Faced with heavy losses from low oil prices, Gulf states have embarked on belt-tightening measures to cut spending and boost non-crude revenues, but analysts warn much more needs to be done.
The benchmark index of Muscat Securities Market fell 0.81 per cent on Wednesday to close at 5,695.8, mainly due to selling pressure from foreign institutional investors.
Despite the challenges from crude oil price slump, the forecasts for the petrochemicals industry of the Gulf region remains positive, due to attractive investment environments, government commitments and expected future demand, according to speakers at the 10th Annual Forum of the Gulf Petrochemicals and Chemicals Association (GPCA).
Oman Electricity Transmission Company (OETC) recently won the Middle East 2015 bonds, loans and sukuk awards.
Ahli United Bank (AUB) has been recognised as ‘Best Private Bank in the Middle East’ by Global Finance, the leading international banking and finance publication.
Following completion of the extensive substructure works, Badr Group, the company developing The Links Integrated Tourism Complex (ITC) in Muscat, awarded the main contract for the construction of the project to Unique Contracting Company (UCC), an excellent grade building and construction company renowned for quality and timely delivery of large scale projects across Oman.
The Muscat Securities Market’s benchmark MSM30 index dropped by 0.34 per cent on Tuesday to close at 5,742.50 points.
Oman International Development and Investment Company SAOG (Ominvest), one of the oldest and the largest investment companies in Oman, successfully held its ordinary general meeting (OGM) on Thursday.