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October 16, 2022

$1bn sustainable city project to be built in Muscat, set for 2025 completion

Diamond Developers, in partnership with the Oman Tourism Development Company (OMRAN Group), has announced the launch of The Sustainable City – Yiti in Muscat, Oman.

With an investment value of nearly $1 billion, the city will be built over an area of 1 million square metres and will be developed within the phase one of the Yiti Integrated Tourism Development Masterplan.

With sustainable innovation at its heart, the project will feature 1,657 residential units including 300 eco-friendly and energy-efficient villas in car-free districts.

The city is designed to produce 100 percent of its energy requirements from renewables which include solar panels and biogas. It will also recycle all its water and waste and use it for irrigation.

The city also aims to grow its own food through productive farm areas and greenhouses and will adopt clean mobility solutions like autonomous shuttles and electric cars, and by deploying EV charging stations.

A sustainable school that will teach important concepts of sustainability through the school curriculum while the city will also feature a number of sports facilities which include jogging and cycling tracks, an equestrian club, and a horse track.

A four-star hotel with 197 rooms, a five-star resort with 170 rooms and a range of restaurants, numerous leisure facilities, and beachfront access will also be included while the resort will also manage 132 luxury serviced apartments.

Faris Saeed, chairman of Diamond Developers, the company behind Dubai Sustainable City, said: “The Sustainable City – Yiti is not only a benchmark for sustainable urban development, it is a working model for future cities. It is a thriving community made up of thousands of residents, visitors, students, researchers, and entrepreneurs.”

He added that the project, scheduled for completion in 2025, is expected to be one of the region’s most sustainable cities and, by adopting the latest solutions in energy production, vertical farming, humidity harvesting and autonomous transportation, it aims to be net zero carbon by 2040.

Mohammed Salim Al Busaidi, chairman of OMRAN Group, said: “Our partnership with Diamond Developers is a unique milestone in our journey as we continue to invest, develop, and maximise the limitless potential of Oman’s tourism sector.

“Yiti will open avenues for numerous lucrative investment opportunities for both local and international investors in line with the directions of Oman Investment Authority.”

Source:https://www.arabianbusiness.com/industries/construction/1bn-sustainable-city-project-to-be-built-in-muscat-set-for-2025-completion

October 16, 2022

Former yacht club in Muscat to be redeveloped into Four Seasons resort and private residences

Leading luxury hospitality firm Four Seasons Hotels and Resorts and the Oman Tourism Development Company (OMRAN Group), which is the executive arm of the Sultanate of Oman for tourism development, have revealed plans for the development of a Four Seasons Resort and Private Residences Muscat in Oman.

The luxury development will comprise of an urban style resort in a mountain and seaside setting, as well as a collection of private residences with sweeping views of the Sea of Oman.

“The Middle East continues to be an integral part of the Four Seasons growth strategy, as we look for opportunities to offer unmatched Four Seasons experiences in exciting and dynamic destinations such as Muscat,” said Bart Carnahan, the president of Global Business Development and Portfolio Management at the Four Seasons Hotels and Resorts.

“We are excited to be a part of OMRAN Group’s long-term vision for the future development of Oman’s tourism landscape, further accelerating the strategic growth of its capital city and continuing to attract luxury guests and residents from around the world with a brand new Four Seasons offering.”

Four Seasons Resort and Private Residences Muscat in Oman will be created through the redevelopment of a former yacht club and marina into 200 rooms and suites and 100 private residences.

Guests and residents will enjoy access to a private beach, five dining outlets, and both indoor and outdoor pools with cabanas.

In addition to water sports offered at the onsite beach, the resort will provide many additional activities through its tennis centre, spa and fitness facilities, and a dedicated Kids For All Seasons area and young adults centre.

The property will also feature extensive indoor and outdoor meeting and event spaces, as well as a bride’s room, business centre, business departure lounge, and prayer rooms.

“Muscat is a destination filled with history, natural beauty, business, tourism, and so much more, and we look forward to showcasing all it has to offer through this exceptional new project with Four Seasons,” said Dr Hashil Obaid Al Mahrouqi, the CEO of the OMRAN Group.

