Latest news with #OmanInvestment
Times of Oman
13-05-2025
- Business
- Times of Oman
Oman Investment Authority announces winners of its Excellence Award
Muscat: Oman Investment Authority (OIA) has revealed the winners of the second edition of its Excellence Award, reinforcing its commitment to fostering a culture of continuous improvement and recognising companies that contribute to national goals while encouraging competitiveness and performance excellence. Omantel secured the award in the Growth and Job Creation category for increasing its revenue compared to the previous year, allocating 18% of its assets to new projects—achieving 98% of its annual targets. The company also created new jobs for Omanis alongside replacements, raising its Omanisation rate to 94%. ITHCA Group excelled in the Financial Sustainability category, ranking highest in the 2024 financial sustainability assessment due to significant improvements in key indicators and delivering positive financial performance. In the Private Sector and SME Empowerment category, Omra Group won for achieving high growth in SME development, facilitating private-sector investment exits, and ensuring 56% of total investments were private-sector driven. OQ Group claimed the Local Value-Added, Research, Development and Innovation award for having the highest average spending on local value-added within its supply chain in 2023–2024. The group also led in supplier development programs, local product and service customisation, and R&D initiatives. Asyad Group won the Project Excellence award for its Asyad Container Terminal in Duqm, recognized for efficient execution within budget, timeline, and safety standards, alongside a 70% Omanisation rate and 43% local procurement, boosting in-country value. Abdulsalam Mohammed Al Murshidi, OIA Chairman emphasised the authority's responsibility beyond financial returns, stating its focus on national priorities like economic diversification, local value addition, knowledge transfer, job creation, and governance best practices. He noted that the award reflected tangible progress, with companies showing improved 2024 revenues, new investments, operational expansions, and sustained Omanisation efforts. Strategic private-sector partnerships and SME support initiatives also grew, alongside increased local procurement, which directed OMR265.5 million to SMEs. Local value-added rose to 32% in 2024 (from 23% in 2023), with over 50 innovative projects developed. The announcements were made at the ninth Rawabit Forum, held under the patronage of Dr. Khamis Saif Al Jabri, Head of Oman Vision 2040 Implementation Follow-up Unit, and attended by board chairs and CEOs. The forum highlighted innovation and alignment with national priorities. OIA showcased its role in advancing Oman's agenda, including human capital development—creating 6,500 jobs (77.7% Omanisation) across its 41,000-strong workforce. It also emphasised local value-added integration into subsidiary KPIs, a social investment policy launched in Q1 2024, and reducing subsidiary debt by OMR1.8 billion in 2024 to enhance credit ratings and reinvestment capacity. The National Development Portfolio (NDP), established in 2021, has contributed OMR3 billion to the state budget, with OMR8 billion invested in Oman Vision 2040 priority sectors. OIA launched the NDP Strategy to amplify its support for Oman Vision 2040, focusing on renewable energy, hydrogen, carbon neutrality by 2050, downstream value addition, sector localization, and competitive advantage. The forum also saw key agreements, including Asyad's partnership with Hafeet Rail and Takatuf Oman to enhance logistics training, and Mazoon Mining's $270 million financing from local and regional banks, alongside construction contracts with Asyad, ONIC, and Strabag Oman.
Yahoo
12-05-2025
- Business
- Yahoo
Oman planning $8bn natural gas assets sale
Oman is reportedly exploring the sale of a stake in its natural gas assets, with an estimated value of around $8bn (OR3.08bn), reported Bloomberg, citing people familiar with the plan. The move is part of the sultanate's strategy to strengthen its financial position and fund future investments. State-owned company Energy Development Oman (EDO) is looking for partners to acquire a minority stake in the natural gas fields located within Block 6, which is said to hold the country's key oil assets. Block 6, was separated from Oman's largest oil producer, Petroleum Development Oman, in 2020 and was integrated into the newly established EDO. It is estimated to contain 10.7 trillion cubic feet (tcf) of proved and probable non-associated gas reserves and has a production capacity of more than two billion cubic feet per day (bcf/d). EDO holds a 60% share in the block's oil and full ownership of the gas concession. The potential sale would not only provide Oman with much-needed funds but also help distribute the substantial development and operational costs associated with these fields. If successful, this deal would join a series of asset divestitures in Oman, all aimed at reinforcing the public finances of the nation, which is considered among the most vulnerable in the Arab Gulf region. EDO, which did not respond to an email requesting comment, is currently in discussions regarding the sale, and plans may still be subject to change, according to the sources. The government had previously planned to issue bonds through EDO, but these plans have faced multiple delays due to unfavourable conditions in global financial markets. However, Oman's Ministry of Energy and Minerals has refuted claims that the sultanate is contemplating the sale, stating that the government has no immediate plans for such divestment, according to a report by Muscat Daily. Ministry of Energy and Minerals director-general of exploration and production of oil and gas Saleh al Anboori said: 'The ministry's priority is to enhance operational efficiency and attract global technical expertise and investment through strategic collaborations focused on knowledge transfer and maximising value creation within Oman – without compromising ownership or sovereign rights over strategic national resources.' Although oil currently generates four-times more revenue for Oman than gas, the focus is gradually shifting as investments are increasingly directed towards gas projects. This shift is in response to the rising global demand for the fuel. TotalEnergies and Oman's OQ SAOC are constructing a facility to supply liquefied natural gas (LNG) to ships. Furthermore, the government has approached international energy giants such as bp and Shell to invest in a new LNG train at Qalhat, which is expected to boost the country's export capacity by 25%. "Oman planning $8bn natural gas assets sale" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Times of Oman
10-05-2025
- Business
- Times of Oman
Oman holds workshop to review foreign capital investment law
Muscat: The Ministry of Commerce, Industry, and Investment Promotion in collaboration with the Oman Chamber of Commerce and Industry, organized a workshop to assess and review the Foreign Capital Investment Law, as part of ongoing efforts to enhance the investment climate and attract foreign direct investments. The ministry is working to align Oman's investment framework with regional and global economic shifts, aiming to position the Sultanate as a leading hub for foreign investment. This includes flexible legislation, strategic incentives, and sustainable economic growth initiatives. The workshop addressed key challenges and opportunities related to the law's implementation, reviewed incentives and facilities offered to investors, and explored ways to create quality job opportunities and expand the economic base. Discussions also focused on closing existing legal gaps and attracting high-value investments. Participants examined past initiatives, including the launch of the 'Invest in Oman' lounge, the reduction of commercial registration fees for foreign investors, the removal of minimum capital requirements, and the Investor Residency Program, which provides special entry pathways for investors. Nasima bint Yahya Al Balushi, Director General of the Investment Services Center, emphasized that the ministry is committed to reviewing and improving the investment environment in line with global economic developments, ensuring Oman remains a preferred destination for investors. Meanwhile, Tahira bint Sultan Al Ameriya, Director of the Business Facilitation and Development Department, highlighted the importance of identifying areas for improvement in Oman's business environment and closing legislative gaps to align with market demands and national workforce development.
