Banking & Finance Consortium to make bid for Oman’s Ahli Bank Oman International Development and Investment Company (Ominvest) is heading a consortium to acquire Ahli Bank in Oman. The consortium will make a cash offer of 185 baisas ($0.48) per share, representing a 28 percent premium over the bank’s average one-year market price of 144 baisas, the investment firm said in a statement to the Muscat […] May 17, 2023
Logistics Oman and UAE explore transport of minerals by rail Oman and Etihad Rail Company, the developer and operator of the UAE-Oman Rail Network, has signed an agreement with Brazilian mining firm Vale to explore transporting iron ore and its derivatives by rail. The railway line will connect Vale’s industrial complex in Sohar Port and Freezone in Oman to its planned mega-industrial complex in the […] May 14, 2023
Economy Oman’s Q1 budget surplus at $1.2bn on higher oil revenue Oman reported a budget surplus of OMR450 million ($1.17 billion) in the first quarter of 2023, driven by a nine percent rise in net oil revenue amid higher oil prices and increased production. Net oil revenue reached OMR1.71 billion in Q1 2023, based on an average price of $85 per barrel, from OMR1.57 billion in […] May 10, 2023
Manufacturing Oman’s Salalah Free Zone to get $230m processing plant Salalah Free Zone, a subsidiary of Asyad Group, has signed an agreement with the Chinese silicon industry company, Besto Hengda Oman, to establish a project for processing ferrous alloys and high-quality recycled wrapping paper. The project will be built on an area of 300,000 sq m, with an investment worth $230 million (OMR88.5 million), state-run […] April 26, 2023
Markets Oman hopes to emulate Gulf neighbours in IPO push Oman has belatedly launched a renewed part-privatisation drive and plans to float stakes in dozens of state-owned companies, following the success of similar programmes in Dubai and Abu Dhabi. The sales aim to boost Omani state coffers and diversify equity listings on the rebranded Muscat Stock Exchange (MSX) – until April 2021, the Muscat Securities […] April 24, 2023
Banking & Finance Oman’s energy firm revises loan terms to save $100m State-owned Energy Development Oman (EDO) has renegotiated the terms of its $2.5 billion loan, resulting in cost savings of $100 million in interest payments. The move is part of the government’s initiative to reduce interest costs across state-related entities, Oman News Agency reported. EDO’s borrowing cost is primarily based on the credit rating of Oman. […] April 20, 2023
Travel & Hospitality Oman expects tourism sector investments at $7.9bn by 2025 Oman expects to add OMR700 million ($1.84 billion) worth of new hospitality projects, taking the total investment in the tourism sector to OMR3 billion by 2025, said the ministry of heritage and tourism. The ministry has approved 363 projects across the country with a total value of OMR2.29 billion between 2021 and 2025, state-owned Oman […] April 17, 2023
Banking & Finance Oman repays $2.9bn in loans in Q1 2023 Oman repaid OMR1.1 billion ($2.86 billion) in loans in the first quarter, finance ministry figures show, bringing total public debt at the end of March to OMR16.6 billion. Total debt was OMR17.7 billion at the end of 2022. Oman, among the weaker economies of the Gulf region, repaid the debt through increased government revenue on […] April 12, 2023
Banking & Finance Oman’s Ahli Bank rejects merger offer from Bank Dhofar Oman-based Ahli Bank has rejected a non-binding offer from the sultanate’s second-biggest lender Bank Dhofar for a possible merger. “The Board of Directors has studied the proposal and decided not to accept it,” Ahli Bank said in a bourse filing, without providing a reason for the board’s decision. Bank Dhofar has assets worth $11.2 billion, […] April 12, 2023
Manufacturing Japanese firms to build iron metallics project in Oman Oman’s Public Authority for Special Economic Zones and Free Zones (Opaz) has signed a memorandum of understanding with Kobe Steel, a Japanese steel manufacturer, and Mitsui & Company, a global trading investment company, to develop a low-CO2 iron metallics project in the Special Economic Zone at Duqm (Sezad). The two Japanese firms signed a land […] April 11, 2023
Banking & Finance Oman opens bids for three mining sites Oman is seeking bids for three mining sites within the Ayoun area of the Dhofar governorate, the energy and minerals ministry said in a tweet. The bidding will comprise three mining sites, covering areas of 1.72 sq km, 1.41 sq km, and 1.87 sq km. Omani companies with experience in mining sector projects can submit […] April 10, 2023
