Latest news with #RO200mn
Muscat Daily
26-02-2025
- Automotive
- Muscat Daily
RO200mn Chinese industrial complex to be established in Khazaen
Muscat – Khazaen Economic City has signed an investment agreement with Muscat Changming Investment Company to establish an integrated Chinese industrial complex with an estimated investment of RO200mn. The industrial complex will span an area of more than 160,000 square metres. The signing ceremony was attended by H E Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, according to an Oman News Agency report. The complex will feature a range of modern facilities, including workshops and production lines, contributing to the development of light and medium industries across several sectors. It will also include packaging areas and logistics warehouses serving as regional storage and distribution centres, along with workspaces, administrative buildings, and showrooms to support commercial and investment activities. Additionally, the complex will house an auto repair centre providing maintenance, repair, and spare parts services, an innovative car showroom equipped with specialised lighting systems, a driving simulation area, and a dedicated space for new car launch events, along with various supporting services and facilities. This project is part of Khazaen Economic City's strategy to develop an integrated city that offers a world-class business environment while attracting local and international investments across strategic sectors such as logistics, industry, food and pharmaceuticals, clean energy, and technology. Salim bin Sulaiman al Dhahli, CEO of Khazaen Economic City, stated that the city is committed to fostering a competitive investment environment that supports economic diversification in the Sultanate of Oman. He emphasised that the Chinese industrial complex represents a significant step towards making Khazaen Economic City an integrated industrial and logistics hub. The project is expected to create direct and indirect job opportunities, support small and medium-sized enterprises, and promote industrial and technological innovation in the Sultanate of Oman.
Muscat Daily
08-02-2025
- Business
- Muscat Daily
Oman launches RO100mn development bonds issue
Muscat – The Central Bank of Oman (CBO), on behalf of the sultanate's government, has announced the launch of a new government development bonds issue, valued at RO100mn. The bonds, set for a five-year maturity, will offer a coupon rate of 4.60% per annum, according to a statement released by the CBO. Subscription opens on February 9 and will run through to February 13, 2025. The auction for the issue will take place on February 16, 2025, with the issue date slated for February 18, 2025. Interest on the bonds will be paid semiannually, on February 18 and August 18, through to the bonds' maturity on February 18, 2030. The 73rd issue of government development bonds is open to all investors, including both residents and non-residents, regardless of nationality. The bonds will be offered exclusively through a competitive bidding process. Interested parties can place bids through commercial licensed banks in Oman during the subscription period. Investors placing bids for RO1mn or more may also submit their bids directly to the CBO, provided they obtain bank endorsements. These bonds are direct, unconditional obligations of the Omani government and can be used as collateral for loans with local banks. They will also be tradable on the Muscat Stock Exchange (MSX), with the details of allocations recorded by Muscat Clearing & Depositary Company (MCD). Oman's government plans to issue government development bonds and sovereign local sukuk worth RO750mn this year. The planned local market issuances are part of the government's strategy to meet financing requirements, covering both a projected budget deficit and public debt servicing. The government will raise the total RO750mn from the local market through eight issues of government development bonds worth RO550mn and two issuances of sovereign local sukuk worth RO200mn, according to details outlined in the Ministry of Finance's 2025 budget guidance. The ministry has designed the borrowing plan for 2025 based on estimates outlined in the State's General Budget for 2025. This includes projections for public debt, financing needs, and the financing structure for the year ahead. Total financing requirements for 2025 are projected at RO2.454bn, which includes a budget deficit of RO620mn and RO1.834bn needed for debt servicing. The government intends to cover these requirements through a combination of local borrowing (RO750mn), external borrowing (RO1.304bn), and a withdrawal from reserves (RO400mn). For 2025, issuances of government development bonds are planned for February (RO100mn), April (RO100mn), June (RO60mn), July (RO60mn), August (RO60mn), September (RO60mn), October (RO60mn), and December (RO50mn). In addition, two issuances of local sovereign sukuk are scheduled for May (RO100mn) and November (RO100mn).
