City Updates

Up to OMR80,000 for government employees,up to OMR40,000 for Omani private sector and up to OMR20,000 for expatriates. Standard rate is 7%. Interest rate of 6.49% for Omani nationals employed in thegovernment sector and for all employees of Diwan and the Ministry of Education.

For More info please visit. www.hsbc.co.om/Personal_Loans_Oman

The $1.6bn project will be designed, constructed, financed and operated by a multinational consortium which has named Omanoil the power plant's contingency fuel supplier.

Although the power plant operates on gas, provision of a standby fuel supply in emergency cases of gas shortage is mandatory. Omanoil will supply a fuel storage capacity that is equivalent to five working days to ensure undisrupted operational efficiency. The project in Sur's Industrial Estate is set to answer the growing demand for electricity while the implementation of state-of-the-art technology will result in higher conversion efficiency to conserve Oman's valuable natural resources.

The Sultanate is ranked fifth in the Arab region in Doing Business 2013 index released by the World Bank and the International Finance Corporation (IFC).

Out of 185 countries surveyed, the Sultanate ranked 47th on the world level, after Saudi Arabia, UAE, Qatar and Bahrain, in terms of ease of doing business.

The Sultanate also came 18th on the world level in registering property indicator, 73rd in starting business indictor, 59th in getting building permits, 83rd in getting credit indicators, 10th in tax payment indicator, 100th in investor protection indicator, 49th in trade across border indicator and 77th in resolving insolvency indicator.

Singapore is at the top position, followed by Hong Kong SAR, China’ at second place and New Zealand at third spot. Other nations in the top 10 are the US (4th), Denmark (5th), the UK (7th), Norway (6th), South Korea (8th), Georgia (9th) and Australia (10th).

The report pointed out that the most countries covered by the report witnessed improvements in business environment since 2005, the average time to start a business has fallen from 50 days to 30 days and in low-income economies the average has been reduced by half.

-Oman Tribune-

Muscat. 07, October. The wait is finally over for all tech gurus and IT geeks in town… it’s time again for the much anticipated Oman Web Awards – A National Event of Pride; the registrations are Now Open as it enters its 7th successful year.  It is time again when we will get to witness extraordinary talent vie for the top positions within the digital economy of Oman. The Oman Web Awards 2012 is supported by Microsoft, BSA Business Software Alliance & Ayna and hosted by SJS Group (Oman)

The competition being one of its kind in the country; recognizes promising individuals and their contribution to promote the spirit of innovation and creativity in the IT industry. It aims at raising the standards of website design, development & solutions, advocating development of local talent and promoting intellectual property awareness.

The participants for Oman Web Awards 2012 need to register online www.omanwebawards.org to enter the competition.

Abu Dhabi’s Etihad Airways has announced that third-quarter revenue was up 19 percent to US$1.3bn, boosted by a 51 percent surge in income from its 38 codeshare and airline partners.

With the number of passengers carried jumping 23 percent year-on-year to 2.79 million and the average seat factor rising to a record 81.2 percent, the UAE national carrier said it was confident of achieving full-year profitability for the second year running.

Alizz Islamic Bank SAOG (Alizz Islamic Bank) will launch its initial public offering (IPO) of 400,000,000 shares on Saturday
22 September 2012.

This follows the administrative decision of the Capital Market Authority of Oman ('CMA') dated 8 September 2012 approving the prospectus for the IPO. Alizz Islamic Bank is promoted by Huriah Company LLC owned by HH Sayyid As'ad bin Tarik Al Said, aabar Investments PJS which is 95% owned by the International Petroleum Investment Company of Abu Dhabi, First Energy Oman, wholly owned subsidiary of First Energy Bank B.
S.C.(c). Bahrain and Tasameem Real Estate Company LLC, an investment company
headquartered in the UAE.

HSBC Bank Oman has successfully linked its newly expanded ATM network to OmanNet Switch, giving customers broader access and convenience to cash withdrawal machines across the length and breadth of the Sultanate.

Former Oman International Bank (OIB) and HSBC customers can now also make use of all the services offered at over 100 ATMs of the newly merged entity free of charge. “A significantly larger national ATM footprint and diversifying banking service channels is only one of the many advantages customers can enjoy as the integration process continues to realise the full benefits of the merger,” said Alan Jarman, head of retail banking and wealth management at HSBC Bank Oman. “The switch to the larger ATM network enhances the ways we can help customers and offers them faster and better access to their money 24 hours a day, seven days a week.”

Renaissance subsidiary, Topaz Energy and Marine (Topaz), a UAE-based oil field services company, has been awarded two new long term charters, totalling over $65mn, in the GCC and the Caspian Sea, two of the company’s major operating areas.

MUSCAT - Petroleum Development Oman (PDO), the country's flagship oil and gas company, will invest around $26 billion in hydrocarbon exploration and production activities over the next five years.

This move comes three months after it launched the first domestic scheduled flight in the UAE to Sir Bani Yas and Delma Island.

Effective 19th September 2012, Rotana Jet will operating two flights a day between Abu Dhabi nd Fujairah.  Double Daily Flights to Al Ain will commence on the 20th September 2012 and flights to Sharjah will follow.  These routes will be operated by Embraer ERJ145 aircraft with 50 seats and 31” seat pitch.