“By bringing this iconic brand to Muscat, we continue to drive forward the Oman Vision 2040 and our National Tourism Strategy, solidifying this wonderful country as a preeminent luxury destination for locals and global travellers alike.”

Oman is located on the southeastern coast of the Arabian Peninsula, along the Sea of Oman. It’s capital city of Muscat bears an idyllic landscape, marked by the backdrop of the Al Hajar Mountains with views of the Arabian Sea.

In addition to the tranquil setting, travellers to Muscat enjoy local attractions such as museums, mosques, and heritage sites.

Four Seasons Resort and Private Residences Muscat, Oman joins Four Seasons growing collection of properties in the Middle East, including the upcoming Four Seasons Private Residences Dubai at Jumeirah and Four Seasons Hotel Diriyah, Saudi Arabia.

Source:https://www.arabianbusiness.com/industries/travel-hospitality/former-yacht-club-and-marina-in-muscat-to-be-redeveloped-into-four-seasons-resort-and-private-residences

October 16, 2022

Rise in tourism, oil output to lift Saudi economy by 7% in 2022, outpacing other GCC nations

Saudi Arabia‘s economy is expected to witness a 7 percent acceleration in 2022, driven by stronger oil output following OPEC+ production cuts and continued growth in non-oil sectors, according to the latest World Bank report.

The World Bank’s Gulf Economic Update (GEU), “Achieving Climate Change Pledges,” report highlights that growth in the kingdom’s economy will also be supported by stronger consumption, increased tourism, and higher domestic capital spending.  

The projected rate of growth in Saudi Arabia outpaces the the economies of other Gulf Cooperation Council (GCC) countries, which are projected to expand by 5.9 percent overall in 2022.

“As GCC countries commit to the net-zero objectives laid out in their pledges and strategies, it is important to restructure energy and water subsidies and address the GCC’s challenge of moving to a more sustainable growth model less hydrocarbon dependent and managing the transition to a global low-carbon economic environment that risk to see their oil revenues reduced in the next few decades,” Issam Abousleiman (below), the World Bank’s regional director for the GCC, said.

Economic outlook for the GCC countries: World Bank
Bahrain: Bahrain’s economy is expected to accelerate in 2022 to 3.5 percent, boosted by surging energy prices. Recovery in the non-oil economy will be driven by expansion in the transportation and communication sectors, as well as increased agriculture and fishing.

Kuwait: Economic growth in 2022 is expected to accelerate to 5.7 percent, due to higher oil output as OPEC+ cuts are phased out and domestic demand strengthens.
Oman: Growth in 2022 is projected to reach 5.6 percent, underpinned by more than 8 percent growth in the hydrocarbon sector, while the non-oil economy continues to grow by more than 2% as faster vaccine rollout strengthens domestic activity.

Qatar: Real GDP is estimated to rise in 2022 to 4.9 percent on the heels of boosted hydrocarbon exports, while growth in private consumption may be slightly lower, at 4.8%, driven by a potential dilution of World Cup proceeds and higher prices.
United Arab Emirates: Economic recovery is projected to continue in 2022, with growth anticipated to reach 4.7 percent driven by oil and non-oil sectors.
The economic recovery in the GCC is likely to continue in the medium-term, driven by the hydrocarbon and non-hydrocarbon sectors.

Economic rebound from the Covid pandemic
The latest issue of describes the GCC countries as rebounding robustly from the Covid-19 pandemic in the course of 2021 and at the beginning of 2022.

The report attributes the rebound to a broadly successful vaccination rollout across the GCC, the easing of pandemic restrictions, and developments in the hydrocarbon market.

As a result, fiscal deficits have markedly improved, with the GCC external balance reaching pre-pandemic levels in 2021 as energy prices and export earnings strengthened.

As major hydrocarbon exporters, GCC countries may also benefit from changes in the energy markets brought about by the war in Ukraine.

