United Finance Company 1/03/2008-31/03/2008
Monthly Trade & Industry Update (Oman Specific)
Date: 1st March 2008 to 31st March 2008.
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Economy
Construction
Banking & Finance
Miscellaneous
Tenders
Other notices
Terms of the day
Bank Deposit Rates
Accommodation Available
Important Telephone Numbers
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(Kindly click on the link to go to the desired page)
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United Finance Company 1/03/2008-31/03/2008
HomeEconomy
 The Petroleum Development Oman (PDO) yesterday signed memoranda
of understanding (MoUs) with 13 government ministries and local nongovernment organisations covering 17 separate social investment projects.
PDO will be spending a total of RO 1.6 million for these social
development projects.
 The Wave, Muscat, a fully master-planned community project occupying
a total area of 2,500,000 square metres along over six kilometres of natural
beach, will deliver more than 50 villas and apartments this summer.
 The Sultanate plans to invite international firms to develop five more
onshore and offshore oil blocks in the country on production sharing basis
 Value of major Gulf projects exceeds $2 trillion.
 The much-anticipated next sales release of Al Madina A’Zarqa would take
place in the next three months.
 Cargo volumes handled at Port Sultan Qaboos and Port of Salalah stood at
889,500 tonnes during January 2008 as against 569,300 tonnes during the
corresponding period in 2007, constituting a 56.2 per cent rise.
 Authorities have set up a new hotline to receive complaints regarding
manipulation of cement prices. The hotline number is 80071118.
 Al Jizie Health Centre was opened in the Wilayat of Buraimi yesterday
under the auspices of Shaikh Awadh bin Abdullah al Mantheri, Wali of Al
Mudhaibi. Ali bin Abdullah al Habsi, Director-General of Health Services
in the Northern Al Batinah, said the RO 543,641 centre comprises
outpatient, maternity and mother care clinics, immunisation and birth
spacing clinics, a training and health education hall and laboratories
 Joint venture led by the Port Services Corporation (PSC), which has won
provisional government approval to operate and manage Port Khasab in
Musandam Governorate, is also considering the development of a free
zone in the vicinity of the port.
 Two Asians were caught red-handed while selling cement at exorbitant
price in the Wilayat of Ibri on Tuesday
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At least a couple of leading business houses in the country have initiated a
5-day week system, giving their employees offs on Thursdays and Fridays.
Among local business houses, Zubair group has introduced a five-day
week since March 1, while OHI is set to switch over to the new system
from April 5. Both group companies have enhanced their working hours
by one hour between Saturday and Wednesday — from 8 am to 6 pm from
the earlier system of 8 am to 5 pm — to compensate for an additional off
day. Thursday was a half-day for employees of both business groups.
Sources at OHI said that the group companies would change to the new
system from April 5. However, subsidiary firms will review their
requirement and make changes accordingly. Majority of multinational
firms, including those started operations in Sohar, have a five-day week
system.
Home
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His Majesty Sultan Qaboos has issued Royal Decree No 36/2008
promulgating the Tender Law. The Chairman of the Tender Board shall
issue the executive regulation of the law and other regulations and
decisions needed for its implementation.
 The actual consumption of cement is estimated at 12,000 tonnes per day.
Al Dheeb told Oman that it was agreed that Oman Cement Company will
supply to the market 6,000 tonnes of cement and Raysut provides 3,000
tonnes per day, while another 2,000 tonnes will be imported via the
floating station at Sohar Port from the beginning of April to cover the
shortage. Al Dheeb added that, while the price of a bag of cement from the
factory will remain RO 1.350, the price of a bag from the floating station
at Sohar Port would be RO 1.600 with the transport cost included.
Tenants can enforce their legal rights if threatened with eviction by landlords
using dubious grounds to extract a rent increase in contravention of
government norms, a senior Muscat-based legal consultant has stressed.
Aggrieved tenants can seek legal redress if asked by landlords to vacate their
rented premises. “If a tenant thinks he has a legal right not to vacate, the only
option for the landlord is to take recourse to legal action.
A new branch of Areej al Sabah Electronics was officially opened, at the Al
Khamis Plaza in Qurum
The Omanisation of foodstuff shops and delivery trucks has hit the quality of
service in stores. It has often led to shortage of essential items and nonavailability of consumer goods. After Omanisation of foodstuff shops, it has
been found that items are arranged in such a way that it’s difficult for the
customer to locate what he is looking for.
Taxi segment is one of the most valued segments for Toyota. Over the years,
this segment has grown in leaps and bounds and Toyota has been successful in
making all the taxi owners happy and prosperous.
Jordan’s King Abdallah is due here today on a three-day private visit to the
Sultanate and His Majesty Sultan Qaboos will lead the welcome party to greet
the Jordanian monarch on arrival
The inspection campaigns to catch the people who have been manipulating
cement prices continued across the wilayats of the Sultanate.
His Majesty Sultan Qaboos issued Royal orders increasing the pensions of
retired personnel affiliated to government pension funds. This came in a
statement issued by the Diwan of the Royal Court:
1) The increase applies to pensions which are issued monthly in accordance
with the laws, Royal decrees and regulations effected by the above mentioned
funds.
2) The increase applies to the funds received monthly by the pensioners or
those entitled in lieu of them.
3) The rate of increase will be as follows:
a) The minimum pension dispensed in accordance with the laws and
regulations will be raised by 35 per cent.
b) The pensions over RO 100 and less than RO 200 will be increased by 17
per cent.
c) The pensions amounting to RO 200 and more but less than RO 300 will be
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Home increased by 10 per cent.
d) The pensions amounting to RO 300 and more will be increased by 5 per
cent.
e) When increasing the pensions stated in the above-mentioned paragraphs b,
c and d, it should be taken into consideration that the monthly pension after
increase is not less than the minimum pension after increasing it by 35 per
cent as per paragraph a.
4) The increase is effective from March 2008 pensions and will be issued with
the pensions of this month.
His Majesty issues 3 Royal Decrees
1. Royal Decree No 32/2008 promulgates the Foreign Ministry’s
Regulatory Law.
2. Royal Decree No 33/2008 appoints non-resident ambassadors
3. Royal Decree No 34/2008 declares as public utility project the
construction of the Sohar Industrial Port main road and Al Hadd
crossing in the Wilayat of Liwa in the Al Batinah Region as specified
in the attached memorandum and diagram
 Ministries and government departments will remain closed on Saturday,
March 22, on the occasion of Prophet Mohammed’s birthday.
 Al Jadeeda Stores and all its branches in the Sultanate’s governorates and
regions will boycott all products from Denmark and the Netherlands,
effective from today
 Gold prices in the Sultanate increased by 26.8 per cent, with a tola priced
at RO 126.7 yesterday as compared to December prices of RO 99.9.
