Opinion Tourism Salalah must consider the locals in Oman’s tourist push The city’s one million visitor target seems ambitious in an area with a population of less than 450,000 July 23, 2024
Finance SMEs in Oman to get emergency fund loans The Oman government has set up an emergency fund to support small and medium enterprises after the impact of a tropical cyclone last October. The loan fund is intended to ensure the continued and sustainable operation of SMEs and aid in overcoming any emergency situations, the state-run Oman News Agency reported, quoting the Authority for […] July 22, 2024
Real Estate Al Mazaya reports legal proceedings after alleged fraud The Omani subsidiary of Al Mazaya Holding has uncovered alleged fraudulent activity by employees of the company, estimated at OR242,000 ($628,000). A criminal complaint has been filed by the Kuwait-based real estate development giant against “some of the company’s employees” regarding collections of the sale and rent of some units, according to filings on Boursa […] July 19, 2024
Opinion Renewable Energy Oman is on a steady path to a hydrogen-powered future The sultanate is off to a roaring start – now it needs to stay on course July 17, 2024
Tourism Oman hotel revenues increase more than 10% Hotel revenues across Oman were up by more than 10 percent in the first five months of 2024, fuelled by an increasing number of Asian and European visitors to the sultanate. Three-to-five star hotels reported revenues of OR108 million ($281 million) at the end of May, the latest data from the National Centre for Statistics […] July 16, 2024
Sustainability Amazon fund invests in Omani startup Amazon is among a group of investors backing the Omani CO2 mineralisation startup 44.01 with $37 million in fresh funding. 44.01 won the 2022 Earthshot Prize for its development of a technique that harnesses the natural power of mineralisation in peridotite, a mineral that is found in abundance in the sultanate. The Series A funding […] July 15, 2024
Real Estate 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 […] July 11, 2024
Economy 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 […] July 8, 2024
Markets 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 […] July 5, 2024
Video length: 08:38 Economy 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, […] July 3, 2024
Real Estate 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, […] July 1, 2024
Renewable Energy 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 […] July 1, 2024
Real Estate 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 […] June 25, 2024
Artificial Intelligence 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, […] June 24, 2024
Economy 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 […] June 24, 2024
Tourism 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 […] June 18, 2024
Agriculture 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 […] June 17, 2024
Video length: 04:49 VIDEO Aviation ‘It’s survival of the fittest’, says Oman Air CEO Oman Air is continuing to reduce its losses and increase revenue, but its new CEO believes that adding more airlines to the market would not be sustainable. “There’s certainly a huge amount of aircraft coming to this region,” said Con Korfiatis, CEO of Oman Air, speaking at Arabian Travel Market in Dubai in May a […] June 12, 2024
Leisure & Hospitality 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 […] June 12, 2024
Opinion Employment Private sector may not solve Oman’s rise in unemployment Less pay and longer working hours are not something young graduates are very keen on June 11, 2024
Finance 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 […] June 10, 2024
Aviation 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 […] June 9, 2024
