Oman: Muscat Stock Exchange index breaks 4,700-point barrier
The index reached 4,777 points – its highest level since early November – before trimming gains and closing the week at 4,718 points, up 64 points overall. Sectoral indices also posted positive performances, led by the Industrial Sector Index, which climbed 116 points. The Services Sector Index rose by 78 points, the Financial Sector Index by 27 points, and the Shariah Index by approximately 8 points.
This upward trend was supported by increased institutional investment in the MSX and growing investor optimism regarding improved financial results, following the recent announcement of listed public joint-stock companies' earnings for the first half of the year.
Last week, the Muscat Stock Exchange recorded a market capitalisation gain of RO178.2mn, reaching RO28.821bn by the close of trading on Thursday.
Trading value surged by 64% to RO135.1mn, compared with RO82.3mn the previous week. The number of executed transactions also rose by 26.5%, from 10,593 to 13,400.
OQ Base Industries led trading activity, with trades valued at RO36.5mn – accounting for 27% of total trading value. Bank Muscat followed with RO22.2mn, Oman Flour Mills with RO18.7mn, OQ Exploration and Production with RO16.5mn, and Sohar International with RO12.7mn, representing 9.4% of the total.
A total of 47 securities advanced last week, while 28 declined and 12 remained unchanged. Dhofar Power Generation Company posted the highest gain, rising 32.7% to close at 77bz. Building Materials Industries increased by 25.4% to close at 79bz, and Al Suwadi Energy climbed 17.5% to reach 94bz.
Among the biggest losers, United Finance bonds fell 30% to close at 70bz. Barka Water and Power shares declined by 12.2% to 180bz, and Oman Arab Bank's 2024 mandatory convertible bonds dropped 9% to close at RO1.
In a significant development, OQ Exploration and Production announced its intention to repurchase a portion of its listed shares on the Muscat Stock Exchange. The company plans to buy between 45mn and 60mn shares at market price. The repurchase process will commence on August 9 and continue until February 9, 2026, or until the targeted number of shares has been acquired.
Following the announcement, OQEP's share price fell by 16bz – from 348bz to 332bz. The share had previously seen a price increase after the company's extraordinary general meeting on June 24 approved an amendment to its articles of association, introducing a provision related to share buybacks.
Last week also saw the launch of Ahlibank's pre-emptive rights issue, which is open to shareholders from July 24 to 28. Valued at RO50mn, the bank announced that share allocation will take place on July 30. The offering, priced at 142bz per share, is part of Ahlibank's efforts to raise capital.
Ahlibank's share closed at 150bz at the end of the week's trading, down two baisas from the previous close. Four transactions were executed, amounting to RO10,600. Meanwhile, the pre-emptive rights saw 51 transactions involving 91mn rights, valued at RO96,000, with prices ranging between one and two baisas.
© Apex Press and Publishing Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Business
an hour ago
- Gulf Business
Dubai real estate is entering a new era of strategic growth
Wissam Breidy, CEO of HRE Development/Image: Supplied I was recently talking to friends in Beirut and had one of those conversations that stays with you. I was asked, 'Why is everyone talking about Dubai? Is it just hype or is there something more?' It's a fair question. Most people notice the headlines, the skyscrapers, the glamour. But they rarely see what lies beneath – the solid business fundamentals driving this momentum. As someone operating in the heart of this market every day, I'd like to offer some perspective for those on the outside looking in. Dubai is not just expanding; it's evolving with intent. In 2025, that story continues to unfold with purpose and precision. Every neighbourhood reflects ambition, innovation, and resilience. This is not hype – it's trust, earned during one of the world's biggest stress tests. After COVID, the UAE didn't recover – it reset the rules of growth While much of the world was locked in paralysis during the pandemic, the UAE acted – decisively rolling out mass testing, vaccinations, and policies to support business continuity. That wasn't just effective crisis management, it was proof of savvy execution – and it transformed how the world sees this place. The results speak for themselves. In just the first quarter of 2025, Dubai welcomed 89,695 new residents – an average of 1,000 people a day – bringing the population to 3.92 million by the end of March. This is the driving force behind one of the most alluring real estate markets on the planet. Dubai offers something rare: stability in a volatile world You can invest here without worrying about currency controls or political uncertainty. No income tax. No capital gains tax. That changes the investment math