Hamoud bin Sangour al Zadjali, Executive President of the Central Bank
of Oman, said in a statement to Oman that the increase in prices of gold
items in the Sultanate is due to many factors like the falling value of dollar
as compared to other world currencies.
 All pharmaceutical establishments, private hospitals and clinics in the
Sultanate have been directed to ensure continuous availability of all
registered drugs. Home
 Telecommunications Company (Omantel) and Oman Establishment for
Press, Publications and Advertising (OEPPA) have signed an agreement
for issuing, publishing, distributing and printing the Sultanate of Oman’s
Telephone Directory for five years from 2009 through 2013
 The government has embarked on a realistic Omanisation plan for the year
2010. Omanisation percentage set for the travel and tourism sector stands
motivating as the number of nationals skilled in travel and tourism sector
has been increasing since 2004. Omanisation target for the year 2010, set
for tourist restaurants, is 90 per cent. Aviation companies in this sector
will have to achieve a target of 90 per cent, 3-4-5 star hotels 85 per cent,
1-2 star hotels 55 per cent, car rentals 90 per cent, and travel and tourism,
in general, 95 per cent. The target set for accounting jobs is 29 per cent
(managers), 55 per cent (specialists), 66 per cent (professionals), and 100
per cent (clerical jobs). The target for clerical jobs has been remaining 100
per cent since 2006. For the current year, the target is 23 per cent
(managers), 45 per cent (specialists), 55 per cent (professionals), 100 per
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cent clerical jobs. In the recent past, there has been a drastic increase in the
number of Omani accounts clerks
The Oman Chamber of Commerce and Industry is taking a series of
initiatives, with an active participation of traders and wholesalers, to bring
down prices of livestock, egg, chicken and building materials
Oil shot to a record over $108 a barrel yesterday, Oman Crude $ 95.80.
His Majesty Sultan Qaboos bin Said has issued two royal decrees.
Royal Decree No. 30/2008 issues the Juvenile Accountability Law.
Article 1 of the decree says juveniles will be held accountable as per the
attached law. Article 2 says all the cases that fall within the jurisdiction of
the attached law will be referred to the juvenile courts as the case may be
unless it has been adjourned for issuing the sentence.
The Sultanate has decided to boycott Paris Book Fair, scheduled to be held
from March 14 to 19.
Manpower Ministry decision restricting professions to Omanis from June
1, 2007, took into consideration the type of economic activity and the
wilayat where it is taking place. In the Wilayat of Ibri, the decision
prohibited expatriates from practising the sale of shoes, leather items,
perfumes and sports wear. In the Wilayat of Barka, the decision banned
expatriates from the sale of readymade wear, cosmetics, bread and
confectionary
items,
household
utensils
and
bicycles.
In the Wilayat of Al Rustaq, the decision banned expatriates from the
business of second-hand vehicles, bread and confectionary items, gifts,
animal feed, bicycles, sheep and cattle, used furniture, flowers, honey,
textiles, shoes, perfumes, cosmetics, gifts, watches, toys, jewellery and
household utensils.
The meeting discussed a proposal to provide 9 basic commodities to
customers at affordable rates. A team has been formed of foodstuff agents
to devise a suitable mechanism to realize the proposal in the next few
days. The meeting also highlighted the importance of fostering cooperation among government departments concerned, OCCI, private
sector companies, media and professional societies to alter the negative
consumption patterns of consumers and highlight the efforts made by the
private sector companies to control the constant price hike.
Telecommunication Regulatory Authority will select a second operator for
fixed line services by year-end.
Action plan to combat rise in fish price announced via liberalizing imports
France may consider supplying Nuclear Technology to Oman
Despite the efforts of the Ministry of Fisheries to control fish prices and
reduce the gap between supply and growing demand, residents of Sumail
continue to face price hikes.
The recent statistics of Oman Telecommunications Company (Omantel)
show that the internet service has witnessed a significant growth and the
subscriber base has grown to 102,657 in January 2008
Home
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Construction Home
 Suhail Bahwan Group (SBG), the Sultanate’s leading business house with
operations spanning all major sectors, has marked its foray into luxury
property development with the launch of two prestigious projects in the
heart of the capital city. The projects are being offered to high net worth
Omani nationals and Gulf citizens. Bahwan Properties LLC, the real estate
arm of SBG unveiled the exclusive projects. Janayin Sama (Sky Gardens),
the unique residential project, will set new benchmarks in luxury and
convenience, unparalleled in architectural splendour and spacious
environment within the residences as well as the premises. 175 exclusive
residential units will come up in Janayin Sama’s three buildings facing a
spectacular green courtyard. The entire basement of the three buildings is
reserved for vehicle parking, with dedicated space for two vehicles to each
resident. Janayin Sama has been conceptualized by renowned architect
Karan Grover, winner of the first Leeds Platinum Award for green
buildings in India. Cluttons has been appointed the exclusive selling agent
of the project. The second landmark, Al Rawaq, is an exclusive
commercial building project, which will come up in the prime Qurum
area, between the Nissan showroom and Omanoil headquarters. The
commercial property is expected to attract international corporate houses.
 The Tender Board yesterday awarded tenders worth RO 60 million. The
projects include: a power plant in the Wilayat of Duqm in the Al Wusta
region (RO 13m); supply of diesel fuel to the production stations in
Dhofar Governorate (RO 10m); Wadi al Minqal Health Centre in the
Southern Sharqiyah region (RO 1m); Wadi Mahram Health Centre in the
Al Dakhiliyah region (RO 1m); Wadi Bani Khalid Health Centre in the
Sharqiyah region (RO 987,987); Ibri Health Centre in the Dhahirah region
(RO 937,201); Al Wafi Health Centre in the Wilayat of Al Kamil Wal
Wafi in the Sharqiyah region (RO 974,000 ); waste water treatment plant
in the Wilayat of Rustaq (phase 2) (RO 3m); construction of office of Al
Buraimi Governor (RO 2m); residential complex (No 6) for female
students at Sultan Qaboos University (RO 3m); distribution of treated
water in Salalah city (RO 5m); supply and installation of chairs at the
SQU theatre cultural centre and shelves, furniture and sliding tiles (RO
4m); supply of rice (RO 3m); luggage handling system at the new
departure terminals at Muscat International Airport (RO 1m); electric
feeder unit from Barka main plant to Al Tow sub plant in the southern
Dhahirah region (RO 529,452); transfer of existing 11 kv power line to
ground cables in Al Khuwair (33) (RO 814,968); transfer of 11 kv power
lines to ground cables at Seeb market (RO 653,915); transfer of the current
33 kv and 11 kv power lines to ground cable in the Wilayat of Bausher
(RO 498,498); a 33 kv power line and a 2x6 MVA capacity transformer
station at Sawadi in the Wilayat of Barka in the Southern Batina Region
(RO 478,265); a 33 KV power line (Shinas Al Aqar, phase 1) in the
Wilayat of Shinas in the Northern Batina region (RO 359,697);
transmission equipment at Omantel sites (RO 2.6m); Oman's pavilion at
international tourism exhibitions (RO1.3m); renovation of pipes at Oman
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Oil Refinery (RO 1.6m); technical support and maintenance of GSM
network in the Batina region and governorates of Musandam and Al
Buraimi (RO 240,000); residences for the Oman Refineries and
Petrochemicals Company staff (RO262,605); inspection and maintenance
of 4 tankers at Mina al Fahal (RO311,363); a medical store at Rustaq
hospital (RO 357,370); consultancy services for restructuring land
transport sector in the Sultanate (RO 562,000); and consultancy services
for construction of Barka Electricity Production and Water Desalination
plant, (phase 2), (RO 294,745).
