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Zawya
28-04-2025
- Business
- Zawya
Oman's Tatweer Duqm: Sezad asset portfolio reaches over $3bln
Duqm: The Oman Company for the Development of the Special Economic Zone at Duqm (Tatweer Duqm) has announced that the asset portfolio it manages in the Special Economic Zone at Duqm (Sezad) rose to around OMR1.2 billion by the end of last year. Eng Abdullah bin Sulaiman Al Wahaibi, CEO of Tatweer Duqm, stated that the company, as the executive and investment arm of the Public Authority for Special Economic Zones and Free Zones (Opaz), is working to enhance the investment environment in the Special Economic Zone at Duqm by leading strategic and high-quality infrastructure projects that have been implemented in recent years. He noted that Tatweer, established in 2014, focuses on stimulating the business and investment environment in Duqm through various initiatives, guided by Oman Vision 2040 and the Sezad strategy for the period 2025–2030. This strategy is built around five main objectives: localising investments, efficient operation and management, developing a balanced lifestyle, attracting tourists and partners, and achieving institutional excellence. In a press statement, he explained that, in line with its commitment to service quality and asset sustainability according to international technical standards, the company, through its Omani technical staff, manages a portfolio of public assets and facilities in the Sezad worth around OMR1.2 billion. These include wastewater treatment plants, major and secondary roads, public facilities, dams, water drainage channels, parks, and administrative buildings. The company's asset management scope includes operation and maintenance, as well as oversight of sustainability and coordination with operators of key projects such as Port of Duqm, Duqm Airport, the dry dock, the government berth, and other developments. He affirmed that the company has adopted an integrated asset management methodology aligned with global best practices, supported by modern technologies to ensure readiness, continuity, increased efficiency, cost reduction, and prolonged asset lifespan. Al Wahibi stated that over the past years, the company has overseen the execution of numerous strategic projects in the Special Economic Zone at Duqm, most notably the completion of various packages for Duqm Port, the implementation of utility facilities and water and wastewater networks, as well as the management of both main and secondary road infrastructure projects in the zone. He explained that Tatweer has successfully implemented more than 46 projects over the past five years. In addition, its internal management of seven projects has saved over OMR12 million, reflecting the company's technical expertise, the competency of its Omani workforce, operational efficiency, and adherence to robust governance standards. Al Wahibi noted that the total cost of the road projects overseen by the company amounts to approximately OMR210.4 million. Last year witnessed the completion of several phases of the dualisation project for National Road No. 32 (Sultan Said bin Taimur Road in Duqm). The opening of these phases provided high-standard infrastructure attractive to investment, incorporating modern technologies. Their completion has improved connectivity and facilitated traffic flow in the zone, particularly in light of growing investment activity. He added that this year is expected to see the completion of the internal road network in the Saay Commercial District, water drainage systems, the district's wastewater network, the second phase of the dualisation of National Road No. 32, and the dualisation of the road from Duqm Airport to Ras Markaz. Al Wahibi also highlighted Tatweer's role in enabling investment and maximising returns in the Special Economic Zone at Duqm. He said the company supports the business environment through strategic partnerships targeting companies and investment funds, focusing on minority-share joint investments in economically sustainable ventures aligned with Sezad's overarching goals. As a local minority shareholder, Tatweer offers on-ground support for project developers across various sectors. This includes assistance in site selection based on sector needs, company registration, obtaining approvals and permits, and guiding investors in securing financing from local banks and funding institutions. He emphasised that the company is keen to attract local financing houses to contribute through equity or quasi-debt instruments. Regarding key projects established by the company, Al Wahibi revealed that Tatweer holds a 15 per cent stake in the logistics company 'Imdad Logistics,' formed to enhance logistics services in Duqm. This has become one of the success stories in the Special Economic Zone. Additionally, Tatweer is one of the investors, alongside a local and an international partner, in Duqm Materials Market, a commercial and logistics project supporting supply chains. The market, in which Tatweer also owns a 15 per cent stake, was inaugurated last year and has achieved a high occupancy rate by global, regional and local companies. He praised the company's investment successes, noting that Tatweer recorded its first profitable exit through the sale of its stake in Duqm Quarries, achieving returns exceeding RO 1.8 million. He confirmed the company's intent to replicate such successes by expanding its investments in promising logistics and industrial sectors, through a business model that balances profitability with support for national development. Tatweer plans to implement several projects this year aimed at enhancing investment in the Special Economic