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Oman oil driller Abraj Energy hires banks for $500m IPO

Oman oil driller Abraj Energy hires banks for $500m IPO

Abraj Energy was created in 2006 and owns about 20 land rigs

Oman

Oman seeks to deepen capital markets with eye on Gulf IPO boom

Oman and Bahrain are the only countries in the GCC not classified as emerging markets by MSCI

UAE President arrives in Oman on two-day state visit

Sheikh Mohamed bin Zayed Al Nahyan was welcomed by Sultan Haitham bin Tariq, upon his arrival in Muscat

Non-oil trade between UAE and Oman

Non-oil trade between UAE and Oman crosses Dhs362bn in 10 years

Non-oil exports accounted for 33 per cent of the total non-oil trade during the past ten years

Oman to ban import of plastic bags

Oman to ban import of plastic bags from January 2023

The ministry is working with concerned departments to develop specifications, ensuring a proper transition to alternatives

Sembcorp

Singapore’s Sembcorp to sell India coal power business to Oman’s Tanweer Infrastructure

After the completion of the sale, the share of renewables in Sembcorp’s total energy capacity will rise to 51 per cent from 43 per cent

Oman

Oman gets first upgrade from Fitch on oil-led fiscal turnaround

Fitch raised Oman’s long-term foreign-currency rating by one notch to BB

Oman posts $2bn surplus in first half on high oil, gas

Oman has implemented a series of reforms to balance its budget and lower its debt, including the introduction of value-added tax last year

UK launches negotiations for free trade deal with GCC

The deal would add at least £1.6bn a year to the UK economy and support new jobs across key industries

Oman Oracle

Oman government implements Oracle Cloud to underpin digital transformation

The implementation led by Oman Information and Communications Technology Group, helps the government run its entire IT estate on Oracle Cloud Infrastructure

Sohar International eyes merger with HSBC Bank Oman

Sohar International recorded a 41.6 per cent increase in net profit to OMR28.3m for the year ended December 31, 2021

Oil extends losses as traders weigh Iran supply, demand outlook

Oman wealth fund considers IPOs of state energy firm OQ’s units

The share sales are part of Oman Investment Authority’s plan to exit state assets in a bid to bolster the country’s coffers and expand its stock exchange

ACWA Power

ACWA Power, OQ, and Air Products sign agreement to build green hydrogen-based ammonia facility in Oman

The facility would be powered by renewable energy and produce green energy products

Omantel signs MoU with Microsoft to accelerate innovation

Microsoft will work with Omantel to develop capabilities required for their workforce, assist with streamlining operations and accelerating growth

Digital dentistry

Align Technology expands regional footprint into Oman

Orthodontists in Oman will now be able to receive Invisalign training in order to provide clear aligner therapy to their patients

Oman posts $927m quarterly surplus after oil prices rose

The Finance Ministry expects the economy to grow 5.6 per cent in 2022, in line with IMF predictions

Oil exporters bagging $818bn windfall are cautioned by IMF

The IMF said it expects the bonanza “to improve fiscal and external balances” in a region that includes 13 exporters in total

Oman to split sovereign wealth fund into two portfolios

The country posted a budget surplus of $545m in the first two months of this year

carlos ghosn

France issues international arrest warrant for Carlos Ghosn

French investigators have travelled to Beirut to question Ghosn over his interactions with the Omani car distributor and his spending on various events

Getty Images

Oman posts $545m budget surplus on higher oil prices, tax

Oman has implemented a series of reforms to bridge the budget gap and lower its debt, including the introduction of a 5 per cent value-added tax last year

Data centre

Equinix to build data centre in Salalah, Oman

Work is underway to establish a new subsea cable interconnection hub linking Asia, Africa and Europe in partnership with Omantel

Oman

Oman to allow full foreign ownership in listed companies

Muscat Clearing and Depository finalised measures to open up the market

Saudi developer Dar Al Arkan enters Oman with SAR6bn project

Located 20 minutes from Downtown Muscat, the project is spread over a total area of 11 million sq m, and will comprise of 3,500 residential units and two hotels

Special report: How the GCC is poised to develop as a major destination market for global tourism

The region is building its infrastructure and programmes to transform into a major tourist destination over the next few decades

Middle Eastern oil is flavour of the month as benchmarks diverge

Oil futures have soared to the highest level in seven years in the opening weeks of 2022

Oman vows to extend economic reforms as its finances stabilise

Oman’s cost-cutting steps along with a rally in oil prices helped the sultanate return to global debt markets

HSBC reclaims bond crown in Mideast

Following $122bn in debt sales in 2021, governments and companies will probably front-load much of their funding needs this year

Saudi Crown Prince arrives in Oman on official visit

On the sidelines of the visit, Saudi Arabia and Oman signed 13 memoranda of understanding across different sectors

Oman unveils 13 national projects exceeding OMR3bn

The projects cover several key sectors, such as energy, food security, manufacturing, mining, health and tourism services

Oman’s first S&P upgrade in over a decade may be on the cards

Oman’s fiscal deficit may narrow to 4.2 per cent of gross domestic product in 2021