MSX closes the week lower by 0.33 per cent

MUSCAT: The MSX30 Index ended the week lower by 0.33 per cent. Industrial index ended the week up by 5.36 per cent. Services index and Financial Index closed lower by 0.83 per cent and 0.33 per cent respectively. The MSX Shariah Index closed up by 4.33 per cent.

Oman International Development and Investment Company SAOG (OMINVEST) disclosed that based on the advice of statutory auditors and change in regulations relating to appointment of a board member in a joint stock investee company, Jabreen International Development Company SAOC, a fully owned subsidiary, has reassessed its accounting classification of its 9.99 per cent shareholding in Bank Muscat SAOG. Accordingly, during August 2022 Jabreen Capital has reclassified its investment in Bank Muscat SAOG from ‘Investment in Associate’ to ‘Investment at fair value through other comprehensive investment’. A one-time reclassification gain amounting to approximately RO 62 million calculated in accordance with the requirements of International Financial Reporting Standards has been accounted by Jabreen Capital. The reclassification gain represents the difference between Jabreen Capital’s carrying value of its investment in Bank Muscat SAOG and the related prevailing market price.

National Gas has decided to exit its operations in the UAE region. This decision has been taken after closely monitoring the market positions year-over year, where the rebound in the scenario is not expected in the short or medium term. The management is evaluating the financial impact as per the IFRS 5-Non-current Assets Held for Sale and Discontinued Operations, and the necessary adjustments to the carrying value of the investment in the books will be made in the current quarter ending September 2022 Management will keep the Shareholders informed of further developments.

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 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 flight and number of passengers reached 643,775.

The Ministry of Commerce, Industry and Investment Promotion continues to promote 22 investment opportunities available in the industrial sector for raising the sector’s contribution to the gross domestic product of the Sultanate of Oman, promoting economic diversification and developing national industries. These opportunities come in cooperation with the Oman Vision 2040 Follow-up Unit, the Oman Investment Authority, the Public Establishment for Industrial Estates (Madayn), the Petroleum Development Oman, Nama Holding Group and Mazoon Dairy Company.

Oman’s total oil exports saw an increase of 16.2 per cent untll the end of June 2022 according to the latest statistics of the National Centre for Statistics and Information (NCSI). The report said that China topped the list of the Sultanate’s oil importing countries till the end of June 2022 at 123. 10 million barrels. The total domestic production of the Sultanate’s natural gas (including imports) up to end of last June increased by 4.4 percent to 25.77 billion cubic metres compared to 24. 69 billion cubic metres during the same period in 2021. (Courtesy: U-Capital)