The Central Bank of Oman (CBO) foreign exchange reserves have reached $18 billion for the first time since 2016.
During its fourth Board of Governors meeting on Tuesday, the CBO opined that prominent growth achieved in the FX reserve numbers has been supported by stable cash flows witnessed throughout the year given the rise in oil prices, and recovery of the global economy from the effects of the COVID-19 pandemic.
The FX reserves position ensures a stable purchasing value for the Omani riyal and conforms to the recommendations of international organizations, the Board noted.
It observed that the total demand for foreign currency in the local market has remained at reasonably comfortable and satisfactory levels.
In another context, Minerals Development Oman (MDO) has established a strategic partnership with Synergies Casting Oman to acquire a 14.8 percent stake in the company’s shares.
The CEO of MDO, Eng. Nasser Saif Al Maqbali said that this step falls under the strategic objectives of MDO to reinforce domestic manufacturing industries related to mining.
Maqbali added that as per the terms of the shareholding agreement, MDO hired 100 Omanis in many technical and administrative jobs within SCO, increasing the Omanization rate up to 58 percent.
SOC is targeting even higher Omanization rates that are planned to be attained in the future.
On his turn, Eng. Ahmed Al Mazrouei, Executive Director of SCO, said that the 42 million Omani riyal project is expected to produce 1.2 million tons of alloy wheels, being the first plant in Oman that makes high-end aluminum alloy wheels for automobiles.
Globally, alloy wheels’ demand is estimated to increase from 219 million wheels in 2015 to 296 million wheels in 2023, and then to 326 million wheels in 2028, Mazrouei added.