These countries may see strong fiscal and external surpluses, which could help spur consumer confidence and investments.

However, the war has also placed energy security at the top of the agenda of many major oil importers, thereby accelerating their plans for a transition to green growth.

The GEU contains a special chapter focusing on critical steps that need to be taken towards energy subsidies, fiscal consolidation, and the importance of getting prices right to bring about an environment that places the private sector at the forefront of green growth, according to the World Bank report.

The special chapter of the GEU discusses opportunities to restructure energy subsidies in the region, as well as opportunities that exist for the GCC countries to become renewable energy powerhouses by diversifying into green technologies.

This transition to an environment-friendly model will be a recurrent theme in future issues of the Gulf Economic Update, making this the first in a series that will focus on green growth in the region.

Source:https://www.arabianbusiness.com/politics-economics/rise-in-tourism-oil-output-to-lift-saudi-economy-by-7-in-2022-outpacing-other-gcc-nations-world-bank

October 16, 2022

Petrofac, Oman Hydrogen to collaborate to strengthen renewable energy sector

Petrofac, a leading provider of services to the global energy industry, has signed a Memorandum of Understanding (MOU) with Oman Hydrogen Centre (OHC) to collaborate in building capabilities for Oman’s renewable energy sector, the company announced on Wednesday.

The agreement aims to strengthen the sector, particularly in green hydrogen.

The partnership “will bring considerable benefits to the efficient implementation of green hydrogen projects and help accelerate the Sultanate’s energy transition,” the statement said.

Oman reveals plan to become global hydrogen player

Additionally, the collaboration will help in the development of Omani talent.

Petrofac recently completed front-end engineering design (FEED), for green hydrogen production facilities followed by studies for small-scale industrial globally.

The building company will provide technical expertise, design experience, project management and execution, and building capacity through knowledge transfer, the statement said.

“Green hydrogen provides an opportunity to help accelerate the energy transition in Oman through the decarbonisation of many parts of our industries,” Petrofac Oman’s country manager Dr Khalid Al Jahwari said.

Al Jahwari said the partnership with OHC “is designed to meet the needs of new complex energy assets,” adding it will focus on engineering excellence and a skilled workforce.

“With our combined knowledge, experience and capabilities, we are here to support this transition,” he said.

In June this year, the Sultanate’s Ministry of Energy and Minerals was in the process of appointing a think tank to promote Oman as a hub for production and export of green hydrogen.

Oman aims to be at the forefront of green hydrogen production, especially as key resources such as solar and wind energy and adequate lands will play a pivotal role in achieving this target.

The government also aims to attract foreign direct investments in the green hydrogen sector, as “there is a good demand for investments,” according to Ministry of Energy and Minerals’ director-general of renewable energy and hydrogen, Abdulaziz Said Al Shedhani.

“Remarkable efforts from governmental units, industries, and scientists take place towards accelerating the energy transition and green economy,” Oman Hydrogen Centre’s director Dr. Sausan Al Riyami said, adding “this will enable the building of our Omani talents in energy sector.”

Source:https://www.arabianbusiness.com/industries/energy/petrofac-oman-hydrogen-to-collaborate-to-strengthen-renewable-energy-sector

October 16, 2022

Oman to ban import of plastic bags from 2023

The Ministry of Commerce, Industry and Investment promotion has issued a ministerial decision that bans imports of plastic bags with effect from January 2023. The decision comes in line with the ministry’s plan to regulate market activities pertaining to the import of products that damage the environment, according to Sami Salim Al Sahib, Director General of the Industry, as reported by Oman News Agency (ONA).

The decision, issued in coordination with the Environment Authority, will support Omani factories by limiting unfair competition from imported products that do not meet environment standards, he explained.

“Eliminating plastic bags is one of the challenges that the ministry seeks to overcome in cooperation with the concerned authorities and find specifications for manufacturers and suppliers to ensure the correct transition to alternatives to plastic bags that harm the environment,” said Sahib, as reported by local news.