Zone at Duqm, both by executing new developments and managing existing assets or entering new investment ventures. Key planned projects include the construction of a central fish market in Duqm and the launch of an abalone farming facility adhering to aquaculture standards. These initiatives aim to develop the fisheries sector and increase its economic returns. Additional planned developments include tourism, real estate, entertainment, retail, commercial services, and green energy projects. The company also intends to develop an integrated residential complex to enhance quality of life in Duqm, along with other projects currently under study with investors. Al Wahibi affirmed that by adopting a project and asset management model based on performance-based service fees, the company has transitioned from a cost-recovery entity to a flexible and sustainable business model driven by outcomes and operational excellence. Tatweer aims to grow its revenues by expanding contracts and offering its services to new investors in Duqm, with a focus on building a smart and sustainable city and positioning Duqm as a regional hub for integrated investment and living, based on efficiency, innovation, and partnership. © Muscat Media Group Provided by SyndiGate Media Inc. (
Times of Oman
26-04-2025
- Business
- Times of Oman
Tatweer Duqm: Sezad asset portfolio reaches over OMR1.2bn
Duqm: The Oman Company for the Development of the Special Economic Zone at Duqm (Tatweer Duqm) has announced that the asset portfolio it manages in the Special Economic Zone at Duqm (Sezad) rose to around OMR1.2 billion by the end of last year. Eng Abdullah bin Sulaiman Al Wahaibi, CEO of Tatweer Duqm, stated that the company, as the executive and investment arm of the Public Authority for Special Economic Zones and Free Zones (Opaz), is working to enhance the investment environment in the Special Economic Zone at Duqm by leading strategic and high-quality infrastructure projects that have been implemented in recent years. He noted that Tatweer, established in 2014, focuses on stimulating the business and investment environment in Duqm through various initiatives, guided by Oman Vision 2040 and the Sezad strategy for the period 2025–2030. This strategy is built around five main objectives: localising investments, efficient operation and management, developing a balanced lifestyle, attracting tourists and partners, and achieving institutional excellence. In a press statement, he explained that, in line with its commitment to service quality and asset sustainability according to international technical standards, the company, through its Omani technical staff, manages a portfolio of public assets and facilities in the Sezad worth around OMR1.2 billion. These include wastewater treatment plants, major and secondary roads, public facilities, dams, water drainage channels, parks, and administrative buildings. The company's asset management scope includes operation and maintenance, as well as oversight of sustainability and coordination with operators of key projects such as Port of Duqm, Duqm Airport, the dry dock, the government berth, and other developments. He affirmed that the company has adopted an integrated asset management methodology aligned with global best practices, supported by modern technologies to ensure readiness, continuity, increased efficiency, cost reduction, and prolonged asset lifespan. Al Wahibi stated that over the past years, the company has overseen the execution of numerous strategic projects in the Special Economic Zone at Duqm, most notably the completion of various packages for Duqm Port, the implementation of utility facilities and water and wastewater networks, as well as the management of both main and secondary road infrastructure projects in the zone. He explained that Tatweer has successfully implemented more than 46 projects over the past five years. In addition, its internal management of seven projects has saved over OMR12 million, reflecting the company's technical expertise, the competency of its Omani workforce, operational efficiency, and adherence to robust governance standards. Al Wahibi noted that the total cost of the road projects overseen by the company amounts to approximately OMR210.4 million. Last year witnessed the completion of several phases of the dualisation project for National Road No. 32 (Sultan Said bin Taimur Road in Duqm). The opening of these phases provided high-standard infrastructure attractive to investment, incorporating modern technologies. Their completion has improved connectivity and facilitated traffic flow in the zone, particularly in light of growing investment activity. He added that this year is expected to see the completion of the internal road network in the Saay Commercial District, water drainage systems, the district's wastewater network, the second phase of the dualisation of National Road No. 32, and the dualisation of the road from Duqm Airport to Ras Markaz. Al Wahibi also highlighted Tatweer's role in enabling investment and maximising returns in the Special Economic Zone at Duqm. He said the company supports the business environment through strategic partnerships targeting companies and investment funds, focusing on minority-share joint investments in economically sustainable ventures aligned with Sezad's overarching goals. As a local minority shareholder, Tatweer offers on-ground support for project developers across various sectors. This includes assistance in site selection based on sector needs, company registration, obtaining approvals and permits, and guiding investors in securing financing from local banks and funding institutions. He emphasised that the company is keen to