Analysis Tourism Oman urged to differentiate itself to attract tourists Oman should look to a combination of eco, wellness, adventure and agri tourism to differentiate itself from its GCC neighbours, according to an industry expert. The sultanate, which was significantly hit by the effects of the coronavirus pandemic, is renowned for its eclectic mix of picturesque wadis, caves, beaches and mountain ranges. It is also […] February 2, 2023
Logistics Oman set to select consultant for Muscat metro project Oman’s Ministry of Transport, Communications and Information Technology (MTCIT) will open bids for the consultancy contract for Muscat metro project on February 1, Oman Daily Observer reported. The selected consultant will help the ministry deliver key decisions and advisory services related to the project. The award will be finalised through negotiations or a direct award, […] January 30, 2023
Markets Oman’s drilling services firm plans March listing on Muscat exchange Oman’s oil and gas drilling services firm Abraj Energy Services plans to list up to 49 percent of its shares on the Muscat stock exchange in March through an initial public offering (IPO), a company statement said. The IPO forms part of an exit plan recently announced by sovereign wealth fund, the Oman Investment Authority […] January 23, 2023
Energy GCC power authority eyes $660m direct electricity link with Oman The GCC Interconnection Authority (GCCIA), which operates the transmission system linking the grids of the GCC member states, is weighing a direct electricity link with the main grid of Oman at an investment of $660 million, Oman Daily Observer reported. The project will enable energy transfers of between 1,200 and 1,600MW, Ahmed Al-Ebrahim, CEO of […] January 18, 2023
Sustainability Adnoc calls on Earthshot Prize winner for decarbonisation pilot Abu Dhabi National Oil Company (Adnoc) announced on Tuesday a partnership to pilot technology that permanently mineralises carbon dioxide within rock formations found in the emirate of Fujairah. Adnoc is partnering with the Fujairah Natural Resources Corporation, Abu Dhabi Future Energy Company (Masdar) and Oman-based 44.01. The project, announced at the Abu Dhabi Sustainability Week, […] January 17, 2023
Energy Oman’s OQ says $463m ammonia plant to boost global exports Oman’s integrated energy group OQ said its new $463 million ammonia plant in Dhofar governorate will enhance the in-country added value and global exports, state-owned Oman News Agency said. The plant has a production capacity of 1,000 metric tonnes per day of liquid ammonia. The ammonia plant is one of its strategic development projects, said […] January 16, 2023
Economy Oman-UK trade dips but optimism remains UK trade with Oman saw a drop of 5.5 percent through the first 10 months of 2022, compared to the corresponding period the previous year, despite an overall uptick in the UK’s global trade. Latest figures available from UNComtrade, the UN Statistics Agency, up to October 2022 show total trade between the two countries reached […] January 13, 2023
Economy Oman registers 10.4% jump in foreign investments The volume of foreign direct investments (FDIs) in Oman reached OMR 18.14 billion up to the third quarter of 2022, an increase of 10.4 percent year-on-year, Oman Daily Observer reported, citing the ministry of commerce, industry and investment promotion. The value of direct foreign investments in the manufacturing sector amounted to OMR 1.72 million up […] January 8, 2023
Construction Oman signs $390m agreements to develop integrated cities Oman’s Ministry of Housing and Urban Planning has signed eight agreements worth OMR150 million ($389.59 million) to build real estate projects and integrated service stations across the country, state-run Oman News Agency reported. The deals include the construction of an integrated city in Al Amerat on an area of more than 445,000 sq m. The […] January 5, 2023
Energy Oman’s crude oil output rises 10% to 355m barrels Oman’s crude oil and condensate oil production rose by 10 percent until November 2022 to reach 355.47 million barrels, compared to about 323.17 million barrels over the period the previous year, Oman Daily Observer reported, citing the National Centre for Statistics and Information (NCSI) data. Crude oil production grew 13.5 percent to 283.53 million barrels, […] January 3, 2023
