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Oman

Business news and financial news from Oman, covering companies including Oman Air, Omantel, Oman LNG and the Oman Investment Authority. Plus detailed statistics on Oman's economy and economic outlook for 2025.

Latest Oman News

Strategically located near the UAE, Oman's Shinas Port is undergoing significant expansion to enhance its re-export capabilities and container connectivity

Oman invests $200m in port to bolster re-export business

Oman is expanding one of its smallest ports located in the northern town of Shinas, in an attempt to bolster the sultanate’s re-export business and container connectivity. The project, which is expected to start in the third quarter of this year, will increase its area by 40 percent to 1.8 million square metres, according to […]

Products from Oman's Sohar polymer facility will support oilfield operations in the Middle East

Oman’s largest chemical plant to start production next year

The first phase of a $300 million polymer project in Oman’s Sohar Port will be launched in the first quarter of next year. The plant will be operated by ZL EOR Chemicals, a Canada-based specialist in enhanced oil recovery projects. The facility’s capacity will reach 350,000 tonnes per annum on completion, placing it among the […]

Profit at Sohar fell on the back of lower operating income

Profit falls as staffing costs rise at Oman’s Sohar bank

Sohar International Bank, Oman’s second-biggest bank by assets, reported a decline in first-quarter profit on lower net interest income and higher staffing costs. The bank registered a net profit of OR21.5 million ($56 million) in the three months to March 31, a decline of 15 percent over the same period last year.  “Compared to the […]

Abraj Energy Services is expanding its operations in Oman's growing energy landscape with the BP contract

Oman’s Abraj gets $36m BP gas drilling contract

BP Exploration has awarded Abraj Energy Services a $32 million contract to drill for gas in Oman’s Khazzan field, reinforcing the sultanate’s upstream ambitions amid continued investment in its energy sector. The three-year contract, disclosed in a filing to the Muscat Stock Exchange (MSX), covers drilling operations on Block 61, a tight gas project in […]

HTX2YD A pair of local Omani men walk along Muttrah corniche in the evening, in Muscat, Oman

Oil profit fall at Oman’s OQ suggests bigger decline in Q2

Oman’s state-owned energy group OQ, which produces about a quarter of the country’s oil, reported a decline in first-quarter profit on the back of a fall in the price of crude. Net profit in the three months to March 31 fell 9 percent to $194 million over the same period last year, the company said […]

Migrant workers repairing a road in Muscat, Oman. Unemployment among Omanis under 24 was at 14% in 2023, with the majority being women

Oman steps up efforts to curb rising unemployment

The IMF may laud Oman for cutting its debt and bringing its budget deficit under control but unemployment in the Gulf’s third most populous country is growing, posing a policy challenge to the government. In January, the month for which the latest data is available, unemployment rose to 3.6 percent, compared with 3.3 percent the month […]

People walk through Muscat, Oman. Domestic demand for Omani sovereign debt is high as alternative investment options are limited treasury bills

Oman’s $83m treasury bonds snapped up by investors

Yield hungry investors have snapped up OR32 million ($83 million) in short-term Omani treasury bills. The Central Bank of Oman (CBO) auctioned the six-month T-bills on Wednesday offering a coupon of 5 percent. The CBO said the offer was oversubscribed by more than 10 times.  Analysts said the rates on offer through the treasury bills […]

Business agreements were signed in the presence of Oman's Sultan Haitham bin Tarik and Algeria's President Abdelamdjid Tebboune

Omani fund to invest $300m in Algeria’s economy

Oman and Algeria have signed an agreement to create a joint venture oilfield services company in the North African country, according to local media. The agreement was signed on Monday.  Algeria’s state oil operator, Sonatrach, signed the agreement with Abraj Energy Services, a wholly owned subsidiary of Oman’s global integrated energy group OQ, during sultan of […]

Petrol station in Al Hamra, Oman. Regulations require new petrol stations to include solar power, electric vehicle charging points, ATM’s and parking for a variety of vehicles

Oman petrol stations must install solar and EV charging

Oman has toughened rules around licensing new petrol stations, telling operators to install solar power and provide electric vehicle charging points and other facilities. The Ministry of Commerce, Industry and Investment Promotion has said it will not issue licences for new petrol pumps unless they fulfil requirements which include the provision of fuel, suitable pumps […]