Six firms have submitted firm bids for the Phase One package of works
linked to the development of the Ras al Hadd Airport in the Sharqiya
region. The bidding line-up comprises Strabag Oman, Desert Line
Projects, China Railway, Nagarjuna Construction Company, Erenport Al
Omania al Turkia, and the Tender Board opened Qatar Building Co.
Financial offers yesterday. The Directorate General of Civil Aviation and
Meteorology of the Ministry of Transport and Communications is
undertaking the development of the Ras al Hadd Airport in phases. The
greenfield facility, targeted for launch in the fourth quarter of 2010, is part
of a tourism master plan that includes the development of a number of
eco-tourism resorts along the scenic Gulf of Oman coast
Majan Development Company (MDC) is planning to develop a massive
healthcare city near Muscat with an estimated investment of RO 300-400
million. Construction is expected to start by next year,. MDC, which will
set up the healthcare city, will run it for several years and will hand it over
to the government after the BOT period. The Ministry of Tourism has
agreed to allot the necessary land of 1 million square metres near Blue
City, which is 100 kilometres away from Muscat. The healthcare city will
have several facilities, including medical colleges, hospitals, conference
halls, hotels and shopping malls.
Lulu, the biggest hypermarket and supermarkets chain in the Middle East,
has announced plans to invest a further RO 70 million to expand its retail
network in the Sultanate. New hypermarkets and mini-malls are planned
in Salalah, Nizwa, Buraimi and Musandam, while the existing outlet at
Bausher is being upgraded into a full-fledged shopping mall. The new
properties will further consolidate the Lulu Group's presence in the
Sultanate, currently comprising six hypermarkets — in Bausher, Darsait,
Seeb, Barka, Sohar and Salalah — boasting a combined retail floor space
of 1.2 million sq ft.
Import of steel is open for all traders, without customs tariff
Sohar International Development and investment LLC has launched the
DAR AL maha Phase 2 –A residential complex built on 36,368 square
metres having 202 units.
Building material importers and traders, who met here yesterday, called
for allocating additional land for setting up storage facility, reconsider
Omanisation norms on heavy vehicle drivers and ease licensing
procedures for importing crushers, in a move to bring down prices of
building materials. The traders also mooted the idea of collective import of
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building materials from overseas markets, instead of imports by individual
companies.This will not only reduce the cost of import but also enhance
supply of building materials within the country
Al Nabri Global Investment Company recently announced the
establishment of a world-class sea view hotel and resort at Al Zaafaran in
the wilayat of Sohar. Construction works on the project, worth around
RO10 million, is expected to commence by the end of the third quarter of
the year and will be complete by 2010. It will have 207 rooms, 10
luxurious suites, 2 presidential suites, seminar and meeting ballrooms and
other hotel services.
Thirteen local and international companies have submitted firm offers for
a key consultancy contract for master-planning the development of a
major Industrial Area and Free Trade Zone Complex (FTZ) planned in
Duqm. Of a total of 23 firms that collected tender documents for the
consultancy contract, 13 submitted technical and financial offers by
yesterday's deadline. In the race are Pacific Consultants, Hamza
Associates, Khatib & Alami, Jurong International, Mott MacDonald, WS
Atkins, WSP Middle East (with Modern Engineering Consultancy), Al
Hatmy Engineering, Daewoo Shipbuilding and Marine Engineering, Azar
Simab International, SOSH Architects, HMR Consultancy (with LASA),
and Scientific Ink Consultancy.
Oman Cement Company decides to borrow funds partially for the
expansion of its latest project .The total cost of this project is $162
million. The project will be executed by a Chinese company and will be
completed by the end of 2009.The project involves expansion of its
production line.
The Wave, Muscat has announced the release of properties within the
Ocean View and Almeria North sectors of the development. The sale of
properties will start tomorrow and registration process for this sale starts
from this morning. ‘Ocean View’ is situated right in the heart of the
development. In-between the luxurious 5-star Kempkinski and Fairmont
hotels this sector will enjoy tranquility with the amenities of the hotels
close-by. The sector is located close to the beach and equally positioned
between the vibrant Marina Village and the Greg Norman golf course
AL Maha Company for ceramics has opened in sohar Industrial Estate
Four tunnels planned along the Ruwi –Al Bustan road. The municipality
has also announced the construction of a special road for trucks from port
Sultan Qaboos in Muttrah to the southern expressway and the Al Hamriya
wadi-kabir project
The Ministry of Tourism has approved the setting up of a tourist resort in
the Wilayat of Qurayat comprising a club for gliders, hotels, villas and a
golf court. The project, which will cost about $200 million, will begin to
be implemented this year and it will be operated by 2012, according to
Tourism Ministry data. The comprehensive tourist complex will occupy a
total of 2 million square metres. It has been approved for a local investor,
with contribution from non-Omani investors. It is considered the first of its
kind in the Sultanate.
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Banking and finance Home
 Oman will produce more oil than the target of 780,000bpd to 790,000bpd
during 2008,
 String of successes in Sohar Aluminium’s Carbon Department in
March has ensured that the company’s target date of mid-June
2008 for its first hot metal production is achievable
 Oman Refineries Limited (BORL) has filed a draft red herring prospectus
with the Securities and Exchange Board of India (SEBI) for its initial
public offering. BORL intends to raise approximately $1 billion as the
equity contribution for a refinery project at Bina
 Commercial banks are expected to witness a strong growth in their loan
book this year fuelled by heavy demand for funds from development
projects. The combined credit of commercial banks in the country soared
by 41.7 per cent to RO 6.733 billion by end-January this year. This adds
RO 1.981 billion in absolute terms to the total portfolio during the last 12month period.
 Oman Arab Bank (OAB) has tied up with Al Madina Gulf Insurance Co
(AMGI) to offer online motor insurance policies to its customers. The Al
Himaya car insurance product is unique as it is a comprehensive insurance
solution with storm, tempest and flood (STF) cover, a UAE cover and
AAA benefits at a very competitive price.
 Money supply in the Sultanate rose 29.9 per cent by February-end 2008 to
reach RO 682.955 million, against RO 525.661 million during the
corresponding period in 2007, according to statistics issued by the Central
Bank of Oman (CBO).
