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19/07/2025 12:00 |
Media/ open source |
No work permit renewals for engineers without certification from August, Midhun Raj, 16 July 2025 |
Muscat: The Ministry of Labour has confirmed that starting August 1, 2025, it will no longer renew work permits for engineers in Oman unless they present a valid professional classification certificate. The decision applies to all engineers currently employed in the Sultanate, as well as those seeking new employment.
According to the ministry, the renewal or issuance of work permits under the designation of “engineer” will be strictly conditional upon the submission of a professional accreditation certificate obtained from the Oman Society of Engineers (OSE). The certificate must be officially approved by the Sector Skills Unit (SSU) for engineering professions and submitted via the designated electronic system.
The Ministry of Labour urged all engineers to initiate the certification process promptly, noting that no exceptions will be made after the deadline. The regulation is aimed at reinforcing professional competence, improving the quality of engineering practice, and supporting national workforce development goals.
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18/07/2025 12:00 |
Media/ open source |
OQ investments boost Oman’s fuel storage capacity, Conrad Prabhu Jul 17, 2025 |
The new storage hubs will boost Oman’s resilience to supply crises primarily during weather-related emergencies
Major investments by OQ – the integrated energy group of Oman – in the country’s fuel storage infrastructure are poised to strengthen its pivotal role in strategic fuel logistics, according to the Ministry of Energy and Minerals.
Last year, the state-owned energy company – part of the Oman Investment Authority (OIA) – commenced work on two key fuel storage hubs located in strategically important regions of the Sultanate, committing a total investment of $328 million to the projects.
The larger of the two hubs is under construction in Musandam Governorate, with a budget of $204 million. Work on the 14,536-cubic-metre capacity facility began in October 2024.
Underscoring the importance of the project, the Ministry stated: “The Strategic Fuel Reserve is part of the Group’s commitment to sustainable economic development and to addressing the rising demand for petroleum products driven by population growth and increased commercial activities. The storage facility will serve as a strategic reserve for various fuels, including gasoline and aviation fuel, ensuring an uninterrupted supply during emergencies,” the Ministry added in its recently published 2024 Annual Report.
Earlier, in August 2024, OQ broke ground on a separate Strategic Fuel Reserve located in Dhofar Governorate, in the far south of the Sultanate. The facility, with a planned capacity of 110,000 cubic metres, will enhance the governorate’s resilience to potential energy disruptions, the Ministry said. “The project aims to strengthen the local fuel supply in Dhofar and ensure preparedness for emergency situations by storing key petroleum derivatives,” it added.
When fully operational—targeted for around April 2027—the two hubs will significantly boost Oman’s strategic fuel reserve capacity, which is currently overseen entirely by OQ Group subsidiaries. They will complement the central national fuel storage terminal operated by wholly owned OQ Logistics at Al Jifnain, just outside the capital, Muscat. With a capacity of approximately 170,000 cubic metres, the Jifnain terminal is the largest fuel storage facility in Oman, meeting over 70 per cent of the nation’s refined fuel consumption. It is supplied via pipelines connected to OQ’s refineries at Mina Al Fahal (Muscat) and Suhar, as well as to Muscat International Airport.
Another vital component of Oman’s fuel storage ecosystem is the Ras Markaz Crude Oil Terminal, located near Duqm and overseen by Oman Tank Terminal Company (OTTCO). Connected to the Duqm Refinery via an 80 km pipeline, the terminal functions both as a regional crude storage facility and an export terminal.
Since commencing operations just over two years ago, Ras Markaz has handled 491 vessels as of the end of April 2025. In this period, it imported over 950 million barrels of crude oil and exported approximately 17 million metric tonnes of petroleum products.
Earlier this year, OTTCO signed a strategic partnership with Royal Vopak, the leading Dutch fuel logistics company, aimed at transforming Duqm into a global hub for storage services. The company is also exploring opportunities to support the development of advanced infrastructure for the storage, handling, and export of green ammonia.
