UAE, Oman Expected to Bail Out Investment Company
The UAE and Oman are expected to provide additional funds to the Oman and Emirates Investment Holding Co. (OEIHC) to enable it to continue to meet its obligations, reported the Gulf News on Monday.
Hit by depressed stock markets in the UAE and Oman, OEIHC posted a loss of 7.835 million riyals in 2000, down 52.64 percent from the previous year, according to the company's annual report.
But this year seems to be quite encouraging and will bring lot of benefits for the company as the Omani government resolved the vexatious issue of negative net worth trust accounts with the brokerage companies to help improve sentiment on the Muscat Securities Market (MSM), chairman Hamad bin Hashim Al Dahab said.
"The government has also decided to invest 50 million riyals in MSM and offered attractive incentives in the form of soft government loans to brokerage houses which merge," the chairman said – Albawaba.com
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