Analysis Employment Tighter Omanisation rules for state contracts Companies operating in Oman have just under a year to adhere to Omanisation quotas or face being banned from applying for government contracts, as the Gulf state strives to increase opportunities for new Omani graduates. The decision was announced on June 2. It means companies tendering for contracts have a deadline of May 31, 2026 […] June 13, 2025
Oil & Gas Abraj wins major Oman oil drilling contract State-run Petroleum Development Oman (PDO) has awarded Abraj Energy Services a six-year oil drilling contract in an onshore block in the north of the Gulf state. Abraj won the exploration bid, which PDO floated for the 130 sq km block 6 last month, located in the Ghaba basin in northern Oman. The contract involves six separate […] June 12, 2025
Construction Omani development secures $160m loan for expansion Al Mouj Muscat, an Omani waterfront community development part owned by the government and Dubai’s Majid Al Futtaim, has finalised a $160 million loan to fund its expansion plans. “The loan will finance our expansion plans to expand our properties to 10,000 units and enlarge our marina and shopping complex,” Saleh Al Siyabi, Al Mouj […] June 11, 2025
Tourism European tourists push up Oman hotel revenues European tourists helped the Oman hotel industry reach a record number of stays year on year in April, thanks to an aggressive marketing campaign. Hotel occupancy rose 9 percent year on year to reach 831,751 guests in April 2025, with around 40 percent of the guests coming from Europe, the National Center for Statistical Information […] June 11, 2025
Infrastructure Omani shipbuilding facility to serve regional markets A new shipbuilding dry dock in the remote but strategic Omani town of Musandam will serve regional markets and give the Gulf state’s farmers and fishermen a new lease of life. Musandam Global Investment Company (MGIC), a Turkish and Omani joint venture, will build the shipbuilding and marine repair facilities and the project is expected […] June 10, 2025
Analysis Tourism Oman smart city projects face pushback on heritage Oman may be investing more than $15 billion in developing digitally smart urban areas but critics say the ambition could contravene the country’s heritage priorities. The sultanate has mobilised urban plans that could cost more than $15 billion, starting with Sultan Haitham City, work on which is in full swing on the outskirts of the […] June 4, 2025
Mining Oman opens its first copper recycling plant Oman has opened its first copper recycling plant in the northern industrial city of Sohar that has cost $106 million to build. It is the first such facility in the Gulf state and will recycle over 150 tonnes of copper waste annually. “We will no longer throw away copper waste or any minerals like we […] June 4, 2025
Finance Oman raises $130m from latest sale of treasury bills Oman has raised $130 million from treasury bills in a three-part sale that began on Monday. The Central Bank of Oman sold $5 million, $52 million and $74 million of bonds with terms of three, six and 12 months, respectively. The coupon – or annual interest rate – is 5 percent. By Tuesday the sale […] June 3, 2025
Logistics Oman and Kazakhstan set up logistics and mining companies Oman and Kazakhstan have agreed to set up two companies to widen their investment and economic ties. The agreement was signed during the visit of Oman’s Minister of Finance Sultan Al Habsi in Astana. “These two companies in logistics and mining will widen our investments and economic portfolios as we look to establish common ground […] June 3, 2025
Oil & Gas Adnoc Drilling expands in Oman with SLB stake Adnoc Drilling, a subsidiary of Abu Dhabi state-backed oil major Adnoc, has bought a 70 percent share in SLB’s oil drilling business in Oman. The agreement includes six fully operational land rigs in Oman and two in Kuwait, the company said. The Emirati company will pay $91 million for the stake, with another $21 million payout […] June 2, 2025
Economy Oman raises borrowing to settle budget deficit Oman has posted a fiscal deficit for the first three months of this year and it is resorting to borrowing to maintain a balanced budget in 2025. The sultanate posted a deficit of OR136 million ($352 million) for the first three months of 2025, which is 16 percent lower than the deficit of the same […] May 28, 2025
