Banking & Finance PIF seeks $5bn investments in Oman Saudi Arabia’s sovereign wealth fund, PIF, has signed a memorandum of understanding with its Omani counterpart to seek out investments in Oman worth $5 billion. The agreement aims to support the expansion of investment and cooperation between PIF and its portfolio companies with the Oman Investment Authority (OIA), said a PIF announcement on Thursday. The […] July 27, 2023
Renewable Energy India’s Acme secures funding for Oman hydrogen project Indian renewable energy company Acme Group has secured a loan of $490 million to finance a green hydrogen and ammonia project in Oman. The funding will come from Rec Limited, one of India’s largest green infrastructure financial institutions, and will be used for the first phase of the project. The facility will be established at […] July 27, 2023
Energy Omani fuel retailer plans 14 new stations in Saudi Arabia State-owned Oman Oil Marketing Company (Oomco) plans to open 14 service stations in Saudi Arabia as part of its regional expansion strategy. The new “one-stop-shop” stations will increase the number of service stations to 26 by the fourth quarter of 2023, state-run Oman News Agency reported. The agreement is part of a memorandum of understanding […] July 24, 2023
Banking & Finance Oman’s OQGN to use $1.2bn for gas network expansion State-owned OQ Gas Networks (OQGN), the sole operator of the natural gas transportation network in Oman, has signed three financing agreements with 16 local and regional banks worth $1.2 billion. Collectively, the amount is one of the largest syndicates of Sharia-compliant financing in Oman. It will provide the company with capital in dual currencies – […] July 18, 2023
Health Omani firm begins work on $155m vaccine facility Muscat-based Opal Bio Pharma Company has started work on Oman’s first life-saving medicines and vaccine factory. The OMR60 million ($155.84 million) facility will cover 37,000 sq m at Khazaen Economic City and will be completed in two years. Details of the manufacturing capacity were not disclosed. Chairman Saad Moosa Al Junaibi said that the factory […] July 14, 2023
Infrastructure Chinese telco enters Gulf with Zain Omantel tie-up One of China’s biggest wireless mobile network operators will make its GCC debut through a connectivity agreement with Zain Omantel International. State-owned China Telecom Global (CTG) signed the deal with Zain Omantel International (ZOI), a joint venture formed in May by Kuwait’s Zain Group and Oman’s Omantel. The deal with CTG is a “strategic subsea […] July 12, 2023
Tourism Oman working on $11bn integrated tourism projects Oman has granted 19 licences for developing integrated tourism complexes with investments worth OMR4.38 billion ($11.37 billion). Projects worth OMR3.12 billion are in the pre-implementation phase, state-run Oman News Agency reported citing a statement from the ministry of heritage and tourism. The complexes are planned across Muscat, Dhofar, South Al Sharqiyah, South Al Batinah and […] July 10, 2023
Business of Sport Oman Air signs sponsorship with Chelsea FC Oman Air has signed a three-year sponsorship deal to become the global airline partner of English Premier League football club Chelsea. The sultanate’s flag carrier is looking to capitalise on Chelsea’s international following. The partnership will include co-branded livery, joint promotional content and corporate social responsibility campaigns. Financial details around the deal were not disclosed. […] July 6, 2023
Analysis Economy Oil cuts hurt Oman GDP, say experts Oman’s GDP growth is set to slow this year as oil production cuts act as a “significant drag” on economic activity. Growth is forecast to slow from 4.3 percent in 2022 to 1.8 percent this year, according to analysts at BMI, formerly Fitch Solutions. This is below the 10-year historical average of 3.1 percent before […] July 5, 2023
Economy Oman to set up two new free zones in economic city Oman will establish two new free zones in Khazaen Economic City in the governorate of South Al Batinah, as part of the Gulf nation’s aim to attract industrial investments and boost economic growth. The free zones – one for light and medium industries and logistical activities, and the other for business and trade – will […] July 4, 2023
Development Oman signs concession pact for potash ore mining Oman’s ministry of energy and minerals has signed a concession agreement for the exploration and mining of potash ore with local firm Sinbad Mining Resources Company. The concession area (No. 53-A) is located in the swamp area of Umm Assameem, state-owned Oman News Agency reported. The ministry announced in March that it is working on […] June 28, 2023
