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BankDhofar inducts new staff

27th June2011 , Muscat: BankDhofar, successfully culminated a 3 day Induction Programme held at Bait Al Haffa, leading to the recruitment of 73 employees into the Bank. Of these new employees 32 were selected and trained jointly by the Bank and the Ministry of Manpower as part of His Majesty’s directives.

 

The Bank’s induction Programme presents an excellent grounding to banking aspirants, providing them with useful insights into the various elements and components of the banking industry, familiarizing them with the bank’s corporate culture, organizational structure, products and services.

 

“The induction programme provides our new employees with insight into our banking culture” said Mohammed Al Balushi, AGM, Human Resources. “This induction period can be considered as the foundation that determines long term success of individuals who ultimately contribute to the banks overall performance”.

 

Over the course of the 3 day programme, an overview of the various functions and processes within BankDhofar was conveyed to the new employees. Possessing fine qualities such as technical proficiency, quest for excellence and a headstrong attitude are traits that BankDhofar instills into the trainees.

 

“BankDhofar strives to groom local talent" said Mohammed Al Balushi, “Placing them into an induction program such as this, will expose them to the different facets of banking, enabling them to adapt to the banking culture".

Monetary Developments in Sultanate.


Muscat, June 24 (ONA) --- Broad money (M2) increased by 5.3 percent to RO 8,767.7 million in April 2011 compared to RO 8,324.6 million in April 2010.     Narrow money (M1), comprising currency held by the public and local currency demand deposits, expanded by 20.1 percent to RO 3,137.3 million by April 2011 on a year-on-year basis.     Quasi money (comprising RO savings and time deposits, certificates of deposit issued by commercial banks, margin deposits and foreign currency denominated deposits) declined marginally by 1.4 percent to RO 5,630.4 million by April 2011 compared to RO 5,713.1 million a year ago.     As regards the sources of broad money supply (M2), net foreign assets of the banking system (including CBO) decreased by 7.2 percent to RO 4,820.9 million in April 2011 from RO 5,195.3 million in April 2010, while domestic assets increased by 26.1 percent to RO 3,946.8 million at the end of April 2011 from RO 3,129.3 million a year ago.     

CBO’s policy rate for injection of liquidity, i.e. repo rate, remained unchanged at 2 percent since January 2009.    

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Merrill Lynch Global Wealth Management and Capgemini Release 15th Annual World Wealth Report

Wealth and Population of Global HNWIs Surpass Pre-crisis Levels in Nearly Every Region;
HNWI Wealth and Population in Asia-Pacific Overtakes Europe for First Time –
Asia-Pacific Second Only to North America

NEW YORK & PARIS- June 21, 2011 -(BUSINESS WIRE/ME NewsWire)-- The world’s high net worth individuals (HNWIs)1 expanded in population and wealth in 2010 surpassing 2007 pre-crisis levels in nearly every region, according to the 15th annual World Wealth Report, released today by Merrill Lynch Global Wealth Management and Capgemini. Global HNWI population and wealth growth reached more stable levels in 2010, with the population of HNWIs increasing 8.3 percent to 10.9 million and HNWI financial wealth growing 9.7 percent to reach US$42.7 trillion (compared with 17.1 percent and 18.9 percent respectively in 2009). The global population of Ultra-HNWIs2 grew by 10.2 percent in 2010 and its wealth by 11.5 percent.

“The past few years have seen great fluctuations in HNWI wealth and population,” said John Thiel, Head of U.S. Wealth Management and the Private Banking & Investment Group, Merrill Lynch Global Wealth Management. “In 2010, we saw growth rates slow down from the higher double-digit levels of 2009 when many markets were quickly returning from significant crisis-related losses.”
The global HNWI population remained highly concentrated in the U.S., Japan and Germany, which together accounted for 53.0 percent of the world's HNWIs. The U.S. is still home to the single largest HNW segment in the world, with its 3.1 million HNWIs accounting for 28.6 percent of the global HNWI population.

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Main Telecom Providers from Russia, the UK and Iran join with OmanTel

Albert Fahil


The general index of the Muscat Securities Markets edged recording a 2.93 percent (0.05%) increase to the day high value of 6,015.71 points on June 22, 2011 despite the global and regional gloomy situation in most stock markets.  The Dubai Stock Market dropped 28.84 (1.83%) to the day high value of 1,578.45 points while the Bahrain Stock Exchange declined 2.23 (0.17%) to the day high value of 1,340.45 points.


The Qatar Stock Exchange surged 2.79 (0.03%) to the day high value of 8,230.31 points and the Kuwait Stock Exchange increased 2.70 (0.04%) to the day high value of 6,285.90 points. The Saudi Stock Exchange reversed 12.92 (0.20%) to the day high value of 6,499.46 points.


One of the highly stabilized property firms in Oman, Cluttons, which has been operating more than 25 years states this week that the property market in Oman will flourish in coming years and the demand for properties, will increase due to rapid infrastructural developments in the Kingdom. The company pointed out that more and more companies will be expanded as the regional unrest subdues helping global market to break its reversal and head rapidly toward normalcy.


