Oman Financial Market Update
ONIC posts $15m Q2 profit
Oman National Investment Corporation Holding (ONIC) has reported a net profit of RO5.7m ($15m) in the second quarter of its financial year, Reuters has reported. ONIC, whose financial year starts on April 1, had recorded a net loss of RO2.8m in the same period last year, the firm said in a statement.
Oman's earnings suffer heavy fall
Oman's National Economy Ministry has said the Sultanate's earnings fell by 26.7% during the first eight months of this year, the Times of Oman has reported. The country's revenue fell to RO4,240.7m from RO5,787m for the same period in 2008. Capital revenues fell by 69.3% to RO16.4m from RO53.5m and other revenues fell by 7.8% to RO708m from RO768m. The sharp fall in oil prices and lower customs income contributed to the decline in revenue, the ministry said.
Oman economy to grow 2.5%
Abdulmalik Al-Hinai, undersecretary of Oman's economy ministry has said that the Sultanate's economy will grow by 2.5% in 2009 in nominal terms, thanks to better performance of its non-oil sectors, Reuters has reported. 'The growth will come from the non-oil sector such as mining, industries, agriculture and taxes,' he said. In nominal terms, Oman's non-oil sector share of GDP stands at 74%, while the rest goes to the hydrocarbon sector, which has a much larger impact on economies of the country's more resource-rich Gulf neighbours.
Oman banks 'unlikely' to use $1.7bn fund
Hamood Sangour al-Zadjali, governor of Oman's central bank has said that only $300m out of its $2bn support fund has been used to aid local banks and that it was unlikely to use the rest, Reuters has reported. The Sultanate's economy is recovering which limits the need for entities to access the funds, the central bank chief said.
Oman 2010 budget based on $50 oil
Oman's national economy ministry has said the Sultanate's 2010 budget will be based on a projected average oil price of $50 a barrel, Reuters has reported. The $50 projection, which the Ministry of National Economy made on its website, is just $5 above the average price on which Oman had set its 2009 budget forecast.
Oman's inflation slows
Oman's Ministry of National Economy has said that the Sultanate's annual inflation had slowed for the eighth month in a row to 1.82% in July from 2.88% in June, Reuters has reported. The Omani consumer price index stood at 128.8 points in July from 128.7 points in June, the ministry said. The food, beverage and tobacco index, which accounts for 30.4% of the index, had slipped to 149.4 points in July from 149.6 points in the previous month. The rent component of the index, weighted at 15.3% of overall CPI, had climbed to 139.2 points in July from 138.8 points in June.
Oman foreign trade declines
The total value of commodity exports in Oman fell 26.3% in January and February 2009 compared to the same period in 2008, according to newly released figures. The total value of commodity exports was RO1,496.7m by the end of February, compared to RO2,030m in the same period in 2008. This decline was caused by a 37% fall in oil and gas exports, which brought in RO967.9m by the end of February, compared to RO1,537.9m the previous year. During the period, the UAE topped the list of countries importing Omani non-oil exports at RO77.6m, followed by India (RO44.8m) and Saudi Arabia (RO19.1m).
Oman inflation falls to four-year low
Oman's economy ministry has said the Sultanate's inflation slowed to a four year low of 1.8% in July, Bloomberg has reported. The inflation rate dropped from 2.9% in June, the ministry said.
Oman revenues fall
Oman's Ministry of National Economy has said that government revenues had dropped by 21.3% by the end of June 2009 to OR3,235.1m against OR4,108.5m during the same period in 2008, the Oman Times has reported. Customs charge earnings also fell by 23.6% to OR68.5m against OR89.7m. Capital revenue had also dropped by 72.1% to OR12.5m against OR44.8m. Contribution and support for the private sector fell by 22.9% as well. The ministry has attributed the decline to a 33.3% drop in the Sultanate's net oil revenues which stood at OR1,844.9m by the end of June 2009, and an 8.3% decline of gas revenues which stood at OR366.1m.
Oman inflation falls to 2.88%
Oman's Ministry of National Economy has said that the Sultanate's annual inflation rate fell to 2.88% in June from 3.9% in May, as declining oil and rent prices extend a downward trend, Reuters has reported. The country's consumer price index stood at 128.7 points in June against 128.4 points in May. The food, beverage and tobacco index, which accounts for 30.4% of the index, was barely changed in June from May, while the rent component of the index, weighted at 15.3% of overall CPI, rose to 138.8 points in June from 137.7 in May, government data showed.
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