 A floating cement terminal, chartered by Raysut Cement Company (RCC),
commenced operations at its new base in the Port of Sohar last week, in
the latest initiative by the Salalah- based company to support the country’s
rapidly escalating domestic demand for cement
 National Finance company changes its work timings from 8am to 5.30am
Saturday to Thursday, inch break 1pm to 2 pm.
 The board of directors of Bank Sohar on Tuesday decided to ask
shareholders to pay the remaining 50 per cent of nominal value of 1-rial
share during the second quarter of this year. When the initial public
offering (IPO) was floated in January last year, the bank collected only
half (500 baisas) of the face value of RO 1 and said the remaining portion
will be collected within three years.
 Bank Sohar moved in for business into the Sharqiyah region with a soft
opening of their first branch for the year 2008 in Ibra yesterday.
 The shareholders of Taageer Finance have approved a proposal to float
convertible bonds worth RO 5 million on right basis. The company will
issue 50 million convertible bonds with a face value of 100 baisa each.
The two-year bond, which will carry an interest of 5.5 per cent per annum,
will be compulsorily converted into equity after two years Home
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Bank Sohar is planning to open seven more branches this year, which will
take the total branch network to 12 before the year-end. It is vital for the
bank to accelerate its distribution and reach for the convenience of
customers Home
Shaikh Suhail Bahwan reappointed as NBO Chairman.
Sohar International Development and Investment LLC (Sidi) is one of
Oman’s fastest growing property developers that recently launched two
new projects
The Sultanate's market watchdog Capital Market Authority (CMA)
yesterday decided to appoint Singapore Cooperation Enterprise (SCE) for
advising the regulator on formulating policies to develop the capital
market in the country. SCE will advise the market regulator on
formulating policies to attract regional funds to the local bourse,
The shareholders of National Bank of Oman (NBO) on Sunday gave a
blanket approval for the bank's plan to float RO 100 million worth bonds.
The bonds will be floated within a couple of years, but the interest, tenure
and the type of instrument are not yet decided. The bond issue is aimed at
strengthening the capital base and as a measure for asset-liability
management. The shareholders also cleared a proposal to split the bank's
1-rial share into ten equal shares with a face value of 100 baisas. This will
broaden the shareholder base and enable small investors to participate in
the bank's capital.
The Central Bank of Oman (CBO) yesterday reduced interest rate ceiling
on fresh personal loans of commercial banks to 8.5 per cent from 9 per
cent with effect from April 1. The CBO board took the decision. The new
rate is applicable to fresh personal loans, sanctioned after April 1 and
existing borrowers will not gain from the reduction. However, existing
borrowers can negotiate with banks for bringing down their interest or
close the loan and go for fresh loan with lower interest. There was no
change in the interest ceiling of personal loan for more than three years,
after fixing the maximum ceiling at 9 per cent on January 1, 2005. The
interest rate ceiling was reduced by one percentage point each in phases
from 13 per cent per annum in 1999.
Oman UAE Exchange has tied up with State Bank of India (SBI), the
largest bank in India and Asia
 Free Zone to fuel growth of Salalah Port’s general cargo terminal
New 500m liquids jetty and 500m quay wall planned
Facilities agreement signed with Salalah Methanol
Berth 6 to be completed by the second quarter of 2009
 Certificates of Deposits (Issue No. 481) tender were held at the
Central Bank of Oman (CBO) during this week. The total amount
allotted was RO215 million
 Passenger traffic at Muscat International Airport fell by 23.9 per
cent to 617,791 at the end of February 2008 against 812,600
passengers during the corresponding period in 2007, according to
statistics released by Muscat International Airport.
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The Sultanate is all set to become a major exporter of aluminium bus bars
to the Middle East and other regions with the newly set up $12-million
Salzburger Aluminium Sohar LLC planning to export $70 million to $80
million worth of aluminium bus bars annually.The firm is a joint venture
between Salzburger Aluminium AG (SAG) of Austria and Takamul
Investments, a subsidiary of Oman Oil Co. (OOC). Home
In Lieu of the Rights issue, al omaniya has announced that its rights issue
will now close for subscription on Thursday 27th march 2008.
Mohamed Abdullah Al Kindi,CEO-AL BATINAH DEV. & INV.
HOLDING submitted his resignation effective for 1/4/2008 due to private
reasons.
The US Federal Reserve slashed key rates three-quarters of a point
yesterday, bringing the federal funds rate to 2.25 per cent, to fight a
mushrooming credit crisis. The central bank also trimmed its discount rate
for direct loans to banks, and now available to some securities firms, by a
similar amount, bringing the rate to 2.50 per cent interest rate.
The Board of Governors of the Central Bank of Oman will hold its
meeting at the CBO’s headquarters on Sunday
Fitch Ratings yesterday upgraded Bank Muscat’s Individual rating to
‘B/C’ from ‘C’ and affirmed its other ratings at Long-term Issuer Default
(IDR) ‘A-’ (A minus) with Stable Outlook
Oman Telecommunications Company (Omantel) has selected Mashreq
Bank of the United Arab Emirates to arrange $205 million to acquire a
majority stake in Worldcall Telecom.
Takamul Investments, a subsidiary of Oman Oil Company (OOC) and
Salzburg AG of Austria, yesterday celebrated the opening of Salzburg
Aluminium Sohar LLC (SAG Sohar) under the auspices of Sultan bin
Salim al Habsi, Under-Secretary of the Ministry of Finance for Financial
Affairs. The $12.5 million plant, located in the Sohar Industrial Estate,
produces aluminium busbars
BankMuscat has recently announced the launch of Sayyarati car loans.
The procedure for procuring the car loan has been simplified to such an
extent that after filling out necessary documents the car loan can be
processed within 24 hours. The need for post-dated cheques has been
eliminated, and the monthly installments have been kept low with the
interest rate being charged on a reducing balance. Customers can avail up
to 80 per cent finance of the invoice value of the car.
Shell Oman has bagged a contract to supply 45 million litres of fuel to
CCC, which is part of a consortium involved in the construction of the
first phase of the Duqm Port complex
The commercial vehicle segment in the Sultanate yesterday formally
marked the arrival of leading Iveco trucks from the Fiat Group in Italy.
Though present in Oman, represented by Suhail Bahawn Automotive
Group, since 2006, the formal brand announcement coincided with the
inauguration of a $10 million exclusive facility at Al Maawaleh
Oman Cement Company will raise its production to 6,000 tonnes per day
from April. In a statement to Oman Arabic daily’s Business supplement
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that the decision aims to meet the local market need for cement on the
wake of an increased demand and yet higher prices of the commodity
abroad. OCC will import 650,000 tonnes of clinker to help raise
production. He expected the cement crisis to end shortly.The local
demand for cement this year ranges from 9,000 to 10,000 tonnes per day
and that, if OCC provides 6,000 tonnes and Raysut 4,000 tonnes, there
will be no need for import of cement, at least during this year.
