Oman Cables Industry (OCI), a leading cable solutions provider in the sultanate, has announced that it has delivered solid results for yet another year with its sales turnover for 2024 soaring to RO269 million ($697 million), thus marking 8.3% year-on-year increase over the previous year. 

 

Announcing the results for the 12-month period ended December 31, 2024 at its Annual General Meeting today (March 29), Oman Cables Industry said its net profit rose to RO22.6 million, up from RO18.9 million the previous year, reflecting a 19.5% year-on-year increase. 

 

This growth was mainly driven by a careful commercial strategy that has favoured diversification and penetration in the various business areas and a strong push towards sustainable innovation, with the expansion of the product portfolio, including high-value-added solutions and services.

 

Driven by its vision of "Empowerment, Innovation, and Excellence", the Group is committed to sustainable growth, and guided by four key ambitions: Climate, Social, Innovation, and Governance, embedded in the business model of the company.

 

At the AGM, the shareholders reviewed and approved the Group’s financial results for the year 2024.

 

Through the partnership with Prysmian - a global leader in the cable manufacturing and system solutions for the energy transition and digital transformation - Oman Cables Industry continues to strengthen its position in and outside Middle East, it stated. 

 

The opportunities offered during 2024 were including access to a broader product portfolio of green cables and eco-friendly solutions, together with enhanced service offerings, from monitoring to tracking systems, covering the new needs of the diverse industries. 

 

This was made possible through accessing to 27 Prysmian cutting-edge research centers worldwide, accelerating the development of innovative products and integrated solutions, but also through leveraging global testing facilities, ensuring the highest international quality standards, advanced expertise and industry best practices, preparing and qualifying the company to compete with highest European standards.

 

On the solid performance, Chairman Cinzia Farisè, said: "During the last 5 years the company has increased its net profit tenfold, creating value for its shareholders, for its employees - who have since become shareholders of the group according to a rewarding profit share based system - and for the Omani community."

 

"As part of our commitment to Oman Vision 2040 and the journey toward net zero by 2050, Oman Cables is dedicated to driving sustainable growth. We have transferred know-how and technology to the Sultanate and today the company is able to compete outside the Middle Eastm," he stated. 

 

"We have created and nurtured a talent pool through advanced leadership programmes and our employees are appreciated in every part of the globe, where they have the opportunity to work at all Prysmian affiliates," he noted. 

 

:"Furthermore, we have opened our Omani Sustainability Academy, that enjoys collaboration with the best universities in the world, to the 33,000 Prysmian employees and to all our partners. Achieving results is our responsibility, giving back to the Omani community is our commitment. I am proud of our management and our team, the great Oman Cables family," he added.-TradeArabia News Service

Saudi oil firm Aramco has discovered 14 oil and natural gas fields and reservoirs in kingdom's Eastern Region and the Empty Quarter, reported SPA.

 

Announcing the big oil find, Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz said the discoveries include six fields and two reservoirs of Arabian oil, as well as two fields and four reservoirs of natural gas.
 

Prince Abdulaziz said Jabu oil field has been discovered in Eastern Region, following the flow of Arabian Extra Light Oil in "Jabu-1" well at a rate of 800 barrels per day (bpd), while Sayahid was discovered with Arabian Extra Light Oil flow in "Sayahid-2" well at a rate of 630 bpd. 

 

Additionally, "Ayfan" oil field was discovered, where Arabian Extra Light Oil in "Ayfan-2" well flowed at a rate of 2,840 bpd, with 0.44 million standard cubic feet (MMscf) of associated gas per day. 

 

Another notable find was in the Ayfan field, where Arabian Extra Light Oil flowed from "Ayfan-2" well at a rate of 2,840 bpd, with 0.44 million standard cubic feet (MMscf) of associated gas per day. 

 

Further exploration confirmed the Jubaila reservoir in the Berri field, where light crude flowed from well Berri-907 at a rate of 520 bpd, along with 0.2 MMscf of gas daily. 

 

Additionally, the Unayzah-A reservoir in the Mazalij field yielded premium light crude from well Mazalij-64 at 1,011 bpd, coupled with 0.92 MMscf of gas per day.

 

In the Empty Quarter, Aracmo said "Nuwayr" oil field was discovered after the flow of Arabian Medium Oil in "Nuwayr-1" well at a rate of 1,800 bpd, with 0.55 MMscf of associated gas per day. 

