Energy Oman’s investment at $2bn in Musandam energy projects Oman energy investment company OQ SAOC said its investment in three major energy projects in the Musandam governorate has reached OMR800 million ($2.09 billion). These projects include the Musandam gas plant, the management of offshore fields in concession area 8 and the Musandam power plant, the state-run Oman News Agency reported. The Musandam gas processing […] January 22, 2024
Renewable Energy Oman plans fourth large-scale solar power park Oman has issued a tender to develop its next large-scale solar power project just days after financial close was announced on another. Nama Power and Water Procurement, the sole purchaser of electricity from independent power plants in Oman, has issued a request for qualification for the 500MW Ibri III project in the sultanate’s north-west region. […] January 19, 2024
Economy Oman’s debt repayment pace to slow, says Fitch Oman will continue to pay down government debt, but increasing social spending will slow the pace of debt reduction this year, Fitch Ratings said in a report. The global ratings agency forecasts that the Gulf nation’s surplus will likely fall to 1.8 percent of GDP in 2024 from an estimated 3.3 percent in 2023, based […] January 18, 2024
Banking & Finance Oman pushes $5.2bn plan to boost small business growth Oman has launched a OR2 billion ($5.2 billion) fund to encourage more investment in local small and medium-sized enterprises, as the sultanate looks to capitalise on a growth in support for startup businesses. The funding plan by the Oman Investment Authority follows on from the announcement of the Future Fund Oman last May, which aimed […] January 17, 2024
Banking & Finance Oman licence is ‘tremendous’ win for Egypt’s Paymob Digital payments company Paymob has secured a licence to expand into Oman and says it represents a “tremendous opportunity” as e-commerce transactions soar. The Cairo-based business has announced that it has received the Central Bank of Oman’s (CBO) payment service provider licence, the first international fintech to do so. The licence authorises Paymob to accept […] January 17, 2024
Industry Oman’s wheat production surges 230% Wheat production in Oman surged by 229 percent to 7,119 tonnes during the harvest season of 2022-23. The total cultivation area reached 6,359 acres, an increase of 160 percent over the previous season, state-run Oman News Agency reported, citing data from the ministry of agriculture, fisheries and water resources. The number of wheat farmers also […] January 16, 2024
Banking & Finance Bank Muscat to invest $390m in GCC-listed banks Bank Muscat is to invest up to 150 million riyals ($389.97 million) in various GCC-listed banks as part of its growth strategy. The sharia-compliant lender said in a statement on the Muscat Stock Exchange on Monday that it was given an in-principle approval from the Central Bank of Oman to set up a wholly owned […] January 15, 2024
Tourism Oman’s luxury hotel revenue rises 27% to $532m The revenue of Oman’s 3-star to 5-star hotels rose 26.6 percent to OMR204.18 million ($531.77 million) by the end of November 2023, compared to OMR161.26 million in November 2022, according to data issued by the National Centre for Statistics and Information (NCSI). The total number of hotel guests increased by 30.3 percent to 1.88 million […] January 15, 2024
Analysis Trade Oman and India accelerate talks on trade deal Oman and India have scheduled a third round of talks next week as they seek to complete a free trade agreement. The negotiations, which began in late November in New Delhi, are “progressing well” with two rounds completed in a matter of weeks, according to officials. Bilateral trade reached $12.4 billion in the financial year […] January 10, 2024
Opinion Renewable Energy Green hydrogen: who will buy the ‘fuel of the future’? Middle East enthusiasm is not matched by Europe and Asia January 8, 2024
Economy Oman forecasts 2024 budget deficit despite higher revenue Oman expects a budget deficit of OMR640 million ($1.66 billion) in 2024, 1.5 percent of the country’s gross domestic product (GDP). Total revenues are projected at OMR11.01 billion, up 9.5 percent from 2023 estimates, with non-oil revenues estimated at OMR520 million, the state-run Oman News Agency reported, citing the finance ministry statement. Oil revenues are […] January 2, 2024