Qalhat LNG will shift into their spacious and state-of-the-art headquarters
by 2009 from its present leased offices in Qurum. It follows the signing
yesterday of a contract with Al Ansari Trading Enterprise LLC for the
construction of the company’s new head office. The new Qalhat LNG
Head Office will be located in the new Ghala commercial area and would
be tailor-made state-of-the-art premises to minimise the energy
requirements and create for QLNG staff a modern office atmosphere with
international standards.
Saudi Arabia's market regulator yesterday gave an initial approval to
BankMuscat to set up a new company dealing in securities
The shareholders of Muscat Finance Company (MFC) have approved the
board's proposal to pay 30 per cent dividend on the enhanced capital of
RO 8.25 million. Home
The demand for hotel rooms in Oman is exceeding supply and Muscat is
the strongest growing market in the Middle East.
Al Omaniya Financial Services has conducted its annual general meeting
yesterday, which was presided over by the Chairman, Khalid Said al
Wahaibi. The shareholders approved a dividend of 25 per cent for the
financial year 2007.
NBO opens new branch at Al Saada, Salalah.
The Sultanate of Oman is using fiscal policy as the main tool to lower
inflation as there are no plans to drop the rial’s peg to the US dollar
Sohar Municipality is planning to set up a central fish market there, in line
with the move to establish a similar one in Muscat. This is also part of a
larger plan to stabilise fish prices within the country and add value to it.
The government encourages the Omani private sector companies to study
the Yemeni market and export goods while some Yemeni products,
especially agricultural goods, may find their way to the Omani markets,
The number of national manpower employed in the private sector
establishments during January-February this year stood at 9,097. The
number of degree holders who were employed in the private sector during
the 2-month period stood at 232, holders of diploma at 253 and secondary
school certificate holders at 3,401. The oil and gas sector absorbed 536
Omanis while 1,220 were employed in the industry sector, 643 in travel,
tourism and services sector, 3,297 in contracting sector, 2,172 in trade
sector and 460 in finance and insurance sector.The number of manpower
under training stood at 618, Home
CORECAP Limited announced today that it has increased its paid-in
capital through a private placement to a profound list of regional blue chip
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institutional and high net worth investors. The firm has also appointed a
new Board of Directors to represent its new shareholder base.
Several local banks are either denying personal loan or asking huge loan
insurance charge from physically challenged people due to their difficulty
in getting insurance cover. Two local banks have denied personal loan to a
member of Oman Association for Disabled (OAD), while another was
asked to pay hefty insurance amount for insuring the loan amount, which
is four times higher than those offered to normal borrowers.
The RO 10.1 million rights issue of Al Omaniya Financial Services has
opened for subscription. The company is offering 4.55 million shares to
the existing shareholders at a price of RO 2.220 per share, which include a
premium of RO 1 premium and 20 baisa as issue expense
Oman Oil Company SAOC (OOC) yesterday signed an agreement with
Hungarian Oil and Gas Plc (MOL) for the purchase by OOC of 8 per cent
of MOL shares in exchange for the purchase by MOL of certain
international assets of Oman Oil Company. MOL has 70 years
international experience and owns investments in oil, gas and
petrochemicals in Europe, Asia, Russia and the Middle East, MOL Group
has a market capitalization of around $15 billion. The company has three
oil refineries, and 988 fuel stations in 10 countries. The company is also
operating in oil and gas exploration, in addition to producing about 90,000
bpd of oil and gas. MOL is one of the major oil and gas companies in
Hungary, Slovakia and Croatia. It is also the biggest producer for ethylene
and its derivatives. The group also operates over 5,000 km of high
pressure natural gas pipeline network and is listed in major stock markets.
It also has 340.6 million boe (barrels of oil equivalent) proved and
probable hydrocarbon reserves and employs some 15,000 people
worldwide. The company has concession agreements for oil and LNG
exploration in Oman, Yemen, the Cameroon, Pakistan and Russia
 Twenty-two Turkish companies whose operations focus on the
building and construction industry will showcase their products at
Interiors and Buildex 2008, a major exhibition for Oman's building
and construction industry which will be held on March 17 to 19 at the
Oman International Exhibition Centre in Seeb
The 20-per cent rise in the price of cement and 11-per cent in that of steel
have further added more to the woes of the construction industry and
pressure on infrastructure projects. The price of a cement bag rose from
RO2.4 to RO3 in Muscat and from RO2.5 to RO3.2 in Sohar and from
RO.2.5 to RO3 in Nizwa and Ibri. Home
Oman’s Brightsun Dates, which commenced operations last year, is
eyeing export markets in US and Europe
The market for Islamic finance and banking is growing rapidly in the oilrich Gulf thanks to burgeoning wealth and attractive financial instruments.
Studies have put the total value of Islamic equity funds in the Gulf region
at around 30 billion dollars (19.5 billion euros.
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The recent sales launch of Ocean View villas and Almeria North
apartments, at The Wave, Muscat received an overwhelming response, and
was an instant sell out.
Qalhat LNG won the ‘Best in Project Finance’ award at the prestigious
‘Excellence in Energy Awards 2008’ ceremony held in Dubai
The Export Credit Guarantee Agency (ECGA) has reported a 13.7 per cent
increase in the total credit limits issued to Omani exporters, which
amounted to RO 236.7 million in 2007 from RO 208.2 million a year
earlier. The total business declared by exporters in 2007 was RO 123.3
million compared to RO 86.1 million in 2006, representing a significant
jump of 43.4 per cent.
Several companies have decided to split shares in line with a trend started
in early 2006. As many as eight companies, which came out with financial
results, have decided to split 1-rial share into ten equal shares with a face
value of hundred baisa each. These include National Bank of Oman,
Oman Cement, ONIC Holding, Al Hassan Engineering, Al Sharqiya
Investment Holding, Al Batinah Investment Service, Omani Packaging
and Oman Orix Leasing. The annual general meetings of these firms,
which are scheduled separately on different dates this month, will give
final clearance.
National Bank of Oman (NBO) has announced the installation of Cash and
Cheque Deposit Machines at key locations. Customers no longer have to
wait in queues for transactions
The Board of directors of Taageer Finance Co SAOG is pleased to invite
you to attend the Extraordinary and the Annual General Meeting to be
held at Muscat Intercontinental Hotel at 4.00 pm on Monday 24 March
2008
AL omaniya is conducting a seminar on its rights issue in Grand Hyatt
tomorrow at 7.30 pm.
TRA rules out new telecom operators.
Al Maha Ceramics Co SAOC, which was formally launched last week, is
planning to target key regional markets as part of its growth objectives
The Board of Directors of the Interior Hotels Co. S.A.O.G. is pleased to
announce the appointment of Mr. Sandeep Jaitly as it’s new General
Manager at Golden Tulip Nizwa Hotel with immediate effect.
