عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Duqm Materials Market Opens as Third Project in China-Oman Industrial City

The Duqm Materials Market project will open new horizons of cooperation between businessmen in China and the Sultanate of Oman
The Duqm Materials Market project will open new horizons of cooperation between businessmen in China and the Sultanate of Oman
TT
TT

Duqm Materials Market Opens as Third Project in China-Oman Industrial City

The Duqm Materials Market project will open new horizons of cooperation between businessmen in China and the Sultanate of Oman
The Duqm Materials Market project will open new horizons of cooperation between businessmen in China and the Sultanate of Oman

Duqm Materials Market, the third project in the China-Oman Industrial City for light and medium industries, was inaugurated on Sunday at the Special Economic Zone in Duqm (SEZD).
The project was built on an area of 32,000 sqm in partnership with the Chinese company Wanfang, Al Thabat Holding Company, and Duqm Development Company, at an investment cost of RO7.5 million ($19.4 million).
Duqm Materials Market activities include selling all types of building materials, electrical appliances, and luxury items, in addition to displaying Chinese cars. It is equipped with several manufacturing workshops, which allows companies to manufacture their products in the market.
“The Duqm Materials Market project will open new horizons of cooperation between businessmen in China and the Sultanate of Oman, and contribute to strengthening the existing partnership between the two friendly countries and allowing a greater presence of Chinese products in the Sultanate of Oman,” said Su Wei, chairman of the Board of Directors of Duqm Materials Market Company and representative of the Chinese company Wanfang in the Sultanate of Oman.
He expressed his hope that the market will contribute to achieving a greater partnership between the two sides, not limited to the field of retail, but also includes manufacturing and exporting to all countries of the world, given the potential available in Duqm, such as activating global trade through the Port of Duqm and the strategic location of the region on global shipping lines.
He stressed in a press statement that Chinese businessmen are always looking forward to entering new markets, as the opening of the project will be attended by 30 representatives of Chinese companies to get acquainted with the project and the Duqm Special Economic Zone in general, in addition to displaying a wide range of Chinese products.
Mahmoud bin Salem al Jardani, Business Development Manager at Duqm Development Company, said that the market is one of the largest retail projects in the Special Economic Zone at Duqm and will contribute to attracting local and international companies to benefit from the market’s potential and facilities, which were designed according to the highest standards and under the direct supervision of Duqm Development Company.
He added that the market provides all the services that help businessmen start their investment activity and that the project’s location, which is about 10 km away from Duqm Port, will facilitate the import of materials to the market and facilitate export to various countries of the world.

Most Viewed

 
 
Business

Indian Refiners Avoid Russian Oil in Push for US Trade Deal

An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo
An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo
TT
TT

Indian Refiners Avoid Russian Oil in Push for US Trade Deal

An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo
An employee walks inside the premises of an oil refinery of Essar Oil in Vadinar in the western state of Gujarat, India, October 4, 2016. REUTERS/Amit Dave/File Photo

Indian refiners are avoiding Russian oil purchases for delivery in April and are expected to stay away from such trades for longer, refining and trade sources said, a move that could help New Delhi seal a trade pact with Washington, according to Reuters.

The US and India moved closer to a trade pact on Friday, announcing a framework for a deal they hope to conclude by March that would lower tariffs and deepen economic cooperation.

Indian Oil, Bharat Petroleum and Reliance Industries are not accepting offers from traders for Russian oil loading in March and April, said a trader who approached the refiners.

These refiners, however, had already scheduled some deliveries of Russian oil in March, refining sources said. Most other refiners have stopped buying Russian crude.

A foreign ministry spokesperson said: “Diversifying our energy sourcing in keeping with objective market conditions and evolving international dynamics is at the core of our strategy” to ensure energy security for the world's most-populous nation.

Although a US-India statement on the trade framework did not mention Russian oil, President Donald Trump rescinded his 25% tariffs on Indian goods, imposed over Russian oil purchases, because, he said, New Delhi had “committed to stop directly or indirectly” importing Russian oil.

New Delhi has not announced plans to halt Russian oil imports.

India became the top buyer of discounted Russian seaborne crude after Russia invaded Ukraine in 2022, spurring a backlash from Western nations that had targeted Russia's energy sector with sanctions aimed at curtailing Moscow's revenue and making it harder to fund the war.

One regular Indian buyer is Russia-backed private refiner Nayara, which relies solely on Russian oil for its 400,000-barrel-per-day refinery. Sources said Nayara may be allowed to keep buying Russian oil because other crude sellers pulled back after the European Union sanctioned the refiner in July.

Nayara also does not plan to import Russian crude in April due to a month-long refinery maintenance shutdown, a source familiar with its operations said.

Nayara did not respond to an email seeking comment.

Indian refiners may change their plan and place orders for Russian oil only if advised by the government, sources said.

Trump's order said US officials would monitor and recommend reinstating the tariffs if India resumed oil procurement from Russia.

Sources said last month that India was preparing to cut Russian oil imports below 1 million bpd by March, with volumes eventually falling to 500,000–600,000 bpd, compared with an average 1.7 million bpd last year. India's Russian oil imports topped 2 million bpd in mid-2025.

The intake of Russian oil by India, the world's third-biggest oil consumer and importer, declined to its lowest level in two years in December, data from trade and industry sources show.

 

Business

IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
TT
TT

IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.

Business

Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
TT
TT

Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council for its inaugural term (1447–1451 AH) and the election of Salman bin Hassan Al-Oqayel as its chairman.

Al-Oqayel said the council’s formation marks a pivotal milestone in economic relations between Saudi Arabia and Kuwait, reflecting a practical approach to enabling the business sectors in both countries to capitalize on promising investment opportunities and strengthen bilateral trade and investment partnerships, SPA reported.

He noted that trade between Saudi Arabia and Kuwait reached approximately SAR9.5 billion by the end of November 2025, including SAR8 billion in Saudi exports and SAR1.5 billion in Kuwaiti imports.