Heavy storms soak Gulf as Oman toll rises to 18
Flooding hit many areas of Dubai and Abu Dhabi, the UAE capital, and cut off major roads, snarling traffic and leaving cars stranded.
Oil market surges as Saudi-led top producers cut output defying US pressure
Sunday's move "caught the markets off guard" and reversed recent oil-price gains, noted ActivTrades analyst Ricardo Evangelista. "With the fizzling out of the banking crisis and the return of optimism to the markets, the price of the barrel was already showing signs of recovering," he noted.Time for Syria to return to Arab fold, Sheikh Mohamed tells Assad
Abu Dhabi, which normalized relations with Assad's government in 2018, has led aid efforts in the aftermath of the February 6 earthquake that struck southeastern Turkey and northern Syria, killing tens of thousands. A diplomatic momentum generated by aid efforts in the quake's aftermath could bolster Damascus's relations with Middle...Oman to award solar energy projects worth US$777m to investors
Muscat, Oman -Oman Power and Water Procurement Company (OPWP) is set to award solar energy projects worth $777 million to international investors after securing approvals from the Authority for Public Services Regulation (APSR). According to media reports, the Manah 1 and 2 projects, which will jointly produce a total of...UAE, Oman agree to cooperate on development, environmental protection
Dubai, UAE-- The UAE and Oman have signed an agreement to enhance cooperation in order to preserve environment and encourage sustainable development. In this connection, a UAE delegation, headed by Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment, paid a visit to Oman to enhance cooperation in...Netanyahu hails Oman’s opening of airspace to Israeli planes
On Twitter, the Omani Civil Aviation Authority affirmed that "the Sultanate's airspace is open for all carriers that meet the requirements of the Authority for overflying". Netanyahu visited Oman in 2018 at the invitation of Sultan Qaboos, despite Muscat not officially recognizing Israel. "This is a day of great news...Syria’s Assad visits Oman after quake, in first since war
Sultan Haitham and Assad "held official talks" at the royal palace in Muscat, Oman's foreign ministry said in a statement. The Omani ruler "extended anew his condolences and sincere sympathy to.... the president and to the brotherly Syrian people for the victims of the devastating earthquake", it added.GCC gas stations expand as global oil demand surges
The annual expansion of more than 100 fuel stations in the Gulf countries add around US$500,000 per day to companies' revenues in each country in the region, say experts.Oman Qatar Insurance merges with Vision Insurance
The merger was settled with Vision Insurance Company’s existing shareholders by Oman Qatar Insurance Company.Loopholes in corporate governance, political interest hinder battle against corruption across Arab world
The UAE and few other countries figure at the top of the Transparency Index in the region, but this doesn't mean that they have an excellent performance globally, says an expert.UAE-Oman military exercise ‘Cooperation-3″ gets underway
Abu Dhabi, UAE--A joint Oman-UAE military exercise codenamed “Cooperation-3” began in Oman on Monday. The 11-day drill, which concludes on February 16, 2023, saw the participation of a force from Muscat Regiment, Infantry Bridge (23) of the Royal Army of Oman (RAO), and its support divisions, as well as aircraft...Dams fulfill GCC’s water needs, boost economies
More dams are being built in the region to shield the residents against floods, offer a lifeline during drought and work towards food sufficiency by enhancing agriculture output.Iraq’s Gulf Cup victory marred by stampede, logistical slips
Baghdad, Iraq--Iraq saw the Gulf Cup as a chance to rehabilitate its image after a years-long football hosting ban, but a deadly stampede and organizing gaffes have dampened the cheer despite its home victory. Thursday's stampede outside a football stadium ahead of the cup final in the southern city of Basra...Iraq finalizes fresh air deals with Gulf countries
BAGHDAD, IRAQ - The Civil Aviation Authority announced the work to conclude new air agreements with the Gulf states. A spokesman for the Civil Aviation Authority, Jihad Al-Diwan, told local media agency: "We have agreements with all Gulf countries and all Gulf national carriers that land in Iraqi airports, except for...Iran and Iraq spar over naming of soccer event as Arabian Gulf
Tehran, Iran -- Iran has protested to Iraq over the use of the name "Arabian Gulf" for a regional football competition held in the neighboring country, state media reported Wednesday. The Islamic republic insists the body of water should be called the "Persian Gulf" and has repeatedly raised the issue with...UAE, Oman education ministers discuss cooperation in the sector