Oman's biggest and fully integrated poultry producer A'Saffa Poultry
Farms announced its plans to expand production capacity by 40 per cent
with a capital investment of RO 15 million
Further to our announcement of December 3, 2007 on the subject of
possibilities of a merger between Muscat Finance Co. Limited SAOG
(‘MFC’) and National Finance Co. SAOG (‘NFC’The Board of Directors
of MFC met on 1st March 2008 to discuss the Valuation Report prepared
by independent consultants Ernst & Young (E&Y). Based on the E&Y
valuation, shareholders of MFC would own approx. 57.83% of the merged
entity. Shareholders of NFC would own approx. 42.17% of the merged
entity
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Certificates of tender deposit worth RO217.8 million (issues No.475) were
issued at the Central Bank of Oman (CBO) this week.
Money supply in the Sultanate rose by 31.6 per cent during the first month
of this year compared to the same period in 2007
Miscellaneous Home
 UfC sponsors for Instrumental music fusion to be held in AL Falaj hotel
on 3rd April 2008 at 8pm.
 Mohsin Haider Darwish LLC, the exclusive importer for Jaguar cars in the
Sultanate, has announced the arrival of Jaguar’s stunning new XF saloon
 UfC sponsors for Instrumental music fusion to be held in AL Falaj hotel
on 3rd April 2008 at 8pm.
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General investigated 24 cases relating to price manipulation. These
included 23 cases of manipulating cement price and one of flour
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The technology, telecom and IT show COMEX is set to take place at the
Oman International Exhibition Centre from April 28 to May 2.
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Al Amana Building Materials LLC, one of the leading building materials
companies in the Sultanate, launched the world-renowned Villeroy &
Boch bathroom and wellness products at a press meet held at its new
theme showroom
Zahara Tours, an Omani destination and leisure management company,
has tied up with Silversea Cruises, a small-ship cruise line, to offer a
luxurious cruise experience to visitors to the Sultanate
Suhail Bahwan Automobiles, (SBA), the exclusive distributor of Nissan, is
celebrating four years of its successful partnership with Nissan.
MUSCAT OHI Electronics, the exclusive distributors of high end products
like JVC, Bose, Osim and NEC in the Sultanate, has opened a new
concept store for multi-brands called ‘Connexions’
Oman Air has announced a special discount of up to 25 per cent on
applicable market fares to Omani college and university students.
International Property Exhibition –15-17th April 2008 in Oman Exhibition
center.
Tamil Manorama Programme –UFC one of the sponsors for the event.
Oman Air plans to launch six new destinations including two to the Indian
Subcontinent this year
In a move signalling the company's commitment to the Omani market, and
to bring enhanced logistics capability to the Sultanate, DHL Exel Supply
Chain has strengthened its ties with Bahwan Cybertek, under a new
corporate brand, Bahwan DHL Exel Supply Chain.
Mistal Design, a new lifestyle showroom, was launched at Bareeq al Shatti
Mall in Shatti al Qurum yesterday
Microsoft Oman announced the launch of its next generation of
infrastructure and application platform products, including Windows
Server 2008, Visual Studio 2008 and SQL Server 2008.
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R Seetharaman, Chief Executive Officer Doha Bank, was conferred by
Dominique de Villepin, former prime minister of France, as the “Best
CEO in Middle East Banking Industry 2008” by the Middle East
Excellence Awards Institute at the Fifth Leading CEO Summit in
recognition of his valuable contributions to the banking industry in the
Middle East, held recently
Kotmatsu unveils the EX 50 forklifts.
Majan Petroleum Services LLC introduced Systemair Jet Fans — a
tailored solution for car park ventilation at the recent Interiors & Buildex
2008
Mazda showroom opened in SUR.
Microsoft Gulf has announced the conviction of an IT reseller caught
selling PCs loaded with unlicensed MS Office 2007 and Windows XP
software. Microsoft had earlier initiated a raid against the reseller in
collaboration with Omani authorities in its capacity
Nawras celebrated its third anniversary with the opening of its latest welllocated store within Muscat’s popular City Centre shopping mall.
The all-new GMC Terrain made its debut in the Sultanate yesterday.
Teejan Group of Companies (Teejan) will inaugurate its new showroom of
2,500 square metres of display area in Al Khuwair today.
 Petroleum Development Oman (PDO) has won Pipeline magazine’s
Excellence in Energy Award for the ‘Best Company in Health and
Safety’
 Oman is likely to introduce a new rental law soon to redress the
problems faced by tenants in view of sharp increase in rents. the Rent
Committee formed by the government to deal with the issue has
forwarded its recommendations which include a seven per cent annual
cap on rent increase. The law, if enacted, will also prevent landlords
from evicting tenants before the expiry of the contract, which the
committee has recommended to be for four years for residential
properties and seven years for commercial properties.
 Oman’s Mars International LLC is planning to set up a hypermarket in
the capital area. At present, Mars International has eight ventures in
the Gulf. Mars Shopping Centre, Queens Restaurant and Mars
Departmental Stores are the existing ventures in Oman. Mars
Shopping Centre, the largest shopping centre on Ruwi High Street,
which opened last year, is already a household name.
 The Sultanate has decided to boycott Paris Book Fair, scheduled to be
held from March 14 to 19.
 The first phase of the tourism sector’s sponsorship agreement will be
signed today at the Tourism Ministry, as part of the Gulf Chambers
Union to attract direct European investment as per an MoU signed
between the Gulf and the European Chambers Unions in Paris last
November
 The Golden Book of the Sultanate of Oman titled Business Gate of the
GCC countries will be published during phase I of the agreement to
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attract direct European investment to the GCC states under the Free
Trade Agreement between the GCC and the EU countries
 The new Peugeot 308 now in oman.
 All-new Mazda 6 enters Sultanate
 IN line with its recent restructuring efforts and implementation of its
revamped strategy, Oman Oil Marketing Company (omanoil) has relaunched its Customer Service Centre ‘Emtiyaz’
 Bank sohar new sponsor for Oman award for excellence
 Nawras has unveiled a new service under Nawras Zone full of useful
details about local restaurants and cinemas, global weather and news as
well as worldwide flight details including arrivals, departures and general
airport information.
 A training programme designed to develop and enhance the role of
members of corporate boards will open today
 Oman Telecommunications Company (Omantel) is the main sponsor of
the third Oman Web Award for best site. The winners will be announced
today at a ceremony to be held in Intercontinental Muscat Hotel.
 Central bankers from the world’s industrialized and developing regions
voiced concern yesterday over surging food and energy prices, their latest
big challenge as globalization unsettles the balance of supply & demand
 Interior exhibition of building materials, construction supplies between
17-19th march 2008 at the Oman Exhibition Centre
 New companion fare scheme from Air –India for Kochi.Chennai and
Kozhikode sectors.
