Economy Oman to use budget surplus to repay nearly $3bn debt Oman is expected to repay nearly $3 billion in external debt in the first half of 2024, driven by the budget surplus from high oil prices, Fitch Ratings said in a new report. The resulting 10 percent decline in external debt from the end of 2023 is faster than forecast last September. The rating agency affirmed the Gulf state’s […] May 27, 2024
Analysis Markets Bahrain tops dividend yields in mixed quarter for bourses First-quarter company earnings in the UAE, Bahrain and Oman were mixed across major economic sectors, with the four bourses trading at markedly varied valuations. As of March 31, Dubai and Bahrain had price-to-earnings ratios of 8.3 and 7.9 respectively, while Abu Dhabi’s was 19.9 and Oman’s 12.9, according to Kuwait’s Kamco Invest. Bahrain (7.7 percent) […] May 27, 2024
Aviation Oman plans six new airports in tourism push The majority of Oman’s six new airports are expected to be operational by 2028 and 2029, as part of the government’s initiative to promote tourism, a senior government official has said. Work is under way on designing the new projects, which will increase the number of airports to 13, Naif Al Abri, chairman of the Civil […] May 23, 2024
Trade Oman’s trade surplus rises 21% on higher crude exports Oman’s trade surplus rose 21 percent year on year to OMR1.7 billion ($4.4 billion) by the end of February 2024, according to government data. The total value of merchandise exports reached OMR4.4 billion during the period, a 20 percent increase, compared to OMR3.7 billion a year ago, state-run Oman News Agency reported, citing statistics from the […] May 20, 2024
Analysis Tourism Club Med resort tipped to help Oman hit tourism targets Tourist arrivals in Oman are forecast to nearly double over the next four years, boosted by developments such as the region’s first Club Med resort. Analysts at BMI expect visitor numbers to rise by a quarter to 5.3 million this year – and reach nearly 11 million by 2028. The sultanate’s tourism sector is likely […] May 15, 2024
Transport Work to start on $3bn Oman-UAE rail network Work will soon start on the $3 billion Hafeet Rail, a railway network between Oman and the UAE, local media has reported. The railway line will include two 2.5 km long tunnels and 36 bridges, Oman Daily Observer reported, citing Abdul Al Hatmi, CEO of Asyad Group. Oman Rail, part of Asyad Group, and the UAE’s Etihad […] May 6, 2024
Video length: 5:02 VIDEO Renewable Energy Oman’s ‘enormous’ hydrogen potential hangs on project delivery Hydrogen presents “enormous” opportunities for Oman, but the sultanate needs to focus on timely delivery of new project agreements if it is to achieve its ambitious targets, industry experts told AGBI. Oman’s Hydrom signed two agreements worth $11 billion with the Electricité de France (EDF Group) consortium as well as Actis and Fortescue to develop […] May 3, 2024
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 and 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 and 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
