Economy Oman economy The latest economic and demographic indicators for Oman, including GDP, inflation, oil prices, trade, population, unemployment and more June 6, 2025
Manufacturing China to build $1bn lithium battery plant in Oman China-listed Zhongke Electric plans to invest CNY8 billion ($1.1 billion) in a lithium battery material manufacturing facility in Oman, according to a local media report. The plant will be located in the Sohar Port and Freezone and will be built in two phases, according to Yicai Global, the English-language news service of state-backed Shanghai Media Group, citing […] June 6, 2025
Analysis Tourism Oman smart city projects face pushback on heritage Oman may be investing more than $15 billion in developing digitally smart urban areas but critics say the ambition could contravene the country’s heritage priorities. The sultanate has mobilised urban plans that could cost more than $15 billion, starting with Sultan Haitham City, work on which is in full swing on the outskirts of the […] June 4, 2025
Mining Oman opens its first copper recycling plant Oman has opened its first copper recycling plant in the northern industrial city of Sohar that has cost $106 million to build. It is the first such facility in the Gulf state and will recycle over 150 tonnes of copper waste annually. “We will no longer throw away copper waste or any minerals like we […] June 4, 2025
Finance Oman raises $130m from latest sale of treasury bills Oman has raised $130 million from treasury bills in a three-part sale that began on Monday. The Central Bank of Oman sold $5 million, $52 million and $74 million of bonds with terms of three, six and 12 months, respectively. The coupon – or annual interest rate – is 5 percent. By Tuesday the sale […] June 3, 2025
Logistics Oman and Kazakhstan set up logistics and mining companies Oman and Kazakhstan have agreed to set up two companies to widen their investment and economic ties. The agreement was signed during the visit of Oman’s Minister of Finance Sultan Al Habsi in Astana. “These two companies in logistics and mining will widen our investments and economic portfolios as we look to establish common ground […] June 3, 2025
Oil & Gas Adnoc Drilling expands in Oman with SLB stake Adnoc Drilling, a subsidiary of Abu Dhabi state-backed oil major Adnoc, has bought a 70 percent share in SLB’s oil drilling business in Oman. The agreement includes six fully operational land rigs in Oman and two in Kuwait, the company said. The Emirati company will pay $91 million for the stake, with another $21 million payout […] June 2, 2025
Renewable Energy Oman to start work on six renewable projects this year Oman will commence work on up to six new renewable projects this year, as the Gulf state aims to increase green energy’s contribution to 30 percent of total electricity generation by 2030. The wind projects will be at across various locations in the country, mainly in Al Wusta and Dhofar governorates, energy and minerals minister […] June 2, 2025
Telecoms Elon Musk’s Starlink in talks to enter Iraqi market Starlink, a US satellite internet provider owned by billionaire Elon Musk, has sent a team to Baghdad to discuss pushing into the Iraqi market, a market of 47 million people. Prime Minister Mohammed Al-Sudani met the team in Baghdad on Wednesday and the talks focused on potential services related to digital transformation and improving Iraq’s […] May 29, 2025
Energy Oman studies connecting power grid with Yemen Oman has awarded a contract to a local engineering company to conduct a feasibility study for interconnecting its power grid with Yemen. Monenco Consulting Engineers (Oman) won the contract from the state-run Oman Electricity Transmission Company through a tender process, the company said in a statement on its social media platforms. The work scope includes […] May 29, 2025
Economy Oman raises borrowing to settle budget deficit Oman has posted a fiscal deficit for the first three months of this year and it is resorting to borrowing to maintain a balanced budget in 2025. The sultanate posted a deficit of OR136 million ($352 million) for the first three months of 2025, which is 16 percent lower than the deficit of the same […] May 28, 2025
Mining Oman creates new company to regulate mineral exports Oman has established a new company to regulate mineral exports and to unify price negotiations and standardise contracts with global buyers. Oman Minerals Trading Company, a subsidiary of the state-run Minerals Development Oman (MDO), aims to overcome challenges in the mineral market, the state-run Oman News Agency reported. These challenges, the report said, include the […] May 28, 2025
Industry DP World unit signs 50-year deal to develop UAE-Oman free zone A DP World unit has signed a 50-year deal to develop an economic free zone between the UAE and Oman. Mahdah Development Company, a UAE-Omani joint venture led by DP World, is working with Oman’s Public Authority for Special Economic Zones and Free Zones (Opaz) to develop the first phase of the Al Rawdah zone. […] May 27, 2025
Trade Oman’s trade faces Q1 headwinds as oil exports fall Oman’s total foreign trade in the first quarter of 2025 declined by 10.4 percent year on year to $14.7 billion, dragged down by a 16 percent drop in oil and gas exports. Oil and gas exports fell to $9.6 billion in the first three months of this year, from $11.4 billion the same time last […] May 27, 2025
Tourism Oman awards $600m contracts for tourism projects Oman has awarded contracts worth more than $600 million to build three tourist resorts and an adventure park as it steps up efforts to compete with its Gulf neighbours for hospitality revenue and create jobs for its citizens. “This is another important milestone to attract more tourists in the country and property investors as part […] May 26, 2025
Banking and Finance Oman bank loans reach two-year high Omani bank loans rose to their highest in two years in March, raising speculation that local banks might borrow more from abroad as lending growth outpaces deposits. Figures released by the Central Bank of Oman (CBO) saw loans rise almost 9 percent year on year to OR33.4 billion ($87 billion) in March. Personal loans, which […] May 26, 2025
Oil & Gas Oman seeks exploration bids for new oil field State-run Petroleum Development Oman (PDO) is seeking bids for a new oil exploration block in the north of the country. The 130 sq km block 6, located in the Ghaba basin, has estimated reserves of more than one billion barrels of crude, the company said in a post on social messaging platform X. The final […] May 23, 2025
Infrastructure Oman borrows $630m to construct flood defences Oman is to borrow $630 million from the Saudi Arabia-based Islamic Development Bank (IDB) to build flood protection gates and dams across the country. “The loan will help the protection from floods causing damage to many parts of Oman’s low lying areas, especially in towns and small villages,” Al Habsi was quoted as saying by […] May 22, 2025
Oil & Gas Rising costs at OQ Gas Networks trim first-quarter profit Net profit at state-owned OQ Gas Networks (OQGN), the pipeline subsidiary of Oman energy major OQ, dropped by 7 percent in the first three months of 2025, as the company was hit by higher operating costs. Net income fell to OR12.6 million ($33 million) in the year to March 31. Total expenses in the same […] May 22, 2025
Analysis Mining Loans help reignite Oman’s ambitions in copper mining Oman was once called Magan – 3,000 years ago when Mesopotamian texts told of a land rich in copper deposits. Now the country is revitalising its ancient metal mining industry as it seeks alternative sources of wealth to its dwindling exports of hydrocarbons and jobs for its growing number of young nationals. A subsidiary of […] May 21, 2025
