Latest news with #RO14mn
Muscat Daily
14-06-2025
- Business
- Muscat Daily
Madayn attracts RO164mn in food sector investments
Muscat – Total investment in the food sector within Oman's industrial cities under the Public Establishment for Industrial Estates (Madayn) has now exceeded RO164mn, marking a major milestone in supporting national food security and economic diversification. Madayn currently hosts 98 food industry projects across its various industrial cities, occupying over 1.5mn square metres and providing employment for more than 3,600 workers. This achievement reflects Madayn's ongoing efforts, in cooperation with relevant bodies – chiefly the Ministry of Agriculture, Fisheries and Water Resources – to enhance local and foreign investment opportunities and attract high-quality projects that align with the sultanate's food security goals under Oman Vision 2040. In a press statement, Khalid al Salehi, Director General of Marketing and Commercial Affairs at Madayn, said that 13 new food industry projects had been successfully localised during 2025, attracting investments exceeding RO14mn. These projects will cover more than 224,000 square metres and involve activities such as the production of vegetable oils, flour, tuna, bottled water, food packaging, and logistics services. Salehi added that further efforts are under way to localise additional projects in this sector throughout 2025, with several contracts currently under review. As part of its strategic focus on the food industry, Madayn continues to allocate dedicated plots within its industrial cities. Moreover, agricultural zones have been designated in Madayn's new industrial cities in Al Mudhaibi, Thumrait, and Al Suwaiq to support integrated agri-industrial development. Among Madayn's key initiatives to support the sector is the Madayn Agriculture project, launched in collaboration with the Ministry of Agriculture, Fisheries and Water Resources. The initiative aims to establish greenhouses in selected industrial cities to promote local food production, foster entrepreneurship, enhance food security, and improve the trade balance by boosting exports and reducing imports. In a step towards international collaboration, Madayn has also signed a memorandum of understanding with a South Korean company to develop a specialised food industry project in the Sultanate. The project will focus on establishing smart farms for cultivating Korean fruits, alongside launching a café centred around produce from the farms. Salehi emphasised that Madayn has recently intensified its promotional efforts to attract investment in the food sector, both domestically and internationally, through targeted marketing campaigns and participation in specialised exhibitions. The food industries sector is considered one of the key pillars of Oman's industrial base. It plays a vital role in the national food security system, complements other production chains, and is crucial for achieving economic diversification in line with Oman Vision 2040.
Muscat Daily
06-05-2025
- Business
- Muscat Daily
Abraj secures RO14mn drilling contract from BP for Block 61
Muscat – Abraj Energy Services, Oman's leading oil and gas services provider, has announced the award of a significant new contract by BP Exploration (Epsilon) Limited, marking a renewed collaboration between the two companies in Block 61, one of the sultanate's largest gas-producing areas. In a disclosure to the Muscat Stock Exchange, Abraj confirmed it had secured a contract from BP Exploration (Epsilon) Limited for the provision and operation of an onshore drilling unit. The contract is for an initial term of three years, with an option to extend for a further two years, highlighting the long-term nature of the partnership. Abraj stated the contract is expected to generate approximately RO14mn in revenue over its duration, bolstering the company's financial position and reaffirming its strategic role in Oman's upstream energy sector. Abraj said that the drilling rig for this project was previously operated under a contract with BP but had been stacked since the expiration of that agreement last year. The company noted the rig is now scheduled to commence operations in the fourth quarter of 2025. Block 61, situated in central Oman, is home to the massive Khazzan and Ghazeer gas fields, which play a crucial role in supporting the country's gas supply and export capacity. BP operates the block in partnership with OQ and Petronas, with its output contributing significantly to both domestic energy requirements and LNG exports. Abraj signs term sheet with Algeria's Sonatrach In a separate disclosure to the Muscat Stock Exchange on Tuesday, Abraj Energy Services also announced the signing of a term sheet with Algeria's state-owned energy giant Sonatrach, setting the foundation for a strategic partnership focused on delivering integrated oilfield services in Algeria and potentially beyond. The agreement, finalised on Monday, outlines plans for a joint effort to offer a wide range of services – including drilling, workovers, and well intervention – in one of North Africa's most important oil and gas markets, with scope for international expansion. Abraj noted in its disclosure that the partnership aims to leverage its considerable expertise and resources to deliver efficient, high-quality oilfield services in Algeria's energy sector. This term sheet builds upon the Memorandum of Understanding (MoU) signed between the two companies in Muscat on April 24, 2024 and represents a key milestone in enhancing energy sector cooperation between Oman and Algeria.
Muscat Daily
10-04-2025
- Business
- Muscat Daily
MoE readies four schools in Muscat at cost of RO14mn
Muscat – Construction is underway for four new schools in Muscat governorate at a total cost exceeding RO14mn, according to the Ministry of Education (MoE). The schools are being developed to meet the growing demand for modern educational infrastructure and will include a full range of integrated facilities. Dr Abdullah Khalfan al Shibli, Director of Projects and Services in Muscat governorate, said the ministry is closely monitoring the progress of the projects. 'Each school will include spacious classrooms, multi-purpose halls, learning centres, science and computer laboratories, as well as administrative offices,' he said. The first school, in the wilayat of Amerat, is a boys' school with 40 classrooms being built at a cost of RO3.6mn. Two other schools are being constructed in the wilayat of Seeb. One is a 40-classroom boys' school (RO3.59mn), while the other, located in Hail al Awamer, is also being built for boys (RO3.95mn). The fourth school is being constructed in Qurayat at cost of RO3.6mn.
