Energy Omani crude prices jump 40% to $95.30 in August 2022 Oman’s production of crude oil and condensates rose 10.3 percent to 257.34 million barrels by the end of August 2022, the Times of Oman reported, citing the National Centre for Statistics and Information (NCSI) data. Annual crude output grew 13.9 percent, while condensate production declined by 1.7 percent in August 2022 . The average price […] September 29, 2022
Tourism Oman and UAE seek new trade era after multi-billion dollar deals Oman and the UAE are looking to begin a new era in trade relations following the signing of deals to boost collaboration in culture and media, railways, education, scientific research, agricultural wealth and financial markets. UAE President Sheikh Mohamed bin Zayed Al Nahyan visited Oman this week to sign an agreement between Oman Rail and […] September 28, 2022
Analysis Economy Oman set to be the first Gulf state to introduce income tax Oman’s government is on track to implement income tax to high-wage earners by 2024, after having first announced the plans back in 2020. “There is no delay in the target set for 2024 implementation,” Dr Said Al Saqri, Oman’s Minister of Economy, said during the MSX Investors Roadshow conference held earlier this month. The Gulf […] September 27, 2022
Economy Oman-Saudi trade doubles to $3.24bn in H1 2022 Bilateral trade between Oman and Saudi Arabia more than doubled to exceed OR 1.249 billion ($3.24 billion) during the first half of 2022, compared to OR 595 million in the year-earlier period, Oman Daily Observer reported. Saudi Arabia’s exports to Oman reached OR 831 million, with metals topping the chart with OR 538 million. On […] September 25, 2022
Energy Oman seeks to upgrade gas pipeline to transport hydrogen Oman will repurpose its gas pipeline system to transport green hydrogen, the Oman Daily Observer reported, citing OQ Gas Networks managing director Mansoor Ali Al Abdali. The aim is to quickly tap the significant business and growth opportunities when green hydrogen projects materialise in the Gulf state. OQ Gas Networks, the monopoly operator of the […] September 21, 2022
Tourism Israel’s El Al will begin Tel Aviv to Tokyo flights in March El Al Israel Airlines will start direct flights from Tel Aviv to Tokyo next March, it said on Monday – two years after the launch was delayed because of the Covid-19 pandemic. Israel’s flag carrier has been looking to expand eastbound flights since its second-quarter results showed a rebound from the slump in travel during […] September 19, 2022
Energy Omani energy firm sees $4bn windfall on rising oil price Petroleum Development Oman’s (PDO) oil and gas operations made a windfall of $14.5 billion in 2021, compared to the targeted $10.5 billion, the Oman Daily Observer reported, citing managing director Steve Phimister. Buoyant international energy prices drove the higher cash flow. Combined oil, gas and condensate production averaged 1.223 million barrels of oil equivalent per […] September 19, 2022
Energy France’s TotalEnergies in gas exploration deal with Oman French major TotalEnergies said in a statement on Friday it had signed a natural gas exploration and production sharing agreement with the Oman energy ministry. The deal concerns an area called onshore Block 11, with a first exploration well to be drilled in 2023. TotalEnergies will hold a 22.5 percent interest in the block, OQ […] September 18, 2022
Energy Oman’s OQ picks banks for $800m gas pipelines unit IPO Oman energy investment firm OQ SAOC has selected Bank of America Corp. and Bank Muscat as advisors for the initial public offering (IPO) of its gas pipelines unit, Bloomberg reported, citing people familiar with the matter. The listing of OQ Gas Network is likely to raise nearly $800 million, sources said, adding the possibility of […] September 16, 2022
Energy Oman signs deal with Petrofac to develop green hydrogen UK-based energy services provider Petrofac has signed a memorandum of understanding (MOU) with Oman Hydrogen Centre to collaborate in developing capabilities for Oman’s renewable energy sector, particularly in green hydrogen. Located at the German University of Technology, the centre will accelerate the Gulf state’s transition to renewable energy. It will also be an international hub […] September 15, 2022
