Economy Oman targets $1.9bn to plug 2025 budget deficit The Omani government intends to raise OR750 million ($1.9 billion) in 2025 to address the projected budget deficit and service public debt. The funds will come through eight issues of government development bonds valued at OR550 million and two local sukuk issuances worth OR200 million, Muscat Daily reported citing the finance ministry’s 2025 budget guidance. […] January 8, 2025
Economy Oman estimates budget deficit of $1.6bn in 2025 Oman estimates a budget deficit of OR620 million ($1.61 billion) in 2025, with total spending likely to reach OR11.8 billion, a 1.5 percent increase year on year. The revenue forecast is based on an average oil price of $60 a barrel, state-run Oman state news agency reported. The deficit will be funded through local and […] January 3, 2025
Renewable Energy Oman-Korea venture strikes green ammonia deal with Thailand A joint venture between companies from Oman and Korea will supply 5 million tonnes of green ammonia to Thailand under a long-term sales contract valued at $4.5 billion. The strategic partnership between Korean green hydrogen company Lupro and Oman’s Bait Muscat was sealed in June when they agreed to build a green ammonia plant in […] January 3, 2025
Mining Oman resumes copper exports as global demand rises Minerals Development Oman (MDO) has resumed exporting copper from the Lasail mine in Sohar with its first shipment in nearly 30 years. The mine, developed by Oman Mining Company, a subsidiary of MDO, produces an average of 500,000 tonnes of copper ore per year. MDO said it also plans to initiate operations at the Al […] January 2, 2025
Banking and Finance Oman appoints Al Musalmi to head central bank Ahmed Al Musalmi has been appointed governor of Oman’s central bank as the sultanate continues to diversify its economy away from a reliance on hydrocarbons. The appointment was confirmed in a royal decree by Sultan Haitham bin Tariq al Said. Sayyid Asaad bin Tariq Al Said has been named chairman of the board of directors […] January 2, 2025
Economy Oman imposes 15% tax on multinationals Oman will impose a minimum top-up tax (DMTT) of 15 percent on multinational companies from January 1, according to a royal decree published by the Oman News Agency. The tax will apply to multinationals with consolidated annual revenue of OR300 million ($779.2 million), a tax official told the Reuters news agency. Last month the UAE’s […] January 2, 2025
Artificial Intelligence Regional investors rush to Musk’s $6bn xAI funding round Elon Musk’s artificial intelligence venture xAI has attracted funding from regional investors including Saudi Arabia’s Kingdom Holding, the Qatar Investment Authority and the Oman Investment Authority. The latest Series C funding round for xAI has closed after raising $6 billion from backers such as BlackRock, Fidelity, Sequoia Capital and Valor Equity Partners, as well as […] December 24, 2024
Artificial Intelligence Oman buys stake in Elon Musk’s AI company The Oman Investment Authority (OIA), the sultanate’s sovereign wealth fund, has acquired a stake in xAI, the artificial intelligence company founded by Elon Musk, the world’s richest man. The deal was announced on Wednesday by the Omani state news agency but the size of the investment was not disclosed. Musk, who is worth around $486 […] December 18, 2024
Renewable Energy Oman and TotalEnergies target renewable projects OQ Alternative Energy (OQAE), Oman’s state-backed renewable energy company, has signed joint-venture agreements with France’s TotalEnergies to develop 300 megawatts (MW) of renewable energy projects nationwide. The power generated will be supplied through long-term power purchase agreements (PPA) to Petroleum Development Oman (PDO), an exploration and production company. TotalEnergies and OQAE will own 49 percent […] December 16, 2024
Markets Oman plans funds to enhance stock exchange liquidity Oman plans to introduce additional liquidity funds to increase trading volumes and support activity on the Muscat Stock Exchange, the exchange’s CEO has said. The move is part of a broader strategy to attract more investors to the Sultanate’s comparatively small and illiquid capital markets. Oman is working to diversify its economy, which remains heavily […] December 13, 2024
Analysis Tax Oman delays introduction of personal income tax Oman’s plan to introduce personal income tax for high earners has been put on hold following a meeting on Wednesday of the sultanate’s State Council. Under the initial draft bill, first introduced in 2022, foreign nationals in Oman who earn over $100,000 would be taxed between 5 to 9 percent from 2026. Omani citizens would […] December 13, 2024
Opinion Construction Oman’s heritage is at stake as it seeks investors for ‘lavish’ city The growth of Muscat must be handled with sensitivity December 10, 2024
Analysis Finance Gulf could turn a crisis into opportunity with catastrophe bonds Torrential rains, flash floods, cars adrift in streets turned into rivers – these are scenes often seen these days, from Malaysia to Valencia. They are also becoming more common in the Gulf. Flooding in April 2024 in the UAE, for example, killed five people and cost $1.8-$2.3 billion in property damage, according to Gallagher Re […] December 6, 2024
Markets Oman’s OQBI poised to make Muscat bourse debut Oman’s OQ Base Industries will debut on Muscat’s bourse on December 15 after the state oil company subsidiary completed a $489 million initial public offering. OQBI, the third OQ unit to float since March 2023, has offloaded 49 percent of its shares. Of the shares sold, 30 percent went to institutions, 40 percent to retail […] December 5, 2024
Trade Oman and Turkish pension fund launches $500m JV A new container port in the southern Turkish city of Iskenderun is to be the first project in a joint venture worth $500 million between one of Turkey’s leading retirement funds and Oman’s sovereign wealth agency. The Oman Investment Authority (OIA) and the Turkish military pension fund Oyak plan to invest in a range of […] December 3, 2024
Mining Oman takes 41% stake in Angolan diamond miner Oman’s Maaden International Investment has acquired a 41 percent share in Angolan diamond miner Catoca from Russia’s Alrosa. Diamantino Azevedo, Angola’s minister of mineral resources, oil and gas, announced the decision, saying the deal is in order to comply with sanctions imposed by the US, the European Union and allies, following Russia’s invasion of Ukraine […] December 2, 2024
Energy Strong institutional demand for latest Omani IPO OQ Base Industries (OQBI) has attracted strong institutional interest in its $490 million initial public offering (IPO), the Omani business’s parent company said on Thursday. OQBI, which produces methanol, ammonia and liquefied petroleum gas, will be the third subsidiary of Omani state oil company OQ to float and join Muscat’s bourse. The Omani government is […] November 28, 2024
Economy Oman economy The latest economic and demographic indicators for Oman, including GDP, inflation, oil prices, trade, population, unemployment and more November 20, 2024
Opinion Economy What Trump’s election win means for Omanis Amid US-led sanctions, many Iranians view Oman as a crucial outlet for trade November 19, 2024
Economy IMF says oil output to back Oman’s economic rebound Oman’s economy is on track to rebound in 2025, driven by higher hydrocarbon production and robust growth of the non-hydrocarbon sector, the International Monetary Fund (IMF) has said. Growth is, however, projected to remain at 1.2 percent this year, weighed down by extended Opec+-related oil production curbs. Fiscal and current account balances are forecast to […] November 19, 2024