MUSCAT, OMAN - UAE Minister of Education Dr. Ahmad Belhoul Al Falasi and Oman Minister of Education Dr. Madiha bint Ahmed Al Shaibaniyah discussed advancing the cooperation between the two countries in the education sector. The meeting was held in Muscat and aimed at boosting the coordination and cooperation...Iraq looks to make football comeback with Gulf Cup
Basra, Iraq--Iraq on Friday welcomed football teams from across the region for the Gulf Cup, ending nearly three decades of repeated bans on international matches in the war-torn and corruption-plagued country. The tournament in the southern city of Basra brings together eight teams, with Friday's opening match seeing the host...Oman LNG inks three agreements with Japanese firms
The new agreements will see Oman LNG supplying LNG based on contracts varying from 5 to 10 years.GCC’s digital economy forging ahead rapidly, says Oman IT minister
Muscat, Oman - Saeed bin Hamoud Al Maawali, Omani Minister of Transport, Communications and Information Technology, has said that the digital economy of the Gulf Cooperation Council (GCC) region is advancing at a rapid and significant pace, noting its major importance to GDP. He noted the importance of promoting cooperation...Most Middle Eastern nations lack crypto regulations
The adoption of digital currencies can help open new business segments as the use of these assets increases with time, Daniel Takieddine, CEO of MENA BDSwiss, tells TRENDS.KSA, UAE lead GCC growth amidst global woes
Saudi Arabia's GDP witnesses 9.3 percent increase in the third quarter of this year as the rally in oil prices has fuelled economic growth across the Gulf region.GCC vows to unify stance of global environment issues
The Gulf countries have highlighted the importance of coordinating and unifying the stances of the regional bloc in all international environmental forums.Will Gulf economies expand despite global woes?
Thanks to a strong rebound in domestic activities and higher oil prices, the latest IMF report suggests the GCC economies to expand further than previously expected.Saudi firm partners with Trump Organization in $4 bn Oman project
Riyadh, Saudi Arabia - A Saudi real estate firm has partnered with the Trump Organization on a $4 billion golf and real estate development project in neighboring Oman, according to a stock market filing published Sunday. The deal involving the Dar Al Arkan Global Company, a subsidiary of Dar Al...Israel, US blame Iran as ‘drone strike’ hits tanker off Oman
An Israeli official told AFP that the strike on the tanker was "an Iranian provocation" that aimed to "disrupt the environment" before the football World Cup opens in Qatar on Sunday. The official, who requested anonymity, said the attack was carried out with the "same drones that the Iranians are...GCC growth may slow down in 2023 and 2024
The regional economies -- set to expand by 6.9 percent in 2022 -- may moderate to 3.7 percent and 2.4 percent in 2023 and 2024 respectively, says a World Bank report.‘Projectile’ hits tanker off Oman coast, Israel blames Iran
The tanker was "hit by a projectile approximately 150 miles off the coast of Oman ... on 15 November," the Eastern Pacific Shipping company said in a statement, adding that there were no reports of casualties or any leakage of the cargo.Saudi signs agreements with Oman, Egypt to boost energy ties
Sharm el-Sheikh, Egypt—Saudi Arabia has signed two separate agreements with Oman and Egypt to boost ties in the energy field. The deals were reached on the sidelines of the COP27 summit in Egypt. A memorandum of understanding was signed by Saudi Energy Minister Prince Abdulaziz bin Salman and his Omani...Ahlibank 9M net profit $65m
Customer deposits up by 9.2% to reach $5.79 bn.Oman state budget surplus $2.92 billion by September end: Ministry
Muscat, Oman---Oman’s budget achieved a surplus of RO 1.123 billion ($2.92 billion) at the end of September 2022, the country's finance ministry reported in its Fiscal Performance Monthly Bulletin. For the same period last year, the budget reported a deficit of RO 1.030 billion. Oman’s public revenue stood at RO...Saudi PIF to establish five companies for investments in five Arab countries
The five companies, together with Saudi Egyptian Investment Company (SEIC), a wholly-owned PIF subsidiary that was launched in August 2022, will invest up to $24 billion in opportunities across various key sectors in each market.Oman’s CPI inflation rate rises 2.4 percent in September
MUSCAT, OMAN - The inflation rate of Consumer Price Index in Oman reached 2.4 percent during September 2022. A monthly consumer price survey report by National Center for Statistics and Information said this. The report noted prices of education group increased by 5.1 percent, while prices of health group and...Visits, talks boost GCC-Asia trade ties