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18/07/2025 12:00 |
Media/ open source |
MoL clarifies certification rule for accounting, auditing professionals, Jul 17, 2025 |
Muscat: The Ministry of Labour has issued a clarification regarding its earlier announcement concerning the mandatory professional classification certificate for individuals working in the accounting, finance, and auditing sectors.
In response to numerous inquiries from institutions and individuals working in the sector, the Ministry has confirmed that, effective from September 1, 2025, all Omani and expatriate employees currently working in these fields must obtain a Professional Classification Certificate as a prerequisite for the issuance or renewal of work permits.
The certificate must be obtained from the Sector Skills Unit for Accounting, Finance, and Auditing, which operates under the Ministry in collaboration with the Oman Association of Chartered Accountants. This process applies to all roles listed within the Ministry’s recognized job classification list for the sector.
The Ministry also announced that online registration for the certification process will begin on August 1, 2025. A registration link will be shared through the Ministry’s official channels in the coming days.
This measure is aimed at enhancing regulatory standards, improving the efficiency and qualifications of professionals in the financial sector, and better aligning the labour market with national strategic goals.
Employers and individuals are urged to ensure compliance with this requirement, as no work permits will be issued or renewed after the deadline without the approved certification. For further assistance or inquiries, the Ministry has provided a dedicated call center line at 80077000.
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| 15 |
18/07/2025 12:00 |
Media/ open source |
Moody’s upgrades Oman to Baa3, 12 Jul 2025 |
New York, US – Moody’s Ratings (Moody’s) has upgraded Oman’s long-term issuer and long-term senior unsecured ratings to Baa3 from Ba1 and changed the outlook to stable from positive.
‘We have also upgraded the Government of Oman’s senior unsecured medium-term note programme rating to (P)Baa3 from (P)Ba1,’ Moody’s stated.
The upgrade reflects the group’s expectation that Oman’s government debt metrics will remain robust even if oil prices moderate below our medium-term assumption of US$65/barrel in the coming years. The recent years’ significant reduction in debt burden together with the cumulative impact of spending restraint increase Oman’s resilience to potential future declines in oil demand and prices.
Stronger debt metrics also afford the government more fiscal space and time to implement structural reforms that could, over time, reduce the sovereign’s still-heavy economic and fiscal reliance on the hydrocarbon sector and potentially support a higher rating.
The stable outlook balances fiscal risks under alternative oil price scenarios. The upside risks stem primarily from regional geopolitical tensions, that could drive oil prices higher than our medium-term assumptions, without affecting Oman’s ability to export.
Conversely, the downside risks include the possibility that global carbon transition accelerates more than we currently assume, leading to weaker hydrocarbon revenue streams in the medium term compared to our baseline.
Significantly and durably lower hydrocarbon revenues could reverse the past few years’ improvements in Oman’s fiscal strength if not met with similarly significant new fiscal consolidation measures.
‘Today’s (Thursday’s) rating action also applies to Oman Sovereign Sukuk S.A.O.C, a special-purpose vehicle domiciled in Oman, whose obligations, in our view, are ultimately the obligation of the Government of Oman.
The entity’s backed senior unsecured ratings and its backed senior unsecured medium-term note programme rating were upgraded to Baa3 from Ba1 and to (P)Baa3 from (P)Ba1, respectively. The outlook has been changed to stable from positive, Moody’s added.
Oman’s local currency (LC) and foreign currency (FC) country ceilings were raised by one notch to A3 from Baa1 and to Baa1 from Baa2, respectively. The LC country ceiling at A3, three notches above the sovereign issuer rating, incorporates the economy’s heavy reliance on a single revenue source, the government’s large economic footprint, and Oman’s track record of material external imbalances during the periods of lower oil prices, mitigated by predictable institutions and moderate political risk.
