Energy UK’s Petrofac bags services contracts for Oman gas field UK’s engineering and construction major Petrofac has been selected by Shell to undertake new engineering and procurement services (EPS) in Oman, the company said in a statement. The first is a five-year EPS contract for Shell’s Block-10 Mabrouk phase 2 project in the Al Wusta Governate, around 400 km from Muscat. The contract was awarded […] December 2, 2022
Manufacturing Omani firm to invest over $4bn to produce green steel Jindal Shadeed Iron & Steel, owner of a steel complex at Sohar Port, plans to invest over $4 billion in the production of green steel. The initiatives aim to establish an integrated steel plant – one of the largest plants in the GCC – in the special economic zone in Duqm, complete with renewable and […] December 1, 2022
Economy S&P lifts Oman’s credit rating on oil windfall and fiscal reforms The sultanate is now rated BB, with a stable outlook, by the S&P agency, thanks to the government's work to reduce sovereign debt November 29, 2022
Banking & Finance Omani bank gets tight pricing for small perpetual bond sale The National Bank of Oman on Thursday raised $134.1 million from a sale of Additional Tier 1 bonds at 6.75 percent, tighter than perpetual bonds it sold in April last year, a bank document showed on Thursday. The unrated bonds were pre-sold to Omani investors, a source familiar with the matter said, asking not to […] November 25, 2022
Tech Oman buys smart farming system from South Korea Nongshim, a major South Korean producer of snacks and instant noodles, will export a smart farm system to Oman. The Omani government has decided to buy two units of smart farm containers worth $200,000 made by Nongshim, the Yonhap News Agency reported. The 40-foot-long boxes will provide a total of 165 sq m of cultivation […] November 24, 2022
Energy Oman begins work to develop geothermal energy resources US oilfield services firm SLB is collaborating with the Omani government to develop geothermal resources in the country. The Texan company is working with Oman’s Ministry of Energy and Minerals and its sovereign wealth fund, Oman Investment Authority. This follows the completion of an extensive project to evaluate data from more than 7,000 oil, gas […] November 17, 2022
Banking & Finance Oman sovereign wealth fund’s assets reach $41.5bn in 2021 Oman Investment Authority’s (OIA) assets reached $41.5 billion as the wealth fund increased holdings in real estate, technology and logistics, Bloomberg reported, citing its 2021 annual review. The sovereign wealth fund manages assets in 40 countries and has achieved an annual average return of 10.3 percent. OIA invests in stocks, bonds, short-term assets, logistics, service […] November 15, 2022
Economy Oman posts $2.9bn budget surplus on higher oil prices Oman recorded a state budget surplus of OR1.123 billion ($2.92 billion) in the nine months to the end of September, the finance ministry said on Monday, as high oil prices bolster the public finances of the region’s exporters. The Gulf state reported a 43.4 percent year-on-year increase in public revenue by the end of September […] November 8, 2022
Energy Oman launches auction for first green hydrogen land blocks Oman’s national hydrogen company Hydrom has launched the first round of public auctions of land blocks for developing green hydrogen projects, the company said in a tweet. The country unveiled its green hydrogen strategy in October and has invited international investors and developers to register for bidding on the first of several land blocks, Oman […] November 7, 2022
Analysis Energy Top Oman drilling firm Abraj plans regional expansion Omani oil and gas service company Abraj has set its sights firmly on exporting to the Gulf and the wider region. That’s according to Salah Al Harthy, business development director, Abraj Energy Services, Oman’s leading drilling firm and a subsidiary of state-owned OQ (formerly known as Oman Oil Company). “Abraj has significant expansion opportunities in […] October 28, 2022
Exclusive Energy Fracking in high demand as Oman drills the desert for oil Oil fracking demand in Oman has proliferated in the last four years and is projected to increase further, a top executive at Abraj Energy Services has said. Hydraulic fracturing, or fracking as it is more commonly known, is a technique for extracting oil, natural gas, geothermal energy or water from shale rock deep underground. It […] October 28, 2022
Tech Oman’s sovereign fund eyes investments in UK tech firms Oman’s sovereign wealth fund, the Oman Investment Authority, is considering investing in the United Kingdom’s technology sector to take advantage of valuations hit by rising interest rates and the fall in sterling, an OIA executive said on Wednesday. Ibrahim Al Eisri, director general of private equity at OIA, told Reuters the wealth fund was looking […] October 27, 2022
Energy Oman targets $140bn investment through green hydrogen strategy Oman’s Ministry of Energy and Minerals has unveiled its ‘Green Hydrogen Strategy’, which envisions an estimated $140 billion in investment in a new low-carbon energy industry. The ministry established a new hydrogen-centric energy company, HYDROM, that will oversee the country’s growth of a green hydrogen-based energy future, the Oman Observer newspaper reported. Oman has committed […] October 24, 2022
Banking & Finance Omantel to buy back over $350m of its bonds Oman Telecommunications, majority owned by the state, said in a bourse filing it has accepted to buy more than $350 million of its existing bonds for cash. Omantel earlier this month made a tender offer to holders of its $600 million bonds due in 2023 and $900 million bonds maturing in 2028. It will buy […] October 21, 2022
Health UAE hospital operator Burjeel in share surge on $300m IPO debut The healthcare firm offered 11% of its shares on the ADX as proceeds from Middle Eastern IPOs continue to rise, bucking the global trend October 10, 2022
Markets Oman to list state-owned entities to boost sultanate’s capital market State-owned enterprises that are part of Oman Investment Authority (OIA) are gearing up for privatisation through listing on the Muscat Stock Exchange (MSX), the Oman Daily Observer said, citing bourse CEO Haitham bin Salim Al Salmi. The proposals are aimed at boosting the growth of the country’s capital market over the next five years. The […] October 9, 2022
Tourism Oman’s SalamAir places $935m order for six Embraer jets Embraer SA said on Thursday that Oman’s low-cost carrier SalamAir has signed a firm order for six E195-E2 jets, with options for a further six aircraft, an announcement that sent shares in the Brazilian planemaker higher. The deal was valued at $934.6 million with all options exercised and will be added to Embraer’s third-quarter backlog, […] October 7, 2022
Economy Moody’s upgrades Oman’s outlook to ‘positive’ on higher oil prices Global ratings agency Moody’s on Thursday upgraded Oman’s outlook to “positive” from “stable”, citing elevated oil prices easing the Middle Eastern nation’s debt position over the next few years. Oman, one of the Gulf’s weaker economies, swung to a budget surplus in the first half of 2022, easing pressure on public finances and improving its […] October 7, 2022
Oman’s first satellite ‘Aman’ is set for launch this year Oman-based International Emerging Technology Company (ETCO) has said that the first Omani satellite, ‘Aman’, was successfully prepared for its launch into Low Earth Orbit, at Newquay, Cornwall, in the UK. According to the state-owned Omani News Agency, the satellite is integrated into the launch rocket ‘LauncherOne’ and will be taken on its journey into space […] October 6, 2022
Banking & Finance Oman and India study e-linking some payment services The Central Bank of Oman has signed a memorandum of understanding (MoU) with India’s flagship payments processor, National Payments Corporation of India, to study the possibility of linking some payment systems between the two countries, according to Oman’s state news agency. The MoU aims at studying the possibility of connecting the unified payments interface and RuPay Card, […] October 5, 2022