An administrative fine of OMR1,000 will be imposed on anyone importing plastic bags, the fine will be doubled if the violation is repeated.

In cooperation with the Environment Authority, the ministry seeks to shift to environment-friendly industries, however, it was noted that the decision will not affect local plastic production facilities. The decision intends to help local plastic production factories to augment sales and production to meet local market demands.

To ensure a proper shift to plastic alternatives, as well as, raise social awareness about the negative impacts of plastic, the ministry will be working in cooperation with concerned departments to develop specifications and instructions. The decision is set to come into effect by January 1, 2023.

Source:https://www.arabianbusiness.com/politics-economics/oman-to-ban-import-of-plastic-bags-from-2023

October 16, 2022

UAE, Oman hold first directors meeting for $3bn railway between Abu Dhabi, Muscat

The Board of Directors of Oman Rail-Etihad Rail joint venture company, held its inaugural meeting in Dubai, two days after signing an agreement to form the $3 billion railway company. The passenger trains are designed to reduce travel time from Sohar to Abu Dhabi to 1 hour 40 minutes, and from Sohar to Al Ain to 47 minutes.

During the meeting, the board of directors discussed the implementation plans including technical studies, architectural design, environmental studies for routes, the business model and the commercial affairs of the joint venture.

A strong emphasis was placed on the importance of fast tracking the execution of the project.

In discussion was also the commitment to the highest standards for security, safety and sustainability.

The passenger trains will travel up to 200 kilometres per hour, according to the report, and will connect Abu Dhabi with Sohar to the north of Muscat.

The network will be a contributing factor to the growth of national economies of Oman and the UAE, it will also improve the efficiency of supply chains whilst facilitating cross-border trade by linking commercial ports to the railway network.

“The joint railway network will advance the land transport system between the two countries in line with the best-in-class criteria and standards, providing safe, reliable, and sustainable transportation, which in turn, will further facilitate connectivity between industrial and commercial centres, and cement the longstanding social cohesion between the two countries,” said Suhail bin Mohammed Faraj Faris Al Mazrouei, UAE Minister of Energy and Infrastructure.

The Board of Directors also appointed Eng. Ahmed Al Hashemi as CEO of the company, and Eng. Mohammed bin Zahran Al Mahruqi as Deputy CEO.

“Through this partnership and the logistics progress it will bring about, various economic and trade activities will reap several benefits, creating new opportunities and providing high-quality transport solutions that will contribute to establishing a connection between Sohar and the Omani free zone, with vital economic and industrial zones in the UAE,” said Saeed bin Hamoud bin Saeed Al Maawali, Minister of Transport, Communications and Information Technology in Oman.

Source:https://www.arabianbusiness.com/industries/transport/uae-oman-hold-first-directors-meeting-for-3bn-railway-between-abu-dhabi-muscat

September 25, 2022

MSX index ends higher

The MSX index closed at 4,508.68 points, up by 0.72 per cent from the previous close. The Sharia Index ended up by 0.7 per cent at 481.57 points.

Oman Qatar Insurance, up 5.41 per cent, was the top gainer while Muscat Thread Mill, down 8.7 per cent, was the top loser. Shares of HSBC Bank Oman were the most active in terms of the number of shares traded while Ooredoo were the most active in terms of turnover.

A total number of 331 trades were executed during the day’s trading session, generating a turnover of OMR1.9 million, with more than 8.33 million shares changing hands. Out of 40 traded securities, 16 advanced, 9 declined, and 15 remained unchanged. At the session close, domestic investors were net buyers for OMR86,000 while foreign investors were net sellers for OMR79,000, followed by GCC & Arab investors for OMR7,000 worth of shares.

Financial Index closed at 7,163.24 points, up 0.33 per cent. Prices of Oman Qatar Insurance, National Bank Oman, Bank Dhofar, Sohar International Bank and Oman Arab Bank were up by 5.41 per cent, 3.31 per cent, 1.45 per cent, 0.97 per cent and 0.83 per cent respectively. Prices of Muscat Finance, Ahli Bank and Ominvest were down by 1.54 per cent, 1.54 per cent and 1.2 per cent respectively.

