Economy Oman’s inflation rate falls again in July Oman’s rate of inflation in July dropped to its lowest level since March 2021, driven by a decline in transport and communications costs, as well as falls in the price of fruit, vegetables and meat. Inflation in the sultanate, measured by the Consumer Price Index (CPI), fell to 0.41 percent last month, down from 0.69 […] August 24, 2023
Agriculture Gulf’s many-layered reaction to India’s new onion export tax Omani farmers could be one of the few beneficiaries of India’s decision to impose a 40 percent export duty on onions, while UAE restaurateurs are bracing for another hike in food costs. India is the world’s biggest exporter of onions, but a lack of rain this summer has affected harvests and prices have already risen […] August 22, 2023
Energy Oman plans to start work on more green projects this year Oman will likely issue requests for qualifications (RFQs) for new wind and solar-based independent power projects (IPPs) and a waste-to-energy project in the current quarter. The RFQ for Duqm wind IPP, with an installed capacity of around 200-300 megawatts (MW), is expected to be released in the third quarter, followed by a request for proposals […] August 20, 2023
Analysis Renewable Energy Oman takes green hydrogen gamble Sometimes it takes a country. Oman is dedicating an area the size of Slovakia to solar power projects to produce green hydrogen – gas produced entirely from renewable sources. On June 1 Salim bin Nasser Al Aufi, minister of energy and minerals, signed $20 billion of contracts with partners including BP, Shell and the newly […] August 14, 2023
Energy Oman’s budget surplus falls to $1.7bn Oman has posted a budget surplus of OMR656 million ($1.71 billion) for the end of the first half of 2023, a drop of 16.3 percent compared with OMR784 million a year earlier. Revenue reached OMR6.34 billion in the first half, down by six percent, compared to OMR6.73 billion in the first half of 2022, the […] August 14, 2023
Exclusive Sustainability Omani firm aims to rock the world by mineralising CO2 Omani carbon mineralisation startup 44.01 plans global expansion after being named a winner of last December’s Earthshot Prize for its innovative technology. The company expects to start work in the UAE on its first pilot project outside Oman mineralising peridotite rock later this year. Peridotite – a rock found in Oman as well as in […] August 9, 2023
Transport Oman Air set for operational overhaul as losses mount State-owned Oman Air will undergo a restructuring process to reduce ongoing losses and debt accumulation. The plan includes four main pillars: financial sustainability, corporate governance, commercial aspects and human capital. The airline’s board has approved the restructuring programme, state-run Oman News Agency reported, citing Said Hamoud Al Ma’awali, minister of transport, communications and information technology […] August 8, 2023
Finance UAE’s Al Ansari set to buy majority stake in Omani firm UAE remittance and foreign exchange house Al Ansari Financial Services has proposed to acquire a majority stake in an exchange company in Oman as part of its regional expansion plan. The acquisition is subject to the necessary regulatory approvals and due diligence, the company said in a statement on Monday. It is expected to be […] August 7, 2023
Finance Oman’s Khazaen Economic City investment hits $821m Total investment in Oman’s Khazaen Economic City reached OMR316 ($821 million) by the end of June 2023. The foreign and local investment value stood at OMR186 million and OMR130 million, respectively, state-owned Oman News Agency reported. The number of nationalities investing in the city in the first six months of the year hit 16, with […] August 7, 2023
Banking & Finance Cautious Oman’s SWF outperforms global markets Oman Investment Authority’s cautious approach to public market investing enabled it to significantly outperform global benchmarks last year, the sovereign fund’s annual report revealed on Wednesday. These gains helped the OIA, which was created in June 2020 following a government reshuffling of state-owned assets, to increase its portfolio value to OMR 17.9 billion ($46.5 billion) […] August 3, 2023
Transport Oman-Etihad Rail signs pact to transport steel exports Oman and Etihad Rail Company has agreed a deal to transport steel on its rail network between the sultanate and the UAE. The developer and operator of the $3 billion railway line, has agreed to carry steel products from Oman-based Jindal Shadeed Iron & Steel’s (Jindal) steel complex to the UAE. The steel producer will transport […] August 3, 2023
Banking & Finance HSBC Oman’s final day on Muscat bourse draws near Shares in HSBC Oman will cease trading on the Muscat Stock Exchange on Thursday ahead of its acquisition by Sohar International Bank. Sohar, which is minority owned by Omani government institutions, has agreed a cash and share-swap deal to buy the HSBC unit. HSBC expects the merger to be completed on August 17, after which […] August 1, 2023
Banking & Finance PIF seeks $5bn investments in Oman Saudi Arabia’s sovereign wealth fund, PIF, has signed a memorandum of understanding with its Omani counterpart to seek out investments in Oman worth $5 billion. The agreement aims to support the expansion of investment and cooperation between PIF and its portfolio companies with the Oman Investment Authority (OIA), said a PIF announcement on Thursday. The […] July 27, 2023
Renewable Energy India’s Acme secures funding for Oman hydrogen project Indian renewable energy company Acme Group has secured a loan of $490 million to finance a green hydrogen and ammonia project in Oman. The funding will come from Rec Limited, one of India’s largest green infrastructure financial institutions, and will be used for the first phase of the project. The facility will be established at […] July 27, 2023
Energy Omani fuel retailer plans 14 new stations in Saudi Arabia State-owned Oman Oil Marketing Company (Oomco) plans to open 14 service stations in Saudi Arabia as part of its regional expansion strategy. The new “one-stop-shop” stations will increase the number of service stations to 26 by the fourth quarter of 2023, state-run Oman News Agency reported. The agreement is part of a memorandum of understanding […] July 24, 2023
Banking & Finance Oman’s OQGN to use $1.2bn for gas network expansion State-owned OQ Gas Networks (OQGN), the sole operator of the natural gas transportation network in Oman, has signed three financing agreements with 16 local and regional banks worth $1.2 billion. Collectively, the amount is one of the largest syndicates of Sharia-compliant financing in Oman. It will provide the company with capital in dual currencies – […] July 18, 2023
Health Omani firm begins work on $155m vaccine facility Muscat-based Opal Bio Pharma Company has started work on Oman’s first life-saving medicines and vaccine factory. The OMR60 million ($155.84 million) facility will cover 37,000 sq m at Khazaen Economic City and will be completed in two years. Details of the manufacturing capacity were not disclosed. Chairman Saad Moosa Al Junaibi said that the factory […] July 14, 2023
Infrastructure Chinese telco enters Gulf with Zain Omantel tie-up One of China’s biggest wireless mobile network operators will make its GCC debut through a connectivity agreement with Zain Omantel International. State-owned China Telecom Global (CTG) signed the deal with Zain Omantel International (ZOI), a joint venture formed in May by Kuwait’s Zain Group and Oman’s Omantel. The deal with CTG is a “strategic subsea […] July 12, 2023
Tourism Oman working on $11bn integrated tourism projects Oman has granted 19 licences for developing integrated tourism complexes with investments worth OMR4.38 billion ($11.37 billion). Projects worth OMR3.12 billion are in the pre-implementation phase, state-run Oman News Agency reported citing a statement from the ministry of heritage and tourism. The complexes are planned across Muscat, Dhofar, South Al Sharqiyah, South Al Batinah and […] July 10, 2023
Business of Sport Oman Air signs sponsorship with Chelsea FC Oman Air has signed a three-year sponsorship deal to become the global airline partner of English Premier League football club Chelsea. The sultanate’s flag carrier is looking to capitalise on Chelsea’s international following. The partnership will include co-branded livery, joint promotional content and corporate social responsibility campaigns. Financial details around the deal were not disclosed. […] July 6, 2023