 HSBC launches its International banking centre in Oman.
 Multinational oil firm Royal Dutch Shell has formed a dedicated limited
liability company called Shell Development Oman to act as a centre point
for co-ordinating the group’s activities and interests in the Sultanate
 BP has celebrated the opening of its new Muscat
 TSC Sultan Center has brought a new store concept to the Sultanate
 Nawras continues rapidly expanding with the latest announcement of a
new number range beginning with ‘966’
 Two cruise ships Costa Europe and Silver Cloud visited the Salalah Port
yesterday with a total of 1,725 tourists among its passengers on board for a
few hours as part of a tour of several ports of the Sultanate
Tenders Home
.
 1/2008-Ministry of commerce and industry –supply of nine motor
Vehicles for the ministry. -Closing date 16/04/2008
 Muscat Municipality- Used vehicles and office furniture for sale-Auction
on Sunday 06/04/2008
 Muscat Municipality- Used vehicles and office furniture for sale-Auction
on Sunday 06/04/2008.
 Tender board- The construction of Duqm Airport at Al Wusta Region
(Package 1)
 Diwan of royal court-Tender no 057/2008-supply of vehicles for transport
department.- Closing date –16/04/2008
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Ministry of defence12/2008,13/2008,16/2008,19/2008,20/2008,21/2008,22/2008-Building
works in MAM, AL khoudh,BAF,|Masirah,MAM,Masirah,Masirah.
 Oman airport Management Company invites expression of interest from
various contractors pertaining to expansion of the seeb airport.
 Port services corporation- 5 nos Terminal Tractor –60 tons,2nos Diesel
reach Stacker, I nos Diesel Reach sgtacker-45 tons-Closing date
16/04/2008
 Ministry
of
housingTender
no
118/119/8/47/144/114/115/128/3/17/149/47/154/84/85/2007
–Building
one
housing
unit
at
the
wilayat
of
bahla
,nizwa,hamra,Izki,sumail,adam,bahla,al hamra,somarah region ,Izkiclosing date-24/03/2007
 Ministry of Housing- Tender no 11/12/2008,Construction of 5 housing
units Phase(1) at mahwees in walayat Shaleem,Phase(2) at mahwees in
walayat Shaleem-closing date 25/03/2008
 Diwan of Royal court –Sohar Development office- PRS/08/011construction of Accomodation for maintainence staff at sohar amusement
centre,PRS/08/002 construction of sludge Drying beds at STPsohar,PRS/08/017-018 Construction of toilet blocks and guard room at
AL bahari road- Closing date 30/03/2008
Notices Home
 Three bedroom villa in Buraimi for sale: RO 49,000.contact 96306885
 JCB model 4*4 2008 model – 99524411
 Land for sale in Nizwa –6378 sqm-96126006, 95646909
 Running shop for sale in Ruwi high street –99203954/24789769.
 Change in Telephone/fax numbers of International Heavy Equipments CO
LLC- board no 24527666,Fax: 24527601,Interparts Fax- 24527651.
 Mr Kiran Karat- Indian Passport no G 6699773 is no longer working for
The Oman Construction company
 Toyato forklift 1.5 T Petrol Engine- 99057673/24446156
 AL khareef for Exhibitions LLC registered under NO 1755579 has
changed its name to Sohar Exhibitions LLC.
 Mr. Roderick Lemon is no longer working for Barker Barton & Lawson –
Passport no M6678192
 Industrial plot for sale in Ghala –Net price 465/per square meter –Call
92441400 (Tribune)
 Mr Elizabath Rani Pnnnumuthu –holder of Indian passport no E-0669263
has changed name to Sivskala Devaraj
 A new villa for sale in AL hail-99659265.
 Land for sale in seeb/ sur-RO 75000 (The tribune)
 Shop for sale in Dhofar building –contact 96569625
 Mid size super market in hamriya for sale –contact 96127636
 Gulf future Trading LLC registered no 3223744 has changed its name to
Gulf future for real estate investment LLC.
 Graphic International Centre LLC, which is celebrating its 25th
anniversary in Oman, will be conducting an exhibition of its Rex-Rotary
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products range in April, where the capabilities of MFP's and the whole
range of Rex-Rotary products can be seen on a first hand basis. They are a
provider of comprehensive document solutions that help customers
streamline their businesses and cut operating costs
United finance sponsors for the Tamil programme organized by the Indian
social club to be held from March 17th to 21st.
Mr joseph Vitorin Rodrigues has changed name to Joseph Custodio
Mendonca –indian passport no – G2696969
Shopping center at commercial market in Barka on the main road99326684
Shop for sale in Dhofar building –contact 96569625
Mid size super market in hamriya for sale –contact 96127636
Gulf future Trading LLC registered no 3223744 has changed its name to
Gulf future for real estate investment LLC.
Graphic International Centre LLC, which is celebrating its 25th
anniversary in Oman, will be conducting an exhibition of its Rex-Rotary
products range in April, where the capabilities of MFP's and the whole
range of Rex-Rotary products can be seen on a first hand basis. They are a
provider of comprehensive document solutions that help customers
streamline their businesses and cut operating costs
United finance sponsors for the Tamil programme organized by the Indian
social club to be held from March 17th to 21st.
Mr joseph Vitorin Rodrigues has changed name to Joseph Custodio
Mendonca –indian passport no – G2696969
Shopping center at commercial market in barka on the main road99326684
Mr Kailash Visanji Ashar –Indian passport no A 8973209 is no longer
working for Building Supplies & Services Co LLC.
Land for sale in seeb,sur,hadid 600sqm plot no 51- RO 75,000
A villa in Qantab 476 sqm 4 rooms for sale- 99442944
Shopping center at the commercial market in barka-contact 993226684
12,200 sqmetres at Rusail Main rd- 99009179/99466655
Well running car A/c electrical shop for immediate sale, call
99010241/92632596
Shopping centre at the commercial market in barka-contact 993226684
Oman Frantschach Industrial packages LLC registered commercial no
1746839 intends to change its name to Oman Mondi Shuaiba Packaging
LLC.
6 bedroom 2 sories residential villa built on 960 sq mts land in Azaiba
near the sea RO 800,000 contact 99333479/95215360
600 sq metres residential land in AL Amrat Madinat AL nadha Phase
7/1,price 25 thousand –contact 99333479.
New SMS scam is prevailing in Oman whereby SMS are being sent from
some European location in a attempt to make subscribers believe that that
they have won a money in a n fictitious draw or lottery.
Four bedroom house for sale in blue city-RO 380,000 –Tel 009613660040
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Mr Naresh Hiralal Callian – Indian Passport no A-0738843 is no longer
working for Urich Building Materials LLC.
Mr Aniesh Abdulaziz – Indian passport no G 0981006 is no longer
working for National Life and General Insurance Co.SAOG.
