Manufacturing Japanese firms to build iron metallics project in Oman Oman’s Public Authority for Special Economic Zones and Free Zones (Opaz) has signed a memorandum of understanding with Kobe Steel, a Japanese steel manufacturer, and Mitsui & Company, a global trading investment company, to develop a low-CO2 iron metallics project in the Special Economic Zone at Duqm (Sezad). The two Japanese firms signed a land […] April 11, 2023
Banking & Finance Oman opens bids for three mining sites Oman is seeking bids for three mining sites within the Ayoun area of the Dhofar governorate, the energy and minerals ministry said in a tweet. The bidding will comprise three mining sites, covering areas of 1.72 sq km, 1.41 sq km, and 1.87 sq km. Omani companies with experience in mining sector projects can submit […] April 10, 2023
Energy Duqm refinery likely to begin operations by end of 2023 Oman-based Duqm Refinery and Petrochemical Industries Company has started trial operations for the crude oil distillation unit at Duqm refinery. The move will pave the way for the launch of all Duqm refinery units, state-run Oman News Agency reported. The refinery has a capacity of 230,000 barrels per day, and its design is based on […] April 4, 2023
Markets Oman’s OQ seeks bookrunners for gas pipelines $500m IPO Oman’s OQ Gas Network, the pipelines business of the sultanate’s state oil giant OQ, has invited banks to pitch for bookrunner roles in its planned initial public offering (IPO), two sources close to the matter told Reuters. OQ Gas Network is preparing for a public share sale that could take place as early as June, […] March 28, 2023
PIF-backed Oman infrastructure fund raises $1 billion Omani infrastructure investor Rakiza, which is backed by Saudi Arabia’s PIF, has closed its first fund, raising more than $1 billion from participants. Rakiza has already spent a quarter of this money in buying three Omani assets – a 30 percent stake in a telecom tower portfolio, 31 percent of a Port Sohar container terminal […] March 21, 2023
Energy Oman signs green hydrogen deals worth $20bn Hydrom, a subsidiary of Energy Development Oman, has signed six deals worth $20 billion to invest in green hydrogen projects across the sultanate. The agreements, which span seven years, were inked with developers from Belgium, Germany, India, Japan, Kuwait, the Netherlands, Singapore, the UAE and the UK. The production capacity of the projects will hit […] March 15, 2023
Oman to offer new mineral exploration blocks by Q1-end Oman’s ministry of energy and minerals is working on offering new mineral exploration blocks for investments in the first quarter of 2023. The ministry is currently in the final stage of negotiations with specialised companies on several concession areas, primarily focusing on developing potash ore and evaluation of lithium ore, Dr Salah bin Hafeez Al […] March 12, 2023
Markets Oman’s Abraj Energy set to raise $498m via 49% stake sale Oman’s Abraj Energy Services, the oil and gas drilling business of state energy company OQ, has set its initial public offering price at 249 baizas per share, state-run Oman News Agency said. The company will, therefore, be valued at about $498 million. OQ is selling a 49 percent stake, equivalent to 377.39 million shares, of […] March 7, 2023
Infrastructure Oman to spend $2.6bn to build road infrastructure The estimated cost of road projects in Oman stands at OR1 billion ($2.6 billion) for 2023, its minister of transport, communications and information technology Said bin Hamoud Al Maawali has said. The ministry will focus on completing and constructing strategic road projects, boosting road efficiency and rehabilitation. Khamis bin Mohammed Al Shamakhi, under-secretary for transport, […] March 6, 2023
Energy Oman’s Abraj Energy Services to build 3 drilling platforms in Kuwait Oman-based Abraj Energy Services SAOC has signed a strategic partnership with Saudi Arabian Chevron and Kuwait Gulf Oil Company to enhance drilling and oil extraction in the onshore partitioned neutral zone in the southern part of Kuwait. Under the five-year deal, Abraj Energy Services will build three drilling platforms and provide other related services for the Wafra oil […] February 26, 2023
Aviation Oman opens airspace and joins Saudi corridor for Israeli carriers Oman has said all airlines can overfly its territory, joining neighbouring Saudi Arabia in providing a corridor for the national carriers of Israel, which neither Gulf state formally recognises. Israeli leaders hailed the announcement mainly as a gain for civil aviation to Asia and Australia – rather than any harbinger of a breakthrough in bilateral […] February 24, 2023
