MSX closes first week of 2022 on positive note

MUSCAT: The MSX30 Index ended the week up by 1.42 per cent. All Sectors ended positively except Industrial. The Financial Index ended the highest and up by 1.37 per cent. Services Index was higher by 0.99 per cent while Industrial Index closed down by 0.86 per cent. The MSX Shariah Index also closed down by 1.37 per cent.

A’Saffa Foods SAOG company signed a cooperation agreement with Stallions United Trading Company in Saudi Arabia to carry out commercial activity between two companies by exporting high quality poultry from A’Saffa Foods SAOG from the Sultanate of Oman to Saudi Arabia.

The Board of Directors of Global Financial Investments Holding (SAOG) announced the Ordinary General Meeting resolutions and discussed the following agenda: Approved the proposal of the Board of Directors to exchange the company’s share in Ithraa Tower building in the United Arab Emirates, Dubai in exchange for the equivalent of the shares owned by a related party in United Finance Company, according to the conditions contained in the explanatory memorandum.

Al Madina Insurance Company SAOG operating as the Wakeel of the Participants’ (Policyholders) Fund and proposes to charge the Wakala Fees for the year 2022 at 20 per cent of the Gross Written Contributions with respect to General Takaful funds and Family Takaful funds. Al Madina Insurance Company SAOG operating as the Mudarib of the Participants’ Fund proposes 55 per cent profit sharing ratio from the total investment income generated from the investments of the Participants’ Fund for the financial year ending on December 31, 2022.

Vodafone Oman announced the launch of its service operations in the Sultanate of Oman. The CEO of Vodafone in Oman said that their main objective is to advance digital progress, initially by bringing next-generation 5G network and cloud service and then subsequently going into ecosystems that reach far beyond telecommunication. The company’s focus is on giving opportunities to small and medium enterprises and the country’s youth. Even before the launch, the meaningful in-country value was delivered through employment (95 per cent Omanisation) and an amazing local partnership ecosystem across key sectors.

The Omani government announced an expansionary budget for the year 2022, with main consideration given to maintaining the level of spending on basic services such as education, health care, housing, and social welfare. Other considerations are reflected by measures aiming to improve the business environment and expanding public-private partnership (PPP) projects. Revenue estimated RO 10.58bn for2022 vs RO 10.9bn revenue estimated to have been achieved in 2021. Expenditure is budgeted at RO 12.13bn, 11.5 per cent higher compared with the budgeted figures of 2021. Deficit has been budgeted at RO 1.55bn, lower than last budgeted year but higher than full year preliminary deficit of RO 1.2bn or 3.8 per cent of GDP for 2021. Apart from the planned budgetary expenditure, RO 5bn worth of investments have been planned for non-budgetary sources.

OIA-led projects account for RO 2.94bn while RO 1.2bn investment is planned by Energy Development of Oman while RO 0.9bn will arise from development projects and initiatives planned via the Public Private Partnership and the Partnership for Development Program. Overall, a considerable amount of projects has been outlined from both budgetary and non-budgetary measures which should give comfort to the investment community.

The total number of Small and Medium Enterprises (SMEs) registered in the Authority for Small and Medium Enterprises Development till the end of November 2021 increased by 30.4 per cent to reach 62,335 compared to 47,802 in November 2020, according to the data released by the National Centre for Statistics and Information (NCSI). Among the governorates, the Governorate of Muscat topped the list by reaching 21,068 enterprises, comprising a rise of 31.5 per cent, followed by the Governorate of North Al Batinah with 9,830, comprising an increase by 30.4 per cent, the Governorate of A’Dakhiliyah with 7,604, going up 25.9 per cent and the Governorate of Dhofar by 5,318, constituting a surge by 33.7 per cent compared to the same period in 2020.

[Courtesy: U-Capital]