar-powered plant will suck carbon...

Muscat, Oman--Oman LNG has entered into a sale-and-purchase agreement (SPA) with BP to deliver a total of 1 million metric tonnes per annum (MTPA) of LNG to BP. The agreement strengthens the robust relationship between Oman LNG and BP, with which the company has previously signed SPAs to supply reliable...

A report by S&P Global Ratings forecasts improved fiscal positions due to higher oil prices, fiscal consolidation and a robust non-hydrocarbon activity.

Dubai, UAE - The much-anticipated Hindi-language action film Tiger 3, starring Salman Khan and Katrina Kaif, has reportedly been banned in Gulf states Kuwait, Oman, and Qatar. Released on the occasion of Diwali, the film has marked its entry into the record books as the highest-grossing Diwali day release. While...

Oman, a minor oil producer compared with its neighbours the United Arab Emirates and Saudi Arabia, is moving quickly in its project to revive the forests that once covered the country, but died out thousands of years ago because of climatic changes.

Leading Arab opposition to Israel's planned invasion of the Gaza Strip, Saudi Arabia has denounced "any ground operations" due to the threat posed to Palestinian civilians. The kingdom's foreign ministry cautioned against the danger of continuing to "carry out these blatant and unjustified violations of international law against the brotherly...

Sochi, Russia -.Starting in 2024, travelers from Saudi Arabia, Oman, Kuwait, Malaysia  and Bahrain may no longer need tourist visas to visit Russia,  Deputy Minister of Economic Development Dmitry Vakhrukov said on the sidelines of the FTT-2023 Forum of Tourism Territories, Tass reported. "I reckon this could happen next year....

Kuwait City, Kuwait--The art exhibition titled "Oman in the Heart of Kuwait" was inaugurated at the Kuwaiti Syndicate of Media and Artists on Saturday, emphasizing the deep historical and cultural ties between the Sultanate of Oman and the State of Kuwait. Oman's Ambassador to Kuwait, Saleh Al-Kharusi, who presided over...

NEW YORK, US- President Joe Biden said the United States would keep piling "costs" on Iran despite a prisoner swap deal that freed five Americans on Monday. Biden confirmed that he was imposing new sanctions on Iran's intelligence ministry and former president Mahmoud Ahmadinejad for their involvement in "wrongful detentions." "Today,...

Muscat, Oman--Annual inflation of Oman has shot up 0.82 percent in August as against 2.4 percent in the same month of last year, according to the country’s National Center for Statistics and Information.  But compared with the previous month, Oman’s inflation rate sunk to its lowest level in 28 months...

Doha, Qatar - The Cultural Village Foundation (Katara) revealed the lists of nine works that would be included in the 9th Katara Prize for Arabic Novel. This includes published novels, unpublished novels, young adult unpublished novels and unpublished critical studies, with a total reaching 36 novels and critical studies, Qatar...

Tehran, Iran - Iran has seized two oil tankers allegedly carrying smuggled fuel in the Gulf and arrested their crews, state television announced on Friday. "The Revolutionary Guards naval forces seized two ships over the course of the last two days," state television said, citing Mohammad-Sharif Shirali, a Guards commander. "The...

The Houthis' visit, expected within the coming days, will raise hopes of a breakthrough in the quagmire conflict that has left hundreds of thousands dead through direct and indirect causes such as famine. It comes five months after Saudi officials held talks in Sanaa, and as a UN-brokered ceasefire continues...

GCC banks experienced robust lending growth during Q2-2023, despite multi-decade high rates from US hikes, with loans from GCC-listed banks hitting a record $1.9 trillion.

Muscat, Oman -- The revenues of 3-5-star hotels in Oman reached RO 122.5 million ($318 million) at the end of July 2023, up by 27.8 percent over the corresponding period in 2022. Statistics issued by the National Centre for Statistics and Information (NCSI) show that the total number of hotel...

Muscat, Oman--Oman has signed a memorandum of understanding (MoU) with South Korea in the field of green energy transition. The MoU reflects the advanced status of bilateral relations and the two countries’ keenness to consolidate cooperation in green transition. The MoU was signed by Eng. Salim Nasser Al Aufi, Minister...

Tehran, Iran -- Iran has expressed its readiness to finalize the provisions of a strategic document on comprehensive cooperation with Oman. In a telephonic conversation, Iranian Foreign Minister Hossein Amirabdollahian and his Omani counterpart Sayyid Badr Albusaidi exchanged views on issues of mutual interest in bilateral, regional and international arenas....

Amid Russian-Ukrainian war, Europe aims to diversify its energy sources, with Gulf countries like Qatar, UAE, Oman, and Saudi Arabia offering alternative natural gas options.

TEHRAN, IRAN - Iranian President Ebrahim Raisi has met with diplomat Assadollah Assadi, recently freed by Belgium in a high-profile prisoner swap case in May, the presidency site said on Saturday. "The claimants of human rights have shown once again that they do not adhere to any law," Raisi said in...

Its cargo revenue recorded a 42% jump in H1 to US$57.9m.

Muscat, Oman-- Oman LNG has signed an agreement with Securing Energy for Europe (SEFE) to supply 400,000 tonnes of liquefied natural gas a year from 2026. According to Oman News Agency, the agreement with the German company is based on a four-year contract. “The term-sheet signing with SEFE marks another...

New Delhi, India -- The UAE ranks first among the countries in the world in the employment of Indians, currently employing more than 3.55 million people from the world's most populous country, India's Minister of State for External Affairs, V Muraleedharan, told parliament. The number of Indians in the UAE...

Tehran, Iran -- Oman has said it has been making efforts to facilitate regional and international cooperation by with the active participation of Iran. In a telephone conversation with his Iranian counterpart on Tuesday, Omani Foreign Minister Sayyid Badr Albusaidi referred to the recent talks between Iranian President Ebrahim Raisi...

Muscat, Oman-- Oman's total domestic production of natural gas shot up 2.3 percent to 26.19 billion cubic meters (CBM) until the end of June 2023, as compared to the same period in 2022, when the total amounted to 25.60 billion cubic meters. Statistics issued by the National Center for Statistics...

Muscat, Oman--Oman annual inflation rate reached 0.69 percent by the end of June 2023, according to the monthly consumer price survey data issued by the Oman's National Center for Statistics and Information. The inflation rate was driven by the increase in most of the main groups that make up the...

Tokyo, Japan--Japan's crude oil imports from the United Arab Emirates amounted to 25.63 million barrels in June 2023, or 37.4 percent of total imports, the Natural Resources and Energy Agency of Japan's Ministry of Economy, Trade and Industry said. During June, Japan's total crude oil imports were 68.5 million barrels,...

TRENDS Infographics explores prominent Arab nations in the latest Global Soft Power Index, with the UAE leading the way by entering the top 10, a first for the Middle East.

Abu Dhabi, UAE - Oman and Etihad Rail Company (OERC) signed a deal with Jindal Shadeed Iron & Steel (Jindal) to establish a sustainable end-to-end transport logistics solution between Jindal’s steel complex at Sohar Port and the United Arab Emirates (UAE), via the UAE-Oman Rail Network. The deal is a...