News

Oman`s oil and gas investment reaches OMR 2.25 billion

Oman`s total investment in the exploration, production and development of oil and gas during the first half of 2023 reached OMR 2.25 billion (USD 5.84 billion).

According to figures from the Ministry of Energy and Minerals, capital expenditure accounted for 62% of total investment, which included geological surveys, drilling and facilities. The remaining 38%...

12/12/23

Oman and the United Kingdom chart a shared future

Oman and the United Kingdom are consolidating an economic and military partnership in a bid to boost trade.

The UK minister for international trade, recently met with his Omani counterpart and their discussions on future collaboration promise a new chapter in the Anglo-Omani partnership. The UK and Oman have remained stable allies, especially when Oman joined the Arab League, the IMF and UNESCO...

28/11/23

Oman's economic resilience testament to strategies of Vision 40

Oman’s continued strong economic performance demonstrates the Sultanates robust economic policies and strategic Vision 40 according to a recent Allianz Trade report.

The country`s economy has shown remarkable resilience backed up by a fiscal surplus of 8% of GDP in 2022, which is an important indicator of its financial management.

Furthermore,...

14/11/23

Oman issues 2,700 investor residency cards issued to date

Oman’s Ministry of Commerce, Industry and Investment Promotion (MoCIIP) have issued over 2,700 investor resident cards as part of their investor residency scheme.

The Sultanates investor residency programme offers foreign investors and retirees the opportunity to obtain long-term residence for a duration of either 5 or 10 years with the possibility of renewal. To apply for an investor residency...

31/10/23

Oman Cables launches 2nd SHE STEMS programme

Oman Cables Industry (OCI) recently unveiled the 2nd edition of the SHE STEMS programme following up on a Memorandum of Understanding (MOU) with the Ministry of Higher Education, Research, and Innovation (MOHERI).

The initiative was introduced a year ago to empower young Omani women to excel in the nation’s industrial workforce,...

17/10/23

Central Bank of Oman unveils fresh fintech strategy

Omans Central Bank (CBO) has released the Fintech Framework and Roadmap to support financial technology (fintech) based products and services. Fintech is one of the fastest growing financial services sectors both in the Sultanate of Oman and the world.

The comprehensive strategy is fully aligned with the Sultanates Vision 2040. It also aims to develop...

03/10/23

Madayn establishes Centre for Innovation and Entrepreneurship

The Public Establishment for Industrial Estates (Madayn) and the Oman Indian Fertiliser Company (Omifco) recently signed an agreement to establish the Omifco Centre for Innovation and Entrepreneurship in Sur Industrial City.

The agreement will support the plans of Sur Industrial City and the Governorate of South Al Sharqiyah. The centre is expected...

19/09/23

Salalah Free Zone records OMR 727 million of investment

Salalah Free Zone has signed five new land lease agreements worth a total investment of OMR 727 million (USD 1.88 billion) during the first half of 2023.

Furthermore, the free zone located in Dhofar Governorate, announced that total cumulative agreements reached an overall investment volume of OMR 4.5 billion (USD 11.66...

05/09/23

Oman committed to renewable energy to meet demand

Oman is inviting procurement targetting solar and wind capacity to secure at least 30 percent of its electricity from renewable sources by 2030.

Several new wind based Independent Power Projects (IPPs), as well as a mid-size solar PV based IPP and a Waste to Energy scheme will be made available for tender during the current...

22/08/23

Oman updates Labour Law to align with Vision 2040

Oman recently announced a major overhaul of the Sultanates labour laws as the government seeks to align its labour market with the Oman Vision 2040.

The updated law defines the rules and protections in place for both Omanis and expatriates. New legislation aims to foster a dynamic, resilient work environment capable of adapting to current...

08/08/23