Finance Oman’s total foreign assets rise 27% to $18bn Total foreign assets at the Central Bank of Oman (CBO) increased 27.4 percent year on year to OMR 6.86 billion ($17.82 billion) by the end of July 2023. Local liquidity stood at OMR21.36 billion, an increase of 4.9 percent year on year, state-owned Oman News Agency reported, citing National Centre for Statistics and Information (NSCI). […] October 3, 2023
Economy S&P upgrades Oman’s credit rating on lower debt risk S&P Global Ratings has upgraded Oman’s credit ratings on the back of a continued positive outlook for the oil sector and fiscal and economic reforms momentum over 2023-2026. The ratings agency raised its long-term foreign and local currency sovereign credit ratings on Oman to “BB+” from “BB”. It also affirmed the sultanate’s short-term ratings at […] October 2, 2023
Analysis Oil & Gas Gulf invests in major oil refinery upgrade programme Gulf states are expanding their oil refining capacity through a series of massive upgrades, at the same time as they drive towards net zero and seek to move away from petroleum and natural gas. The apparent contradiction is, however, only apparent. From Az-Zour in Kuwait to Duqm in Oman, the refinery upgrades are central to […] September 28, 2023
Finance Fitch raises Oman’s credit rating on lower external debt Fitch Ratings has upgraded Oman’s credit rating to BB+ from BB with a stable outlook as lower external debt has reduced liquidity risks. The upgrade reflects the use of high oil revenues to pay down debt and spread its maturity, spending restraint reducing external risks, and an increase in oil price forecast, the ratings agency […] September 26, 2023
Economy Oman GDP falls after slowdown in oil activities Oman’s GDP recorded a fall of 9.5 percent in the second quarter of this year, largely as a result of a slowdown in oil-related activities. The sultanate’s GDP was OMR10.1 billion ($26.24 billion) in the second quarter, compared with OMR11.1 billion for the same period last year, according to the National Center for Statistics and […] September 25, 2023
Analysis Markets Strong demand for Oman’s biggest IPO in two decades Oman’s joint-biggest initial public offering is attracting huge interest among retail investors, despite subdued recent activity on Muscat’s bourse, a senior financial industry executive told AGBI. OQ Gas Network (OQGN), a subsidiary of national oil company OQ, will sell 49 percent – or 2.12 billion – of its shares in an IPO. The company this […] September 22, 2023
Energy LNG exporters to benefit from Australian strike Strike action by Australian liquefied natural gas (LNG) workers will offer rival producers in the Gulf the opportunity to gain long-term market share, especially in Asia and Europe, as pressure is put on already tight global supplies. Hundreds of workers at Chevron’s Wheatstone and Gorgon LNG facilities in western Australia downed tools on Friday after […] September 14, 2023
Banking & Finance Saudi Fund for Development deal supports SMEs in Oman The Saudi Fund for Development signed an agreement in Oman this week to provide $53.33 million of funding for small and medium enterprises in the sultanate. State news agency SPA said that the money, provided to the Oman Development Bank, was part of a $150 million Saudi aid programme for Oman, which has struggled to […] September 8, 2023
Oil & Gas Oman plans IPO of gas transport operator Oman’s natural gas transportation network operator OQ Gas Networks (OQGN) is planning to sell up to 49 percent of its share capital through an IPO. The subscription, subject to regulatory approvals from the sultanate’s Capital Market Authority, will commence this month and be open to all qualified investors. The listing on the Muscat Securities Market […] September 4, 2023
Energy Oman’s $3.4bn green steel plant to be ready by 2026 A green steel plant project planned for Oman is scheduled for completion in 2026 and aims to position the sultanate as a production trailblazer. Vulcan Green Steel, a project by India-based Jindal Steel Group in the special economic zone at Duqm (Sezad) will establish a six million metric tonnes per annum green hydrogen-ready steel plant. […] August 30, 2023
Leisure & Hospitality Asians and Europeans boost Oman hotel revenue Visitors from Asia and Europe helped to drive strong growth in Oman’s tourism industry in July. Revenues of 3-to-5-star hotels in Oman rose 27.8 percent year on year to OMR122.53 million ($318.25 million) by the end of July 2023. Total hotel guest numbers increased 25.8 percent to 1.09 million during the month, compared with 872,796 […] August 30, 2023