Sustainability Oman targets 22,000 EVs on its roads by 2030 Oman plans to have 22,000 electric vehicles on the road by 2030 as part of its decarbonisation strategy, according to local media. A combination of technological advancements and robust charging infrastructure will accelerate the adoption of EVs, Oman Daily Observer reported, citing Said Hamood Al Maawali, the minister for transport, communications and IT. “The public […] January 1, 2024
Finance UK dominates $60bn foreign direct investment into Oman Foreign direct investment in Oman hit almost OMR23 billion ($59 billion) by the end of the third quarter of 2023, with the UK accounting for the half of it, preliminary data issued by the National Centre for Statistics and Information has revealed. Nearly 77 percent (OMR17.67 billion) of the total foreign direct investment focused on […] December 28, 2023
Opinion Employment Women are integral to Oman vision: now to bring them in Omani women are highly educated, so why aren’t they represented in the workplace? December 21, 2023
Energy Oman sets up support unit for green-hydrogen developers Oman will set up a high-powered “delivery support unit” shortly to ease the logistical hurdles that global investors may face on their large-scale green hydrogen projects. The support unit is proposed to be announced by the government as early as this week, Oman Daily Observer reported, citing Mohsin Al Hadhrami, under-secretary of the Ministry of […] December 18, 2023
Opinion Sustainability Moving mountains to lead in global carbon capture race Oman and the UAE may hold the key to CO2 capture December 15, 2023
Finance India aims to sign trade deal with Oman this month India is planning to conclude a comprehensive free trade agreement (FTA) with Oman by the end of the month, according to a media report. The negotiations are on a fast-track mode, with a team of officials from India’s commerce ministry holding talks in Muscat, Business Standard, an Indian financial daily, reported. If the deal is […] December 13, 2023
Logistics Work set to start on Oman’s first airport free zone Asyad Group, Oman’s national logistics company, has signed a concession agreement with the Public Authority for Special Economic Zones and Free Zones (Opaz) to develop the Muscat International Airport Free Zone. Asyad Group will develop, manage and operate the Sultanate’s first airfreight-focused free zone, state-run Oman News Agency reported. The 1.7 million sq m of […] December 11, 2023
Industry Oman signs $88m industrial projects in plastics sector OQ Refineries and Petrochemical Industries has signed nine investment agreements worth $88 million to establish industrial projects in the Ladayn polymer park in Sohar Industrial City. The agreements focus on promoting Omani goods and services or those provided by locally registered suppliers, state-owned Oman News Agency reported. The company, a subsidiary of state-run OQ Group, […] December 11, 2023
Energy Omani solar plant secures $302m funding A 500 megawatt (MW) solar project in Oman has secured $301.8 million in funding from a group of international financial institutions. The Manah-1 Solar IPP is being built in Manah, located in Oman’s Al Dakhiliyah governorate, Oman Daily Observer reported. Wadi Noor Solar Power Company is developing the project, which is a partnership between France’s […] December 10, 2023
Renewable Energy Oman could become world leader in geologic hydrogen Green hydrogen has made global headlines as a potential carbon-free alternative to fossil fuels, but some experts believe another, abundant source of the gas could be under our feet. It is known as geologic hydrogen. Geologic hydrogen occurs naturally in the earth’s crust and is produced when water reacts with iron-rich rocks in the subsurface. […] December 10, 2023
Economy Moody’s upgrades Oman credit ratings on lower debt burden Moody’s Investors Service (Moody’s) upgraded Oman’s credit ratings on lower debt burden due to supportive oil prices and spending restraint. The ratings agency raised the Sultanate’s long-term issuer and long-term senior unsecured ratings to “Ba1” from “Ba2” and changed the outlook to stable from positive. The upgrade reflects the expectation of further improvements in the […] December 9, 2023
