News

Oman targetting tourism and real estate to diversify economy

Oman`s Ministry of Heritage and Tourism has approved 19 integrated tourism licences as the Sultanate progresses with plans to invest OMR 4.4 billion (USD 11.4 billion) in hospitality and real estate.

The Sultanate is targetting major tourism and real estate developments as it looks to add over 16,500 hotel rooms across 80 new hotels. Furthermore, the country is aiming...

25/07/23

Oman launches Sultanates first private cloud data centre

Oman’s first private cloud data centre has been launched in coordination with the Ministry of Transport, Communications and Information Technology (MTCIT).

Consequently Oman based global integrated energy company OQ has signed an agreement with the private centre, which was built by global technology company SAP. As a result, OQ will be able to leverage the benefits...

11/07/23

Oman`s Sohar Freezone facilitating investment

Oman`s Sohar Freezone has extended its competitive rates for businesses seeking to obtain a General Trade License (GTL). This initiative will drive growth by encouraging global enterprises to base themselves within the complex and utilise reduced rates for up to three years.

Companies can save up to 50% on regular rates and begin trading immediately by using Sohar`s one stop electronic portal...

27/06/23

Oman planning huge IPO listings over next five years

Oman`s Muscat Stock Exchange (MSX) is planning to list 35 state-owned enterprises over the next five years, with several oil companies expected to list this year.

Furthermore recent interest in the MSX has increased due to the OQ subsidiary Abraj Energy's listing. The IPO could also fuel a positive sentiment for the market as a whole and help push local stock prices...

13/06/23

Oman records first quarter budget surplus

Oman recorded a huge budget surplus of OMR 450 million (USD 1.17 billion) in the first quarter of 2023 according to data from the Ministry of Finance.

This compared to a surplus of OMR 357 million (USD 928 million) in the same period of last year. The OMR 93 million (USD 242 million) rise was mainly due to a 24%...

30/05/23

Oman stakeholders take steps to boost entrepreneurship

Oman`s Fund for Development of Youth Projects (Sharakah) recently signed a Memorandum of Understanding (MoU) with the World Business Angels Investment Forum (WBAF).

The economic cooperation agreement strives to develop financial and digital inclusion, boost the capabilities of entrepreneurs, startups and SMEs by connecting them with global investors and by providing quality knowledge and networking....

16/05/23

Oman’s Sur Oasis Incubator welcomes entrepreneurs

Sur Oasis Incubator in Sur Industrial City has welcomed its first cohort of entrepreneurs, innovators and inventors most recently.

The incubator accepted start-ups with a range of activities representing the food and beverage, software and information technology, training and consultancy sectors.

Sur...

29/09/22

Oman records energy driven budget surplus

Oman recorded a budget surplus of OMR 784 million (USD 2 billion) in the first half of 2022 according to data provided by Oman News Agency (ONA).

The country’s total revenue in the first six months of 2022 increased by over 54% to OMR 6.72 billion (USD 17.45 billion) on the back of higher oil and gas prices. Oil production rose to 1.04 million barrels per day over the same period in 2021, as the...

22/09/22

More GCC tourists and high hotel occupancy in Oman

The Sultanate of Oman is witnessing a surge of tourists from GCC countries according to the National Centre for Statistics and Information (NCSI).

The increase was most obvious during the months of June and July which coincide with the cooler Khareef Season in South Oman.

Therefore, the number of GCC nationals arriving this year increased to 88,047 followed by an increase in the number of European...

15/09/22

Oman passes regulations for household businesses

Oman`s Ministry of Commerce, Industry and Investment Promotion (MoCIIP) has issued a ministerial decision concerning income generating household businesses.

As a result, the new measures will legalise and streamline activities and protect buyers and sellers. They will ensure consumer confidence and protection within the Sultanate of Oman and abroad. The authorities in Oman have already issued 9,092...

08/09/22