Skip to content Skip to Search
Skip navigation

Oman to generate $5bn from divestment plan in next five years

Creative Commons
The primary sector to be privatised will be oil and gas, with total expected proceeds exceeding $2.5 billion.

State-owned Oman Investment Authority’s (OIA) recently unveiled divestment plan is likely to generate around OR1.9 billion ($5 billion) over the next five years, Oman Daily Observer reported.

Officials shared the divestment plan details at an investment forum held recently in London, UK.

The primary sector to be privatised is oil and gas, with total expected proceeds exceeding $2.5 billion, the newspaper said.

Other sectors include electricity and water ($1.186 billion), logistics ($702 million), technology ($397 million), food ($156 million), and fisheries ($96 million).

In June, OIA, the sovereign wealth fund, announced divestments from over 30 assets over the five-year timeframe, starting with energy, manufacturing, tourism, and logistics.

Source

Latest articles

Foxtail millet could help Gulf food security

Oman invests $4bn in food projects and agriculture

Oman is working on 137 food projects, with a total investment of OMR1.6 billion ($4.2 billion), according to a local media report. The government has unveiled initiatives such as agricultural cities and integrated agricultural plans to address land issues, Oman Daily Observer said, quoting the minister of agriculture, fisheries and water resources Dr. Saud bin […]

The PAL-V Liberty flying car has a flight range of 500 km and a maximum airspeed of 180 km per hour

Dubai company to launch flying cars in Mena

Aviation company Aviterra has signed a deal with Dutch company PAL-V to launch flying cars across the Middle East and Africa. Based in Dubai, Aviterra will buy 100 Liberty flying cars from PAL-V and invest in the flying car maker with the intention of making door-to-door mobility a reality in the region. “The PAL-V Liberty is the […]

Emirati director Nayla Al Khaja. Her film 'Three' is currently being shown in UAE theatres in Mandarin using Camb.ai's AI translation programme

Dubai startup helps AI-voice cloning take centre stage

A YouTube video released in January of Novak Djokovic shows the tennis star speaking fluent Spanish at a post-match press conference.  While the Serbian champion is renowned for speaking several languages, in this case his voice was created by an artificial intelligence tool developed by a Dubai-based startup, Camb.ai. The original Djokovic footage was taken […]

Acwa Power to build $800m desalination plant in Senegal

Acwa Power, Saudi Arabia’s operator of power generation and desalinated water production plants, will construct a SAR3 billion ($800 million) desalination plant in Dakar, Senegal. The company signed an agreement with Senegal’s ministry of water and sanitation and state-backed National Water Company, to build a 400,000 cubic metres per day desalination plant in Dakar. The […]