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Oman Targets Big Rise In Gas Output Over Next 5 Years -Official

Oman aims to raise gas output to an average of 120 million cubic meters per day (mcm/d) over the five-year period from 2014 through 2018, according to an official.

Oman’s Bank Muscat Plans $1.3bn Islamic Bond Programme

The bank will seek shareholder approval for its sukuk programme at a meeting on March 19 and regulatory approval thereafter, local media reported.

Al Maha Wins Oman Air Fuel Supply Deal, Shell Loses

Shell Oman Marketing Company previously supplied half of Oman Air’s fuel at Muscat airport.

Oman To Replace 480 Public Sector Expat Workers In Civil Services

Around 114 expatriate employees in civil services have been replaced to date while the remaining 480 positions will gradually be given to Omanis by 2015, an official said.

Oman’s Ominvest Won’t Proceed With Oman Arab Bank IPO

Omnivest had previously said that it was looking into the feasibility of the transaction.

Oman: Islamic Banking On The Rise

In contrast to other GCC nations, Oman’s banking sector is small but well performing with Islamic banking rising in prominence.

Oman’s Sale Of 19% Of Omantel To Start Next Week

The government will offload 142.5 million Omantel shares, reducing its holding to 51 per cent from 70 per cent.

Oman To Replace 100,000 Expats In Private Sector Jobs

The Sultanate is looking to reduce its expat work force to 33 per cent from its current level of 39 per cent, a senior official said.

Ex-Government Officials In Oman Jailed For Abuse Of Office

The officials were sentenced to three years in jail for abuse of office.

Oman May Sell Assets, Borrow Abroad If Oil Prices Drop

Oman relies on oil and gas for 87 per cent of its budget revenue.

Omantel Q4 Profit Up 13% Despite Revenue Drop

Expenses for the quarter, which include wages, interconnection costs and roaming charges, reduced by 2.7 per cent.

Oman Signs $35m Railway Consultancy Deal With Italferr

Officials expect to award the first construction contract in 2015.

Oman To Sell 19% Of Omantel In Two Phases

The first phase is reserved for wealthy local investors and due to finish in March and the second will be open to all Omanis, say reports.

National Gas Co Confirms CEO Detained In Corruption Case

Goutam Sen is allegedly being held in detention as part of a corruption probe involving Oman’s oil industry.

Oman’s National Gas CEO Held By Prosecution

The group posted sales of $90.1 million in 2012, according to its financial statements.

Oman Telco Nawras Q4 Profit Falls 3%

The firm, majority-owned by Ooredoo, made a net profit of OMR10 million.

Oman’s Bank Dhofar Proposes 14% Cash, 11% Bonus Share Dividend

The lender offered a 15 per cent cash dividend plus bonus shares of 10 per cent in 2012.

HSBC Oman To Pay First Dividend Since Merger

The bank made a net loss of 1.8 million rials in Q4 2013, compared to a net loss of 4.77 million rials in the year before period.

Raytheon Announces $1.28bn Missile Deal With Oman

The firm has been looking to secure more orders from Gulf countries to offset a projected decline in US military spending.

Bank Dhofar Posts 3.6% Q4 Profit Hike

The lender made a net profit of 9.3 million rials in the three months to December 31.

Oman’s Bank Sohar Q4 Net Profit Climbs 20.5%

Bank Sohar is currently in talks with rival lender Bank Dhofar over a possible merger.

Oman’s Galfar MD Hit By Corruption Verdict Resigns From Board

Mohammed Ali was handed a three-year jail term and ordered to pay fines worth 600,000 rials

Bank Muscat Meets Q4 Forecasts With 42% Profit Hike

Results were boosted by the $38.8 million payout from insurers after the bank was the victim of a major cyber fraud case.

Oman Government Official, Two Executives Jailed, Fined On Corruption Charges

Over 20 government officials and private executives from Oman’s oil industry are accused of offering or accepting bribes in exchange for contracts.

Oman’s Household Income Rises 83.9% In A Decade

The Muscat governorate recorded the highest average household income of $3,789 per month.

Investors Switch To Kuwait, Oman As UAE Weakens

The Dubai index is developing a negative 14-week momentum divergence.

Oman Government Plans To Borrow $1bn In 2014

The government plans to borrow half of that amount overseas from commercial banks and “strategic partners”.

Oman Budget Sees Slowdown In Spending Growth

Spending this year is projected at $35.1 billion, up five per cent from the original expenditure plan in the 2013 budget.

Domestic Concerns Drive Oman’s New Foreign Policy

Oman was unusually assertive in opposing a Saudi plan for Gulf Arab states to close ranks against Iran.

MAF To Develop $467m Mall of Oman Project

The mall, set to become the largest shopping destination in the Sultanate, will house 350 stores.