 

Additionally, the oil field "Damda" was discovered, where Arabian Medium Oil flowed in "Damda-1" well at a rate of 200 bpd from "Mishrif-C" reservoir, followed by the discovery of "Qurqas" oil field after Arabian Medium Oil flowed in "Qurqas-1" well at a rate of 210 bpd.

 

Meanwhile, Aramco made notable gas discoveries as well in the Eastern Province. 

 

Gas was found in the Unayzah B/C reservoir of the Ghizlan field, with well Ghizlan-1 yielding 32 MMscf of gas per day and 2,525 barrels of condensate. 

 

In the Araam field, well Araam-1 produced 24 MMscf of gas per day along with 3,000 barrels of condensate. Unconventional gas was also discovered in the Qusaiba reservoir of the Mihwaz field, where well Mihwaz-193101 produced 3.5 MMscf per day and 485 barrels of condensate.

 

Unconventional gas was also discovered in the Qusaiba reservoir of the Mihwaz field, where well Mihwaz-193101 produced 3.5 MMscf per day and 485 barrels of condensate.

 

In the Empty Quarter, significant natural gas flows were recorded in the Marzouq field, with 9.5 MMscf per day from the Arab-C reservoir and 10 MMscf from the Arab-D reservoir. Additionally, the Upper Jubaila reservoir yielded 1.5 MMscf of gas per day from the same well.

 

The minister, extending his congratulations to Saudi King Salman bin Abdulaziz Al Saud and HRH the Crown Prince and Prime Minister Prince Mohammed bin Salman on these discoveries, emphasized the importance of the added value that these discoveries represent, solidifying Saudi Arabia’s leading position in the global energy sector and reinforcing its rich hydrocarbon potential as well as opening new horizons for the kingdom’s economic development.

 

Prince Abdulaziz said these finds will help strengthen its ability to meet both domestic and global energy demand efficiently and sustainably for decades to come. 

 

These discoveries will also support sustained economic growth and prosperity, in line with Vision 2030 and Saudi Arabia’s ambitious goals to fully harness its natural resources and enhance global energy security, he added.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RAK Properties, a leading publicly listed property developer in Ras Al Khaimah, has announced the appointment of Arqaam Securities as the liquidity provider for its shares on the Abu Dhabi Securities Exchange (ADX).

 

Arqaam Securities is a regional financial institution regulated by the UAE Securities and Commodities Authority (SCA) which will actively manage liquidity for RAK Properties’ shares by maintaining two-way quotes within a structured mandate, in addition to initiating research coverage on the company. 

 

The agreement is designed to optimize price discovery and narrow bid-ask spreads, ensuring efficient trading. 

 

Arqaam Securities’ ownership in RAK Properties will not exceed 5% of total listed shares, in full compliance with ADX and SCA regulations, it stated.

 

The appointment, approved by RAK Properties’ Board of Directors, is a strategic step to enhance market depth and accessibility for institutional and retail investors, said the Emirati developer in a statement. 

 

With foreign ownership permitted up to 49%, RAK Properties remains committed to fostering an active and liquid trading environment, it stated.

 

CEO Sameh Muhtadi said: "Ensuring robust market liquidity is central to our commitment to delivering long-term shareholder value. Partnering with Arqaam Securities, a recognized leader in liquidity provision, aligns with our efforts to enhance trading efficiency and market accessibility for investors."

 

"As increasing numbers of institutional and retail investors look not only to the Emirate of Ras Al Khaimah, but also its major listed entities, it is crucial that we engage with partners who can support our ambitious growth targets," he stated.

 

Veselin Tilev, Head of Market Making at Arqaam Securities, said: "We appreciate the trust placed in us by RAK Properties and look forward to leveraging our expertise to enhance liquidity and optimize market dynamics on ADX. Our dedicated market-making services are designed to support active and efficient trading, reinforcing investor engagement with RAK Properties’ shares."

 

RAK Properties said it has set out a clear plan for ambitious growth in 2025. 

 

In January it unveiled its masterplan for Mina, the company’s flagship destination, for which it has a AED5 billion GDV pipeline to be launched this year. The first two projects within this launch plan, Mirasol and SKAI have been launched to great success in Q1. 

 

Alongside this, RAK Properties announced its partnership with Four Seasons to bring a beachfront luxury resort and branded residences to Mina, it added.-TradeArabia News Service