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BUSINESS NEWS

OPWP to sign deals today to develop Salalah power plant

Muscat - 

Oman Power and Water Procurement Co (OPWP), the sole procurer of all new power generation and water desalination capacity in Oman, will sign a number of agreements for phase two of the Salalah Independent Power Plant with a consortium of Mitsui & Co Ltd, ACWA Power and Dhofar International Development and Investment Holding Co at a ceremony to be held today.

The company has registered a loss of RO711,021 in the previous fiscal.

Muscat - 

Bank Sohar has mandated Arab Banking Corporation as the sole book-runner and initial mandated lead arranger to arrange on its behalf a debut US$250mn syndicated term loan facility.

Oman Fisheries posts 3rd straight annual loss

Muscat - 

Oman Fisheries Co posted its third consecutive year of losses with its deficit widening to RO1.75mn for the financial year ended March 31, 2015. 

MSM30 index weighed down by weak activity

Muscat - 

The general index of the Muscat Securities Market (MSM) inched down 0.12 per cent to close at 6,375.43.

S&P holds Oman ratings at A-/A-2; outlook stable

Muscat - 

Standard & Poor’s Ratings Services has affirmed its A-/A-2 long- and short-term sovereign credit ratings on the sultanate and kept its outlook ‘stable’.

Riyal purchasing power increases

Muscat - 

The real exchange rate index of the Omani riyal increased 9.3 per cent at the end of March, indicating an increase in the currency’s purchasing power.

CI affirms OAB rating at BBB+

Limassol - 

Capital Intelligence (CI) has affirmed Oman Arab Bank's (OAB) financial strength rating at BBB+. 

NBO confirms participation in bidding: United Finance

Muscat - 

National Bank of Oman (NBO) has confirmed its interest to participate in the bidding process for a possible acquisition of United Finance Co.

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