Economy Manufacturing and agriculture drive Oman GDP growth Oman’s economy is continuing to expand off the back of strong non-oil sector growth. In the second quarter of 2024, Omani GDP at current prices rose 2.6 percent, while real GDP grew by 1.9 percent. Much of this growth was driven by the country’s non-oil sector, which rose by 4.2 percent, according to statistics released […] October 22, 2024
Economy Oman public revenue tops $21bn as oil earnings surge Oman’s public revenue rose to OMR8.1 billion ($21 billion) by the end of August 2024, up 3 percent year on year, thanks to a surge in oil income. Net oil revenue reached OMR4.65 billion ($12 billion), rising 12 percent from OMR4.15 billion ($10.8 billion) a year earlier, the state-run Oman News Agency reported. The average […] October 11, 2024
Transport Hafeet Rail secures $1.5bn loan for UAE-Oman rail link Hafeet Rail, formerly Oman and Etihad Rail Company, has secured funding of $1.5 billion from a consortium of regional and global banks for the 238km railway network. The $2.5 billion Omani-Emirati railway network project is the first link in a unified regional transport and logistics chain and will link five major ports and various industrial and free […] October 10, 2024
Tech Oman to acquire its first national satellite Oman is in the process of acquiring its first national satellite, the head of the country’s space programme has revealed. As part of the sultanate’s national development plan, Vision 2040, it aims to have the information and communication technology sector, which includes space technology, contribute 10 percent to the overall GDP by 2040. “Oman is […] October 7, 2024
Opinion Banking & Finance Oman must empower SMEs by removing banking barriers The country has much to gain from supporting its entrepreneurs with easier access to funding October 7, 2024
Analysis Banking & Finance Omani banking sector ripe for further mergers Oman’s banking sector has more than doubled in size since 2013 but may lack the scale to meet state financing needs. Lenders are already stretched in terms of their loan-to-deposit ratios, and further sector consolidation is probably needed along with borrowing on international bond markets. Bank Muscat is Oman’s largest with assets of OMR13.7 billion […] October 7, 2024
Analysis Banking & Finance Omani banks look to state spending to boost credit growth Lower interest rates should increase borrowing demand in Oman although the sultanate’s banks are waiting for a meaningful expansion in government infrastructure spending for credit growth to accelerate. Bank Muscat is Oman’s largest bank, reporting a 2023 net annual profit that was greater than those of the next four commercial banks combined, S&P Global data […] October 4, 2024
Finance Omani fund secures $2bn investment in new projects The Oman Future Fund has secured local and foreign investments worth OMR832 million ($2.2 billion) across 10 economic sectors. The OMR2 billion fund, owned by the Oman Investment Authority (OIA), will invest OMR220 million in these projects, while foreign investments account for OMR609 million. The major project categories include technology, industry, tourism, energy and electric […] October 3, 2024
Economy Oman to impose income tax on high earners post-2026 Oman is expected to implement its proposed personal income tax on high earners after 2026, according to a new report. In July, the Majlis al-Shura, the lower house of the Omani parliament, approved a draft law on income tax – the first of its kind in the GCC region – forwarding it to the State […] September 30, 2024
Opinion Agriculture Saham Agricultural City will offer Oman farmers a lifeline The project should help reduce a reliance on increasingly costly imports September 26, 2024
Trade Oman-Saudi trade tops $2.6bn in first half of 2024 Trade between Oman and Saudi Arabia exceeded OMR1 billion ($2.6 billion) in the first six months of 2024, official data shows. Metal products accounted for the largest proportion of Omani exports to the kingdom by value, totalling OMR161 million, the state-run Oman News Agency reported, quoting data from the National Centre for Statistics and Information. […] September 25, 2024
Renewable Energy Companies shortlisted for $1bn Oman wind farms Twelve companies have been shortlisted to build five large-scale wind power stations across Oman. The five projects, due to be completed by 2027, will bring a 20-fold increase in the amount of electricity generated by wind power in Oman, from 50MW to 1GW. The shortlist to build the projects, for a total investment of OMR500 […] September 23, 2024
Oil & Gas OQ production unit’s IPO set to raise $2bn OQ Exploration and Production (OQEP), a unit of Oman’s state energy company, OQ, is expected to raise a maximum of OMR780 million ($2.03 billion) from its listing on the Muscat stock exchange. The offering, expected to be the country’s largest IPO, has been priced between 370 and 390 baisas per share with the final price […] September 23, 2024
Analysis Markets Oil IPO is latest step towards Oman’s emerging market status An Omani state oil company’s $2 billion initial public offering will boost the sultanate’s chances of eventually being reclassified as an emerging market by the world’s leading stock index providers. If achieved, Oman’s blue-chips will receive sizeable inflows from passive funds that track the MSCI and FTSE emerging market benchmarks, increasing bourse turnover and likely […] September 20, 2024
Analysis Economy Oman edging closer to investment grade rating Oman has been putting its fiscal house in order over the past three years and, in the eyes of many analysts, has realistic hopes of regaining its investment grade rating. But the sultanate has significantly upped spending on energy and social subsidies, while a drop in gas prices has lowered revenues in the seven months […] September 19, 2024
Trade UK ministers visit Gulf in pursuit of free trade deal Senior ministers from the UK have arrived in Oman as part of a whirlwind tour of the Gulf designed to accelerate trade talks under the new Labour government. The UK topped the list of countries investing into Oman in 2022, with OR9.6 billion ($25 billion), dwarfing the US in second spot on OR3.7 billion, according […] September 17, 2024
Industry Industrial growth in Oman beats global rate Oman’s industrial sector expanded by 9.2 percent year on year, ten times faster than the global rate. Production value reached OR951 million ($2.5 billion) in the first quarter of 2024. The sector contributed 10 percent to the Gulf state’s GDP, data from the National Centre for Statistics and Information shows. The basic chemical industries led […] September 12, 2024
Tourism Smoother sailing for cruise market as Oman relaxes visas Oman has relaxed visa regulations for cruise ship passengers visiting the sultanate. Authorities have introduced 10-day and one-month visas aimed at growing the country’s cruise tourism sector. Both visas, which are free of charge, are available from cruise-ship agents and are valid provided entry is made within 30 days of issue. The decision was announced […] September 11, 2024
Finance Oman wealth fund to launch IPOs in divestment push The Oman Investment Authority (OIA) has framed a new five-year divestment plan, which includes initial public offerings (IPOs) in key sectors. The 2024-2028 plan will float companies in the energy, services and logistics sectors, the fund said in a post on social messaging platform X. In addition to the IPOs, the sovereign wealth fund will […] September 11, 2024
Oil & Gas OQ to list oil production arm in largest Omani IPO Oman’s state energy company, OQ, is planning to sell up to a quarter of its exploration and production arm, OQEP, through an initial public offering, in what will be the largest IPO in the country’s history. The subscription period is expected to commence this month, while the listing is scheduled for October on the Muscat […] September 9, 2024
Analysis Employment Oman’s fine line between labour localisation and growth Oman this week tightened restrictions on foreign workers’ ability to take on certain jobs in industries including real estate, construction and hospitality. In another labour law revision of this kind in the past two years authorities banned expatriates from serving in some oil and gas engineering roles, the real estate maintenance space, and as travel […] September 5, 2024
Opinion Oil & Gas October presents Opec+ with a quandary The oil group wants to bring barrels back to the market but it could bow to global uncertainty September 2, 2024