Economy Oman approves 2023 budget with $3.4bn expenditure Oman’s Sultan ratified a 2023 budget with a deficit of OMR1.3 billion ($3.38 billion) or three percent of GDP, the finance ministry said on Sunday, adding that the 2022 budget achieved a surplus of OMR1.146 billion. The 2023 budget sees revenues of OMR10.05 billion, five percent lower than 2022, and expenditures of OMR11.35 billion, 6.4 […] January 2, 2023
Energy Japanese firms to sign long-term contracts to buy LNG from Oman Japan’s trading houses Mitsui & Company, Itochu Corporation and Japan’s biggest power generator JERA are expected to sign new long-term contracts to buy liquefied natural gas (LNG) from Oman, NHK said on Tuesday. The Japanese companies are expected to buy a total of about two million tonnes of LNG, starting from 2025, through around 10-year […] December 27, 2022
Lifestyle Majid Al Futtaim opens Mena’s largest indoor snow park in Oman UAE-based Majid Al Futtaim has opened Snow Oman, the largest indoor snow park in Mena. The snow park in the Mall of Oman covers an area of 14,830 square metres with a “Desert Blizzard” theme. The park has rides such as the Mountain Thriller, Snow Bullet, Slide Winder, Cloud Climber, and Zorb Ball, unique attractions […] December 25, 2022
Energy Oman and IEA working on three green hydrogen projects Oman and Paris-based International Energy Agency (IEA) are working on three joint projects to develop and enhance green hydrogen projects in the sultanate, according to a local media report. Dr Abdullah bin Sulaiman al Abri, advisor and representative of Oman at IEA, said that the first project is to develop green hydrogen markets for energy […] December 25, 2022
Economy Oman estimates spending at nearly $34bn in 2023 budget Oman’s 2023 budget estimates revenue at OMR 11.65 billion ($30.34 billion) and expenditure at OMR 12.95 billion, with a forecast budget deficit of OMR 1.3 billion, state-run Oman News Agency reported. The 2023 budget has been based on an average oil price assumption of $55 per barrel. Global economic and geopolitical developments were taken into […] December 21, 2022
Energy Oman seeks proposals for large-scale green hydrogen projects Hydrogen Oman SPC (Hydrom) has released the request for proposals (RFP) for the first round of its public auction process to award large-scale integrated green hydrogen projects to developers, state-run Oman News Agency reported. The country aims to award the first land blocks in 2023 to meet its 2030 production target of at least one […] December 21, 2022
Banking & Finance Oman sovereign fund targets $5bn spend in 2023 Oman Investment Authority (OIA), a sovereign wealth fund, aims to spend OMR 1.9 billion ($4.95 billion) on investment projects in 2023, state media reported on Tuesday. The OIA said financing for the investment projects will come from the local and foreign private sector, from financing institutions, or from the agency itself or its subsidiaries. The […] December 21, 2022
Energy Omani OQ finishes first phase of Ras Markaz oil storage terminal State-owned integrated oil company OQ Group has finished constructing the first phase of the Ras Markaz crude oil storage terminal, which has a capacity of 26.7 million barrels, Oman News Observer reported. Oman Tank Terminal Company (OTTCO) has implemented the strategic project with 100 percent local financing. The company aims to make the Ras Markaz […] December 18, 2022
Energy Oman’s OQ to study feasibility of producing green fuels Oman’s energy firm OQ has signed a memorandum of cooperation with shipping major AP Moller-Maersk, Japan’s Sumitomo Corporation and Muscat-based Asyad Group to study the feasibility of producing and supplying green fuels, state-owned Oman News Agency reported. The memorandum seeks to discuss the commercial and technical feasibility of producing and supplying green ammonia and green […] December 7, 2022
Sustainability Omani carbon removal pioneer wins $1.2m Earthshot Prize Omani carbon mineralisation pioneer 44.01 has been named one of the winners of the 2022 Earthshot Prize. 44.01 emerged from more than 1,000 applicants to be picked as one of the five winners of the environmental award, which was founded by Prince William and is judged by a panel of experts. The company wins £1 […] December 5, 2022
