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BUSINESS NEWS

Oman inks deal for first wind energy power plant

Eng Hamad al Maghdari, CEO of Raeco, and Dr Ahmed Abdullah, CEO of Masdar, signed the agreement
Musact - 

The sultanate, represented by the Rural Areas Electricity Co (Raeco), and Abu Dhabi, represented by the Abu Dhabi Future Energy Co (Masdar), on Wednesday signed the agreement to build a 50MW wind-based power plant in Harweel, Dhofar.

PSC’s 9M net profit falls 25%

Muscat - 

Due to the drastic reduction in throughput as a result of the termination of major cargo handling operations at Port Sultan Qaboos (PSQ), the Port Services Corporation (PSC) posted a 25.2 per cent drop in net profit for the nine-month period ended September 30, 2014.

Ahlibank leveraging benefits on all fronts, says chairman Hinai

Customer deposits grew by 11% in line with the strategy to build a stable low-cost deposit base, Ahlibank said
Muscat - 

The third-quarter results are reflective of Ahlibank leveraging benefits on all fronts - from product innovations and enhancements, to network expansion and implementing innovative customer service concepts, chairman Hamdan Ali Nasser al Hinai said. 

MSM30 soars 1.74% on robust activity

Muscat - 

The MSM30 index posted solid gains of 1.74 per cent, or 120.07 points, closing at 7,032.77 on robust turnover (RO12.99mn) and volumes (43mn traded) to join most regional and global markets, which rallied on news that the ECB might expand its asset purchase programme to include corporate bonds. 

Oman Oil in talks to buy Oxy assets in sultanate

Oman Oil Co chief executive Eng Isam al Zadjali speaks at the Oman Energy Forum on Tuesday
Muscat - 

Oman Oil Co is in talks with Occidental Petroleum Corporation (Oxy) to buy its assets in the sultanate, chief of the national oil investment company said on Tuesday.

H E Nasser al Jashmi (right) at the Oman Energy Forum on Tuesday

‘Caution’ on oil prices may mark next budget

Muscat - 

The government has no intention to phase out or shelve any of its projects, but would adopt certain measures if crude oil prices continue to fall, according to a senior official at the Ministry of Finance.

MSM rebounds; Financial index up 0.76%

Muscat - 

The MSM30 index closed mildly higher on Tuesday, gaining 0.17 per cent at 6,912.70. 

A business interaction meeting was hosted by the Indian Embassy on Monday for the visiting delegation

Indian companies eyeing opportunities in Oman's infrastructure sector

Muscat - 

A number of Indian companies are looking for opportunities in Oman's booming infrastructure sector and to establish tie-ups with firms in the sultanate. This emerged out a business interaction meeting hosted by the Indian Embassy on Monday for a visiting business delegation.       

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