The Muscat Securities Market performed well and reported an increased of 20.48 (0.36%) to the day high value of 5,658.42 points while the Dubai Financial Market drooped by 2.55 (0.17%) to the day high value of 1,524.78 points. The Bahrain Stocks Exchange, on the other hand, surged by 2.09 (0.18%) to the day high value of 1,142.83 points and the Qatar Stocks Exchange nose dived by 28.54 (0.38%) to the day high value of 8,649.11 points. The Kuwait Stocks Exchange surged by 6.50 (0.11%) to the day high value of 5,978.10 points and the Saudi Saudi Stocks Exchange drooped by 4.52 (0.07%) to the day high value of 6,830.27 points on February 15, 2012.
Many giant aviation companies gathered last week to GCE as massive air port development schemes in various ME countries are taking place. From the aviation companies, the arrival of the companies from Germany felt more prominent as they have been offered huge contract in various field of air port expansion of the countries like of Oman, Bahrain, UAE, Saudi Arabia and Qatar. Meanwhile, companies in Oman gets huge tax benefits from the government according to the Tax Law passed in 2009. Since 2010, a 60 per cent tax relief has been provided with companies who operate in the Kingdom.
Waleed Al Hashar, Group GM - Corporate Services, said: “BankMuscat is very pleased to be chosen as the finishing point of the 3rd stage of Tour of Oman which promotes Oman as an international tourist and sporting destination. The hosting of this event reflects the Sultanate’s remarkable organisational capabilities. BankMuscat has been involved in all the previous editions of Muscat Festival and remains committed to supporting all major events related to it.”
Speaking in Dubai on the current global economy and outlook for the Middle East, Andrew Scott, Professor of Economics at London Business School, said 2012 will be a year of slow growth but the region is doing well in re-balancing its economies and is beginning to gain momentum.
“The recovery is on track. You can see the region beginning to gain some momentum. Obviously there can’t be expected to be rapid growth for those exposed to the finance and real estate sectors so growth will need to come from elsewhere.
Jeddah/Kuwait/Oman: 14 February, 2012 – Xpress Money, the preferred partner for instant money transfers in the GCC, recently announced the launch of two unique services - ‘Credit to Mobile Account’ and ‘Credit to Bank Account’ - for its Pakistani customers residing in Saudi Arabia/Kuwait/Oman.
Xpress Money has tied up with telecom provider Telenor Pakistan for the ‘Direct to Mobile Account’ service, while its ‘Direct to Bank Account’ service will be available through 17 leading banks in Pakistan.
Pushpak Damania, who heads Business Development in the MENA & AFPAK region for Xpress Money, said: “At Xpress Money, we constantly innovate our service offerings in order to make remittances more convenient. We understand that our customers lead busy lives and we work towards making financial transaction as hassle-free as we can for them. Direct transfers to mobile and bank accounts are our latest initiative towards this end.”
The event hosted as part of al Mazyona celebrations marks a major step by the Bank in building and strengthening relations with the communities in Oman. Thousands of citizens and residents are expected to join the celebrations along with the Bank’s senior executives from the headquarters and region A traditional Omani music band will perform at the event to enliven the al Mazyona experience.
Another weak year for IPOs in the GCC as issuers and investors remain wary of volatility in the Capital Markets
Saudi Arabia continued to lead the GCC markets with two IPOs in the last quarter of 2011 contributing USD 148m or 70% of the total amount raised on the GCC exchanges. The only other IPO in the GCC during Q4 2011 was Oman’s SMN Power Holding which raised USD 63.8m. Although the number of IPOs in the last quarter of 2011 remained the same as Q4 2010, the average IPO size decreased significantly from USD 343m to USD 71m in Q4 2011.
Steve Drake, Head of PwC Capital Markets in the Middle East region, said:
“Investor risk caution coupled with issuer reluctance to sell at perceived lower valuations contributed to a slow and stifled year in the equity markets. Issuers in the GCC deferred their IPO plans in 2011 as global economic instability such as the debt crisis seen in the Euro-zone and the regional political unrest impacted investor confidence. However, we are beginning to see issuer interest in some regional markets although the real test will come when we see the first IPO of 2012 and the level of interest shown by the investor community.”
The Bank is dedicated to the implementation of Islamic Financial services and has already invested in some intense training programmes for its executives providing them with insights into planning and executing Islamic banking products and services. It has also appointed a new Head of Islamic Banking, Mr. Moawai Emalin, to prepare the Bank to handle these additional services through dedicated Islamic windows at its branches.
AbdulRazak Ali Issa said: “The new Private Banking strategy is a step into the future banking in Oman, reflecting the Bank’s commitment to expand innovative services to clients and remain the nation’s bank of first choice. With global financial expertise, the Bank has adopted smarter strategies to stay ahead in business and provide a distinct experience for Private Banking clients.”
AbdulRazak added: “Over the last 30 years, BankMuscat has achieved steady and significant growth in various disciplines to emerge as the leading financial institution in Oman. The new Private Banking brand reaffirms the flagship financial institution’s commitment to banking excellence.”
The ‘Go London’ campaign is part of efforts to provide value added services for BankMuscat cardholders. The campaign entitles BankMuscat Visa debit and credit cardholders to pay with their cards in Oman or abroad and earn chances to enter a draw to win two packages offered to witness the London 2012 Olympic Games.
The mechanism for the draw is that for every BankMuscat Visa card transaction, customers have a chance to win the Olympics package. Each transaction is equal to one chance, thus the more the card is used, the better the chances to win. The promotion is valid till 5 March 2012.
- Business Continuity Planning strategy to ensure uninterrupted service during crisis BankMuscat achieves unique Disaster Recovery capability for all operations
- ITS Recognized for Innovative, Cutting-Edge Islamic Banking Solutions at OIEF
- Private Deposits at Oman Commercial Banks-Report.
- First Omantel woman Marketing General Manager appointed
- Arab Bank Group Posts 13% Growth in Profits and 25% Distribution of Dividends
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