Oman increases cost of expatriate hires

Oman increases cost of expatriate hires
Workers arrive to a desalination plant in the Omani port city of Sur, south of the capital Muscat, on Nov. 27, 2019. (File/AFP)
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Updated 28 January 2021

Oman increases cost of expatriate hires

Oman increases cost of expatriate hires
  • Hiring non-nationals under the new structure will cost nearly $5,198 for top positions
  • The decision was made to increase Omanization

DUBAI: Oman’s Ministry of Labor released new fee structure for employers with increased fees for expatriate hires, daily Times of Oman reported.
Hiring non-nationals under the new structure will cost nearly $5,198 for top positions, $2,600 for mid-levels, and $1,561 for technical and skilled workers.
The decision was made to increase Omanization, the nationalization program of various jobs in the Sultanate.
Some industries will have a specified fee for each expatriate hiree. Hiring an expatriate fisherman will cost companies almost $938, while for other industries the fee will increase with the number of foreign employees in each position. Companies will also have to pay additional fees for job switching and updating a hiree’s employment status.

However, some exceptions have been made to owners of small and medium enterprises (SMEs). These are for “employers tasked with managing these companies, which are registered under the Public Authority for SME Development (Riyada) and insured by the Public Authority for Social Insurance (PASI),” said the Ministry of Labour. SMEs can benefit from these regulation for up to two years from the time of their establishment.


Qatar’s wealth fund might acquire $7bn gas assets from UK’s National Grid: CNBC

Qatar’s wealth fund might acquire $7bn gas assets from UK’s National Grid: CNBC
Image: Shutterstock
Updated 15 sec ago

Qatar’s wealth fund might acquire $7bn gas assets from UK’s National Grid: CNBC

Qatar’s wealth fund might acquire $7bn gas assets from UK’s National Grid: CNBC
  • Goldman Sachs and Barclays are advising National Grid on the sale

RIYADH: Qatar Investment Authority (QIA),  the country’s sovereign wealth fund, may acquire assets of the UK’s National Grid, which operates electricity and natural gas transmission networks, CNBC Arabia reported, citing two unnamed sources.

QIA was part of a consortium of investors that acquired about 61 percent of the British company's gas pipeline assets five years ago.

Now the Qatari fund is competing with other global investment funds, including Macquarie and Equitix, to acquire the gas assets in an estimated $7 billion deal, the sources said. 

Goldman Sachs and Barclays are advising National Grid on the sale, the report added.

This comes amid a protracted energy crisis that has affected the UK and Europe significantly in recent months amid the disruption of global supply chains. 

The country earlier announced it reached an agreement with Qatar to secure its gas needs or 40 percent of the UK’s total energy mix. 

National Grid has a primary listing on the London Stock Exchange and a secondary listing in the form of its American depositary receipts on the New York Stock Exchange.


Amazon to open Abu Dhabi fulfilment centre by 2024, says govt media office

Amazon to open Abu Dhabi fulfilment centre by 2024, says govt media office
Updated 32 min 36 sec ago

Amazon to open Abu Dhabi fulfilment centre by 2024, says govt media office

Amazon to open Abu Dhabi fulfilment centre by 2024, says govt media office

 Amazon has partnered with Abu Dhabi Investment Office (ADIO) to establish a fulfilment centre by 2024 to be built in accordance with the company's carbon-reduction strategies, the Abu Dhabi government's media office said on Sunday


The project will create thousands of jobs, boosting Abu Dhabi's logistics sector and retail ecosystem and will be in line with the UAE's ambition to achieve net-zero emissions by 2050, the media office added.


Gulf countries to establish integrated industrial strategy: Bahraini minister

Gulf countries to establish integrated industrial strategy: Bahraini minister
Updated 28 November 2021

Gulf countries to establish integrated industrial strategy: Bahraini minister

Gulf countries to establish integrated industrial strategy: Bahraini minister

Countries in the Gulf Cooperation Council (GCC) are planning to set up an integrated industrial strategy, Bahraini Minister of Industry, Commerce and Tourism Zayed Alzayani said.

This will be done by creating a unified “Gulf strategy for industry,” Asharq Al-Awsat reported, citing him.

The Gulf countries are also trying to increase dependence on each other instead of importing raw materials from abroad, which Alzayani said could create jobs, diversify economies, and expand their exporting values. 

He added the region is heading towards the formation of a customs and economic union by 2025, and the integrated industrial system will help the Gulf to stand among global conglomerates as a single bloc.

When combined, Gulf countries are the 12th largest economy globally, the minister said, adding their aim to be among the top 10 biggest economies in the world.

 


Lebanon launches second licensing round for 8 offshore oil, gas blocks 

Lebanon launches second licensing round for 8 offshore oil, gas blocks 
Image: Shutterstock
Updated 28 November 2021

Lebanon launches second licensing round for 8 offshore oil, gas blocks 

Lebanon launches second licensing round for 8 offshore oil, gas blocks 
  • The US is mediating between Lebanon and Israel, who are technically at war, to resolve the dispute

RIYADH: Lebanon has launched the second licensing round for eight offshore oil and gas blocks after two years of delay.

The government had agreed to launch the second round in April 2019 but it was postponed due to the pandemic, Bloomberg reported.

The US is mediating between Lebanon and Israel, who are technically at war, to resolve the dispute over about 860 square kilometers of water.

The deadline for applications is June 15, according to the Lebanese Petroleum Administration.


Doha Bank looks to borrow a 3-year $350m loan

Doha Bank looks to borrow a 3-year $350m loan
Updated 28 November 2021

Doha Bank looks to borrow a 3-year $350m loan

Doha Bank looks to borrow a 3-year $350m loan
  • Banks that finance more than $100 million will receive an interest rate of 108 basis points on the total tranche

RIYADH: Doha Bank, one of the largest commercial banks in Qatar in terms of assets, is looking for a 3-year loan of $350 million, following a financing it obtained earlier this year.

The loan also includes a one-year extension option and an interest rate of about 85 basis points above LIBOR, a global benchmark interest rate, Alarabiya reported.

Banks that finance more than $100 million will receive an interest rate of 108 basis points on the total tranche.

Those offering to lend less than $100 million will receive a total interest rate of 106 basis points.