Oman to set up space research and settlement centre Oman’s Public Authority for Special Economic and Free Zones (OPAZ) has signed an agreement with Global Space and Technology Company to establish a space settlement centre for research, scientific and practical experiments, Oman News Agency reported. The centre will simulate astronauts’ conditions and conduct research on advanced technology and artificial intelligence over an area of […] September 14, 2022
Markets Omani bourse eyes FTSE and MSCI emerging market status The Muscat Stock Exchange (MSX) is working on upgrading to the ‘Emerging Market’ stock exchange status as part of a five-year strategy to go private in five years through a listing, the Oman Daily Observer reported, citing CEO Haitham Al Salmi. He added that the bourse is currently focusing on reclassifying the market to enter […] September 13, 2022
Manufacturing Oman’s copper-gold project to be commissioned in April 2023 Oman’s Al Washihi Majaza copper-gold project is on track for commissioning in April 2023, the Oman Daily Observer reported, citing site developer Al Hadeetha Resources. Australian mining firm Alara Resources Limited, which holds a 51 percent stake in the Al Hadeetha Resources joint venture, recently said that key hardware pieces had arrived at the project […] September 12, 2022
Economy Oman posts $2.65bn July budget surplus, as revenue rises 53% Oman’s general budget posted a surplus of OR 1.019 billion ($2.65 billion) by the end of July 202, compared to a deficit during the same period in 2021, state-owned Oman News Agency reported, citing a Ministry of Finance report. Public revenue reached OR 8.003 billion, increasing 53.5 percent year-on-year by July-end due to an increase […] September 9, 2022
Economy Oman to open up new sectors as it targets $29bn investments New investment opportunities will be offered in food security, health, culture and sports sectors by next month, the Oman Daily Observer reported. The investment opportunities are part of the estimated OR 11 billion ($28.57 billion) in total investment, which is being offered to local and international players over the 2021-2025 period, said Aisha Al Saifi, […] September 7, 2022
Sustainability Omani firm to launch trading platform for recyclable wastes Oman’s solid waste services provider, Beeah, is working on a platform to facilitate auctions and trades in recyclable wastes, the Oman Daily Observer reported. The company, which is part of the state-owned Oman Investment Authority, said the initiative will help spur investments in recycling and value-adding ventures. The firm said the proposed trading platform will […] September 2, 2022
Markets Muscat-listed companies report 11% rise in Q2 profits to $468m Total net profit of Muscat Securities Market-listed company rose 11 percent year-on-year to OR180.3 million ($468.4 million) in Q2 2022, investment bank Kamco Invest said in a report. Profit of the banking sector – the biggest on the exchange by market cap – improved 11 percent year-on-year to $276.4 million. The utilities sector followed with […] September 1, 2022
Energy Omani energy services provider eyes potential IPO Abraj Energy Services, an Omani state-owned oil and gas field services provider, is looking at launching an initial public offering (IPO), as the Sultanate looks to develop the revamped Muscat Stock Exchange (MSX). The company, which is a subsidiary of state investment vehicle OQ, said in a press statement it is “currently reviewing the possibility […] August 31, 2022
Economy Oman to generate $5bn from divestment plan in next five years State-owned Oman Investment Authority’s (OIA) recently unveiled divestment plan is likely to generate around OR1.9 billion ($5 billion) over the next five years, Oman Daily Observer reported. Officials shared the divestment plan details at an investment forum held recently in London, UK. The primary sector to be privatised is oil and gas, with total expected […] August 31, 2022
Banking and Finance Oman’s Islamic banking assets rise 9.6% to $16.1bn Total assets of Islamic banks and windows operating in Oman jumped by 9.6 percent year-on-year to OR 6.2 billion ($16.1 billion) in June 2022, Muscat Daily reported, citing Central Bank of Oman data. Islamic banking assets account for 15.9 percent of the country’s total banking system assets. An Islamic ‘window’ when a conventional financial institution […] August 30, 2022
