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BUSINESS NEWS

JPMorgan said to be advising Oman Oil on credit rating plans

JPMorgan said to be advising Oman Oil on credit rating plans
Dubai - 

Oman Oil Co, the sultanate’s state-owned energy company, hired JPMorgan Chase & Co to advise on plans to seek a credit rating, according to two people familiar with the matter.

Omantel’s public offer subscribed 105%

Muscat - 

The public offer of Omantel shares to Omani individuals, the subscription for which closed on April 13, was oversubscribed with a demand for nearly 75mn shares, against 71.25mn shares on offer, for a subscription of over 105 per cent.

Sayyid Taimur opens Bank Muscat’s new Duqm branch

Sayyid Taimur opens Bank Muscat’s new Duqm branch
Muscat - 

Bank Muscat has opened a new branch in Duqm. H H Sayyid Taimur bin As’ad al Said was the guest of honour at the inauguration attended by H E Yahya al Jabri, chairman of the Special Economic Zone Authority at Duqm (Sezad), and AbdulRazak Ali Issa, chief executive of Bank Muscat, a bank press release said. 

Sultanate's health-care market to grow 12% annually, says Alpen Capital report

Sameena Ahmad
Muscat - 

Oman's health-care services market is expected to expand at an annual rate of 11.8 per cent to reach US$3.8bn in 2018, from an estimated US$2.1bn in 2013, according to investment banking firm Alpen Capital.

Omran inaugurates four-star Crowne Plaza Duqm

Omran inaugurates four-star Crowne Plaza Duqm
Duqm - 

Paving the way for increased local and foreign investment in the sultanate’s fastest growing economic hub, Omran officially inaugurated the Crowne Plaza Duqm hotel under the patronage of H H  Sayyid Taimur bin As’ad al Said, assistant secretary general for international relations, The Research Council.

Port Services posts 16% growth in profit

Muscat - 

Port Services Corporation reported a 15.8 per cent growth in its first quarter 2014 net profit to RO1.94mn, compared with RO1.67mn in the same quarter last year.

MSM down; Bank Muscat sways trading

Muscat - 

The MSM30 ended Wednesday's trading down by 0.49 per cent to 6,781.22. Bank Muscat dominated trading, as investors sold off on the scrip through the day, only to return to support trading at the end of the session. 

Hamdan Ali Nasser al Hinai

Ahlibank posts Q1 net profit of RO6.1mn

Muscat - 

Ahlibank announced its unaudited results for the three-month period ended March 31, 2014, posting a net profit of RO6.1mn, which is marginally lower compared with the same period of 2013.

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