Renewable Energy Companies shortlisted for $1bn Oman wind farms Twelve companies have been shortlisted to build five large-scale wind power stations across Oman. The five projects, due to be completed by 2027, will bring a 20-fold increase in the amount of electricity generated by wind power in Oman, from 50MW to 1GW. The shortlist to build the projects, for a total investment of OMR500 […] September 23, 2024
Oil & Gas OQ production unit’s IPO set to raise $2bn OQ Exploration and Production (OQEP), a unit of Oman’s state energy company, OQ, is expected to raise a maximum of OMR780 million ($2.03 billion) from its listing on the Muscat stock exchange. The offering, expected to be the country’s largest IPO, has been priced between 370 and 390 baisas per share with the final price […] September 23, 2024
Analysis Markets Oil IPO is latest step towards Oman’s emerging market status An Omani state oil company’s $2 billion initial public offering will boost the sultanate’s chances of eventually being reclassified as an emerging market by the world’s leading stock index providers. If achieved, Oman’s blue-chips will receive sizeable inflows from passive funds that track the MSCI and FTSE emerging market benchmarks, increasing bourse turnover and likely […] September 20, 2024
Analysis Economy Oman edging closer to investment grade rating Oman has been putting its fiscal house in order over the past three years and, in the eyes of many analysts, has realistic hopes of regaining its investment grade rating. But the sultanate has significantly upped spending on energy and social subsidies, while a drop in gas prices has lowered revenues in the seven months […] September 19, 2024
Trade UK ministers visit Gulf in pursuit of free trade deal Senior ministers from the UK have arrived in Oman as part of a whirlwind tour of the Gulf designed to accelerate trade talks under the new Labour government. The UK topped the list of countries investing into Oman in 2022, with OR9.6 billion ($25 billion), dwarfing the US in second spot on OR3.7 billion, according […] September 17, 2024
Industry Industrial growth in Oman beats global rate Oman’s industrial sector expanded by 9.2 percent year on year, ten times faster than the global rate. Production value reached OR951 million ($2.5 billion) in the first quarter of 2024. The sector contributed 10 percent to the Gulf state’s GDP, data from the National Centre for Statistics and Information shows. NewsletterGet the Best of AGBI […] September 12, 2024
Tourism Smoother sailing for cruise market as Oman relaxes visas Oman has relaxed visa regulations for cruise ship passengers visiting the sultanate. Authorities have introduced 10-day and one-month visas aimed at growing the country’s cruise tourism sector. Both visas, which are free of charge, are available from cruise-ship agents and are valid provided entry is made within 30 days of issue. NewsletterGet the Best of […] September 11, 2024
Finance Oman wealth fund to launch IPOs in divestment push The Oman Investment Authority has framed a new five-year divestment plan, which includes initial public offerings in key sectors. Companies in the energy, services and logistics sectors will be floated under the 2024-28 strategy, the OIA said in a post on X. In addition to the IPOs, the sovereign wealth fund will launch private placements, […] September 11, 2024
Oil & Gas OQ to list oil production arm in largest Omani IPO Oman’s state energy company, OQ, is planning to sell up to a quarter of its exploration and production arm, OQEP, through an initial public offering, in what will be the largest IPO in the country’s history. The subscription period is expected to commence this month, while the listing is scheduled for October on the Muscat […] September 9, 2024
Analysis Employment Oman’s fine line between labour localisation and growth Oman this week tightened restrictions on foreign workers’ ability to take on certain jobs in industries including real estate, construction and hospitality. In another labour law revision of this kind in the past two years authorities banned expatriates from serving in some oil and gas engineering roles, the real estate maintenance space, and as travel […] September 5, 2024
Opinion Oil & Gas October presents Opec+ with a quandary The oil group wants to bring barrels back to the market but it could bow to global uncertainty September 2, 2024
Industry Oman wealth fund begins merger of food units Oman has initiated a merger between two state-run entities to support its food security sector. Oman Investment Authority, the sultanate’s sovereign wealth fund, has begun the initial process of merging Oman Food Investment Holding Co (Nitaj) and Fisheries Development Oman, the state-run Oman News Agency reported. The move is intended to lead to high-quality products, […] September 2, 2024
Oil & Gas Omani-Chinese venture wins oil exploration contract Oman has contracted an Omani-Chinese oil exploration and producing venture to explore and develop an oil concession area. The arrangement will boost the sultanate’s oil and gas reserves, expanding production rates in a stretch of 1,389 sq km, called area no. 15, in Al Dhahirah governorate, state-run Oman News Agency reported. Muscat-headquartered Daleel Petroleum Co […] September 2, 2024
Energy Oman’s OQ unit signs LNG off-take pact with Mexico A subsidiary of state-owned OQ Group, Oman’s energy conglomerate, has signed an agreement to offtake liquefied natural gas (LNG) from Mexico for supply to the Asia Pacific region. The Dubai-based OQ Trading (OQT) has entered into a binding heads of agreement with Mexico’s Amigo LNG SA de CV for long-term supply of LNG, targeting the […] September 1, 2024
Opinion Infrastructure Rail link to UAE will supercharge Oman’s port city of Sohar Businesses in the sultanate's northern city will get direct access to the UAE’s global connections August 30, 2024
Trade Gold exports from the UAE to Oman reach $433m The UAE emerged as the leading gold exporter to Oman in the first five months of 2024, with exports valued at OMR170 million ($443 million). Hong Kong followed with exports of OMR3.2 million and Turkey with OMR1.4 million, state-run Oman News Agency reported, citing data from the National Center for Statistics and Information. The total […] August 26, 2024
Opinion Economy Oman heads back to investment grade territory The sultanate has shown fiscal prudence and a commitment to restructuring state-owned enterprises August 21, 2024
Economy Oman sovereign fund’s assets rise 12% to $50bn in 2023 Oman Investment Authority (OIA) reported a 12 percent growth in assets to OR19.2 billion ($50 billion) in 2023 compared to OR17.2 billion a year ago. The sovereign wealth fund’s profits exceeded OR1.7 billion, OIA president Abdulsalam Al Murshidi said in the authority’s 2023 annual report. Last year, the wealth fund contributed OR800 million to the […] August 20, 2024
People & Lifestyle Oman achieves 54% of 2024 employment plan in first half The Omani government has achieved 54 percent of its 2024 employment plan in the first six months, a news report said. A total of 14,074 Omanis were employed in the public and private sectors through direct employment or replacement of expatriates, the state-run Oman News Agency said citing a ministry of labour statement. The ministry […] August 18, 2024
Analysis Markets Oman reveals plan to steer IPOs to Muscat exchange Oman’s Financial Services Authority has revealed its strategy to overhaul the country’s capital markets – which could provide extra funds for underrepresented sectors and lure investors looking for less saturated markets, according to analysts. However, the success of the plan will depend on how incentives for listing are implemented, they warn. Trading activity has been […] August 15, 2024
