Latest news with #Qurayyat
Observer
19-07-2025
- Business
- Observer
MSX gains 51 points amid strong earnings
MUSCAT: The Muscat Stock Exchange (MSX) continued its upward trend last week, posting a gain of 51 points to close at 5,654 points, buoyed by positive earnings results from listed companies for the first half of 2025. This marks the fourth consecutive week of growth for the exchange, driven largely by improved financial performance and increased investor confidence. The financial sector index rose by 5 points, while the services sector added 7 points. The Shariah index remained steady at 449 points. In contrast, the industrial sector index fell by 70 points, pulled down by losses in companies such as Oman Flour Mills, Al Maha Ceramics, Voltamp Energy, and others. Trading activity surged, with the number of executed transactions rising by 14 per cent to 10,600, up from 9,290 the previous week. The value of trades remained high, totalling RO 82.4 million, as investment funds and institutions injected more liquidity into the market. Market capitalisation increased by RO 206.7 million, reaching RO 28.643 billion by the end of Thursday's session. OQ Base Industries led trading activity with a value of RO 21.9 million, accounting for 26.5 per cent of the total. Asyad Shipping and Bank Muscat followed, with trades worth RO 15.1 million and RO 14.4 million, respectively. A total of 42 securities gained in value, 29 declined, and 16 remained unchanged. Muscat Insurance topped the gainers, rising 20.3 per cent to 794 baisas. Oman Oil Marketing rose by 11.9 per cent to 750 baisas, and Dhofar Food and Investment climbed 11.2 per cent to 79 baisas. Oman Education and Training gained 10 per cent to 1,320 baisas, and Salalah Port Services added 8.3 per cent to 260 baisas. Among the losers, National Aluminium Products dropped 15.8 per cent to 85 baisas, while International Financial Investments fell 11.7 per cent to 135 baisas. Al Madina Investment declined 8.8 per cent to 41 baisas, and Oman Flour Mills dropped 7.6 per cent to 469 baisas. In corporate developments, Asyad Shipping announced the arrival of a new 308,000-tonne crude oil tanker, "Qurayyat", as part of a $206 million deal to acquire two tankers. The second vessel is expected soon. Liva Group, a major insurance company, has restructured its debt portfolio, consolidating loans into a new RO 63 million credit facility with Bank Sohar International, aiming to cut borrowing costs and improve capital allocation. Phoenix Power Company has confirmed it will distribute dividends on July 28, as approved during its AGM in March, at a rate of 3.5 baisas per share. — ONA
Observer
15-07-2025
- Business
- Observer
Asyad Shipping takes delivery of VLCC ‘Qurayyat'
MUSCAT, JULY 15 Asyad Shipping Company SAOG, a listed entity on the Muscat Stock Exchange (MSX) under the trading code ASCO, has announced the successful delivery of one of two Very Large Crude Carriers (VLCCs) it acquired earlier this year. The vessel was received on July 11, 2025 and has been named 'Qurayyat', reflecting the company's pride in Oman's identity and coastal heritage. The update follows a previous market disclosure made on April 30, 2025, which outlined the purchase of two VLCCs worth a total of $206 million. The second vessel is expected to be delivered soon, with shareholders and the market to be notified upon its arrival. The vessels, each with a capacity of up to two million barrels, are among the largest in the world and represent a strategic investment to strengthen Asyad Shipping's capacity in the global energy sector. In remarks reported by the Oman News Agency (ONA) on May 24, 2025, Emad bin Saeed Al Khaduri, Chief Commercial Officer of Asyad Shipping, said the acquisition is part of an integrated fleet expansion plan. He stressed that the new tankers are aligned with carbon neutrality standards, supporting the company's sustainability goals and enhancing its competitiveness in regional and international markets. As of April 2025, Asyad Shipping's fleet comprised 85 vessels, with ongoing plans to grow further across key shipping sectors, including crude oil, liquefied natural gas (LNG), ethylene, ammonia, and oil derivatives. The company also operates with flexible commercial models, offering short- and long-term contracts in addition to spot agreements to meet dynamic market needs. According to Al Khaduri, Asyad Shipping aims to invest between $2.3 and 2.7 billion as part of its expansion strategy, of which over $1 billion has already been committed. The pipeline includes additional tankers set to enter service in 2026 and 2027, including two LNG carriers, four crude oil carriers, and two product tankers. Through its international operations, particularly its trade office in Singapore, Asyad Shipping managed and operated 38 tankers in 2024, a performance that underscores its operational efficiency and leadership in the global maritime sector.
