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The Muscat Stock Exchange is launching a secondary financial market that will provide incentives to companies keen on listing

Omani fund targets commercial assets after IPO

Jabal Real Estate Investment Fund has targeted a swathe of commercial assets in Oman after officially listing on the Muscat Stock Exchange. The company, which has a capital portfolio of OR17 million ($45 million), is considering an office building and a warehousing complex in the sultanate.  No further details were given, although both properties boast […]

Preparing fruit for sale in Nizwa, Oman. The country's agriculture and fishing sector grew 3.2 percent in Q1

Oman’s non-oil trade drives GDP growth in first quarter

Non-oil activity in Oman increased by almost 4 percent in the first quarter of the year, helping to prop up a decline in revenues from the sultanate’s energy sector. Oman’s GDP for the first three months of 2024 was up marginally by 0.8 percent year on year to OMR10.45 billion ($27 billion), according to data […]

Oman’s Asyad Group plans to float shipping subsidiary

Asyad Group, Oman’s national logistics company, intends to float its subsidiary, Asyad Shipping, by year-end, according to a media report. The state-backed company has appointed Jefferies Group and EFG Hermes as advisers, Reuters reported, citing unnamed sources. Details on the initial public offering (IPO) were not given. Asyad Group, owned by Oman Investment Authority (OIA), has […]

Office workers and other professionals in Oman are among those who may soon be paying income tax but the sultanate is expected to keep rates comparatively low Video length: 08:38

Omani lower house approves income tax

Oman is on the verge of becoming the first Gulf nation to introduce a personal income tax, as it seeks to diversify revenue streams beyond oil in line with its Vision 2040 plan. The Majlis al-Shura, the lower house of the Omani parliament, approved a draft law last week, forwarding it to the State Council, […]

Demand for properties from the former president's Trump Organization remains high in the Middle East

Dar Global to launch luxury Trump Tower in Jeddah

London-listed real estate developer Dar Global and The Trump Organization have announced a new luxury real estate project in Saudi Arabia. The company partnered with the Trump Organisation in 2022 to use the former president’s name for its $4 billion master development in Muscat, a joint venture with Oman Tourism Development Company. Ziad El Chaar, […]

Oman's Nama Power received 12 submissions for qualification from local and international developers

Masdar and Acwa Power vie for Oman solar project

The UAE’s Masdar and Saudi Arabia’s Acwa Power have been shortlisted to develop Oman’s 500-megawatt (MW) Ibri III solar project. The plant, launched by Nama Power and Water Procurement Company, will be built at a cost of OR155 million ($401 million).  The state-backed company received 12 submissions for qualification from local and international developers, of […]

Properties overlooking the bay in Muscat. Property prices in the capital fell more than 5 percent

Oman’s real estate sector continues to slide

Apartment prices in Oman dropped more than 17 percent in the first quarter of 2024, while villa prices rose a meagre 0.8 percent, according to the latest government figures. Residential real estate prices were down across the board quarter on quarter, including those for land. The Musandam region recorded the largest overall decline at 15.7 […]

Ooredoo ad in Doha. The company is investing $1bn to increase its data centre capacity

Qatar’s Ooredoo signs AI deal with chipmaker Nvidia

US chipmaker Nvidia has signed a deal with Qatari telecommunications provider Ooredoo Group to bring its artificial intelligence technology to five countries in the Middle East, the companies announced on Sunday.  Ooredoo will be the first company in the region to offer direct access to Nvidia’s AI and computer chips to its customers in Qatar, […]

Oman's Film City iwill provide more than 100 job opportunities for Omanis and aims to produce and export films

Oman to build $31m Film City

Oman is to build an OR12 million ($31.2 million) ‘Film City’ to boost its entertainment sector, a news report said. The project follows the outcomes of workshops held in March by the ministry of sports, culture and youth, Oman Daily Observer reported, citing a government official. The city is expected to provide more than 100 […]

Oman's tourism revenue increase was driven by a 15 percent rise in hotel guest numbers