Building in Wadi kabir for sale- RO 2.6 million- contact 96402362(saleh)
Abdelhamid Bouabdallah –Tunisian passport holder V 185893 is no
longer working for Nujum Al bawadi LLC.
Oman Frantschach Industrial packaging LLC has changed its name to
Oman Mondi Shuaiba LLC Company no –746839
House in AL hail north for sale –4 bedroom ,4 toilets RO 110,000 –
Contact 92349873/
Twin villa at AL athaiba for sale –RO 250,000 –Contact
99009179,99466655
Villa in blue city -price RO 420,000 Delivery in 2010-contact 95031330
600 sq mts residential land in AL Amrat Madinat AL Ndha Phase 7/1
Price 25 thousand –Contact 99333479
Term of the Day Home
Trading strategy: A pre-defined set of rules and parameters that an
investor uses when making securities transactions. By following a specific
trading strategy, the investor seeks to remove the emotional component of
investing. Trading strategies can be automated through the use of
computers.
 Marginal risk: The risk assumed by the issuer of a foreign exchange
contract or debt in the event that the investor goes into default. It is the
risk of the marginal, or final, dollar of a transaction or asset going into
default.
 Permitted currency: A minor foreign currency that is allowed to be
converted into a major currency, such the U.S. dollar
 Implied interest rate: The difference between the forward and spot
interest rates of an option.
 Currency trading: The act of buying and selling world currencies. Banks
and other institutions most often engage in currency trading, for the
purposes of international trade. Individual investors may engage in
currency trading as well, attempting to benefit from variations in the
exchange rates of the currencies.
 Overnight limit: The maximum amount of currency positions that can be
carried over from one trading day to another. The overnight limit is set by
the Central Bank regulation the financial institution where the positions
are held.
 Franked dividend: A dividend paid out to shareholders where the
company has chosen to pay the tax on the dividend. When an investor
receives a franked dividend, the investor receives a tax credit for the
amount of tax that the company paid on the dividend. This practice is
most commonly seen in Australia.
 Indirect quote: A foreign exchange rate of a foreign currency per unit of
the domestic currency. In terms of U.S. dollars, an indirect quote is the
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number of U.S. dollars that one unit of a foreign currency could buy. For
example, an indirect quote for the Japanese Yen could be 110 Yen = US
$1. Opposite of direct quote.
Expectations theory: A theory that forward interest rates can be used as a
barometer for future interest rates. Investors expecting higher short-term
interest rates are more likely to buy bonds maturing in the short term. If
they were to park money into a long-term debt they might not be able to
make as much interest.
Directional trading: A trading strategy that simply considers the
direction the investor thinks the market is heading. His or her
determination on the future direction of the market will determine if he or
she will buy or sell. The direction of the market is the only variable that is
considered.
Economic Recovery Tax Act of 1981:ERTA. A federal law that reduced
income tax rates and provided incentives for businesses, including an
adjustment to depreciation rates. President Ronald Reagan signed it in
1981. The law ultimately increased the federal budget deficit, and
prompted some of ERTA to be reversed or reviewed in the Tax Equity and
Fiscal Responsibility Act of 1982
Dividend payout: The amount of cash that a company sends to its
shareholders in the form of dividends. The company can decide to send all
profits back to its investors, or could keep a portion of it as retained
earnings.
Dividend payout: The amount of cash that a company sends to its
shareholders in the form of dividends. The company can decide to send all
profits back to its investors, or could keep a portion of it as retained
earnings
Economic exposure: The risks faced by a company that does business or
holds investments abroad. Economic exposure can include changes in
foreign exchange rates or the chance of foreign countries defaulting on
their debt. Companies often hedge against this type of risk through the
foreign exchange market.
Federal Reserve Wire Network: A Federal Reserve-operated real-time
gross settlement system (RTGS) that allows member banks to transfer
funds to each other in a timely and safe manner
Separately managed accounts. An individual portfolio investing in
stocks, bonds and other vehicles that takes into consideration individual
risks and objectives. Unlike a mutual fund, an investor in an SMA owns
the shares in the portfolio
Down-and-in barrier option: A type of barrier option in which the spot
price of the underlying is set above the barrier level, and the price of the
underlying must close lower in order for the option to be exercised. It is
named” down-and-in" because the right to exercise the option appears if
the price of the underlying is below the barrier.
Dollar duration: The change in the U.S. dollar value of a fixed-income
investment for every 1% change in its yield. It is calculated as the product
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of affixed-income investment's duration and the market value of that
investment.
Corporate credit: A contractual agreement in which a corporation
receives value, usually in the form of a financial loan, and must repay the
institution from which it received the loan or other items as per the terms
of the agreement.
European Exchange Rate mechanism: ERM. A system created in 1979
as a way to reduce the volatility of the various European currencies and to
create a stable monetary system. The ERM created fixed margins in which
a country's currency could operate. It was the predecessor of the European
Economic and Monetary Union.
Noncash payment instrument: A method of paying for goods and
services that does not involve the exchange of cash. Examples of noncash
payment instruments include checks and credit cards
Domestic rate: The interest rate of a domestic currency expressed in real
terms. The domestic rate is used in foreign exchange markets in interest
rate parity calculations, and is compared to the inflation-adjusted interest
rate of the foreign currency
Deposit rates
Home
Banks (Retail)
Deposit Rates
RO
US $
1 year
2 year
3year
4year
5 years
3
3.25
3.50
3.75
4
3.25
-
*Interest rates change on a monthly bases
22
United Finance Company 1/03/2008-31/03/2008
Accommodation Available Home
 Three-bedroom villa in Buraimi for sale-RO 4000 –96306885.
 Running shop for sale in Ruwi high street –99203954/24789769
 Fully furnished flat for rent in muttrah- 95920111
 Five Bedroom villa in Qurm – RO 1100 and 2 bedroom flat in wadikabir99148058
 Studio flats for rent in Alkhuwair-24707340
Important Telephone numbers Home
1
2
2
4
5
6
9999
24817013
24510227/228
24569270
24714626
24569603
7
8
9
10
11
12
13
14
15
16
17
18
19
198
24521174
24519456/223
1313
1234
1306
196
195
190
24519230
24600100
1318
90016
20
800-777-99
For reporting Accidents and emergencies
Consumer Complaint calls
Traffic offences
ROP public relations
Directorate general of customs
Directorate general of Passports and
residency
Directory information
Airport (seeb)
Airport Enquiries
Internet Helpdesk. (Oman Tel)
GSM Help Desk (Oman Tel)
Time in English and Arabic (Omantel)
GSM Help Desk (Omantel)
International Connected calls (Omantel)
Marine and coastal radio services
Domestic flights help desk
Talking pages
Omantel directory assistance
SMS Flight service (My Travel mateOmantel only)
Oman Tourism Information
23