
Oman crude oil price climbs to $72.17 per barrel
However, the monthly average price for Omani crude in July fell to $63.62 per barrel, marking a $4.25 decline compared to June's average.
Meanwhile, international oil prices rose on Wednesday, maintaining their highest levels since June 23, lifted by attacks on shipping in the Red Sea and a forecast for lower US oil production while uncertainty over US tariffs loomed in the background.
Brent crude futures gained 10 cents, or 0.1%, to $70.42 a barrel by 1057 GMT. US West Texas Intermediate crude was up 15 cents, or 0.2%, to $68.65 a barrel.
After months of calm in the Red Sea, attacks in the major global shipping lane were renewed in the past week, which sources attribute to Yemen's Iran-allied Houthi militia.
A mission was under way on Wednesday to rescue the crew from a cargo ship which sank in the Red Sea following an attack that killed at least four crew members. The Houthis have not claimed responsibility for the attack.
Oil prices were also buoyed by an Energy Information Administration forecast on Tuesday that the US will produce less oil in 2025 than previously expected, as declining oil prices have prompted US producers to slow activity. — Agencies
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Observer
2 hours ago
- Observer
The rental fraud plaguing Oman's property market
A concerning pattern of corruption has emerged within Oman's rental property sector, with fraudulent practices becoming so commonplace that they risk undermining the integrity of the entire real estate market. What began as isolated incidents has evolved into a systematic problem that exploits tenants, property owners and municipal authorities alike. The scope of the problem is worrying. The rental fraud scheme has infiltrated even established estate agencies across Oman, where some managers choose to look the other way rather than confront the illegal activities occurring under their noses. While these established firms may not officially endorse such practices, their passive tolerance allows the corruption to flourish unchecked. The most vulnerable parties in this web of deception are ordinary tenants seeking housing and property owners trying to rent their assets legitimately. Meanwhile, municipal authorities lose substantial revenue through systematic tax evasion, as perpetrators deliberately avoid the mandatory 3 per cent municipal duty required for new tenancy agreements. Here is how the scam works. The fraudulent scheme operates through a carefully orchestrated deception that exploits legal loopholes and preys on people's desire to save money. Here's how the scam typically unfolds. An individual establishes himself as an estate agent without properly registering his company — a clear violation of Omani commercial law. Operating in this legal grey area, the fraudulent agent targets both tenants and property owners with promises of financial savings. Here is the scammers pitch to the tenant. The fake agent approaches prospective tenants with an attractive proposition: accept a verbal agreement instead of a written tenancy contract and you can enjoy reduced rent. The agent explains that this arrangement allows the property owner to avoid municipal fees and legal documentation costs, savings that can be passed along to the tenant. Simultaneously, the fraudulent agent contacts the property owner with a different story. He claims that the best achievable rental rate is significantly lower than the property's actual market value, positioning himself as the intermediary who can secure the best possible rental income. In a typical example, a property worth RO 525 per month in rent becomes the centre of a three-way deception. The tenant pays RO 500 monthly, believing they're receiving a RO 25 discount. The owner receives only RO 450, thinking this represents the best available market rate. The fraudulent agent pockets the RO 50 difference in rental income while also collecting a 5 per cent commission (RO 25) from the owner, totalling RO 75 in unearned monthly profit. When maintenance issues arise, the fake agent directs tenants to contact the owner directly, absolving himself of any agency management responsibilities while continuing to collect his illicit profits. Unfortunately corruption extends beyond property rentals into employment practices, where similar patterns of deception target expatriate workers. Employers lure foreign workers to Oman with comprehensive contracts promising accommodation, competitive salaries and other benefits. Upon arrival, these workers discover that their promised accommodations have vanished, their salaries have been reduced or their employment terms have been unilaterally modified. This bait-and-switch tactic leaves expatriate workers in particularly vulnerable positions, as they often lack the local knowledge, resources or legal connections necessary to seek redress through Oman's Court system. Despite Oman's deserved reputation for maintaining a well-organised and comprehensive legal framework, these fraudulent operators continue their activities with relative impunity. The gap between the country's robust legal infrastructure and the enforcement of regulations against these small-scale but systematic fraudsters represents a significant challenge to market integrity. The reluctance or inability to bring these cases before the Courts allows the perpetrators to operate without meaningful consequences, emboldening others to adopt similar tactics and perpetuating a cycle of corruption that undermines confidence in Oman's property and employment markets. This widespread fraud creates multiple layers of harm across Omani society. Tenants pay inflated rents while believing they're receiving discounts. Property owners receive below-market rates for their assets while paying unnecessary commissions. Municipal authorities lose tax revenue that should fund public services and infrastructure development. Perhaps most damaging is the erosion of trust in legitimate business practices. When fraudulent operators can function alongside established agencies