DUBAI: The tax on tobacco in the Sultanate of Oman is set to double, according to senior officials at Oman’s Ministry of Health, Omani daily Times of Oman reported.
The increase in tax came as part of Oman’s newly-launched National Multisectoral Plan for Prevention and Control of Non-Communicable Diseases (NCDs).
According to the NCDs, tobacco use is of the highest priority of five primary risk factors the plan will focus on.
The price of cigarettes in Oman currently stands at an average of $2.7 per packet, with the new hike to bring it up to roughly $9.
“There are different plans: One is spreading awareness, another is laws that limit smoking in enclosed areas, and then there are increased taxes on tobacco and smoking. These work together to make smoking more difficult. When you are aware that if you smoke, you will encounter heart disease and cancer, you have to think not once or twice, but three times,” a senior official at Oman’s Royal Hospital told the Times of Oman.
In 2016, Oman raised the tax on tobacco by 100 percent, along with other GCC states.
Oman to increase tax on tobacco
Oman to increase tax on tobacco
Closing Bell: Saudi main index extends gains as market opens wider to foreign investment
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 153.61 points, or 1.38 percent, to close at 11,321.09.
The total trading turnover of the benchmark index was SR5.85 billion ($1.56 billion), as 207 of the listed stocks advanced, while 55 retreated.
The MSCI Tadawul Index increased, up 21.20 points or 1.41 percent, to close at 1,524.18.
The Kingdom’s parallel market Nomu gained 278.13 points, or 1.17 percent, to close at 24,013.03. This comes as 43 of the listed stocks advanced, while 29 retreated.
The best-performing stock was Saudi Pharmaceutical Industries and Medical Appliances Corp., with its share price surging by 7.26 percent to SR28.94.
Other top performers included Rasan Information Technology Co., which saw its share price rise by 6.51 percent to SR144, and Knowledge Economic City, which saw a 6.25 percent increase to SR13.09.
On the downside, the worst performer of the day was Najran Cement Co., whose share price fell by 2.11 percent to SR6.49.
Almasane Alkobra Mining Co. and Saudi Cable Co. also saw declines, with their shares dropping by 2 percent and 1.88 percent to SR103.10 and SR166.80, respectively.
On the announcement front, Riyad Bank has announced its annual financial results for 2025, with the total income from special commission of financing reaching SR24.1 billion, while net income from special commission of financing amounted to SR12 billion.
In a statement on Tadawul, the bank said: “Net income increased by 11.7 percent mainly due to an increase in total operating income and a decrease in total operating expenses.”
The bank further noted that the rise in total operating income was primarily driven by increased revenue from fees and commissions, trading activities, special commissions, gains on non-trading investments, and other operating sources. This growth was partially tempered by declines in exchange and dividend income.
“Net provision of expected credit losses and other losses decreased by 15.8 percent due to a decrease in impairment charge of credit losses and impairment charge for other financial assets, partially offset by an increase in impairment charge for investments,” it added.
RIBL’s share price closed at SR18.18 on the main market, marking a 1.43 percent increase.
