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. NewsletterGet […] 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
Economy Oman posts $220m budget surplus in January Oman’s budget surplus reached nearly a quarter of a billion dollars in January, helped by public income from state investments, according to its state-owned news agency. The surplus was OR85 million ($220 million) by the end of January, down just over 40 percent on the OR145 million surplus registered in the same month of 2023, […] March 18, 2024
Opinion Economy The stars are aligned for Oman’s economic resurgence The sultanate could command a healthy share of the Gulf's IPO surge in the next two years March 15, 2024
Renewable Energy Oman closer to solar goal with new Sohar factory United Solar Polysilicon has started work on a $1.3 billion polysilicon factory in Oman’s Sohar Port and Freezone, believed to be the first of its kind in the Middle East. Polysilicon, a high-purity form of silicon, is a key raw material in the production of solar photovoltaic (PV) panels. Operations at the 160,000-square-metre Sohar factory […] March 12, 2024
Aviation Hotels and airports profit from Oman’s rise in visitors Revenues for hotel operators in Oman rose by 17 percent to OR25 million ($64 million) in January as passenger numbers through the sultanate’s airports increased by more than one-fifth. Oman welcomed more than 1.4 million people through its main airports in Muscat, Salalah, Sohar and Duqm, according to data from the National Centre for Statistics […] March 12, 2024
Business of Sport Oman Air and Chelsea FC ‘terminate sponsorship deal’ A sponsorship deal between Oman Air and English Premier League club Chelsea FC has reportedly been terminated less than a year after it was signed. The three-year agreement was believed to be worth about £2 million ($2.5 million) a year and was announced last July. The partnership, which made the flag carrier the club’s global […] March 11, 2024
Tech Oman’s growing space sector attracts $52m in investments Oman has attracted investments worth OMR20 million ($52 million) in its growing space sector over the past two years, a senior government official said. The investments have increased after the issuance of the executive space programme last year, Dr. Ali Al Shidhani, under-secretary of communications and IT at the ministry of transport, communications, and information […] March 8, 2024
Real Estate Omani developer reveals Muscat mixed-use project The Omani developer Al Fayha United Development company has launched a 13,000 square metre mixed-use project in Muscat. The Smart Home project in Al Ghala Heights, opposite Madinat Al Irfan, will include an apartment building comprising nine floors and a penthouse. Sheikh Saud bin Hamad al Ta’i, chairman of Al Faiha Development Company, said residential […] March 3, 2024
Construction Omani contractor signs tower deal for billion-dollar project Omani conglomerate Tawoos Group has signed a deal to build two mixed-use towers within the sultanate’s billion-dollar Al Khuwair Downtown Project. The project in the Muscat governorate has raised $1.3 billion in investments, according to a report from the Oman Observer, and covers an area of 3.6 million square metres. Tawoos Group will be responsible […] February 23, 2024
Energy Oman’s Rakiza buys 40% of Saudi power company Oman’s state-owned infrastructure investor Rakiza has secured the financial close of its first transaction in Saudi Arabia by acquiring 40 percent of Tihama Power Generation Company. Tihama comprises four combined heat and power plants located at Ras Tanura, Ju’aymah, Shedgum and Uthmaniyah in the kingdom’s eastern province. The four plants produce 1,600 megawatts of electrical […] February 22, 2024
Transport Study on $2.6bn Muscat metro to finish this year Oman’s transport minister has confirmed that consultancy studies on the $2.6 billion Muscat metro project are expected to be completed by the end of the year. “The ongoing studies concerning the Muscat Metro are on track for completion by the end of this year,” Times of Oman reported, citing Saeed bin Hamoud bin Saeed Al […] February 19, 2024
Agriculture Onion prices surge 300% in Oman Onion prices have increased by 300 percent in Oman, primarily due to a ban on exports from India, according to a local media report. Prices rose from 0.14 baisas ($0.36 cents) per kilogramme in 2023 to 0.47 baisas per kilogramme in December of 2023, before surging to 0.6 baisas per kilogramme by mid-February 2024, the […] February 19, 2024