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MERRILL LYNCH GLOBAL WEALTH MANAGEMENT AND CAPGEMINI RELEASE 15TH ANNUAL WORLD WEALTH REPORT


Wealth and Population of Global HNWIs Surpass Pre-crisis Levels in Nearly Every Region


Middle East has Second Highest HNWI Growth Rate after Africa –
HNWI Population Grows 10.4 percent and Combined Wealth Rises by 12.5 percent


HNWI Wealth and Population in Asia-Pacific Overtakes Europe for First Time –
Asia-Pacific Second Only to North America


Dubai, June 22, 2011 – The world’s high net worth individuals (HNWIs)   expanded in population and wealth in 2010 surpassing 2007 pre-crisis levels in nearly every region, according to the 15th annual World Wealth Report, released today by Merrill Lynch Global Wealth Management and Capgemini. Global HNWI population and wealth growth reached more stable levels in 2010, with the population of HNWIs increasing 8.3 percent to 10.9 million and HNWI financial wealth growing 9.7 percent to reach US$42.7 trillion (compared with 17.1 percent and 18.9 percent respectively in 2009). The global population of Ultra-HNWIs  grew by 10.2 percent in 2010 and its wealth by 11.5 percent. In 2010, the Middle East had one of the highest growth rates after Africa, with HNWIs population rising by 10.4 percent to 440,000, and their combined wealth increasing by 12.5 percent to $1.7 trillion.



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al Mazyona draw excitement spreads Al Shabiba Newspaper


MUSCAT, 21 June  2011 – The excitement of the life-changer al Mazyona Savings Scheme from BankMuscat was experienced  by Ahmed Issa Al Zadjali – Chief Executive of Al Shabiba , who picked the 12 weekly winners of RO 2000 each, covering all regions of Oman and the winners of Double your Salary scheme .

Celebrating 20 years of fulfilling dreams, al Mazyona was launched this year with a never-before offer guaranteeing bigger and better winning chances for customers across the Sultanate. The scheme offers attractive weekly, monthly, quarterly and bi-annual grand prizes on the generous theme of 20 and its multiples thereof, establishing it as the savings scheme for the nation. For 20 years, al Mazyona has made dreams of innumerable customers come true.

A notable attraction this year is that the winning chances get multiplied by the number of years customers are associated with al Mazyona savings scheme. For example, those who have been saving for 20 years will get 20 times bonus chance or their chances will get multiplied by 20 times.
Winning with al Mazyona has never been simpler as customers are not required to block their money for long and no average balance is also required, which makes the savings scheme sensible.

The weekly prizes include RO 2000 each for two guaranteed winners from all the Sultanate’s regions. Customers are required to maintain RO 100 minimum balance for the weekly prize.

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BankMuscat hosts a CEO's round table discussion with key partners and affiliates


Muscat, 20 June 2011: BankMuscat, the leading financial services provider in the Sultanate, hosted a round table discussion at their Head Office recently to deliberate and discuss the prevailing economic situations, aspirations of younger generations and best practices for the way forward. The discussion held in the presence of H E Yahya Bin Said Al Jabri, Executive President of Capital Market Authority (CMA) was attended by CEO’s and executives from top corporations across the Sultanate. The moderators included some of the most prominent personalities in the Sultanate including Mr. Majid Al-Toki, Managing Resident Partner of Trowers & Hamlins, Dr. Fahim Al Marhoubi, Dean of College of Commerce & Economics, SQU and Dr. Hatem Shanfari, Professor, Dept of Economics & Finance, SQU.


In view of recent economic crises worldwide and geopolitical changes in the Middle East, corporate structures across the world are changing. As a result of this, some of the core issues that were discussed included Global and Regional Economic outlook, Aspirations of Generation ‘Y’, Unemployment, Interest Rates and Prospects and Challenges for the way forward.


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NCB CAPITAL KEEPS OVERWEIGHT RATING FOR SABIC WITH TARGET PRICE OF SR 128.6

Positive outlook for SABIC driven by strong prices and demand



Riyadh, 15 June, 2011: NCB Capital, Saudi Arabia’s largest investment bank and leading GCC wealth manager, said in a new report issued today that a positive outlook driven by strong prices and demand coupled with attractive valuation will benefit SABIC. The bank kept its overweight rating for SABIC with a slightly higher price target of SR128.6


“Our positive outlook for prices, contribution from new capacities which started in 2010, and the commercial start of key units of Saudi Kayan in 3Q11, we believe will drive SABIC’s earnings in 2011,” said Tariq Al-Alaiwat, Equity Research Analyst in NCB Capital. “We estimate 2011E revenues of SR190.5 billion, up 25% YoY, with a net income of SR31.2 billion, up 45% YoY.”


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ME Weekly Report - A reshuffle to energize MS Market

Albert Fahil

The ME stock markets showed signs of stabilization in its many regions this week. Despite slight declines, the Muscat Stock Market too improved in many aspects on 15 June, 2011 while the bourse is ready to reshuffle the index replacing less performing entities with more stabilized ones. Nevertheless, the market declined 9.62 (0.16%) to the day high value of 9,063.87 points. The Dubai Financial Market increased 33.64 (2.15%) to the day high value of 1,602.23 points.


The Bahrain Stock Exchange declined 4.91 (0.36%) to the day high value of 1,350.92 points and the Qatar Stock Exchange performed recorded an increase of 75.10 (0.90%) to the day high value of 8,399.73. The Kuwait Stock Exchange surged 15.60 (0.25%) to the day high value of 6,346.00 points and the Saudi Stock Exchange drooped 22.45 (0.34%) to the day high value of 6,600.93 points.


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