Industrial Index closed at 6,284.77 points, down 0.09 per cent. Prices of National Aluminium, Al Anwar Ceramics, Gulf Mushroom Products, Oman Fisheries and Galfar Engineering were up by 4.88 per cent, 2.56 per cent, 2.04 per cent, 1.89 per cent and 0.61 per cent respectively. Prices of Muscat Thread Mill, Dhofar Cattle Feed, Raysut Cement and Oman Cement were down by 8.7 per cent, 5 per cent, 4.31 per cent and 0.67 per cent respectively.

Services Index was up by 0.48 per cent before closing at 1,621.53 points. Prices of SMN Power Holding, Oman National Engineering, Ooredoo and Oman Telecom were up by 3.13 per cent, 2.8 per cent, 2.02 per cent and 1.33 per cent respectively. There were no losers for the day.

Source:https://timesofoman.com/article/121505-msx-index-ends-higher-17

September 25, 2022

World oil prices rise by 2% on supply woes

Global crude oil prices rose by more than two per cent on Wednesday after Russian President Vladimir Putin announced a partial military mobilisation, raising fears of a shortage in oil and gas supplies.

Brent crude futures rose $2.28, or 2.5 per cent, to $92.90 a barrel, after falling $1.38 in the previous session, while US West Texas Intermediate (WTI) crude futures rose by $2.22, or 2.6 per cent, to $86.16 a barrel.

Oman oil price
Oman oil price (November Delivery 2022) on Tuesday reached $92.84, comprising a rise by 24 cents from the price of Tuesday which stood at $92.60, on the Dubai Mercantile Exchange (DME).

The average price of Oman oil (September Delivery 2022) has stabilised at $103.21 per barrel, thus $9.72 per barrel lower than August Delivery 2022.

“Oil markets strongly rebounded in response to the Russian president’s announcement regarding the conflict in Ukraine. The planned mobilisation of Russian troops could result in increasing tensions, disruptions in oil deliveries as well as new sanctions from Europe,” Wael Makarem, Senior Market Strategist – MENA at Exness, said to Times of Oman.

“This could add to the concerns around supply levels, possibly shifting attention away from the decreasing demand for a moment. Geopolitical tensions could also affect current price trends if the confrontation flares up,” he further added.

At the same time, traders remained concerned about the slowing demand as global economic output continues to cool down. This could continue to affect oil prices over the longer term as geopolitical tensions abate, Makarem said.

The US Federal Reserve is widely expected to hike rates by 75 basis points for the third time in a row later on Wednesday in its drive to rein in inflation. This could also impact expectations regarding the global economy and demand for energy. A stronger-than-expected interest rate hike could put downward pressure on oil prices, he said.

“As a result, energy markets could see strong volatility in the coming days as traders react to the central bank’s decision on one side as well as to the increasing tensions in Europe on the other,” he added.

Source:https://timesofoman.com/article/121510-world-oil-prices-rise-by-2-on-supply-woes

September 25, 2022

Oman’s inflation rate hits 2.4% in August

The inflation rate of the Consumers Price Index (CPI) in the Sultanate of Oman stood at 2.4 per cent in August 2022, according to the latest data issued by the National Centre for Statistics and Information (NCSI).

The data indicated a rise in the prices of main groups in August 2022 compared to August 2021, such as education by 5.1 per cent, food and non-alcoholic beverages by 4.9 per cent, health by 3.5 per cent, transport by 3.1 per cent, restaurants and hotels by 2.1 per cent, miscellaneous goods and services by 1.5 per cent, recreation and culture by 1.4 per cent, furniture, household equipment and routine household maintenance by 1.2 per cent, clothing and footwear by 0.9 per cent and housing, water, electricity, gas and other fuels by 0.6 per cent.

Meanwhile, the prices of some main groups remained unchanged, such as tobacco and communications.

