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Profits of Omani Banks Rise 20%

Preliminary financial results recently announced by the listed banks on the Muscat Stock Exchange showed an increase in profits
Preliminary financial results recently announced by the listed banks on the Muscat Stock Exchange showed an increase in profits
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Profits of Omani Banks Rise 20%

Preliminary financial results recently announced by the listed banks on the Muscat Stock Exchange showed an increase in profits
Preliminary financial results recently announced by the listed banks on the Muscat Stock Exchange showed an increase in profits

Total net profits of Omani banks listed on the Muscat Stock Exchange (MSX) jumped by 20.6 percent to RO409mn in 2022 as compared to RO338.9mn profits reported in 2021.

Preliminary financial results recently announced by the listed banks on the Muscat Stock Exchange showed an increase in profits of all the banks, according to a Oman News Agency report.

The sharp rise in such profits reflects the state of recovery of the Omani economy from the Covid-19 pandemic as well as the government’s efforts to mitigate the effects of the pandemic on various economic activities.

The banks’ improved financial results also reflect the efforts made by banks to diversify their lending and financing portfolios and their contributions to financing projects implemented by the government and the private sector.

Bank Muscat posted the highest profit at RO200.7mn in 2022 compared to RO189.6mn in the previous year.

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GAIN Summit in Riyadh to Showcase Global Experiences on AI Use in Supporting Business Leaders

GAIN Summit in Riyadh to Showcase Global Experiences on AI Use in Supporting Business Leaders
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GAIN Summit in Riyadh to Showcase Global Experiences on AI Use in Supporting Business Leaders

GAIN Summit in Riyadh to Showcase Global Experiences on AI Use in Supporting Business Leaders

The third edition of the Global AI (GAIN) Summit, organized by the Saudi Data and AI Authority (SDAIA) will be held in Riyadh on September 10-12.

The summit will showcase the global experiences in the field of artificial intelligence technologies, including those that focus on the importance of business leaders' understanding of rapidly developing AI technologies, and reflecting on how to increase production driven by strategic decision-making.

The deliberations of over 300 speakers, including experts, specialists, and decision-makers from 100 countries will present business leaders and those interested in the field of data and AI with promising options and opportunities to benefit from the technologies.

The speakers will deliberate on the most effective methods of utilizing AI to make strategic decisions, support responsible leadership, analyze the extent of the impact of AI on the growth of business activities and productivity, and motivate employees within an attractive work environment that meets the aspirations of business leaders.

The summit will underscore the importance of senior leaders and policymakers in making strategic decisions, determining the scope and directions of work, and achieving a competitive advantage for business. These decisions are guided by organizational policies, available resources, future plans, and other decisions based on AI.

According to a study by PricewaterhouseCoopers, productivity growth and improvement of manufacturing processes were five times faster when AI was used to adjust processes, identify shortcomings, and reduce waste and errors.

Predictive maintenance can also reduce downtime and speed up the pace of production, allowing the plant to increase production with the same or fewer inputs.