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ADNOC Distribution 2024 net profit down 7%

Minus UAE corporate tax, it would have grown by 2.4% to $725m

Maaden raises $1.25bn in sukuk offering

The Sukuk were offered in a five-year and a 10-year tranche.

DAE net profit up 36.2%

Revenues grew by 9 percent to $1.42bn from $1.31bn in 2023.

Borouge 2024 net profit $1.24bn

The company said it will maintain a $1.3bn dividend for 2025.

ADQ, Orion to establish JV

The partners commit to deploying $1.2bn in the next four years.

Muscat plans light rail metro network

    • Muscat is being redesigned as part of the Oman National Spatial Strategy, which looks at the planning of the country’s cities for the next 20 years

    • Under this plan, multi-use areas will be set up around metro stations for developments such as offices, retail stores, and residential areas

    Oman is planning to link the cities of Ruwi and Muttrah to the airport and Seeb through a light metro network, said local reports on Wednesday, July 28.

    The metro will be one of the main transport arteries of Muscat, with Ghala as the center of its commercial activities, said the reports.

    Muscat itself is reportedly being redesigned as part of the Oman National Spatial Strategy, a blueprint that looks at the planning of the country’s cities for the next 20 years.

    Under this plan, multi-use areas will be set up around the various metro stations for developments such as offices, retail stores, and residential areas.

    The reports said special financial and regulatory incentives will also be given to sites such as the airport zone and Ghala, research facilities in places such as Al Khoud and Halban, and industrial zones in Misfah and Rusayl, to attract investments and promote growth.

    Wadis or valleys in Muscat are also expected to be turned into pedestrian walkways and parks to provide people in the city opportunities to lead healthier lives.

    Alongside the metro, revised transportation plans include a passenger rail service that will connect Seeb to Sohar, the capital of the North Al Batinah Governorate.