Business | Economy

Losses due to Gonu could exceed $1b

Reeling under the impact of tropical cyclone Gonu, the Oman economy and businesses are slowly adding up the losses from the catastrophe.

  • By Sunil K. Vaidya, Bureau Chief
  • Published: 00:00 June 12, 2007
  • Gulf News

Muscat: Reeling under the impact of tropical cyclone Gonu, the Oman economy and businesses are slowly adding up the losses from the catastrophe.

Oman is estimated to have lost at least $200 million (Dh734 million) last week due to disruptions in its oil exports, Kuwaiti state news agency Kuna citing an Omani government official said yesterday.

Oman's government is yet to release any official figures on the losses. However, Oman TV reported yesterday that damages caused by the cyclone could exceed $1 billion (Dh3.67 billion).

"It is very difficult to estimate how much losses are caused by Gonu," Mohammad Taki Al Jamalani, Director General for Insurance Regulations at the Capital Market Authority told Gulf News yesterday.

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