Industry Salalah Free Zone in Oman attracts $1.9bn investment Oman’s Salalah Free Zone, a subsidiary of Asyad Group, has secured investment worth OMR727 million ($1.9 billion) during the first half of 2023. Five new land lease agreements were signed during the period, taking the total number of deals to 127 and valued at OMR4.5 billion, the state-run Oman News Agency reported. The new agreements […] August 28, 2023
Economy Oman’s inflation rate falls again in July Oman’s rate of inflation in July dropped to its lowest level since March 2021, driven by a decline in transport and communications costs, as well as falls in the price of fruit, vegetables and meat. Inflation in the sultanate, measured by the Consumer Price Index (CPI), fell to 0.41 percent last month, down from 0.69 […] August 24, 2023
Agriculture Gulf’s many-layered reaction to India’s new onion export tax Omani farmers could be one of the few beneficiaries of India’s decision to impose a 40 percent export duty on onions, while UAE restaurateurs are bracing for another hike in food costs. India is the world’s biggest exporter of onions, but a lack of rain this summer has affected harvests and prices have already risen […] August 22, 2023
Energy Oman plans to start work on more green projects this year Oman will likely issue requests for qualifications (RFQs) for new wind and solar-based independent power projects (IPPs) and a waste-to-energy project in the current quarter. The RFQ for Duqm wind IPP, with an installed capacity of around 200-300 megawatts (MW), is expected to be released in the third quarter, followed by a request for proposals […] August 20, 2023
Analysis Renewable Energy Oman takes green hydrogen gamble Sometimes it takes a country. Oman is dedicating an area the size of Slovakia to solar power projects to produce green hydrogen – gas produced entirely from renewable sources. On June 1 Salim bin Nasser Al Aufi, minister of energy and minerals, signed $20 billion of contracts with partners including BP, Shell and the newly […] August 14, 2023
Energy Oman’s budget surplus falls to $1.7bn Oman has posted a budget surplus of OMR656 million ($1.71 billion) for the end of the first half of 2023, a drop of 16.3 percent compared with OMR784 million a year earlier. Revenue reached OMR6.34 billion in the first half, down by six percent, compared to OMR6.73 billion in the first half of 2022, the […] August 14, 2023
Exclusive Sustainability Omani firm aims to rock the world by mineralising CO2 Omani carbon mineralisation startup 44.01 plans global expansion after being named a winner of last December’s Earthshot Prize for its innovative technology. The company expects to start work in the UAE on its first pilot project outside Oman mineralising peridotite rock later this year. Peridotite – a rock found in Oman as well as in […] August 9, 2023
Transport Oman Air set for operational overhaul as losses mount State-owned Oman Air will undergo a restructuring process to reduce ongoing losses and debt accumulation. The plan includes four main pillars: financial sustainability, corporate governance, commercial aspects and human capital. The airline’s board has approved the restructuring programme, state-run Oman News Agency reported, citing Said Hamoud Al Ma’awali, minister of transport, communications and information technology […] August 8, 2023
Finance UAE’s Al Ansari set to buy majority stake in Omani firm UAE remittance and foreign exchange house Al Ansari Financial Services has proposed to acquire a majority stake in an exchange company in Oman as part of its regional expansion plan. The acquisition is subject to the necessary regulatory approvals and due diligence, the company said in a statement on Monday. It is expected to be […] August 7, 2023
Finance Oman’s Khazaen Economic City investment hits $821m Total investment in Oman’s Khazaen Economic City reached OMR316 ($821 million) by the end of June 2023. The foreign and local investment value stood at OMR186 million and OMR130 million, respectively, state-owned Oman News Agency reported. The number of nationalities investing in the city in the first six months of the year hit 16, with […] August 7, 2023
Banking & Finance Cautious Oman’s SWF outperforms global markets Oman Investment Authority’s cautious approach to public market investing enabled it to significantly outperform global benchmarks last year, the sovereign fund’s annual report revealed on Wednesday. These gains helped the OIA, which was created in June 2020 following a government reshuffling of state-owned assets, to increase its portfolio value to OMR 17.9 billion ($46.5 billion) […] August 3, 2023
