MSX30 Index ended the week higher by 3.63pc. financial index ended the week up by 3.37pc. services index closed higher by 1.53pc. The Industrial Index closed lower by 2.22pc respectively. The MSX Shariah Index closed flat.
Al Ahlia Insurance Co SAOG Board in its meeting on July 20, 2022, took note of the resolution made by National Life and General Insurance Co SAOG Board to make an offer within next 6 months to the minority 47.5pc shareholders of AAIC.
The offer shall be to acquire the minority shares at 1.15x times the Book Value, closer to the offer date and this expected offer is in accordance with the Takeover and Acquisition Regulations (E/2/2019) issued by CMA Al Ahlia Insurance Co SAOG Board notes that the offer of 1.15x is fair and reasonable. Further disclosures shall be made upon receiving the firm offer from National Life and General Insurance Co SAOG
BankDhofar has recently signed an agreement with Trust Fintech Company.
As per the agreement, BankDhofar will provide banking solutions to Trust Fintech. The agreement was mutually signed by Dr Tariq Taha, Chief Retail Banking Officer at BankDhofar, and Ahmed al Rahbi, CEO of Trust Fintech.
Locally, Oman’s June inflation rate rose by 2.85pc year-on-year, driven mainly by food prices by 6.09pc, the database of the monthly bulletin of the National Center for Statistics and Statistics data on Wednesday.
The prices of oils and fats increased by 19pc, organic fruits 9.2pc, and meat 8pc, compared to June of last year. Share prices rose 4.2pc in June, coinciding with the rise in oil prices globally. It was telecom prices that fell in June, pegging the decline to 0.01pc. On a basis, the inflation rate in Oman increased by 0.45pc in June compared to the previous month of May. The annual inflation rate was last May.
The total number of guests in hotel properties of the 3 to 5-star category in the Sultanate of Oman increased 46.2pc to 654,807 guests YTD compared to 447,778 guests for the same period of 2021.
The occupancy rate increased 41.1pc YoY, according to the latest monthly statistics released by the National Centre for Statistics and Information (NCSI) compared to 35.8pc last year. Total revenues of these hotels rose by 129pc to RO 73.058m YTD, compared to RO 31.897m during the same period of the previous year.
Data released by the National Centre for Statistics and Information (NCSI) showed that the total number of visitors coming to visit Oman through all airports in the Sultanate of Oman was 794,000, while the number of visitors departing from Oman by the end of May 2022 was about 1.5 million, indicating a 36-fold increase in the total number of visitors coming to Oman in May 2022 to 216,000 compared to the same month of the previous year, which numbered about 6,000. Number of Flights through Muscat International Airport in May was 5,668 flights and number of passengers reached 643,775.
The Gulf Cooperation Council (GCC) economies, including the Sultanate of Oman, are predicted to grow due to increasing energy prices (oil and gas) and the impact of the ongoing geopolitical uncertainties.
According to the KPMG’s Global Economic Outlook H1’2022, the oil and gas prices are expected to continue soaring in 2022 and 2023, driven by their increased production and hike in prices.
Moreover, the economic activity in the GCC is expected to pick up further pace owing to the private sector activity and easing of Covid-19 related restrictions.
(Courtesy: U-Capital)