MSX closes week down at 4666.72 points
MUSCAT: MSM30 Index ended the week down by 1.22 per cent. All sectors ended down, the financial index ended lower by 1 per cent, the services index and industrial index ended down by 1.76 per cent and 3.24 per cent respectively, and the MSX Shariah Index closed down by 1.23 per cent.
Zain Group and Omantel concluded a shareholder agreement to incorporate a joint venture (JV) to be called Zain Omantel International (ZO1). Zain Group will be holding 74 per cent of the JV share capital whereas Omantel’s share will be 26 per cent. Among the purposes of ZOI is to act for Zain Group and Omantel in managing their international wholesale requirements across eight markets, serving over 55 million customers which will create better economy of scale value to the JV partners.
At its FMB held on May 11, 2023, AMAN REIF recommended to unitholders a semi-annual dividend payment of at least 3.58 baisas per unit. The dividend payment is subject to approval of unitholders at the AGM.
The Board of Directors of Ominvest in its meeting resolved to announce the intention for Ominvest to lead a consortium, which will make an offer for the entire issued share capital of Ahli Bank.
The offer will be made by certain entities separately controlled by Ominvest and Arab Bank plc. Certain other investors have also expressed their desire to join the Consortium.
Bank Dhofar resolved to submit a revised non-binding offer to the board of directors of Ahli Bank (ABO). Bank Dhofar said it believes that a combination of Bank Dhofar and ABO is a compelling opportunity for ABO shareholders to: create a leading domestically-focused Omani bank with a robust competitive position, well placed to serve the entirety of the market with leading market positions across a number of customer segments, combine the banks’ highly complementary activities and expertise across retail, corporate and Islamic banking for the benefit of the combined group and its customers, provide career development opportunities for both banks’ employees; provide opportunities to create value for both sets of shareholders, notably through an improvement in the combined group’s cost of funds; and provide enhanced liquidity for both sets of shareholders.
NCSI latest data revealed that the number of private sector expatriates rose by 16.3 per cent YOY in March 2023, while family expatriates went up by 25.47 per cent YOY.
Government expatriates also rose by 24.21 per cent YOY. Where the total number of expatriates stood at 1.75 million at end-march 2023.
The data issued by the National Centre for Statistics and Information (NCSI) indicated that the domestic production of natural gas, including imports, increased by 5.74 per cent to reach 4.374 billion cubic metres compared to 4.137 billion cubic metres during the period in 2022.
Trade between the Sultanate of Oman and the brotherly Kingdom of Saudi Arabia surged 123 per cent, RO 2.7 billion in value at the end of 2022 compared to the previous year’s figure.
Bandar bin Ibrahim al Khorayef, Saudi Minister of Industry and Mineral Resources, said remarkable growth in bilateral trade underscored growing integration between the two countries, as well as opportunities for joint investment in logistics and mining.
Al Khorayef said the two countries seek to develop the industrial sector by adopting the technologies of the Fourth Industrial Revolution to provide products of high value and quality.
Commenting on the integrated economic zone currently under development in Al Dhahirah Governorate, he said the facility would accelerate trade exchanges and stimulate investment inflow in both countries.