Analysis Markets Oman still a long way off emerging market index status Oman’s listing of several government companies on Muscat’s bourse has probably done little to boost the sultanate’s hopes of achieving emerging market status – for now at least. Five state companies have gone public since 2023, raising almost $4 billion in total. Their relatively poor post-listing performance, however, has soured investor sentiment and made further […] May 21, 2025
Construction Oman to build two low-carbon smart cities Oman has announced two new smart cities as part of its drive to reduce carbon emissions. The first city will be built in the mountain region of Jebel Akhdar, which is about 2,400 metres above sea level. The 12,000-sq-m plot is designed to accommodate 10,000 residents. The second development is Thuraya City in Bawshar Heights, […] May 20, 2025
Real Estate Egypt’s Talaat Moustafa to invest $4bn in Oman Talaat Moustafa Group, a leading Egyptian real estate developer, says it will invest OR1.5 billion ($3.9 billion) in Oman to expand in the GCC region after entering Saudi Arabia last year. Two projects will be developed in west Muscat, offering 13,000 residential and hotel units, the company said in a statement. The developer has signed […] May 20, 2025
Oil & Gas Occidental to invest $30bn in extended Oman concession Oman has extended a concession with a consortium led by Occidental Petroleum to help increase production from its biggest oil field. The new concession agreement for Block 53 in south-central Oman, which was set to expire in 2035, includes a commitment to invest $30 billion through an extended 15-year period, the Omani Ministry of Energy […] May 19, 2025
Logistics Investcorp to spend $550m to expand Oman’s Duqm port Bahrain-based asset manager Investcorp will invest $550 million to expand the Port of Duqm in Oman, as part of a strategy to build a regional infrastructure portfolio. Investcorp Aberdeen Infrastructure Partners (AIIP), a joint venture with UK-based fund manager Aberdeen, will be a shareholder in the project alongside Cap Infra, a consortium comprising the Port of […] May 19, 2025
Renewable Energy OQGN to develop local hydrogen transport network State-owned OQ Gas Networks (OQGN), the pipeline subsidiary of Oman energy major OQ, and Belgium’s energy infrastructure group Fluxys will jointly develop the infrastructure for hydrogen transportation across the sultanate. As part of the contract the two companies will hold a minority stake in the hydrogen network, the state-run Oman News Agency reported. No details […] May 19, 2025
Telecoms Zain revenue raises Omantel’s profits Omantel, Oman’s largest telecoms provider, reported a significant rise in net profits in the first quarter of 2025, thanks to strong performance by its Kuwaiti subsidiary Zain. Its net profit rose to OR65 million ($168 million) in the first three months of this year, up 60 percent over the same period in 2024. Omantel’s group […] May 15, 2025
Editor's Insight Energy Oman and its foreign energy partners The cameras were in Riyadh but the oilpeople were in Muscat. As our colleague Saleh Al-Shaibany has noted, Oman was not on the itinerary of the 47th US president, although the sultanate has been hosting the US Iran nuclear talks. Trump was missing something. There at the Convention and Exhibition Centre was Baker Hughes, there was Halliburton […] May 15, 2025
Analysis Markets Oman’s state IPO history raises question over future sales Oman’s privatisation programme of state-owned companies has boosted government coffers and helped improve the sultanate’s credit rating, but it has brought little joy for equity investors. Since the start of 2023, five state-controlled businesses have sold shares to the public in initial public offerings (IPOs), raising almost $4 billion in total. These span four subsidiaries […] May 15, 2025
Employment OQEP deals are part of Omani job creation drive Oman’s OQ Exploration and Production (OQEP) has signed four contracts worth $53 million with local companies to help create jobs for Omani nationals. The contracts include oil field operations, construction facility and rig drilling, as part of OQEP’s in-country value (ICV) programme. “These agreements not only create new business opportunities for Omani enterprises but also […] May 14, 2025
Trade Why Oman is off Trump’s travel plans Oman may have negotiated a ceasefire between the US and Yemen’s Houthis, and is the go-between the US and Iran in negotiations around nuclear weapons capability. But it is not among the countries President Donald Trump is visiting in the Arabian Gulf this week. “These Gulf countries Trump is currently visiting are offering trillions of […] May 14, 2025
Real Estate Commercial oversupply may explain drop in Oman property sales Oversupply in commercial properties may underpin a decline in the value of real estate transactions in Oman in the first quarter, according to one real estate agent. The value of real estate transactions in the country declined by 2.5 percent to OR573 million ($1.5 billion) in the three months to March 31, compared with the […] May 13, 2025
Renewable Energy Oman Centre for Net Zero signs agreements worth $2bn Oman’s energy major OQ has formed a new company called Oman Centre for Net Zero and signed 13 separate renewable-energy agreements worth $2 billion. The agreements were signed during the three-day events of Oman Sustainable Week 2025 Exhibition in Muscat by OQ Group’s CEO Ashra al Mamari and Najla al Jamali, CEO of OQ Alternative […] May 13, 2025
Trade Oman invests $200m in port to bolster re-export business Oman is expanding one of its smallest ports located in the northern town of Shinas, in an attempt to bolster the sultanate’s re-export business and container connectivity. The project, which is expected to start in the third quarter of this year, will increase its area by 40 percent to 1.8 million square metres, according to […] May 12, 2025
Petrochemicals Oman’s largest chemical plant to start production next year The first phase of a $300 million polymer project in Oman’s Sohar Port will be launched in the first quarter of next year. The plant will be operated by ZL EOR Chemicals, a Canada-based specialist in enhanced oil recovery projects. The facility’s capacity will reach 350,000 tonnes per annum on completion, placing it among the […] May 12, 2025
Banking and Finance Profit falls as staffing costs rise at Oman’s Sohar bank Sohar International Bank, Oman’s second-biggest bank by assets, reported a decline in first-quarter profit on lower net interest income and higher staffing costs. The bank registered a net profit of OR21.5 million ($56 million) in the three months to March 31, a decline of 15 percent over the same period last year. “Compared to the […] May 9, 2025
Oil & Gas Oman’s Abraj gets $36m BP gas drilling contract BP Exploration has awarded Abraj Energy Services a $32 million contract to drill for gas in Oman’s Khazzan field, reinforcing the sultanate’s upstream ambitions amid continued investment in its energy sector. The three-year contract, disclosed in a filing to the Muscat Stock Exchange (MSX), covers drilling operations on Block 61, a tight gas project in […] May 8, 2025
Oil & Gas Oil profit fall at Oman’s OQ suggests bigger decline in Q2 Oman’s state-owned energy group OQ, which produces about a quarter of the country’s oil, reported a decline in first-quarter profit on the back of a fall in the price of crude. Net profit in the three months to March 31 fell 9 percent to $194 million over the same period last year, the company said […] May 8, 2025
Analysis Employment Oman steps up efforts to curb rising unemployment The IMF may laud Oman for cutting its debt and bringing its budget deficit under control but unemployment in the Gulf’s third most populous country is growing, posing a policy challenge to the government. In January, the month for which the latest data is available, unemployment rose to 3.6 percent, compared with 3.3 percent the month […] May 7, 2025
Banking and Finance Oman’s $83m treasury bonds snapped up by investors Yield hungry investors have snapped up OR32 million ($83 million) in short-term Omani treasury bills. The Central Bank of Oman (CBO) auctioned the six-month T-bills on Wednesday offering a coupon of 5 percent. The CBO said the offer was oversubscribed by more than 10 times. Analysts said the rates on offer through the treasury bills […] May 6, 2025
