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
Analysis Trade Oman and India accelerate talks on trade deal Oman and India have scheduled a third round of talks next week as they seek to complete a free trade agreement. The negotiations, which began in late November in New Delhi, are “progressing well” with two rounds completed in a matter of weeks, according to officials. Bilateral trade reached $12.4 billion in the financial year […] January 10, 2024
Opinion Renewable Energy Green hydrogen: who will buy the ‘fuel of the future’? Middle East enthusiasm is not matched by Europe and Asia January 8, 2024
Economy Oman forecasts 2024 budget deficit despite higher revenue Oman expects a budget deficit of OMR640 million ($1.66 billion) in 2024, 1.5 percent of the country’s gross domestic product (GDP). Total revenues are projected at OMR11.01 billion, up 9.5 percent from 2023 estimates, with non-oil revenues estimated at OMR520 million, the state-run Oman News Agency reported, citing the finance ministry statement. Oil revenues are […] January 2, 2024
Sustainability Oman targets 22,000 EVs on its roads by 2030 Oman plans to have 22,000 electric vehicles on the road by 2030 as part of its decarbonisation strategy, according to local media. A combination of technological advancements and robust charging infrastructure will accelerate the adoption of EVs, Oman Daily Observer reported, citing Said Hamood Al Maawali, the minister for transport, communications and IT. “The public […] January 1, 2024
Finance UK dominates $60bn foreign direct investment into Oman Foreign direct investment in Oman hit almost OMR23 billion ($59 billion) by the end of the third quarter of 2023, with the UK accounting for the half of it, preliminary data issued by the National Centre for Statistics and Information has revealed. Nearly 77 percent (OMR17.67 billion) of the total foreign direct investment focused on […] December 28, 2023
Opinion Employment Women are integral to Oman vision: now to bring them in Omani women are highly educated, so why aren’t they represented in the workplace? December 21, 2023
Energy Oman sets up support unit for green-hydrogen developers Oman will set up a high-powered “delivery support unit” shortly to ease the logistical hurdles that global investors may face on their large-scale green hydrogen projects. The support unit is proposed to be announced by the government as early as this week, Oman Daily Observer reported, citing Mohsin Al Hadhrami, under-secretary of the Ministry of […] December 18, 2023
Opinion Sustainability Moving mountains to lead in global carbon capture race Oman and the UAE may hold the key to CO2 capture December 15, 2023
Finance India aims to sign trade deal with Oman this month India is planning to conclude a comprehensive free trade agreement (FTA) with Oman by the end of the month, according to a media report. The negotiations are on a fast-track mode, with a team of officials from India’s commerce ministry holding talks in Muscat, Business Standard, an Indian financial daily, reported. If the deal is […] December 13, 2023
Logistics Work set to start on Oman’s first airport free zone Asyad Group, Oman’s national logistics company, has signed a concession agreement with the Public Authority for Special Economic Zones and Free Zones (Opaz) to develop the Muscat International Airport Free Zone. Asyad Group will develop, manage and operate the Sultanate’s first airfreight-focused free zone, state-run Oman News Agency reported. The 1.7 million sq m of […] December 11, 2023
Industry Oman signs $88m industrial projects in plastics sector OQ Refineries and Petrochemical Industries has signed nine investment agreements worth $88 million to establish industrial projects in the Ladayn polymer park in Sohar Industrial City. The agreements focus on promoting Omani goods and services or those provided by locally registered suppliers, state-owned Oman News Agency reported. The company, a subsidiary of state-run OQ Group, […] December 11, 2023
Energy Omani solar plant secures $302m funding A 500 megawatt (MW) solar project in Oman has secured $301.8 million in funding from a group of international financial institutions. The Manah-1 Solar IPP is being built in Manah, located in Oman’s Al Dakhiliyah governorate, Oman Daily Observer reported. Wadi Noor Solar Power Company is developing the project, which is a partnership between France’s […] December 10, 2023
Renewable Energy Oman could become world leader in geologic hydrogen Green hydrogen has made global headlines as a potential carbon-free alternative to fossil fuels, but some experts believe another, abundant source of the gas could be under our feet. It is known as geologic hydrogen. Geologic hydrogen occurs naturally in the earth’s crust and is produced when water reacts with iron-rich rocks in the subsurface. […] December 10, 2023
Economy Moody’s upgrades Oman credit ratings on lower debt burden Moody’s Investors Service (Moody’s) upgraded Oman’s credit ratings on lower debt burden due to supportive oil prices and spending restraint. The ratings agency raised the Sultanate’s long-term issuer and long-term senior unsecured ratings to “Ba1” from “Ba2” and changed the outlook to stable from positive. The upgrade reflects the expectation of further improvements in the […] December 9, 2023
Analysis Tourism Oman-RAK tourism tie-up could spur more alliances Oman and Ras Al Khaimah are drawing up plans to jointly promote tourism, with ambitions to become a destination for adventure holidays. Ras Al Khaimah Tourism Development Authority (Raktda) and Oman Tourism Development Company (Omran) said the deal was a “first of its kind”. Officials described the partnership as a natural fit, with just a […] December 8, 2023
SPECIAL REPORT Infrastructure After stops and starts, GCC rail is back on 2030 timetable In the same week that Dubai announced a 30km extension of its metro network, Kuwait revealed that its $20 billion four-line metro project is to be cancelled. If anything sums up the difficulties associated with connecting the GCC countries by rail, then it is this. Kuwait’s metro hit the buffers as a result of “significant […] December 5, 2023
Renewable Energy Oman plans green-hydrogen corridor to Europe Oman’s plans to make the world’s first commercial-scale liquid hydrogen corridor are a step closer after the sultanate signed a deal with the fourth largest port in Western Europe. Oman’s Ministry of Energy and Minerals and Hydrogen Oman, better known as Hydrom, have signed an agreement with Port of Amsterdam, Zenith Energy Terminals and GasLog. […] December 5, 2023
Oil & Gas Market confusion over Opec+ cuts hits oil prices Oil prices fell further on Friday after tumbling sharply when Opec+ announced more production cuts amid suspicions that quotas will not be adhered to. Brent, the main international benchmark, traded at $80.66, down from $84.37 on Thursday, while West Texas intermediate was flat at $75.94. Saudi Arabia, Russia and other members of Opec+ announced on […] December 1, 2023
Leisure & Hospitality Envi Lodges to add new beach eco-retreat in Oman Envi Lodges, a Dubai-based tented camps and eco-pods specialist, is planning to add a new property in Oman, located an hour’s drive from Muscat. The new eco-retreat close to the shores of Al Sifah follows the announcement of a mountain ecolodge at Al Jabel Al Akhdar in the Hajar mountains. Set to open in late […] November 28, 2023