instantly. Rental yields average between 6 and 8 per cent net – and these returns are backed by real end-user demand. Families are settling here, not just passing through. Residential capital values rose 5 per cent quarter-on-quarter and 25.9 per cent year-on-year in Q1 2025, according to the ValuStrat Price Index. Apartments posted a 21.4 per cent annual gain, and villas jumped 30.3 per cent – figures that signal confidence, not just movement. Transaction volumes tell another story. Over Dhs70.8bn in real estate deals were recorded in the first half of 2025, with apartments accounting for nearly 78 per cent of sales. Average ticket sizes for both off-plan and ready homes reached Dhs2.7m, reflecting sustained investor appetite and a growing trend toward ownership. From velocity to value: a market maturing by design The market is shifting from velocity to value, focusing on long-term growth, smarter development cycles, and measured delivery. And crucially, this evolution is being guided with intent. The government's 2040 Urban Master Plan sets out a vision to double Dubai's population and create a more inclusive, sustainable urban landscape. That strategy informs how infrastructure, mobility, and housing are planned. Developers are responding. By the end of Q1, nearly 12,000 new units were handed over – representing 19 percent of the 61,580 homes expected for the year. Areas like JVC, Business Bay, and Dubai South are leading the charge. Read: Looking ahead, more than 170,000 units are currently under construction across the emirate, with completions expected through 2029. The mix – 70 per cent apartments and 30 per cent villas/townhouses – is aligned with demographic shifts and affordability needs. And affordability itself is evolving. Apartment rents rose 10 percent in Q1, and villa rents 5.1 per cent. The appetite for ownership is growing, especially among first-time buyers and young professionals. Developers are responding with more innovative, tech-integrated, and community-centric designs. Homes are becoming smarter, more flexible, and more human – not just priced to sell but built to live in.
Khaleej Times
2 hours ago
- Khaleej Times
Dubai's hottest property spots offer yields up to 7.4%
Dubai's residential property market continues to flourish, with six communities emerging as key hotspots for investors and first-time buyers, offering rental yields of up to 7.39 per cent. The six standout communities — Jumeirah Village Circle (JVC), Damac Island, Downtown Dubai, Dubai Marina, Meydan City, and Dubai South — are registering strong sales volumes and capital appreciation, underscoring a shift toward value-driven locations supported by master-planned development and improved connectivity, according to the latest analysis by Chestertons Mena. The study highlights a market defined by strategic urban planning, infrastructure development, and growing investor confidence — trends that are shaping the future of real estate across the emirate. JVC continues to attract younger tenants and first-time buyers with its relative affordability and strong yields. Average property prices in JVC stand at Dh1,238 per square foot, with rental returns reaching 7.39 per cent — among the highest in the city. Dubai South, a strategically positioned hub near Al Maktoum International Airport and Expo City Dubai, averages Dh1,035 per square foot and offers yields of 6.77 per cent, drawing interest from investors seeking long-term value. Damac Island, averaging Dh823 per square foot, stands out as the most affordable among the six and delivers a robust rental yield of 7.38 per cent, boosted by off-plan pricing and early investment advantages. Meanwhile, Meydan City continues to gain traction with a combination of spacious units, upgraded infrastructure, and rental yields of 7.14 per cent at an average price of Dh1,915 per square foot. More centrally located areas such as Dubai Marina and Downtown Dubai maintain their appeal, despite higher entry points. Dubai Marina properties average Dh1,757 per square foot with a yield of 6.24 per cent, while Downtown Dubai commands the highest average price at Dh2,504 per square foot and offers a consistent 6 per cent return, supported by high demand and its premium status. According to Chestertons Mena, the continued momentum in these communities reflects Dubai's evolving property landscape, where suburban master-planned zones are gaining prominence amid land constraints in core urban areas. This trend is being fuelled by the government's Dubai 2040 Urban Master Plan and the D33 economic agenda, both of which promote integrated, high-quality living environments and aim to double the city's GDP over the next decade. Mania Merrikhi, chief operating officer and managing director of Chestertons Mena, said Dubai has firmly established itself as a global investment hub. 