without significant consequences, it becomes increasingly difficult for honest market participants to compete fairly and for consumers to distinguish between legitimate and fraudulent service providers. Addressing this crisis requires coordinated action from multiple stakeholders. Enhanced enforcement of existing business registration requirements could eliminate unregistered operators from the market. Stronger penalties for rental fraud and employment deception would create meaningful deterrents. Public awareness campaigns could help potential victims recognise and avoid these fraudulent schemes. Most importantly, the legal system's capacity to process these cases efficiently must be strengthened to ensure that Oman's comprehensive legal framework translates into practical justice for fraud victims. The integrity of Oman's property market and its reputation as a reliable destination for international workers depend on swift and decisive action to address these systemic problems. Only through comprehensive reform and vigorous enforcement can the Sultanate of Oman restore confidence in its rental and employment sectors while protecting the interests of all legitimate market participants. The writer is Former School Principal Cambridge UK


Muscat Daily
3 hours ago
- Muscat Daily
First voco hotel in Oman to open in Al Mouj this year
Muscat – IHG Hotels and Resorts has announced the signing of a management agreement for voco Muscat Al Mouj, a 251-key beachfront hotel set to open in Q4 2025. The deal with Golden Group Holding marks the first signing of the voco brand in Oman, further expanding IHG's premium portfolio across the Middle East. Centrally located in the Al Mouj Muscat neighbourhood, a waterfront development known for its luxury residences, yacht marina, championship golf course and high-end retail offerings, the new hotel will cater to both leisure and business travellers. Launched in 2018, voco is IHG's fastest-growing premium brand, already making its mark with openings and signings across Europe, the Middle East, Africa and Asia. Known for its bold identity and thoughtful touches, the brand blends the character of individual hotels with the benefits of a trusted global name, offering guests a reliably different experience. Upon opening, voco Muscat Al Mouj will join the brand's growing portfolio of more than 100 open hotels globally and a robust pipeline of more than 95 properties. Haitham Mattar, Managing Director of IHG Hotels & Resorts, India, Middle East and Africa, said, 'We are delighted to bring the voco brand to Oman in partnership with Golden Group Holding. Al Mouj Muscat is one of the region's most exciting lifestyle destinations and we believe voco's distinctive charm and premium hospitality offering makes it a perfect fit for the destination. This signing reflects our commitment to supporting Oman Vision 2040 by contributing to the country's tourism and economic diversification strategy.' Sheikh Salem al Ghazal, Chairman of Golden Group Holding added, 'Partnering with IHG to introduce voco to Oman is a significant milestone in our journey to enhance Muscat's hospitality offering. voco's blend of informal charm and global quality perfectly complements the dynamic spirit of Al Mouj. We look forward to delivering a hotel that embodies excellence, reflects Omani hospitality and attracts travellers from across the globe.' When it opens later this year, voco Muscat Al Mouj will offer 251 rooms and suites, along with five distinct dining experiences including an all-day dining venue, speciality restaurant and lobby lounge. The hotel will also feature three meeting rooms, a spa, swimming pool, fitness centre, business centre, ample parking and a barber voco hotel in Oman


Muscat Daily
3 hours ago
- Muscat Daily
Oman Kite Festival 2025 wraps up with global participation
Sur – Oman Kite Festival 2025 concluded on July 24 after ten days of international competitions and coastal events held across several locations in the sultanate. Organised by Omran Group in collaboration with Oman Sail, Visit Oman and Oman Adventure Centre, the festival drew more than 90 athletes from around the world. The event aimed to promote adventure-based tourism by leveraging Oman's coastal geography and expanding the country's appeal as a destination for niche sports. The closing ceremony took place at The Beachfront in Sur, under the patronage of Dr Yahya bin Badr al Maawali, Governor of South Sharqiyah, in the presence of Dr Khamis Salim al Jabri, CEO of Oman Sail, and officials from partner entities and sponsors. The headline event – Oman Downwinder – featured four competitive legs: from Barr al Hikman to Masirah Island, then onward to Ras al Ruwais, followed by a route from the Pink Lagoons to Al Ashkharah, and concluding with a final stretch from Ras al Jinz to Ras al Hadd. Omani competitor Ayman bin Abdullah al Ghafri took first place in the Downwinder, ahead of Oman's Mukhtar bin Abdulkarim al Mujaini and Egypt's Ahmed Mohamed Gamal. Other races included the Kite Course at Barr al Hikman, the Coastal Race at Masirah Island and the Slalom event in Ras al Hadd. In the Slalom race held in Sur, Majid al Kharousi secured first place. Sultan bin Sulaiman al Khudoori, Assets Manager at Omran Group, congratulated participants and reaffirmed the festival's alignment with Oman's National Tourism Strategy 2040, which promotes sports and experience-led tourism. Shaima Said al Asmi, Events Specialist at Oman Sail, noted the importance of such events in supporting local economies and encouraging entrepreneurship. 'Each event has the potential to contribute to the tourism sector in governorates across Oman,' she said. Known for its maritime heritage, Sur provided the backdrop for the festival's finale. A strong public turnout highlighted growing domestic interest in marine sports and the potential of these to boost tourism and related services. Organisers noted that the festival continues to position Oman as a destination for adventure sports, while helping promote the country's natural assets to global sporting communities.