News

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

Oman promotes investment in green energy sector

Oman Investment Authority (OIA) recently hosted the Renewable Energy Conference to present green energy investment opportunities to the international market.

The conference was jointly organised by the Ministry of Commerce, Industry & Investment Promotion (MoCIIP) in cooperation with the Ministry of Foreign Affairs represented by the Embassy in London,...

01/09/22

Oman’s Ibri Industrial City attracts new projects

Madayn, Oman’s Public Establishment for Industrial Estates, has announced the Ibri Industrial City project completion rate has surpassed 27%.

Phase one of the project is being developed in the Wilayat of Ibri in Al Dhahirah governorate on an area of 3 million square metres. It incorporates road works, services networks including rain and sewage, telecommunications networks and wadi protection...

25/08/22

Oman plans smart cities in Suhar, Nizwa and Salalah

The Sultanate of Oman`s Ministry of Housing & Urban Planning has launched an innovative initiative to develop three smart cities in different parts of the country.

It has invited international urban engineering consultancy firms to tender for the design and construction of the smart cities in Suhar, Nizwa and Salalah.

The initiative is known as the landmark Oman National Spatial Strategy (ONSS)...

18/08/22

Key enablers to ramp up Oman’s attractiveness

The Sultanate of Oman is introducing a wide range of innovative incentives to attract foreign direct investment and to boost exports to third countries in the region and beyond.

There are 135 new initiatives considered as “powerful investment and economic enablers”. They were introduced as part of the National Program for Investment Export Development (Nazdaher), which is a key part of the [country`s...

11/08/22