Finance Oman and UAE sign deals worth $35bn The UAE and Oman have announced a host of new commercial and business deals worth a total of AED129 billion ($35 billion). The partnerships were agreed during Monday’s state visit to the Emirates by the ruler of Oman, Sultan Haitham bin Tariq al Said. Investment and collaboration agreements covered areas including renewable energy, green metals, […] April 23, 2024
Oil & Gas OQ and Total approve $1.6bn LNG project in Oman State-owned Oman National Oil (OQ) and French energy major TotalEnergies have finalised the construction of a $1.6 billion Marsa LNG bunkering project at Sohar Port. The project will be developed by Marsa Liquefied Natural Gas, a joint venture owned 80 percent by TotalEnergies and 20 percent by OQ, the state-run Oman News Agency reported. The upstream component […] April 23, 2024
EXCLUSIVE Energy Subsidies not route to affordable energy, says Omani minister Providing affordable energy is the biggest priority for Oman’s minister of energy and minerals, but subsidies are still not an option. “Affordable energy, sustainable energy and clean energy in that order. We cannot flip it,” Salim Al Aufi told AGBI in an exclusive interview on Monday during the Oman Petroleum and Energy Show, which took […] April 23, 2024
Banking & Finance Saudi fund agrees $67m deal to support Omani SMEs The Saudi Fund for Development in Oman has signed an OR 25 million ($67 million) deal with the Oman Development Bank to finance startups and create more jobs for the sultanate’s youth. The agreement is part of a wider $150 million package of support provided by the Saudi government through the fund, which offers loans […] April 22, 2024
Finance Oman’s sultan in UAE to push for rebound in trade Sultan Haitham bin Tariq of Oman will arrive in the UAE on Monday for a state visit as he looks to cement ties with his country’s biggest trade partner. During the visit the Omani ruler will meet UAE President Sheikh Mohamed bin Zayed Al Nahyan to discuss bilateral relations which were worth more than $14 […] April 22, 2024
Energy Oman signs LNG supply pact with Turkey’s Botas State-backed Oman LNG has signed an agreement with Turkey’s Botas Petroleum Pipeline Corporation to supply one million metric tonnes per annum (mtpa) of liquefied natural gas (LNG) for 10 years. The agreement will commence in 2025, the state-run Oman News Agency reported. Hamed Mohammed Al Nu’amani, CEO of Oman LNG, said the agreement with Botas […] April 21, 2024
Opinion Economy $12bn plan puts Oman on path to replace oil income Diversifying the economy is critical for creating jobs, as well as pulling in investors April 18, 2024
Analysis Infrastructure Gulf’s record floods highlight ‘balance between risk and investment’ Historic rainfall this week in the Gulf, particularly in the UAE, has raised serious questions about investment in infrastructure to prevent the widespread flooding that brought much of the region to a standstill. On Tuesday the UAE was hit by its heaviest rains in 75 years. The downpour turned main roads into waterways, particularly in […] April 17, 2024
Banking & Finance Sukuk takes bigger slice of Oman’s shrinking debt market Oman’s total debt capital market contracted by 7 percent to $44 billion last year as the government took advantage of its budget surplus from higher oil and gas prices to make early payments. The energy boon helped its budget surplus total $2.4 billion. Despite the shrinking debt market Fitch Ratings said sukuk issuance in Oman […] April 16, 2024
Tourism Revenue of Oman’s luxury hotels rise 18% to $136m The revenue of Oman’s three star to five star hotels rose 18 percent to OR52 million ($136 million) by the end of February 2024, compared to OR44 million a year ago. The revenue increase was driven by an 18 percent year on year rise in hotel guest numbers to 433,856 by the end of February, […] April 16, 2024
Real Estate Oman real estate ‘in good health despite drop in deals’ Higher interest rates are hitting Oman’s real estate industry, but economists are confident that a drop in transactions in January does not signal the start of a downturn in the sector. The value of real estate deals in the sultanate fell by more than 20 percent to OR208 million ($540 million) in January, compared to […] April 10, 2024
Aviation Oman Airports profit up 45% in 2023 on higher revenue The combined net profit of Oman Airports surged 45 percent to OR18.5 million ($48 million) in 2023, compared to almost OR13 million in 2022. Consolidated revenue increased by 39 percent year on year to OR150 million last year, as subsidiaries reported higher income. Oman Airports Management Company generated over OR124 million, Oman Ground Handling contributed […] April 9, 2024
Industry Oman advances plans for mega minerals complex State-backed Minerals Development Oman (MDO) has awarded a feasibility study contract for a new industrial minerals complex in Dhofar governorate. The company is working to secure the final investment decision to proceed with the Al Shuwaimiyah industrial minerals project, according to its 2023 annual report. MDO is also in discussions with potential investors to take […] April 8, 2024
Opinion Entrepreneurs Under the lanterns’ glow: unveiling Oman’s entrepreneurial spirit Ramadan opens up many opportunities for entrepreneurs, particularly women April 5, 2024
Aviation Revenue up at Oman Air but pressure still on, say experts Oman Air has posted increased revenues for the past year but the sultanate’s flag carrier still faces difficult times ahead, aviation industry experts say. The heavily indebted airline launched a restructuring process last August in an attempt to balance the books within the next four years. Oman Air’s net losses in 2023 fell by 36 […] April 2, 2024
Infrastructure Oman starts work on new economic zone A consortium of Omani and Saudi companies has won a consultancy services contract for the first phase of Al Dhahirah governorate’s integrated economic zone. The contract was awarded by the Public Authority for Special Economic Zones and Free Zones (OPAZ), state-run Oman News Agency reported. Names of the companies in the consortium were not disclosed. The […] April 2, 2024
Economy S&P revises Oman’s outlook to positive Global rating agency S&P has revised its outlook on Oman to “positive” from “stable”, driven by the government’s strong fiscal position. The revision was further supported by expectations that the economic reform programme in the sultanate would lead to faster-than-expected deleveraging in many state-owned enterprises, without dampening economic growth. This will strengthen the economy’s resilience […] April 1, 2024
Agriculture 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 […] March 29, 2024
Finance Oman launches $5bn fund for major projects Oman Investment Authority plans to deploy about $1 billion per year over the next five years as part of a new fund launched on Wednesday that will primarily focus on large-scale projects in the sultanate. The OIA officially announced the launch of the Future Fund Oman with $5.2 billion of capital, 90 percent of which will […] March 27, 2024
Opinion Economy Oman’s blame game threatens economic progress Instead of waiting for contract awards, businesses must seek opportunities and be more innovative March 26, 2024
Industry Oman’s first electric car to make its debut this year Omani electric vehicle (EV) maker Mays will debut its first model this year. The company will unveil the locally-developed ‘Alive 1’ by the end of the year, which will cost OMR15,000 ($38,964), according to a post on Instagram. The company’s website says the five-seater EV can drive 510 km on a single charge. The battery […] March 25, 2024
Energy Oman signs LNG supply pact with Germany’s Sefe State-backed Oman LNG has signed a three-year pact to supply 0.4 million metric tonnes per annum (mtpa) of liquefied natural gas (LNG) to German headquartered Sefe Secure Energy for Europe (Sefe) from 2026. The binding term sheet was signed in August 2023, with the formal agreement being signed during the Berlin Energy Transition Dialogue 2024, […] March 24, 2024