'Initiatives like the D33 agenda are set to drive even greater economic and urban expansion over the next decade. Simultaneously, other emirates such as Abu Dhabi are also gaining prominence, offering fresh opportunities backed by major infrastructure projects.' Mohamed Mussa, executive director at Chestertons Mena, echoed the sentiment. 'Government support continues to be instrumental in shaping a vibrant and accessible real estate market. From streamlined regulations to enhanced investor protections, the UAE is attracting a new wave of international and family-oriented buyers. We expect sustained demand for full-service, lifestyle-focused communities that offer convenience, value, and long-term growth.' Supporting this transformation is a raft of buyer-friendly policies, including lower down payment thresholds, improved mortgage access, and long-term visa options tied to property ownership. These initiatives are drawing a growing cohort of international investors and end-users, particularly families and remote workers looking to settle in lifestyle-oriented communities with access to schools, healthcare, retail, and leisure. Recent data from the Dubai Land Department shows a 25.8 per cent year-on-year increase in real estate transactions in the first half of 2025, exceeding Dh180 billion. The residential segment continues to dominate, accounting for over 60 per cent of total sales, as developers roll out high-appeal projects in line with growing demand. New launches by major players such as Emaar, Sobha Realty, and Binghatti are contributing to inventory expansion in prime and emerging areas alike. The surge in off-plan sales is another indicator of investor optimism. According to CBRE's latest Dubai Residential Market Snapshot, off-plan sales accounted for 58 per cent of total residential transactions in H1 2025, with volume increasing by over 32 per cent compared to the same period last year. This is particularly evident in communities like Dubai South and Damac Island, where pricing remains competitive and the promise of long-term value is attracting new entrants. Rents have also continued their upward trajectory, with average apartment rents in Dubai rising 18.5 per cent year-on-year, according to a recent Asteco report. Villa rents surged 19.6 per cent, further underlining the value of owning income-generating assets in master-planned communities. The report also notes that while prime areas such as Downtown and Palm Jumeirah are seeing stabilisation, mid-market and emerging zones are driving rental growth as tenants seek more space and better affordability.
The National
2 hours ago
- The National
UAE-backed GlobalFoundries expands partnership with Apple
US-based semiconductor manufacturer GlobalFoundries, owned by Abu Dhabi's sovereign fund Mubadala Investment Company, and Apple have deepened their partnership as part of the global tech giant's pledge to invest in US manufacturing. The announcement comes after Apple on Wednesday said it intends to invest an additional $100 billion in the US, bringing its total investment commitment to $600 billion in the next four years. In its pledge, Apple also announced the American Manufacturing Programme to boost its supply chain and help move advanced manufacturing to the US. GlobalFoundries is among the first partners in the programme that also include Texas Instruments, Samsung and Broadcom. 'This is part of our $600 billion commitment to the US over the next four years, and we couldn't be more excited about the future of American innovation,' Apple chief operating officer Sabih Khan said in a statement. Apple's investment announcement came after President Donald Trump had threatened to impose tariffs on the company for manufacturing its flagship iPhones outside the US. During a call with analysts after reporting earnings last week, Apple chief executive Tim Cook said a 'vast majority' of its iPhones are made in India. Mr Trump doubled India's tariff rate to 50 per cent earlier on Wednesday. GlobalFoundries investments GlobalFoundries said its partnership with Apple will allow it to speed up investment at its facility in Malta, New York state. 'This is a testament to GF's technology differentiation, coupled with our unique secure and onshore capabilities, and the trust Apple has placed in GF to deliver and build the advanced chips that power its next-generation smart mobile technologies,' GlobalFoundries chief executive Tim Breen said in a statement. The UAE-backed company in June also teamed up with Apple, SpaceX, AMD, Qualcomm, NXP and General Motors as part of its plans to invest $16 billion to expand its semiconductor manufacturing and advanced packaging in New York and Vermont. GlobalFoundries said that investment commitment, which came after the US President's visit to the UAE, was the result of collaboration with the Trump administration and support from leading technology companies. The company on Wednesday said its partnership with Apple, as well as its $16 billion planned investment, is supported by the Trump administration's efforts to prioritise US leadership in artificial intelligence, including manufacturing semiconductors domestically.