Prices also went up for oils and fats by 19.2 per cent, meats by 8.8 per cent, fruits by 7.5 per cent, non-alcoholic beverages by 4.4 per cent, bread and cereals by 4.1 per cent, milk, cheese and eggs by 3.2 per cent, sugar, jam, honey and sweets by 2.3 per cent, other foodstuff by 1.9 per cent and fish and seafood by 1.7 per cent. Prices declined for vegetables by 2.9 per cent.

As far as governorates are concerned, Al Buraimi recorded the highest inflation rate of 4.3 per cent, followed by Al Dakhiliyah by 2.9 per cent, Dhofar by 2.7 per cent, Al Dhahirah by 2.6 per cent, North Al Batinah by 2.4 per cent, North Al Sharqiyah and South Al Sharqiyah by 2.3 per cent, while the Governorate of Muscat recorded the lowest inflation rate of 2.1 per cent.

Source:https://timesofoman.com/article/121511-omans-inflation-rate-hits-24-in-august

September 25, 2022

Union Minister Piyush Goyal meets with UAE counterpart on sidelines of G20 ministerial meet

Union Minister for Commerce Piyush Goyal Thursday met with the UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi and held discussions to bolster the trade and investment ties between the two countries.

The meeting occurred on the sidelines of the Group of 20 (G20) nations’ trade, investment, and industry ministerial meeting.

In a tweet, Goyal wrote, “Delighted to meet UAE Minister of State for Foreign Trade
Thani bin Ahmed Al Zeyoudi at G20, Indonesia. Took stock of the progress under the India-UAE Comprehensive Economic Partnership Agreement and discussed further strengthening of our trade and investment ties.”

Piyush Goyal also held a meeting with the Saudi Arabia Minister of Commerce Majid Alkassabi and held talks to strengthen economic ties between India and Saudi Arabia.

“Met H.E.Majid Alkassabi, Minister of Commerce, Saudi Arabia at G20IndonesiaI. Deliberated on ways to attract greater investment & strengthen bilateral trade to further bolster economic ties between India and Saudi Arabia,” wrote Piyush Goyal.

Earlier, Piyush Goyal met with the US trade representative Katherine Tai and held discussions on World Trade Organization Dispute Settlement Reforms and exchanged ideas on ways to strengthen the mechanism making it more efficient.

The meeting came ahead of the G20 Summit which will be hosted by Indonesia in Bali in the month of November.

India’s G-20 Presidency next year will be a golden chance for the country to correct the long-standing anomalies that go against the developing countries, especially in the domain of agriculture and food subsidies, SBI.

Research said in its latest report. India is going to hold the G20 presidency from December 1, 2022, to November 30, 2023. Piyush Goyal also held a meeting with the Executive Vice President of the European Commission Valdis Dombrovskis and discussed on expediting Free Trade Agreement negotiations which will benefit both sides.

“Met Executive Vice President of the European Commission Valdis Dombrovskis on the sidelines of G20 Indonesia. Both sides are keen to expedite FTA negotiations with mutually beneficial results,” he added.

Minister Piyush Goyal on Tuesday said the UK is keen to stick to the Diwali deadline for India-UK free trade agreement and both countries are working towards it. He referred to the passing away of Queen Elizabeth II and said “as we are expanding our engagements, the UK is at a cusp”.

“Two days ago, I received a letter from the UK again reiterating that they want to stick to the Diwali deadline (for the India-UK Free Trade Agreement),” Goyal said at an event here.

Speaking of India’s engagements and the quest to become self-reliant, Goyal said, “If we don’t engage with the international market, we are the losers…Today the whole world is talking of Atmanirbhar…There is no power that can stop us from becoming a developed nation in the next 25 years…The world wants to engage with us, the world has more confidence in us than we have.”

Earlier, in the day, British High Commissioner to India, Alex Ellis said that India and the United Kingdom have the high ambition of completing the Free Trade Agreement (FTA) by Diwali this year.

Source:https://timesofoman.com/article/121549-union-minister-piyush-goyal-meets-with-uae-counterpart-on-sidelines-of-g20-ministerial-meet