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
Tourism Kuwait’s UREC to build island tourism complex in Oman Kuwaiti developer United Real Estate Company (UREC) is planning to create an island tourism complex in Oman, as the sultanate strives to develop its tourism sector and catch up with its Gulf neighbours. UREC said in a bourse statement on Wednesday that its subsidiary in the sultanate UREC Oman has signed a contract for the […] June 12, 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
Banking and Finance Oman’s Islamic banks outpace conventional competitors Islamic banks in Oman are growing at a faster pace than their conventional competitors, according to a report by the central bank. The sultanate’s two Islamic banks, Bank Nizwa and Alizz Islamic Bank, and sharia-compliant units at other banks recorded higher growth in loans and deposits in the year to April 30, the report showed. […] June 9, 2025
Transport Omani startup a step closer to launching flying cars Omani startup AeroVecto has signed an agreement with a Romanian vertiport developer to develop services for the launch of flying cars in the sultanate. AeroVecto is developing a vehicle called the Shuttle, an electric vertical take-off and landing (eVTOL) aircraft, for mass public transportation, with variants planned for cargo delivery, emergency response and premium travel, […] June 9, 2025
Economy Oman economy The latest economic and demographic indicators for Oman, including GDP, inflation, oil prices, trade, population, unemployment and more June 6, 2025
Manufacturing China to build $1bn lithium battery plant in Oman China-listed Zhongke Electric plans to invest CNY8 billion ($1.1 billion) in a lithium battery material manufacturing facility in Oman, according to a local media report. The plant will be located in the Sohar Port and Freezone and will be built in two phases, according to Yicai Global, the English-language news service of state-backed Shanghai Media Group, citing […] June 6, 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
Renewable Energy Oman to start work on six renewable projects this year Oman will commence work on up to six new renewable projects this year, as the Gulf state aims to increase green energy’s contribution to 30 percent of total electricity generation by 2030. The wind projects will be at across various locations in the country, mainly in Al Wusta and Dhofar governorates, energy and minerals minister […] June 2, 2025
Telecoms Elon Musk’s Starlink in talks to enter Iraqi market Starlink, a US satellite internet provider owned by billionaire Elon Musk, has sent a team to Baghdad to discuss pushing into the Iraqi market, a market of 47 million people. Prime Minister Mohammed Al-Sudani met the team in Baghdad on Wednesday and the talks focused on potential services related to digital transformation and improving Iraq’s […] May 29, 2025
Energy Oman studies connecting power grid with Yemen Oman has awarded a contract to a local engineering company to conduct a feasibility study for interconnecting its power grid with Yemen. Monenco Consulting Engineers (Oman) won the contract from the state-run Oman Electricity Transmission Company through a tender process, the company said in a statement on its social media platforms. The work scope includes […] May 29, 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
Mining Oman creates new company to regulate mineral exports Oman has established a new company to regulate mineral exports and to unify price negotiations and standardise contracts with global buyers. Oman Minerals Trading Company, a subsidiary of the state-run Minerals Development Oman (MDO), aims to overcome challenges in the mineral market, the state-run Oman News Agency reported. These challenges, the report said, include the […] May 28, 2025