Arab News
06-05-2025
- Arab News
Makkah's security forces crack down on illegal Hajj pilgrims
Three Spanish friends rewriting history to perform Hajj on horseback Jeddah: Three friends rode on horseback from Spain to Saudi Arabia to perform the Hajj, reviving a pilgrimage route last used by Andalusian Muslims more than 500 years ago. They reached Saudi Arabia's Northern Borders region last week in time for Hajj after travelling through Spain, France, Italy, Slovenia, Croatia, Bosnia, Serbia, Turkiye, Syria and Jordan on a 8,000 km (4,970 miles) journey. The three Spanish Muslims, Abdelkader Harkassi, Abdallah Hernandez and Tariq Rodriguez, are fulfilling a long-held ambition after embracing Islam 35 years ago. The three riders are accompanied by Bouchaib Jadil, a construction master living in Spain, who is providing logistical support to the team by leading the way in a car. It all started when Abdullah Hernandez reverted to Islam 35 years ago. He told Arab News about how he felt grateful toward Allah for blessing him with guidance — Heidaya — and he promised to complete the Hajj pilgrimage the way his Andalusian ancestors did. The team practiced for two years before setting off in October 2024 from Al-Monaster Mosque, south of Spain. After crossing the border of Jordan on May 2, the three Spanish friends arrived in Qurayyat city in Al-Jawf Province, in northern Saudi Arabia on Friday after a remarkable seven-month horseback journey. During their stop in Qurayyat, the pilgrims were hosted by the head of Al-Haditha Center, Mamdouh Al-Mutairi, who welcomed them to the Kingdom and wished them a pleasant stay and an acceptable and easy Hajj, meeting with students and supporters. The pilgrims were received with a warm welcome from the residents of Qurayyat, who posed for memorable photos with them. Hernandez told Arab News: 'The team is very excited as we are getting closer to Makkah and Madinah. These holy cities are very special to us, and we have been dreaming of reaching them for a long time. Our hearts feel full of love and hope, and we are looking forward to this moment with deep respect and happiness. 'Through this journey we want to recover a historical Andalusian route from Spain to the Harram of Makkah. It is also a trip of challenges where every step is felt by us and the horses, but also is a journey for the soul,' he added. One of the Hajj pilgrims, Harkassi, said they were happy to revive a lost tradition. He added that the team saved money and trained for several years for the journey. He said: 'We embarked on this journey with pure intentions to realize the Hajj.' He added: 'We are almost there, and hopefully, the rest of the journey will be easier.' Their journey, spanning diverse landscapes and extreme weather conditions, is being shared with followers on social media. 'Crossing borders has been the biggest challenge. Some countries were more difficult to cross than others as horses are not considered a mode of transport anymore, but instead they need to be 'imported' into each country as livestock, but Alhamdulillah, we have managed to complete all the paperwork so far,' said Hernandez. Their expedition, known as 'Hajj on Horseback,' was warmly welcomed by Muslims and non-Muslims. Hernandez added: 'We've been received with open arms everywhere we've gone — each country has somehow managed to be even more welcoming than the one before, MashAllah. 'Whether in Muslim or non-Muslim countries, people have shown incredible hospitality: Inviting us into their homes, sharing meals with us, listening to our stories and engaging in meaningful conversations about Islam. 'The warmth we've experienced in Muslim countries has been especially profound, reflecting the deep sense of unity within our Ummah. This beautiful spirit is clearly visible in our recent videos from Turkiye and Syria.' The team set off with limited funds, but received support from local Muslims along the way to finance the costs of the unique journey.