Energy Duqm refinery likely to begin operations by end of 2023 Oman-based Duqm Refinery and Petrochemical Industries Company has started trial operations for the crude oil distillation unit at Duqm refinery. The move will pave the way for the launch of all Duqm refinery units, state-run Oman News Agency reported. The refinery has a capacity of 230,000 barrels per day, and its design is based on […] April 4, 2023
Markets Oman’s OQ seeks bookrunners for gas pipelines $500m IPO Oman’s OQ Gas Network, the pipelines business of the sultanate’s state oil giant OQ, has invited banks to pitch for bookrunner roles in its planned initial public offering (IPO), two sources close to the matter told Reuters. OQ Gas Network is preparing for a public share sale that could take place as early as June, […] March 28, 2023
Development PIF-backed Oman infrastructure fund raises $1 billion Omani infrastructure investor Rakiza, which is backed by Saudi Arabia’s PIF, has closed its first fund, raising more than $1 billion from participants. Rakiza has already spent a quarter of this money in buying three Omani assets – a 30 percent stake in a telecom tower portfolio, 31 percent of a Port Sohar container terminal […] March 21, 2023
Energy Oman signs green hydrogen deals worth $20bn Hydrom, a subsidiary of Energy Development Oman, has signed six deals worth $20 billion to invest in green hydrogen projects across the sultanate. The agreements, which span seven years, were inked with developers from Belgium, Germany, India, Japan, Kuwait, the Netherlands, Singapore, the UAE and the UK. The production capacity of the projects will hit […] March 15, 2023
Finance & Banking Oman to offer new mineral exploration blocks by Q1-end Oman’s ministry of energy and minerals is working on offering new mineral exploration blocks for investments in the first quarter of 2023. The ministry is currently in the final stage of negotiations with specialised companies on several concession areas, primarily focusing on developing potash ore and evaluation of lithium ore, Dr Salah bin Hafeez Al […] March 12, 2023
Markets Oman’s Abraj Energy set to raise $498m via 49% stake sale Oman’s Abraj Energy Services, the oil and gas drilling business of state energy company OQ, has set its initial public offering price at 249 baizas per share, state-run Oman News Agency said. The company will, therefore, be valued at about $498 million. OQ is selling a 49 percent stake, equivalent to 377.39 million shares, of […] March 7, 2023
Development Oman to spend $2.6bn to build road infrastructure The estimated cost of road projects in Oman stands at OR1 billion ($2.6 billion) for 2023, its minister of transport, communications and information technology Said bin Hamoud Al Maawali has said. The ministry will focus on completing and constructing strategic road projects, boosting road efficiency and rehabilitation. Khamis bin Mohammed Al Shamakhi, under-secretary for transport, […] March 6, 2023
Energy Oman’s Abraj Energy Services to build 3 drilling platforms in Kuwait Oman-based Abraj Energy Services SAOC has signed a strategic partnership with Saudi Arabian Chevron and Kuwait Gulf Oil Company to enhance drilling and oil extraction in the onshore partitioned neutral zone in the southern part of Kuwait. Under the five-year deal, Abraj Energy Services will build three drilling platforms and provide other related services for the Wafra oil […] February 26, 2023
Travel & Hospitality Oman opens airspace and joins Saudi corridor for Israeli carriers Oman has said all airlines can overfly its territory, joining neighbouring Saudi Arabia in providing a corridor for the national carriers of Israel, which neither Gulf state formally recognises. Israeli leaders hailed the announcement mainly as a gain for civil aviation to Asia and Australia – rather than any harbinger of a breakthrough in bilateral […] February 24, 2023
Logistics UAE-Oman rail link to bring cross-border economic boost A $3 billion investment to extend the railway network from the UAE into Oman is expected to bring economic benefits for businesses on both sides of the border. Oman and Etihad Rail Company, the developer and operator of the UAE-Oman Rail Network, has signed a deal with Abu Dhabi’s Mubadala Investment Company to support the […] February 22, 2023
Retail Omanis buy into Gulf shopping mall culture Middle East mall operator Majid Al Futtaim this month added over 260 international and local outlets to the retail landscape of Oman. The opening of the OR288 million ($749 million) Mall of Oman in Muscat is a sign of the Gulf state’s ongoing switch from standalone units to shopping malls. It is Majid Al Futtaim’s […] February 22, 2023