Markets Oman’s $260m fund to boost stock market liquidity Oman Investment Authority (OIA), the state-owned sovereign wealth fund, has allocated OMR100 million ($260.14 million) to boost liquidity in the Muscat Stock Exchange (MSX). A new liquidity fund initiative has been launched in cooperation with the National Programme for Financial Sustainability and Financial Sector Development, state-run Oman News Agency reported. Aoun Abbas Al Bahrani, the […] June 26, 2023
Opinion Economy Oman is on the up but not out of the woods The government must push ahead with reforms June 23, 2023
Energy Oman signs two green hydrogen deals worth $10bn Hydrom, a subsidiary of state-owned Energy Development Oman, has signed agreements worth $10 billion to develop two new green hydrogen production projects. The deals were signed with the Posco-Engie and Hyport Duqm consortiums, state news agency Oman News Agency reported. The projects, located in the Al Wusta governorate, are expected to have a total production […] June 22, 2023
Aviation SalamAir targets long-haul flights with Airbus A330neo SalamAir, Oman’s first low-cost airline, will lease three Airbus A330neo aircraft from Dublin-headquartered Avolon to expand its fleet and network. The three new Airbus A330neo wide-body aircraft will have a dual-class configuration with 365 economy seats and 12 premium flatbed seats. The two companies signed the agreement on Tuesday June 20, the first day of […] June 21, 2023
Economy Oman’s economy to slow in 2023 but inflation is tamed Oman’s real gross domestic product (GDP) growth is anticipated to slow down to 1.3 percent in 2023 but rebound to 2.7 percent in 2024, the International Monetary Fund (IMF) said in a statement. The projections are based on oil production cuts by Opec+, moderate growth in the non-hydrocarbon sector due to recovering but still subdued […] June 20, 2023
Energy Oman ready to be global hydrogen player Oman will need cumulative investment of around $33 billion if it wants to scale up production of renewable hydrogen to 1 million tonnes by 2030. The sultanate is on track to become the sixth-largest exporter of hydrogen globally and the largest in the Middle East by 2030, according to analysis by the Paris-based International Energy […] June 19, 2023
Energy Bangladesh to sign 10-year LNG deal with Oman Bangladesh’s state-owned company Petrobangla is set to sign a long-term supply deal for additional stocks of liquefied natural gas (LNG) from Oman Trading International, an official at Petrobangla said. Under the new contract, the South Asian nation will begin receiving an additional 0.5 million to 1.5 million metric tonnes per year of LNG from January […] June 19, 2023
Oil & Gas China’s Unipec sale of Oman crude caps prices China’s Unipec, the trading arm of top Asian refiner Sinopec, has emerged as a major seller of August-loading Oman crude this month, a move that has helped to cap benchmark prices despite Saudi Arabia’s plans to cut output next month. Unipec, according to trade sources and data collated by Reuters, has sold eight million barrels […] June 13, 2023
Economy Oil drives Oman’s budget surplus higher to $1.4bn Oman registered a budget surplus of OMR520 million ($1.35 billion) year to date at the end of April compared to OMR468 million a year earlier, the finance ministry said in its latest fiscal performance bulletin. Total revenue during the period reached OMR4.4 billion, up four percent year-on-year, primarily due to a 53 growth in net […] June 9, 2023
Renewable Energy Oman signs 3 green hydrogen projects worth over $20bn Hydrogen Oman SPC (Hydrom), a subsidiary of Energy Development Oman, has signed three deals to develop green hydrogen projects with investments worth over $20 billion. The three projects were signed with the consortia of Amnah, Green Energy Oman and BP Oman. They are expected to yield a total production capacity of half a million tonnes […] June 2, 2023
Oman unveils $5.2bn startup fund and plans for new city Oman is planning to set up an investment fund with a capital of OMR2 billion ($5.2 billion) to support economic diversification. The news was first reported by state-owned Oman News Agency, citing a decree by Sultan Haitham Bin Tariq Al Said. The Oman Future Fund will allocate a percentage of its capital to stimulate the […] June 1, 2023