attract local financing houses to contribute through equity or quasi-debt instruments. Regarding key projects established by the company, Al Wahibi revealed that Tatweer holds a 15 per cent stake in the logistics company 'Imdad Logistics,' formed to enhance logistics services in Duqm. This has become one of the success stories in the Special Economic Zone. Additionally, Tatweer is one of the investors, alongside a local and an international partner, in Duqm Materials Market, a commercial and logistics project supporting supply chains. The market, in which Tatweer also owns a 15 per cent stake, was inaugurated last year and has achieved a high occupancy rate by global, regional and local companies. He praised the company's investment successes, noting that Tatweer recorded its first profitable exit through the sale of its stake in Duqm Quarries, achieving returns exceeding RO 1.8 million. He confirmed the company's intent to replicate such successes by expanding its investments in promising logistics and industrial sectors, through a business model that balances profitability with support for national development. Tatweer plans to implement several projects this year aimed at enhancing investment in the Special Economic Zone at Duqm, both by executing new developments and managing existing assets or entering new investment ventures. Key planned projects include the construction of a central fish market in Duqm and the launch of an abalone farming facility adhering to aquaculture standards. These initiatives aim to develop the fisheries sector and increase its economic returns. Additional planned developments include tourism, real estate, entertainment, retail, commercial services, and green energy projects. The company also intends to develop an integrated residential complex to enhance quality of life in Duqm, along with other projects currently under study with investors. Al Wahibi affirmed that by adopting a project and asset management model based on performance-based service fees, the company has transitioned from a cost-recovery entity to a flexible and sustainable business model driven by outcomes and operational excellence. Tatweer aims to grow its revenues by expanding contracts and offering its services to new investors in Duqm, with a focus on building a smart and sustainable city and positioning Duqm as a regional hub for integrated investment and living, based on efficiency, innovation, and partnership.
Zawya
14-04-2025
- Business
- Zawya
Oman: OQ reports strong 2024 results, net profit rises to $2bln
Muscat: OQ announced a net profit of OMR1.2 billion (USD 3 billion) in its 2024 standalone financials, attributed to strong overall business performance and strategic divestments of certain assets. OQ's strong liquidity position enables further investment in growth initiatives across the energy value chain, aligned with its energy transition strategy, while also ensuring dividend distribution to its shareholder. OQ Group posted strong results for 2024, achieving record Revenue of OMR15 billion (USD 40 billion) and OMR1.1 billion (USD 2.9 billion) in Consolidated Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) and OMR513 million (USD 1.3 billion) in Consolidated Net Profit. These notable results reflect OQ's disciplined portfolio management and its strategic vision to create sustainable value for its stakeholders. Mulham Al Jarf, Chairman of OQ, underscored the company's steadfast dedication to advancing its strategic vision, with 2024 representing a pivotal milestone in this ongoing journey. Central to this progress has been the execution of its divestment strategy, designed to optimise its asset portfolio and elevate operational efficiency. In parallel, OQ has been proactively spearheading a series of renewable energy initiatives, aligning with global sustainability imperatives and expanding the diversity of its energy portfolio. Additionally, OQ has laid the foundation stone for its strategic fuel reserves in the Musandam and Dhofar governorates, positioning itself for long-term stability. A defining moment of 2024 was the historic inauguration of OQ8, marking another significant achievement in OQ's trajectory. Ashraf Al-Mamari, Group CEO of OQ, stated: 'Achieving these results in 2024 is a direct outcome of well-defined strategies focused on continually enhancing both operational and financial efficiency, even in the face of global challenges. This has strengthened our leadership position in Oman and the region, enabling us to turn challenges into opportunities, while delivering outstanding financial results.' On financial resilience, Al-Mamari added: 'Our results not only demonstrate robust financial performance but are also driven by the implementation of our new operating model and highlight our consistent attention to long-term financial sustainability. Our targeted strategies focus on optimising resource allocation and maximising operational efficiency. This is further underscored by our rigorous approach to transparency, effective cost control, and disciplined capital management—core tenets of our financial strategy.' Al-Mamari further highlighted OQ's commitment to local content: 'Guided by our strong belief that investing in people and communities is central to our strategy, OQ Group has spent OMR 346 million (USD 900 million) locally in 2024.' 