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
Aviation Oman Air 2023 losses down 25% on higher ticket sales State-owned Oman Air cut its losses by a quarter in 2023 as it streamlined expenditure and improved ticket sales, chairman Said Hamoud Al Ma’awali said. The airline is expected to see “good growth” in its financial performance by 2026 under its four-year transformation plan, state-run Oman News Agency reported, citing the top executive. No other […] February 15, 2024
EXCLUSIVE Real Estate Trump still has ‘big pull’ for $2m branded villas in Oman Donald Trump may be facing criminal investigations in the US, but the 45th president’s brand continues to wield substantial influence in the Gulf. Last week there were more than 100 expressions of interest in a launch of 20 Trump-branded villas in Oman, within 24 hours, according to the project’s developer. “Trump as a brand still […] February 14, 2024
Energy Oman-Kuwait JV to open $9bn crude oil refinery The $9 billion OQ8 crude oil refinery, which has a daily capacity of 230,000 barrels, will be inaugurated on Wednesday. The refinery has been developed by Duqm Refinery and Petrochemical Industries, a joint venture between Oman’s OQ Group and state-run Kuwait Petroleum International. It is the largest joint investment in the petrochemical and refinery industry between […] February 6, 2024
Tourism Oman hotel licence limits signal ‘desire to enhance quality’ The decision by Oman to impose restrictions on new hotel developments across the sultanate demonstrates a focus on quality over quantity, an industry analyst says. From February 1, Oman’s Ministry of Heritage and Tourism will not accept any requests for new hotels in the Muscat governorate, aside from Quriyat and Al Amerat. Applications for hotel […] February 1, 2024
Tech Oman invests $210m in Sohar data centre project Oman’s Sohar Port and Freezone has signed a land-lease agreement with Green Data City to develop a data computing centre. The facility aims to provide hosting, processing and data mining in the free zone, reported the state-owned Oman News Agency. Green Data City is a data miner, which means using computers and automation to search […] January 30, 2024
Industry Oman consortium buys stake in gold and silver miner Oman’s Maaden International Investment has acquired almost a quarter of the Anglo-Russian gold and silver producer Polymetal International. The 23.9 percent stake was bought for an undisclosed sum from Powerboom Investments, a subsidiary of ICT Holding, which is owned by the Russian businessman Alexander Nesis. Polymetal was founded by Nesis in 1998. It is among […] January 30, 2024
Economy UK leads Oman’s FDI growth of 27% to nearly $13bn Foreign direct investment (FDI) in Oman rose 26.6 percent year on year to OR4.8 billion ($12.6 billion) in the third quarter of 2023. The United Kingdom emerged as the leading contributor to FDI, injecting OR2.4 billion ($6.2 billion), Oman Daily Observer news outlet reported, citing data from the National Centre for Statistics and Information. The […] January 29, 2024
Banking and Finance Profit of Omani-listed banks rises 19% to $1.17bn in 2023 Omani banks listed on the Muscat Stock Exchange (MSX) recorded net profits of OMR453.5 million ($1.17 billion) in 2023, an annual increase of 18.6 percent. The preliminary financial results showed that all seven banks listed on the stock exchange posted higher profits, the state-run Oman News Agency reported. Bank Muscat led the rankings with a […] January 29, 2024
Transport Oman Air cancels flights to South Asian cities Oman Air is cancelling flights to some South Asian cities as part of its transformation programme. The state-owned airline said the move is part of efforts to improve its financial performance and strengthen its position in a competitive market. Flights to Islamabad and Lahore in Pakistan, Colombo in Sri Lanka and Chittagong in Bangladesh will […] January 29, 2024
Transport Muscat airport passenger traffic climbs 19% Passenger traffic at Muscat International Airport rose to 1.19 million in December 2023, a 19 percent rise compared to 999,935 a year ago. Aircraft movement increased 15 percent year on year to 9,233, Oman Daily Observer reported, citing data from the Civil Aviation Authority (CAA). Freight movement at Muscat airport moved up 0.4 percent annually […] January 28, 2024
Analysis Economy Oman expects a ratings rebound but oil’s grip is strong Oman is on course to regain its investment-grade rating but analysts say challenges remain in reducing the economy’s dependence on hydrocarbons. Standard Chartered has forecast that Oman’s continued improvements in fiscal performance, de-leveraging (lowering debt) and commitment to reform could see the sultanate’s rating rebound “as early as 2024”. The bank’s Global Focus 2024 report […] January 24, 2024
Energy Oman’s investment at $2bn in Musandam energy projects Oman energy investment company OQ SAOC said its investment in three major energy projects in the Musandam governorate has reached OMR800 million ($2.09 billion). These projects include the Musandam gas plant, the management of offshore fields in concession area 8 and the Musandam power plant, the state-run Oman News Agency reported. The Musandam gas processing […] January 22, 2024
Renewable Energy Oman plans fourth large-scale solar power park Oman has issued a tender to develop its next large-scale solar power project just days after financial close was announced on another. Nama Power and Water Procurement, the sole purchaser of electricity from independent power plants in Oman, has issued a request for qualification for the 500MW Ibri III project in the sultanate’s north-west region. […] January 19, 2024
Economy Oman’s debt repayment pace to slow, says Fitch Oman will continue to pay down government debt, but increasing social spending will slow the pace of debt reduction this year, Fitch Ratings said in a report. The global ratings agency forecasts that the Gulf nation’s surplus will likely fall to 1.8 percent of GDP in 2024 from an estimated 3.3 percent in 2023, based […] January 18, 2024
Banking and Finance Oman pushes $5.2bn plan to boost small business growth Oman has launched a OR2 billion ($5.2 billion) fund to encourage more investment in local small and medium-sized enterprises, as the sultanate looks to capitalise on a growth in support for startup businesses. The funding plan by the Oman Investment Authority follows on from the announcement of the Future Fund Oman last May, which aimed […] January 17, 2024
Banking and Finance Oman licence is ‘tremendous’ win for Egypt’s Paymob Digital payments company Paymob has secured a licence to expand into Oman and says it represents a “tremendous opportunity” as e-commerce transactions soar. The Cairo-based business has announced that it has received the Central Bank of Oman’s (CBO) payment service provider licence, the first international fintech to do so. The licence authorises Paymob to accept […] January 17, 2024
Industry Oman’s wheat production surges 230% Wheat production in Oman surged by 229 percent to 7,119 tonnes during the harvest season of 2022-23. The total cultivation area reached 6,359 acres, an increase of 160 percent over the previous season, state-run Oman News Agency reported, citing data from the ministry of agriculture, fisheries and water resources. The number of wheat farmers also […] January 16, 2024
Banking and Finance Bank Muscat to invest $390m in GCC-listed banks Bank Muscat is to invest up to 150 million riyals ($389.97 million) in various GCC-listed banks as part of its growth strategy. The sharia-compliant lender said in a statement on the Muscat Stock Exchange on Monday that it was given an in-principle approval from the Central Bank of Oman to set up a wholly owned […] January 15, 2024
Tourism Oman’s luxury hotel revenue rises 27% to $532m The revenue of Oman’s 3-star to 5-star hotels rose 26.6 percent to OMR204.18 million ($531.77 million) by the end of November 2023, compared to OMR161.26 million in November 2022, according to data issued by the National Centre for Statistics and Information (NCSI). The total number of hotel guests increased by 30.3 percent to 1.88 million […] January 15, 2024
