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Bank Muscat Looking At Ways To Recover Fraud Money

Bank Muscat had reported in February that its pre-paid travel cards were hit by fraud, forcing it to take a 15 million rial ($39.0 million) loss provision.

Rudisha, Gatlin Win In Doha’s Diamond Meeting

Shelly-Ann Fraser-Pryce also featured as a host of Olympic medallists began their build up to August’s world championships in Moscow.

Omantel Q1 Profit Dips 2.5% As Costs Outstrip Revenue Growth

Omantel made a net profit of $75.6 million in the three months to March 31.

Oman’s Central Bank Sets Minimum Target For SME Lending

Commercial banks have ensure that at least five per cent of their total loans are given to small and medium-sized firms.

Two Oman Power Firms Plan IPOs In Mid-2014

Both Al Suwaidi Power Co and Al Batinah Power Co aim to each offer a 35 per cent stake to the public.

Oman Visitor Traffic Surges With Air Route Expansion

Increased services from aviation hubs like Dubai and Doha boost Salalah’s tourism.

Oman May Issue USD Bond For First Time In 17 Years

The government hopes to facilitate debt sales by its private sector, says finance minister Darwish al-Balushi

Oman Telco Nawras Posts 21% Drop In Q1 Net Profit

The company said increased depreciation arising from network modernisation had impacted its net profit.

Oman Central Bank To Help Boost Lending To SMEs

Supporting smaller firms is a key part of the government’s economic policy but lending growth hit a 22 month low in February.

ITC Projects Revive Oman’s Real Estate

Integrated Tourism Complex developments, such as Muscat Hills and The Wave, help to revive the Sultanate’s real estate market.

Bank Muscat Q1 Profit Drops 25.1%, Misses Forecasts

The lender made a OMR15 million one-off provision after some of its prepaid travel cards were hit by fraud.

Oman’s Alizz Islamic Bank Eyes Q3 Launch -COO

Alizz Islamic Bank is the second full-fledged Islamic bank in the sultanate.

Oman Plans To Build $1bn Oil Storage Facility

The facility, located in Duqm, will be able to store up to 200 million barrels of crude oil.

Oman Firm Signs Deal To Build $200m Sugar Refinery

The refinery will begin operations by the end of 2015 and will produce one million tonnes of sugar per year.

Oman’s Sohar 2 And Barka 3 Power Plants Fully Operational

The two new plants will together add 1,500MW of power to the sultanate’s current existing capacity of 4,500MW.

Oman Goods Trade Surplus Rises 2.3% In 2012

Oman’s merchandise trade surplus reached $24 billion last year.

Oman To Shift To Friday-Saturday Weekend

Currently Oman, like neighbouring Saudi Arabia, follows a Thursday-Friday weekend.

Oman’s Islamic Banks Get Extension On Foreign Holdings

Oman’s Islamic lenders can hold no more than 40 per cent of their net worth in the form of foreign currency-denominated assets.

Oman Finance Minister Signals Spending Restraint

Oman does not expect to spend more than its budgeted amount this year.

Oman Air Plans To Launch Budget Airline

Oman Air said its revenues jumped 21 per cent last year on the back of rising traffic through the country’s main airport.

Oman Signs Oil, Gas Exploration Deal With US PetroTel

Under the agreement the company will explore for oil and natural gas in Blocks 39 and 67.

Intercontinental’s Crowne Plaza Chosen For Oman Convention Centre

Three more hotels are due to open on site, a five-star property, another four-star hotel and a three-star hotel and apartments.

Oman’s Bank Dhofar Gets $68m After Court Ruling Overturned

The Omani bank lost a court case in June 2011 against Oman International Bank, Ali Redha Trading and Muttrah Holding.

Oman’s Bank Muscat To Price $500m Bond

Despite attracting more than $2.5 billion of demand so far the size of the bond will not be increased.

Thousands Of South Asian Workers Strike At Oman Airport

Workers are demanding better safety conditions after a worker died in an accident on Monday.

Bank Muscat Picks Banks For Potential Bond

The meetings will start in Riyadh before going to Singapore, Hong Kong, the United Arab Emirates, Switzerland and London.

Oman Sees BP Tight Gas Deal In Weeks

Omani gas production has risen sharply over the last decade and the country remains a net gas exporter.

Oman’s 2012 Average Daily Oil Output Up At 918,000 bpd

Average oil production in the country was at 884,900 bpd in 2011.

Oman’s 2012 Oil Output Rose 4%

The increase was due to new discoveries in three different oil fields as an average of 918,000 bpd were produced.

Special Country Report: Oman

As its oil reserves dwindle, is Oman’s focus on diversification and privatisation enough to keep the economy ticking?