The MSM30 Index ended the week up by 1.40 per cent, supported by all the sub-indices. Financial index rose by 0.88 per cent. The Services Index and Industrial index, rose by 0.59 per cent and 0.39 per cent, respectively. The MSM Shariah Index was higher by 0.95 per cent.
Foreign investors will be entitled to ownership of land for the first time in the Sultanate under the new Economic Stimulus Plan unveiled by the Omani government.
According to Minister of Commerce, Industry and Investment Promotion (MoCIIP), the move is part of a series of incentives offered by the government to enhance Oman’s investment appeal, as well as ease the business environment severely impacted by the pandemic and economic slowdown.
Ooredoo’s highly anticipated Data Centre is now open for business. The 7,000 sqm facility, located in Baushar, was completed in less than 12 months, and is now fully equipped to manage the requirements of the rapidly growing demands for local hosts and digital data processing in Oman.
Galfar Engineering have increased their loss in the audited financials to RO 28.2 million for year 2020 compared to RO 21.8 million earlier in its initial estimates. Initial numbers had a worth RO 2.86 million while the audited one has provisions of RO 3.07 million.
Al Hassan Engineering reported a net profit of RO 14.6 million in audited financials compared to RO 0.052 million in initial disclosure. Higher profit was largely because of gain on loss of control of subsidiaries in UAE amounting to RO 14.56 million. Company lost control of three of its subsidiaries in UAE, namely, Al Hassan Engineering Company Dubai LLC, Al Hassan Engineering Company Abu Dhabi LLC and Al Hassan Tecnidas Reunidas Project LLC.
The latest CBO bulletin reveals that Oman banking sector’s total credit stood at RO 26.89bn (+0.8 per cent MoM and +3.8 per cent YoY) as at the end of Jan 2021.
Total deposits stood at RO 24.5 bn (+0.7 per cent MoM and +3.9 per cent YoY).
Total private sector credit stood at RO 23.1 bn, (+0.8 per cent MoM and +1.4 per cent YoY). Loan-to-deposit Ratio remained stable at 109.8 per cent in Jan 2021, as compared to 109.7 per cent in Dec 2020 and Nov 2020, and is below 109.9 per cent recorded a year ago, due to a relatively slower increase in credit as compared to deposits. Conventional credit picked up to +2.7 per cent YoY from +2.2 per cent YoY in Dec 2020.
Total conventional credit reached RO 22.48 bn (+RO 138.5 million on MoM basis or +0.6 per cent MoM).
Conventional credit expanded on MoM basis largely on account of a 0.9 per cent MoM, or RO 166.5 million worth of increase in Private Sector credit.
Government and Public Enterprises credit declined by 1.9 per cent MoM and 0.7 per cent MoM, while credit to non-residents increased by about 0.5 per cent MoM.
Conventional deposits grew by +2.8 per cent YoY as compared to +2.4 per cent in Dec 2020. Total conventional deposits stood at RO 20.67 bn (+RO 123.4 million on MoM basis or +0.6 per cent MoM).
Sector Loan-to-deposit (LTD) ratio marginally stood stable at 108.8 per cent since Dec 2020 on equal growth rates of loans and deposits.
Conventional deposits increased on MoM basis on account of Government, Public Enterprises and Private Sector deposits, while Non-Resident deposits declined by 27.2 per cent MoM.
Government deposits rose by 3.2 per cent MoM (up RO 138.1 million), Public enterprises’ deposits rose 10.6 per cent MoM or by RO 114.2 million, and Private Sector deposits rose +0.3 per cent MoM or by RO 45.5 million.
The share of Government & Public Enterprises deposits, which had dropped to the lowest value in our records at 26.6 per cent in Dec 2020 as compared to a simple average of 30.0 per cent over the previous trailing 12 months, now rose to 27.6 per cent in Jan 2021.
Source: Oman Observer