'As for social investment, it remains a cornerstone of our approach with social investment projects targeting key themes all over the Sultanate of Oman. These include two major projects in Duqm and Ibri, aimed at establishing an emergency healthcare facility and a centre for science and innovation', he added. In terms of national workforce development, Al-Mamari highlighted: 'OQ's Omanisation rate has reached 85%, with more than 240 graduates joining the 11th cohort of the OQ Graduate Development Programme. We also trained over 890 trainees from various educational institutions, further investing in Omani talent and reinforcing our commitment to building a sustainable workforce.' On health, safety, and environmental performance, Al-Mamari said: 'Our commitment to maintaining the highest health, safety, and environmental standards is reflected in over 34 million safe man-hours and a 64% reduction in workplace injuries. For the second consecutive year, we recorded zero fatalities, demonstrating our resolute focus on providing a safe and healthy work environment for our employees.' OQ Group's remarkable achievements in 2024 underpins its dedication to sustainable growth and the ongoing evolution of the energy sector. As the group continues to lead this critical industry, it remains laser-focused on driving its vision forward, transforming strategy into action and delivering tangible, lasting impact. These efforts are primed to position Oman as a powerhouse in global sustainable energy, empowering it to meet ambitious energy targets. © Muscat Media Group Provided by SyndiGate Media Inc. (
Times of Oman
13-04-2025
- Business
- Times of Oman
OQ reports strong 2024 results, net profit rises to OMR1.2bn
Muscat: OQ announced a net profit of OMR1.2 billion (USD 3 billion) in its 2024 standalone financials, attributed to strong overall business performance and strategic divestments of certain assets. OQ's strong liquidity position enables further investment in growth initiatives across the energy value chain, aligned with its energy transition strategy, while also ensuring dividend distribution to its shareholder. OQ Group posted strong results for 2024, achieving record Revenue of OMR15 billion (USD 40 billion) and OMR1.1 billion (USD 2.9 billion) in Consolidated Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) and OMR513 million (USD 1.3 billion) in Consolidated Net Profit. These notable results reflect OQ's disciplined portfolio management and its strategic vision to create sustainable value for its stakeholders. Mulham Al Jarf, Chairman of OQ, underscored the company's steadfast dedication to advancing its strategic vision, with 2024 representing a pivotal milestone in this ongoing journey. Central to this progress has been the execution of its divestment strategy, designed to optimise its asset portfolio and elevate operational efficiency. In parallel, OQ has been proactively spearheading a series of renewable energy initiatives, aligning with global sustainability imperatives and expanding the diversity of its energy portfolio. Additionally, OQ has laid the foundation stone for its strategic fuel reserves in the Musandam and Dhofar governorates, positioning itself for long-term stability. A defining moment of 2024 was the historic inauguration of OQ8, marking another significant achievement in OQ's trajectory. Ashraf Al-Mamari, Group CEO of OQ, stated: 'Achieving these results in 2024 is a direct outcome of well-defined strategies focused on continually enhancing both operational and financial efficiency, even in the face of global challenges. This has strengthened our leadership position in Oman and the region, enabling us to turn challenges into opportunities, while delivering outstanding financial results.' On financial resilience, Al-Mamari added: 'Our results not only demonstrate robust financial performance but are also driven by the implementation of our new operating model and highlight our consistent attention to long-term financial sustainability. Our targeted strategies focus on optimising resource allocation and maximising operational efficiency. This is further underscored by our rigorous approach to transparency, effective cost control, and disciplined capital management—core tenets of our financial strategy.' Al-Mamari further highlighted OQ's commitment to local content: 'Guided by our strong belief that investing in people and communities is central to our strategy, OQ Group has spent OMR 346 million (USD 900 million) locally in 2024.' 'As for social investment, it remains a cornerstone of our approach with social investment projects targeting key themes all over the Sultanate of Oman. These include two major projects in Duqm and Ibri, aimed at establishing an emergency healthcare facility and a centre for science and innovation', he added. In terms of national workforce development, Al-Mamari highlighted: 'OQ's Omanisation rate has reached 85%, with more than 240 graduates joining the 11th cohort of the OQ Graduate Development Programme. We also trained over 890 trainees from various educational institutions, further investing in Omani talent and reinforcing our commitment to building a sustainable workforce.' On health, safety, and environmental performance, Al-Mamari said: 'Our commitment to maintaining the highest health, safety, and environmental standards is reflected in over 34 million safe man-hours and a 64% reduction in workplace injuries. For the second consecutive year, we recorded zero fatalities, demonstrating our resolute focus on providing a safe and healthy work environment for our employees.' OQ Group's remarkable achievements in 2024 underpins its dedication to sustainable growth and the ongoing evolution of the energy sector. As the group continues to lead this critical industry, it remains laser-focused on driving its vision forward, transforming strategy into action and delivering tangible, lasting impact. These efforts are primed to position Oman as a powerhouse in global sustainable energy, empowering it to meet ambitious energy targets.