Industry DP World unit signs 50-year deal to develop UAE-Oman free zone A DP World unit has signed a 50-year deal to develop an economic free zone between the UAE and Oman. Mahdah Development Company, a UAE-Omani joint venture led by DP World, is working with Oman’s Public Authority for Special Economic Zones and Free Zones (Opaz) to develop the first phase of the Al Rawdah zone. […] May 27, 2025
Trade Oman’s trade faces Q1 headwinds as oil exports fall Oman’s total foreign trade in the first quarter of 2025 declined by 10.4 percent year on year to $14.7 billion, dragged down by a 16 percent drop in oil and gas exports. Oil and gas exports fell to $9.6 billion in the first three months of this year, from $11.4 billion the same time last […] May 27, 2025
Tourism Oman awards $600m contracts for tourism projects Oman has awarded contracts worth more than $600 million to build three tourist resorts and an adventure park as it steps up efforts to compete with its Gulf neighbours for hospitality revenue and create jobs for its citizens. “This is another important milestone to attract more tourists in the country and property investors as part […] May 26, 2025
Banking and Finance Oman bank loans reach two-year high Omani bank loans rose to their highest in two years in March, raising speculation that local banks might borrow more from abroad as lending growth outpaces deposits. Figures released by the Central Bank of Oman (CBO) saw loans rise almost 9 percent year on year to OR33.4 billion ($87 billion) in March. Personal loans, which […] May 26, 2025
Infrastructure Oman borrows $630m to construct flood defences Oman is to borrow $630 million from the Saudi Arabia-based Islamic Development Bank (IDB) to build flood protection gates and dams across the country. “The loan will help the protection from floods causing damage to many parts of Oman’s low lying areas, especially in towns and small villages,” Al Habsi was quoted as saying by […] May 22, 2025
Oil & Gas Rising costs at OQ Gas Networks trim first-quarter profit Net profit at state-owned OQ Gas Networks (OQGN), the pipeline subsidiary of Oman energy major OQ, dropped by 7 percent in the first three months of 2025, as the company was hit by higher operating costs. Net income fell to OR12.6 million ($33 million) in the year to March 31. Total expenses in the same […] May 22, 2025
Analysis Mining Loans help reignite Oman’s ambitions in copper mining Oman was once called Magan – 3,000 years ago when Mesopotamian texts told of a land rich in copper deposits. Now the country is revitalising its ancient metal mining industry as it seeks alternative sources of wealth to its dwindling exports of hydrocarbons and jobs for its growing number of young nationals. A subsidiary of […] May 21, 2025
Construction Oman to build two low-carbon smart cities Oman has announced two new smart cities as part of its drive to reduce carbon emissions. The first city will be built in the mountain region of Jebel Akhdar, which is about 2,400 metres above sea level. The 12,000-sq-m plot is designed to accommodate 10,000 residents. The second development is Thuraya City in Bawshar Heights, […] May 20, 2025
Telecoms Zain revenue raises Omantel’s profits Omantel, Oman’s largest telecoms provider, reported a significant rise in net profits in the first quarter of 2025, thanks to strong performance by its Kuwaiti subsidiary Zain. Its net profit rose to OR65 million ($168 million) in the first three months of this year, up 60 percent over the same period in 2024. Omantel’s group […] May 15, 2025
Employment OQEP deals are part of Omani job creation drive Oman’s OQ Exploration and Production (OQEP) has signed four contracts worth $53 million with local companies to help create jobs for Omani nationals. The contracts include oil field operations, construction facility and rig drilling, as part of OQEP’s in-country value (ICV) programme. “These agreements not only create new business opportunities for Omani enterprises but also […] May 14, 2025
Trade Why Oman is off Trump’s travel plans Oman may have negotiated a ceasefire between the US and Yemen’s Houthis, and is the go-between the US and Iran in negotiations around nuclear weapons capability. But it is not among the countries President Donald Trump is visiting in the Arabian Gulf this week. “These Gulf countries Trump is currently visiting are offering trillions of […] May 14, 2025