Unexpected high oil prices allowed Oman to overcome its predicted budget deficit

Higher oil prices wipe out Oman’s 2024 budget deficit

Higher-than-budgeted oil prices wiped out Oman’s OR640 million ($1.7 billion) deficit for 2024, according to the finance minister, although the IMF has warned that the Gulf state still faces economic challenges.  Oman posted a surplus of $1.4 billion last year as it sold oil at an average price of $82 per barrel, a third higher […]

Water, Waterfront, Pier

Oman strikes LNG deal with Mexico’s Amigo

Oman has signed a 15-year agreement with Mexico’s Amigo LNG to secure liquefied natural gas (LNG) as part of its strategy to diversfy its clean energy sources. Under the agreement, the government-backed OQ Trading will purchase 0.6 million tonnes per annum (mtpa) of LNG from Amigo’s export terminal in Guaymas, Mexico. Amigo LNG is a subsidiary […]

TotalEnergies and Oman are collaborating on a groundbreaking LNG project

Oman launches LNG project for clean marine fuel

Oman has begun construction of a liquefied natural gas (LNG) project in the northern port of Sohar, which its sponsors say is one of the lowest emission plants in the world. TotalEnergies of France holds an 80 percent stake in the $1.6 billion Marsa scheme while OQ Exploration & Production has the remaining 20 percent, […]

China is exporting ceramic tiles at cheap cost following tariffs imposed by the US

Oman’s tile law could set pattern for the GCC

Oman plans to implement anti-dumping measures on ceramic tile imports from China and India, saying the materials that are widely used in the building industry are being sold at below-cost prices. This comes amid a global debate around the impact of increased US import tariffs on China, the world’s biggest manufacturer, and whether the tax […]

Oman wants to increase the value of its logistics sector to more than $90 billion

Oman to invest $260m in logistics to spur growth

Oman is expanding its logistics sector with a series of projects this year worth $260 million to improve its facilities and spur growth in the GCC’s second-smallest economy by GDP. The government-led plan was made public this week to mark Oman 2025 Logistics Day. The investment will mainly go into developing free trade zones, airports […]

A general view of Muscat. Oman will issue OR750 million of bonds and sukuk this year

Local investors show strong interest in Oman bond issue

A lack of alternative investment choices has helped to swell domestic demand for Omani sovereign bonds, with the sultanate’s latest issuance significantly oversubscribed. Oman issued OR100 million of bonds on Thursday, the second of 10 rial-denominated bond and sukuk sales planned for 2025. These will range from OR50 million to OR100 million and will total […]

Oman and China are partnering on a significant solar project supporting Oman's objective of creating a pollution-free environment

Chinese company to build solar plant in Oman freezone

Oman has signed a deal with a Chinese company to develop a sizeable solar power plant in the north of the country. It is the latest in a series of green energy initiatives as the sultanate aims to diversify from fossil fuels and power green hydrogen ambitions.  The $564 million solar farm will be wholly […]

Oman Air has cut almost a quarter of its workforce, according to reports

Oman Air cuts a quarter of workforce after losses

Loss-making national airline Oman Air has let go of at least 900 people – equivalent to almost a quarter of its workforce – after posting yet another loss last year, newspapers including the Times of Oman reported. Of the 900, more than 500 are expatriates and the remaining 400 Omani nationals, Saeed bin Hamoud Al […]

OQGN CEO Mansoor Al Abdali. Oman's pipeline network will support eight consortiums currently developing green hydrogen projects

Oman to build 400km hydrogen pipeline network

Oman’s natural gas network operator OQ Gas Networks (OQGN) is planning to build a dedicated hydrogen pipeline by 2030, in line with a strategy to develop the sultanate’s renewables sector.  The funding approval for the 300-400 kilometre project is expected by 2027, Oman Daily Observer reported, citing the majority state-owned company’s 2024 annual report. OQGN […]

Omantel revenues rose as the number of 'Internet of Things' smart home devices increased

Surge in connected devices spurs Omantel revenue growth

Omantel, Oman’s largest telecommunications provider, reported a rise in revenue and profitability last year, helped by a strong surge in “Internet of Things” (IoT) subscriptions Revenue at the state-controlled telco rose 4 percent year on year in 2024 to OR920 million ($2.4 billion), driven by strong performance across its business lines.  The company recorded significant […]