Traditionally, GCC trade was focused on the West. However, now it is moving to the East. This eastward shift is not too surprising given the continuing travails of many developed Western economies. With the sluggish recovery from the financial crisis in the EU and the US, Gulf economies have had...ACWA Power to start Oman project
It will build the $7bn project with Oman and a US firm.Arab world rallies around Saudi Arabia over oil cut decision
Rallying behind Saudi Arabia, several Arab states have voiced their support for Saudi Arabia in the face of harsh criticism from the US over the kingdom’s decision to cut oil output. From the UAE to Oman, Algeria to Bahrain, the governments have condemned what they termed as the politicizing of...Oman & Emirates Co. Q3 net profit $5.6m
The profit for the same period in 2021 was 538,832 OR.Burjeel Holdings set to expand to Oman, Saudi Arabia
The company is raising capital to support the ongoing expansion in the UAE and Oman, and pending entry into Saudi Arabia, Dr Parambath said.Automation poised to transform GCC labor market
About 42.6 percent of jobs in the region will be automated by 2030, ahead of the global average of 32 percent, predicts a McKinsey report.Saudi Arabian delegation visits Oman, to enhance bilateral ties
A Saudi Arabian delegation led by Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Swaha is on a visit to Oman.Nykaa enters into a strategic alliance with Middle East-based Apparel group
Nykaa will leverage the Apparel Group’s robust retail infrastructure network and deep market relationships to build distinctive GCC focused beauty offerings.Jordan king discusses trade, regional issues in talks with Oman sultan
The two leaders focused on maintaining coordination and consultation on various issues of mutual concern, especially food security and energy.$3 billion joint-venture railway to link Oman and UAE
The 303km railway, with passenger trains traveling up to 200kmper hour, will join up with the UAE's national network that is now under construction. The joint venture between Oman Rail and the UAE's Etihad Rail was agreed upon during a visit by UAE President Sheikh Mohamed bin Zayed to Oman.ADQ and OIA discuss opportunities to boost Oman-UAE cooperation
Abu Dhabi, UAE--ADQ, an Abu Dhabi-based investment and holding company, discussed a range of investment opportunities with Oman Investment Authority (OIA), across various sectors aimed at contributing to increased economic cooperation and trade between both nations. The meeting was held on the sidelines of President Sheikh Mohamed Zayed Al Nahyan's...UAE president, Oman sultan discuss ties, collaboration
Sheikh Mohamed discussed opportunities for building upon the growing economic ties between the UAE and Oman.UAE-Oman non-oil trade $98.56 billion in past decade
The volume of trade exchange between the two countries during the first half of this year amounted to AED24.2 billion.Muscat Stock Exchange trading value up 5.5 percent in a week
Muscat, Oman - The value of trading on the Muscat Stock Exchange increased last week to 9.6 million Omani riyals ($25m), compared to 9.1 million riyals ($23.65m) in the previous week, recording a growth of 5.5 percent. This rise came at a time when investors tended to diversify their portfolios,...Saudi Arabia, Oman ministers discuss industrial cooperation
Oman Minister of Commerce along with a delegation met Saudi Arabia Minister of Industry where the two discussed industrial cooperation between the two countries.Air India Express plane evacuated after engine fire in Oman
Footage aired by Omani TV showed smoke billowing from the plane, which had been taxiing for departure for Kochi in India's south, as passengers streamed across the tarmac. Some of the 141 passengers received "minor bruises", the airline saidOman issues Treasury Bills worth $103 million for 91 days
Muscat, Oman---The government of Oman issued Treasury Bills worth Omani Riyal 40 million (US$103 million) for a period of 91 days. The average accepted price reached RO 99.419 for every RO 100, and the minimum accepted price arrived at RO 99.270 per RO 100. Treasury Bills are short-term highly secured...Oman producer prices increase by 40.7 percent in Q2
Producer prices in Oman increased by 40.7 percent during the second quarter of 2022 The producer price index in the Sultanate of Oman rose by 40.7 percent during the second quarter of this year, compared to Q2 2021. The rise in the index was due to the 48.7 percent rise...Widam Food signs $27mn pact with Egypt’s Frigo
The company, in a statement, said it exported two meat shipments to Egypt in March and July.