Oman

Oman’s Raysut Cement said on Tuesday it plans to acquire Kenya’s ARM Cement, which went into administration in August, as part of its expansion plans. Raysut has expressed its interest to the administrators to acquire the company, it said in a statement. “The acquisition will complement Raysut’s revised strategy to manufacture clinker in proximity to the markets it supplies to in East Africa,” Raysut said in the statement, adding that the acquisition was estimated to be worth more than $100 million, Reuters reported.

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A surge in Oman’s international bond yields suggests that, with investor concerns about its twin deficits growing, the country is fast replacing Bahrain as the weak debt market link among Gulf Arab oil exporters, Reuters reported. Oman’s January 2023 dollar bond yield has jumped 81 basis points since end-September, making Oman by far the worst performer in the six-nation Gulf Cooperation Council. Saudi Arabia, the second worst, has seen its March 2023 bond yield rise just 44 bps, amid concern the killing of dissident Jamal Khashoggi could hurt ties with the West.

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Oman plans to sell $2 billion of Islamic bonds this month as it seeks to trim a large budget deficit caused by lower oil revenue, Finance Minister Darwish Al Balushi said. The crude exporter’s budget deficit will reach 12 percent of economic output this year and it will continue to narrow in the coming years, Al Balushi said in an interview Wednesday in Jeddah, Saudi Arabia, on the sidelines of the Islamic Development Bank’s annual meeting, Bloomberg News reported.
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