Arabian Countries with recent economic Activity:

Bahrain | Kuwait | Oman | Qatar | Saudi Arabia | UAE | Other Arab Countries

Oman
 
February was Oman’s date with financial results and dividends. Both were announced in plenty. Apart from these, none of the industries were very active, but, Seeb International Airport came out with ambitious plans to increase its annual handling capacity from the present 3 m passengers to 48 m.
 
At 35% Oman Cement Company’s dividends were the highest, followed closely by National Gas Company, Port Services Corporation and Gulf Hotels with 30%. Other important dividends came from Oman International Bank, Oman Chlorine Company, Al Omaniya Financial Services, Dhofar International Development and Investment Company, Areej Vegetable Oil and Oman Refreshment Company.
 
Most of the financial results announced were satisfactory. Oman Chromite Company reported a net profit of RO248K for the year compared to RO 311K down by 20.2%; Al Anwar Holdings SAOG announced a net profit of RO853K for nine months 06'07' compared to RO482K up by 76.8%; Al Sharqiya Investment Holdings Company announced net profit of  RO815,499 compared to RO1.647mn down by 51%; Oman Holding International announced a net profit of RO3.690m for nine months 06'07 compared to RO 970K, up by 280%; Oman National Electric Co. announced net profit after tax of RO 1.00m compared to previous year’s net profit of RO 0.624m with increase of more than 60%; Salalah Mills Co. reported profit of RO540,930 for the year compared to RO439,815K, up by 23%.
 
Renaissance Services has signed a charter-party agreement with OceanTeam Power and Umbilical of Norway for its cable laying vessel 'Team Oman'.
 
The only significant development was from Oman Oil Marketing Company which has expressed interest in investing in a 4b euro (USD5.2b) nuclear power plant in Bulgaria and in a trans-Balkan oil pipeline.
 All in all, Oman’s industries were very moderate throughout the month. But, the good financial results and dividend announcements prove that the industries are on the right path and will display more activities in the coming months.