Analysis Economy How Oman got its budget back into the black Oman’s economic outlook looks rosier now than policymakers might have dared to expect just a few months ago – having registered a rare budget surplus in the first half of 2022. Data from the Ministry of Finance revealed a OMR784 million ($2 billion) fiscal surplus, compared to an OMR457m deficit in the same period in […] August 25, 2022
Energy Oman puts partial privatisation of power distribution firm on hold The proposed partial privatisation of Oman’s power distribution provider, Muscat Electricity Distribution Company (MEDC), is currently on hold pending a review of options for the broader restructuring of the country’s distribution companies, according to a local media report. The decision to hold the intended privatisation came from the Authority for Public Services Regulation, Hamdan Al […] August 24, 2022
Energy Oman plans to allocate huge land in Dhofar for ‘green’ investors Oman’s Ministry of Housing and Urban Planning is seeking approvals for an estimated 450 million square metres of land in Dhofar governorate for renewables and green hydrogen projects. The process is being facilitated in coordination with several concerned ministries and government agencies, Sultan Al Ghafri, director general of the Ministry of Housing and Urban Planning […] August 22, 2022
Economy Oman appoints UK investment attaché as part of new initiative Oman’s government plans to appoint commercial and investment attachés to a number of its embassies around the world, according to a local media report. The move is designed to enhance the country’s investment infrastructure, Oman Daily Observer reported, citing Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion. At the forum in […] August 21, 2022
Analysis Banking and Finance How Oman has moved from protests to surplus in a year Last June Oman was facing protests over job layoffs and poor economic conditions as the sultanate suffered from the double shock of the coronavirus pandemic and a slump in oil prices. Just 14 months later Fitch Ratings has upgraded Oman’s long-term foreign-currency issuer default rating to ‘BB’ from ‘BB-‘, with a stable outlook. Fitch said […] August 16, 2022
Tourism Oman’s tourism sector on recovery path amid economic diversification Oman’s tourism sector is expected to recover during 2022 and 2023, with strong growth forecast for 2024- 2026, according to the Fitch Solutions Agency. The recovery began in the fourth quarter of 2021, the agency said, expecting the growth to continue in the coming years, on the back of the Oman Vision 2040 economic diversification […] August 15, 2022
Energy Oman’s total oil exports rise 16% in H1 2022 as output grows Oman’s total oil exports increased 16.2 percent in the first six months of 2022, according to the latest statistics of the National Centre for Statistics and Information (NCSI). China topped the list of oil importing countries, at 123.10 million barrels, Times of Oman newspaper reported. Average daily oil production amounted to 1.047 million barrels, registering […] August 14, 2022
Tourism Oman’s hotel revenues surge 121.4% in H1 2022 Revenues of hotels in Oman surged 121.4 percent year-on-year to reach 83.36 million rials ($217 million) by the end of June 2022 year-on-year (YoY), state-owned Oman News Agency reported, citing the National Centre for Statistics and Information. The number of guests in the three and five-star hotel categories increased 44.6 percent YoY in the first […] August 10, 2022
Economy VAT contributes $896m to Oman’s state budget Value-added tax contributed nearly 345 million rials ($896 million) to Oman’s state budget, which reported a surplus of 784 million rials in first half of 2022, the Ministry of Finance said in its latest fiscal performance bulletin. Last year, VAT was introduced in Oman at a five percent rate under the GCC framework. Excise tax contributed 48 million rials. […] August 9, 2022
Economy Oman budget swings into surplus on oil price rise Oman’s budget recorded a surplus of 357 million rials ($929.7 million) by the end of the first quarter, boosted by a more than 70 percent rise in oil revenue as output and prices surged, finance ministry data showed. That compared with a deficit of 751 million rials in the same period a year earlier, the […] August 8, 2022
Economy Oman decrees locals to take over 200 professions from expats Oman’s Ministry of Labour (MoL) is to Omanise 207 professions. The decision regulates the practice of professions including administrative director, director of personnel affairs, director of public relations, security supervisor, general manager, deputy director, social service specialist, social welfare specialist, social psychology specialist, social worker, student activities specialist and flight operations inspector. The decision also […] July 19, 2022
Oman offers to buy $1.75bn of outstanding bonds Oman has announced a tender offer to purchase for cash up to a total of $1.75 billion of several of its outstanding bonds, excluding accrued interest, a bank document showed on Wednesday. Oman reserves the right to increase or decrease the aggregate tender amount and accept or reject any offers, the document from one of […] June 22, 2022
Banking and Finance HSBC Oman to hold talks on possible merger offer HSBC Bank Oman said on Sunday it would hold preliminary talks with local rival Sohar International Bank after the latter last week held out the possibility of a cash-and-shares deal to merge the two lenders. In a statement the unit of UK-based HSBC Holdings said it had considered the letter of intent it received from […] June 20, 2022
Energy Oman’s Sultan replaces oil minister in cabinet reshuffle Oman’s ruling sultan replaced the Gulf Arab state’s long-serving oil minister Mohammed bin Hamad Al-Rumhi on Thursday with Salem al-Aufi who was appointed to the post in a cabinet reshuffle announced on state television. Rumhi had been oil minister for over two decades. Oman is not in the Organization of the Petroleum Exporting Countries but […] June 17, 2022
Banking and Finance Digital banking platform Revolut launches in Oman Digital banking platform Revolut said it was launching a streamlined version of its app in Sri Lanka, Chile, Ecuador, Azerbaijan and Oman, allowing customers to transfer money to over 50 countries using more than 30 currencies. The London-based company said there would be no fee for customers transferring to other Revolut customers, while transfers to […] June 15, 2022
Analysis Development How Oman’s sultan is reshaping the nation Omanis went into three days of mourning after the death of Sultan Qaboos bin Said in January 2020. When they reemerged with a new leader in Qaboos’ first cousin, Sultan Haitham bin Tariq, the oil-rich country was unaware that two waves of crises were looming on the horizon. A sudden dip in oil prices soon […] June 2, 2022
Banking and Finance Oman’s wealth fund considers IPO for water company Oman’s sovereign wealth fund, the Oman Investment Authority (OIA), is considering a public share sale for water company Majis Industrial Services. The OIA has invited banks to pitch for roles in Majis’s initial public offering, said two sources, declining to be named. The OIA and Majis did not respond to Reuters’s requests for comment. The […] May 23, 2022
Analysis Sustainability Oman: the next hydrogen energy superpower With lengthy daytime sun, strong overnight winds and an accessible coastline, H2 investors and developers have long admired Oman, dubbed a “future renewable superpower,” by green energy titans. The government has noticed their admiration, and is looking to hydrogen to help power the oil-rich country’s energy grid and recharge its fossil fuel-reliant economy. Since announcing […] May 17, 2022
Omani leader meets with Russian Foreign Minister in Muscat Oman’s Sultan Haitham bin Tariq met with Russian Foreign Minister Sergei Lavrov in Muscat today, as the Russian politician toured the Sultanate. During the meeting, Lavrov conveyed the greetings of President Vladimir Putin of the Russian Federation to Sultan Haitham and wished the Omani people continued progress and prosperity, praising the country’s wisdom in dealing […] May 11, 2022
Energy Sharp oil rise swings Oman budget into the black Oman’s budget recorded a surplus of 357 million rials ($929.7 million) by the end of the first quarter, boosted by a more than 70 percent rise in oil revenue as output and prices surged, finance ministry data showed. That compared with a deficit of 751 million rials in the same period a year earlier, the […] May 10, 2022
