Finance Gulf investments grow in Cyprus both onshore and off Sovereign wealth funds are eyeing up real estate while energy companies have set their sights on the sea March 14, 2025
Banking & Finance Ominvest 2024 profits hit by insurance subsidiary losses Losses at an insurance subsidiary caused by the deadly floods that struck Oman and the UAE last year hit profits at Oman International Development and Investment Company (Ominvest), a large listed holding company. Ominvest reported net profit of $96 million in 2024, down 7 percent year on year from $104 million in 2023. The company’s […] March 14, 2025
Real Estate Dar Global expands Trump-branded project in Oman Saudi Arabia’s Dar Al Arkan Real Estate Development is upgrading a Trump Organisation golf course in Oman to championship level and expanding an adjacent $4 billion luxury gated community project. Dar Global, the London-listed international arm of Dar Al Arkan, said it added nearly one million square metres of beachfront land to its Aida Muscat […] March 13, 2025
Telecoms Profits fall as Omantel loses subscribers to rivals Profits have fallen at Oman Telecommunications Company after it lost market share to competitors. Omantel, Oman’s largest telecommunications provider, said net profit was down 3 percent last year to $795 million. Market share fell five percentage points in 2024 to 48 percent of a total of 7.1 million subscribers in the country, down from 53 […] March 12, 2025
Tourism New $350m city planned in southern Oman to attract tourists Oman is planning to build 12,000 villas and apartments in the southern coastal town of Salalah as part of a drive to attract tourists. The $350 million development, which will be able to house 60,000 people, will cover 7.3 sq km and also include parks, a marina and retail and hospitality space. Construction of the […] March 11, 2025
Trade Oman’s foreign trade up thanks to oil and gas Oman’s total foreign trade in 2024 rose by 7 percent year on year to $63 billion, led by a rise of 18 percent in oil and gas exports. However, non-oil revenues fell, underlining Oman’s continued heavy reliance on fossil fuels. Oil and gas exports jumped to $42 billion in 2024, up from $35.6 billion the […] March 5, 2025
Transport Asyad Shipping raises $333m from Muscat listing Asyad Shipping, an Omani state-run company, has raised OMR128 million ($333 million) in an initial public offering of a fifth of its shares on the Muscat stock exchange, the company said in a statement. Based on the final offer price of 123 baisas per share, the company’s market capitalisation on listing will be OMR641 million […] March 5, 2025
Trade Oman plans commercial court to attract foreign investors Oman intends to set up a commercial court to resolve business disputes in a bid to increase foreign investment, the state-owned Oman News Agency (ONA) has reported. The country is keen to encourage domestic and international investment to spur economic growth. It hopes this will create jobs for an expanding population as the country’s oil […] March 5, 2025
Aviation SalamAir adds planes and routes in Oman tourism drive Oman’s only low-cost airline, SalamAir, plans to double its fleet size and almost treble passenger numbers over the next three years, its CEO has told AGBI. Adrian Hamilton-Manns said SalamAir’s fleet would increase from 13 Airbus planes today to 25 aircraft in 2028. It is aiming for annual passenger numbers of 8.5 million in three […] March 4, 2025
Renewable Energy Green hydrogen project in Oman expects $8bn investment The HyDuqm green hydrogen project in Oman, led by a consortium of France’s Engie and South Korea’s Posco, expects to attract $7 billion to $8 billion in investment to reach full capacity, a news report has revealed. The consortium has secured a 340 sq km block in Duqm on the coast in central Oman. The […] March 3, 2025
Economy Higher than forecast oil prices mean likely budget surplus for Oman Higher than projected oil prices look likely to give Oman a budget surplus for 2024, 10 months of data suggest. The country, which pumps about 1 million barrels of crude a day and depends in it for two thirds of its revenue, based its 2024 budget on a price of $60 a barrel. Last year, […] February 27, 2025
Analysis Tourism Omani tourism struggles against fierce Gulf competition Oman’s tourism industry is struggling, at least in comparison with its Gulf neighbours. Last year visitor numbers fell by almost 3 percent to 3.9 million, according to Oman’s National Centre for Statistics and Information. That compares with 9 percent increases for Dubai and Saudi Arabia, and a 25 percent rise for Qatar. Bahrain and Kuwait […] February 26, 2025
Sustainability Oman set to start plastic recycling plant this year Oman is likely to start operations at its biggest plastic recycling plant in the third quarter of 2025, according to a news report. The project, located close to Sohar Port, will have a processing capacity of 200 metric tonnes per day, the Oman Daily Observer reported. The volume of recyclable waste, including plastics, produced in […] February 23, 2025
Aviation SalamAir to expand fleet as budget travel demand rises SalamAir, Oman’s first low-cost airline, plans to expand its fleet with 10 new aircraft over the next three years amid a rising surge in budget travel, the company said in a statement. The airline has formally requested 10 Airbus A320 aircraft with multiple leasing companies to support its growth strategy over the coming five years, […] February 21, 2025
Oil & Gas Oman LNG strikes 10-year deal with Swiss trader Oman LNG has signed a long-term liquefied natural gas (LNG) supply agreement with Mercuria, a Swiss-based trading company. Under the 10-year deal, the state-owned company will supply 800,000 metric tonnes per annum (mtpa) starting this April, the state-run Oman News Agency reported. Hamed Mohammed Al Nu’amani, CEO of Oman LNG, said the agreement expands its […] February 19, 2025
Logistics Oman seeks $330m in shipping company IPO Asyad, Oman’s state-run shipping company, is selling shares to the public this month in an effort to raise more than $330 million to fund expansion of its container and storage facilities at the country’s ports, and grow its fleet of vessels by more than a third. Oman is also selling off state assets to reduce […] February 19, 2025
Real Estate Oman awards contracts to build homes for low-income nationals Oman’s Ministry of Housing and Urban Planning has awarded contracts worth $170 million to build homes and related infrastructure for low-income nationals in outlying regions. Of 1.35 million working Omanis, about 12 percent earn a minimum wage, according to official statistics. In 2022, the government raised the minimum wage from $815 to $1,000 per month. […] February 17, 2025
Energy Oman secures $100m loan to join GCC power grid Qatar Development Fund has signed a $100 million loan agreement with the Gulf Cooperation Council Interconnection Authority (GCCIA) to help finance the connection of the regional power grid to Oman. The project is expected to cost more than $700 million. It involves the construction of two 400 kilovolt (kV) overhead transmission lines connecting the GCCIA’s […] February 14, 2025
Analysis Energy Oman advances liquefied hydrogen export project While countries in the Gulf have big ambitions for hydrogen projects, they are still trying to work out how to export it. Oman, however, is advancing plans to establish what it says is the world’s first commercial scale liquid hydrogen “corridor” to export to Europe green hydrogen produced domestically. Usually, producers think about transforming it […] February 13, 2025
Manufacturing First batch of Omani built EVs ready for distribution Omani electric vehicle manufacturer Mays Motors has started delivery of its first cars to local companies. The Mays Alive car is said to have a range of 610 kilometres on a single charge, which is longer than most EVs, and retails at OMR11,000 ($28,500) for companies and OMR12,000 ($31,000) for individuals. The car features AI […] February 10, 2025