Luxury hotel revenues in Oman rise to $242m

Oman’s luxury hotels continued to make money in April as the number of guests surged. The revenue of three- to five-star hotels rose 11 percent year on year to OMR93 million ($242 million), the state-run Oman News Agency said, quoting the National Centre for Statistics and Information data. The revenue increase was driven by a […]

Countryside, Farm, Field

Oman to build agricultural city to enhance food security

Oman will build an agricultural city as part of its food security initiative, a news report said. Saham Agricultural City will cover an area of 65 sq km, with 70 percent dedicated to agriculture and 30 percent to urban development, Oman Daily Observer reported. The city will use advanced technologies such as hydroponics, aeroponics and […]

Visitors at the Bimmah Sinkhole in Oman. The number of Russian tourists reached more than 53,000 last year

Oman records 300% surge in Russian tourists

The number of Russian tourists visiting Oman jumped 300 percent year on year in 2023, a senior government official has said. Russian tourists reached 53,145 last year, compared with 13,000 in 2022, said Azzan Al Busaidi, undersecretary of tourism in the Ministry of Heritage and Tourism. “Oman is a multi-seasonal destination famous for its natural […]

Oil refinery at PDO. Oman. Rising oil and gas revenues helped increase the sultanate's trade balance surplus

Oman trade balance surplus up 37% on higher oil exports

Oman’s trade balance surplus rose 37 percent year on year to OR2.6 billion ($6.8 billion) at the end of the first quarter of 2024, as rising oil and gas revenues benefited the sultanate’s balance of payments, official data showed. The total value of merchandise exports jumped 16.7 percent year on year to OR6.5 billion, state-run […]

The Aerotels will offer short-stay rooms for travellers

Airports consider ‘transit hotels’ for 6-hour stays

Saudi Arabia’s aviation expansion could stretch to transit hotels inside airport terminals where customers can pay for stays of less than the standard 24 hours.   A Hong Kong-based company is developing the concept in the Gulf, with hotels offering six and 12-hour stays already established in Jeddah and Abu Dhabi, and a Muscat hotel that […]

Amouage's global retail sales have doubled over the last three years Video length: 04:30

Oman’s Amouage outgrows ‘overdeveloped’ GCC market

Amouage, the Omani luxury perfume brand, now counts the United States as its biggest revenue generator after three years of continued growth, says Renaud Salmon, the company’s creative officer. Founded in 1983 by the Albusaidi family, Amouage recorded annual growth of 24 percent in 2023, with global retail sales doubling over the last three years.  […]

Oman offers attractions such as the Muscat Royal Opera House but sports tourism could bring it new opportunities Video length: 05:11

Oman must be ‘faster’ to grasp tourism opportunities

Oman needs to be “faster” to react to regional tourism opportunities and market itself more effectively to attract more visitors to the country, according to the sultanate’s industry leaders.  Tourism grew by 12 percent in the first quarter of the year, figures released by the Ministry of Heritage and Tourism show. Total revenues of 3-to-5 […]

People at a real estate fair in Cannes, France view a model of a proposed development in Oman

Overseas real estate talent takes on Omani bureaucracy

Oman’s bid to develop its expanse of beaches, mountains and deserts means it needs to attract overseas real-estate expertise, but recent government restrictions are hindering its ambitions. In May Club Med said it would build its first Middle Eastern resort in Musandam. Abu Dhabi developer Eagle Hills is nearing the opening of its Mandarin Oriental-flagged […]

Oman seeks investors for new low-cost airline

Oman plans to launch a new low-cost airline amid a global tourism rebound and the continued expansion of the Gulf state’s aviation sector. In a post on the social messaging platform X (formerly Twitter), the country’s civil aviation authority (CAA) announced an investment opportunity for a new low-cost airline operator in the sultanate. No further […]

A seller at a souq in Oman. The country has been given a stable outlook, thanks to the positive impact of budget reforms and falling debt

Oman to use budget surplus to repay nearly $3bn debt

Oman is expected to repay nearly $3 billion in external debt in the first half of 2024, driven by the budget surplus from high oil prices, Fitch Ratings said in a new report. The resulting 10 percent decline in external debt from the end of 2023 is faster than forecast last September. The rating agency affirmed the Gulf state’s […]