Friday, January 15
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Business

Saudi Arabia ranked first at the Arab level in Road warning hazards, index reports

Business
Riyadh, The Kingdom of Saudi Arabia ranked first at the Arab level according to the technologically-used road warning hazards index, measured as part of the GCC developmental index, it was reported here today. According to the report, Saudi transport ministry has covered more than 58 kilometers of the continent-like country with road warning hazards technology which produces warning voices once a driver tends to get out of his track due to feeling sleepy or using mobile or suffering worse vision due to bad weather or whatever. The measure contributed to drastically reducing fatal car accidents from 28.8 deaths to every 100,000 to 16.8 deaths to every 100,000, the report said.     Source: Saudi Press Agency

Oman Air’s IATA Operational Safety Audit (IOSA) Registration Renewed

Business
Oman Air, the national carrier of the Sultanate of Oman, has once again successfully passed the International Air Transportation Association (IATA) Operational Safety Audit (IOSA), with a remarkable result. From 7 to 11 December, 2020, Oman Air was subject to the audit, which was conducted by an accredited organisation approved by IATA to perform these tasks. IOSA is an internationally recognized and accepted evaluation system designed to access the operational management and control systems of an airline, which occurs every two years once the airline successfully completes the first audit. This certification is a valuable safety validation for Oman Air as it aligns us with global best safety practice. It helps to ensure our continuous operational management and control systems ar...

Saudi Moroccan Business Council discusses ways of enhancing commercial and investment partnerships

Business
Riyadh, Ajlan Al-Ajlan, President of the Saudi Chambers Council, and Shkaib Al-Alaj, President General of the Moroccan Contractors Council, have co-opened a new round of discussions of the Saudi Moroccan Business Council in the attendance of a number of senior officials and diplomats from the two sides, it was reported today. During the meeting, which was held virtually yesterday, a number of issues on the agenda concerning the two countries, namely the challenges facing investors on the two sides, were discussed. For his part, the head of the Moroccan side at the two countries’ chamber told the meeting that the bilateral trade size amounted to 14.5 billion Moroccan Dirham in 2019, noting that nearly 250 Saudi companies have investments in Morocco against only around 20 Moroccan companie...

Syrian ports closed due to bad weather conditions

Business
Lattakia, The General Directorate for Ports on Wednesday announced that fishing and picnic ports on the Syrian coast were closed, except al-Basit Port, due to bad weather conditions until further notice. Director of Ports General Directorate, Gen. Ammar Makhlouf, told SANA that the small ports were closed, and fishing has been suspended due to the prevailing weather conditions until further notice. Makhlouf pointed out that the commercial ports in Lattakia and Tartous, and Banias Oil Terminal are operating as usual.   Source: Syrian Arab News Agency

Fisheries An Important Pillar of Economic Diversification

Business
Muscat– The fisheries sector figures among the main components of economic diversification resources due to the fact that it is a renewable sector capable of contributing to food security and providing employment opportunities for citizens, besides augmenting the Gross Domestic Product (GDP). In 2017, the Fisheries Lab announced more than 90 initiatives and projects that covered three basic activities. These include: commercial fishing (firms), artisanal fishing (individual full-time fishermen) and fish farming; fishery industries and exporting. The initiatives and programmes are expected to achieve a considerable increase to the GDP estimated at RO 556 million, thereby achieving a three-fold rise of the overall contribution of the fisheries sector over 2017 figures to RO 781 million by 20...

CBO Mandates Banks to Provide E-Services for Bulk Payments

Business
Muscat--- The Central Bank of Oman (CBO) in collaboration with Ministry of Finance and Ministry of Labour to notify that the banks operating in the Sultanate have been mandated to provide a seamless mechanism for transferring salaries and recurring payments (Bulk Payments) of all government and private agencies/ companies through electronic banking services. This corporate banking channel is safe and secure. It aims to stop using any methods that do not meet the safety and security standards. The move also aims to avoid expensive methods that consume a lot of time and effort. CBO has been working with the relevant authorities to implement this initiative since 2019. However, due to coronavirus (Covid-19) pandemic, the deadline was extended several times. Now, it is decided to sp...

Review of Banking, Monetary Developments November 2020

Business
Muscat--- Data issued by the Central Bank of Oman (CBO) indicated that the total deposits held with ODCs reached RO 24.0 billion at the end of November 2020, increasing by 3.5 percent from November 2019. Meanwhile, total private sector deposits increased by 10.8 percent to RO 16.5 billion. As per the preliminary data released by National Center for Statistics and Information (NCSI), Oman’s nominal GDP showed a decline of 13.4 percent during the second quarter of 2020 over the same period of last year. The contraction was driven by a 20.0 percent decline in the hydrocarbon sector coupled with the decline in non-hydrocarbon sector by 9.9 percent during the second quarter of 2020. The Omani oil price, averaged $46.5 per barrel during Jan-Nov 2020, was lower by 27.3 percent over the correspon...

MSM Rises 31 Points

Business
Muscat--- Muscat Securities Market (MSM) general index (30) today added (31.5) points, comprising a rise by (0.85%) to close at (3730,85) points, compared to the last session, which stood at (3699,36) points. The trading value today stood at (RO1,082,199), comprising a rise by (113.8%), compared to the last session, which stood at (RO506,158). The report released by MSM pointed out that the market value rose by (0.171%) to reach about (RO20.33) billion. The report added that the value of shares bought by non-Omani investors reached (RO311,000), comprising (28.76%). The value of shares sold by non-Omani investors reached (RO185,000), comprising (17.12%). The net non-Omani investment rose by (11.64%) to (RO126,000).Source: Oman News Agency

National Debt Management Center Signs Memorandum of Cooperation with Nippon Export and Investment Insurance

Business
Riyadh, The National Debt Management Center (NDMC) signed on Tuesday December 15, 2020, a Memorandum of Cooperation with Nippon Export and Investment Insurance (NEXI). The agreement was signed by Fahad Al-Saif, Chief Executive Officer of the NDMC, and Atsuo Kuroda, Chairman and CEO of NEXI. Mohammed Al-Jadaan, Chairman of the NDMC’s Board of Directors, explained that the signing of the Memorandum comes concurrently with the fifth Saudi-Japan Vision 2030 Ministerial Meeting. The Memorandum aims to expand the opportunities of financing government projects implemented by Japanese companies in the Kingdom of Saudi Arabia. He pointed out that this agreement will contribute to creating a comprehensive framework for cooperation between the NDMC and NEXI in attracting financial institutions to fi...

MoF signs a USD 3 Billion Financing Agreement with Korea Trade Insurance Corporation (K-SURE)

Business
Riyadh, The Ministry of Finance (MOF), represented by the National Debt Management Center (NDMC), has on 22nd December 2020 executed the signing of a long-term financing agreement with K-SURE. The agreement was signed by the Minister of Finance Mohammed Al-Jadaan from the Saudi side, and by the Chairman of K-SURE Lee In-ho from the South Korean side. Al-Jadaan, explained that the signing of the agreement comes within the framework of cooperation witnessed between two G20 members, the Kingdom of Saudi Arabia and Republic of South Korea. The facility was arranged through the National Debt Management Center (NDMC). Fahad A. Al-Saif, CEO (NDMC), stated that the financing provided amounts to USD 3 billion and attracted very strong interest from international banks across geographies. The tra...