Corporate results weigh on MSM Index
MSM30 ended the week marginally lower by 0.29 per cent. Financial Index was down 0.66 per cent while Industrial Index declined by 0.72 per cent. Services Index was higher by 0.30 per cent. Shariah Index also declined by 0.16 per cent.
Raysut Cement Company SAOG completed its negotiation and officially acquired 75 per cent shares of Lafarge Holcim Maldives Ltd, a cement terminal located at Thilafushi Island, Maldives, at a purchase value of $8 million.
Oman Investment and Finance Company received Central Bank of Oman approval to operate as a payment service provider (PSP). Accordingly, within six months, OIFC will be required to complete all legal requirements related to obtaining the final approval and required license in that regard.
United Power Company announced that it has requested the Capital Market Authority to convert the Company from a Public Joint Stock Company to Limited Liability Company.
With the blessings of His Majesty Sultan Haitham bin Tarik, and in implementation of Royal directives to consider the financial conditions undergone by public and private sector retirees, the Central Bank of Oman has launched the ‘Programme of Amending Terms for the Repayment of Loans and Personal Finances Granted to Public and Private Sector Retirees’.
The programme will be applied to loans and personal and housing finances granted to retired employees according to the following terms: deduction service must not exceed 30 per cent of the monthly pension if it is equal to or less than RO 1,500. If it is more than RO 1,500 the maximum ceiling of deduction must be not more than 35 per cent. extend the period of repayment of loans/finances till the retiree reaches the age of 70 years. banks would not be able to get a repayment of the due balance of the loan/personal finance before the retiree reaches the age of 70 years, the banks may deduct a down payment (free of early payment fees) of not more than 25 per cent of the sum of end of service gratuity if the monthly pension is equal to or less than RO 1,500 or 35 per cent of the sum of end of service gratuity if the monthly pension is more than RO 1,500.
As per CBO’S latest monthly bulletin, Oman reported deficit of RO 1.55 billion for 7M-2020 compared to RO 1.0 billion deficit in similar period last year.
Revenue during the period declined by 19.3 per cent to RO 5.19 billion compared to RO 6.42 billion in same period last year. Expenditure on the other hand also aided in controlling the deficit. Expenditure declined by 9.3 per cent to RO 6.73 billion in 7M-2020 compared to RO 7.42 billion in 7M-2019.
In the month of July alone, Oman revenue stood at RO 358 million with oil and gas revenue at RO 62.7 million and RO 82.3 million, respectively.
On the expenditure side, civil ministries expenditure dropped to RO 281 million in July 2020 compared to RO 469 million in June 2020.
The value of goods reexported from Oman amounted to more than RO 8 billion between 2016 and the first half of 2020, according to government figures.
The NCSI’S annual yearbook for 2020 shows that re-exports in Oman accounted for RO 2.05 billion in 2016, RO 2.1 billion in 2017, RO 1.8 billion in 2018 and RO 1.46 billion in 2019.
As of June 2020, the value of goods re-exported this year stood at RO 741.2 million, and developments are already underway to expand Oman’s ports in anticipation of increased trade over the coming years.