Logistics UAE-Oman rail link to bring cross-border economic boost A $3 billion investment to extend the railway network from the UAE into Oman is expected to bring economic benefits for businesses on both sides of the border. Oman and Etihad Rail Company, the developer and operator of the UAE-Oman Rail Network, has signed a deal with Abu Dhabi’s Mubadala Investment Company to support the […] February 22, 2023
Retail Omanis buy into Gulf shopping mall culture Middle East mall operator Majid Al Futtaim this month added over 260 international and local outlets to the retail landscape of Oman. The opening of the OR288 million ($749 million) Mall of Oman in Muscat is a sign of the Gulf state’s ongoing switch from standalone units to shopping malls. It is Majid Al Futtaim’s […] February 22, 2023
Markets Oman’s OQ subsidiary Abraj Energy launches IPO The initial public offering (IPO) of Abraj Energy Services, a subsidiary of Oman’s state energy company OQ, opens today, February 20, 2023. A total of 49 percent of the issued capital, or 377.398 million shares, will be put up for sale, raising up to $244 million. The selling shareholders will have the right to adjust the IPO […] February 20, 2023
Markets Oman’s OQ plans to raise up to $244m from oil drilling unit IPO Oman’s state energy company OQ plans to raise as much as $244 million from an initial public offering (IPO) of its oil and gas drilling business Abraj Energy Services. OQ is selling 49 percent, equivalent to 377,398,000 shares, of Abraj in a public share sale, Abraj said in an emailed statement. The IPO price band […] February 15, 2023
Energy Germany in advanced talks with Oman for natural gas supplies Germany and Oman are in advanced talks to sign a long-term deal for liquefied natural gas (LNG) lasting at least 10 years as Berlin continues its search for alternatives to Russian fuel supplies, three sources familiar with the matter said. Europe has been scrambling to replace Russian gas since last year against a backdrop of […] February 10, 2023
Banking & Finance Central bank approves HSBC Oman and Sohar International merger HSBC Bank Oman and Sohar International have received the Central Bank of Oman’s (CBO) approval for their merger proposal, the banks said in separate statements to the Muscat Stock Exchange. The merger is likely to be completed in the second half of 2023 following approvals from regulators and shareholders of the two banks. In previous […] February 6, 2023
Analysis Tourism Oman urged to differentiate itself to attract tourists Oman should look to a combination of eco, wellness, adventure and agri tourism to differentiate itself from its GCC neighbours, according to an industry expert. The sultanate, which was significantly hit by the effects of the coronavirus pandemic, is renowned for its eclectic mix of picturesque wadis, caves, beaches and mountain ranges. It is also […] February 2, 2023
Logistics Oman set to select consultant for Muscat metro project Oman’s Ministry of Transport, Communications and Information Technology (MTCIT) will open bids for the consultancy contract for Muscat metro project on February 1, Oman Daily Observer reported. The selected consultant will help the ministry deliver key decisions and advisory services related to the project. The award will be finalised through negotiations or a direct award, […] January 30, 2023
Markets Oman’s drilling services firm plans March listing on Muscat exchange Oman’s oil and gas drilling services firm Abraj Energy Services plans to list up to 49 percent of its shares on the Muscat stock exchange in March through an initial public offering (IPO), a company statement said. The IPO forms part of an exit plan recently announced by sovereign wealth fund, the Oman Investment Authority […] January 23, 2023
Energy GCC power authority eyes $660m direct electricity link with Oman The GCC Interconnection Authority (GCCIA), which operates the transmission system linking the grids of the GCC member states, is weighing a direct electricity link with the main grid of Oman at an investment of $660 million, Oman Daily Observer reported. The project will enable energy transfers of between 1,200 and 1,600MW, Ahmed Al-Ebrahim, CEO of […] January 18, 2023
Sustainability Adnoc calls on Earthshot Prize winner for decarbonisation pilot Abu Dhabi National Oil Company (Adnoc) announced on Tuesday a partnership to pilot technology that permanently mineralises carbon dioxide within rock formations found in the emirate of Fujairah. Adnoc is partnering with the Fujairah Natural Resources Corporation, Abu Dhabi Future Energy Company (Masdar) and Oman-based 44.01. The project, announced at the Abu Dhabi Sustainability Week, […] January 17, 2023