The FC country ceiling at Baa1, one notch below the LC ceiling, reflects relatively modest transfer and convertibility risks, taking into account the sovereign’s robust foreign-currency buffers and Oman’s track record of improving fiscal policy effectiveness, balanced by the economy’s high, albeit declining, external indebtedness.
Stronger debt matrix
Oman’s government debt burden declined to 35.5% of GDP at the end of 2024 from 37.5% of GDP at the end of 2023, extending even further the significant trend improvement in the sovereign’s fiscal strength metrics since 2020.
‘We expect most of Oman’s debt ratios to continue to improve in the coming years, albeit at a more modest pace than over the past four years. Furthermore, we expect Oman’s debt metrics to remain robust and consistent with a Baa3 rating even under alternative scenarios where oil prices moderate below our medium-term assumption of US$65/barrel.’
This resilience mainly reflects the cumulative effect of spending restraint, which has led to a decline in government expenditure to less than 29% of GDP in 2024 from an average of more than 41% of GDP during 2016-2020.
Excluding the impact of the oil and gas production-related spending (which was moved from the budget to another public sector entity), the expenditure decline was smaller but still significant, measuring more than 5 percentage points of GDP. This contributed to lower the fiscal downside in potential adverse oil price scenarios.
Overall, we estimate that Oman’s fiscal breakeven oil price (at which the government balances its budget) declined to less than US$70/barrel in 2024-2025 from an average more than US$84/barrel in 2016-2020.
Oman’s lower debt affords the government more time to adjust during the periods of adverse macroeconomic shocks. It also provides additional fiscal space to implement structural reforms and support economic diversification initiatives that that could, over time, reduce its still-heavy economic and fiscal reliance on the hydrocarbon sector.
In addition, the lower debt burden has reduced the annual fiscal drag from interest payments, which declined to 7.2% of revenue (2.3% of GDP) in 2024 from 9.0% of revenue (3.1% of GDP) in 2021, while also lowering annual refinancing needs. |
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18/07/2025 12:00 |
Media/ open source |
Oman Airports, Changi Airports sign pact to boost revenues |
16 Jul 2025
Muscat – Oman Airports signed an agreement with Singapore’s Changi Airports International (CAI) on Wednesday to enhance commercial and aviation revenues across Oman’s airports.
The agreement marks the beginning of a strategic cooperation aimed at sharing expertise and developing key projects to improve the commercial and entertainment experience for travellers and visitors. CAI will offer solutions to boost non-aeronautical revenues through initiatives such as land leasing and development of themed activity zones for both residents and visitors.
The agreement was signed by Ahmed bin Saeed al Amri, CEO of Oman Airports, and Eugene Gan, CEO of CAI. The signing ceremony was attended by H E Saeed bin Hamood al Mawali, Minister of Transport, Communications and Information Technology and Chairman of Oman Airports’ Board of Directors.
Amri said Oman Airports is pursuing strategies to improve operating revenues by reducing costs, introducing new commercial opportunities and enhancing airport performance.
Gan stated that CAI will work closely with Oman Airports to design integrated business solutions aimed at boosting the sector’s commercial output. He highlighted Oman’s position between East and West, and the potential of its modern airports to support growth in both operational and non-operational revenue streams.
Earlier this month, Oman Airports signed a memorandum of understanding with Malaysian firm WCT Berhad to explore development and investment opportunities around Muscat International Airport. The partnership includes designing a master plan for optimising land use in the airport’s vicinity. |
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18/07/2025 12:00 |
Media/ open source |
Oncology Drugs - Oman |
The Oncology Drugs market in Oman is expected to witness substantial growth in the coming years.
By 2025, the revenue in this market is projected to reach US$76.14m Omani Rials.
Furthermore, it is anticipated that the market will experience a steady annual growth rate (CAGR 2025-2030) of 6.76%, leading to a market volume of US$105.61m Omani Rials by 2030.
When compared to other countries globally, United States is expected to generate the highest revenue in the Oncology Drugs market, with an estimated amount of US$115.92bn US Dollars in 2025.
Oman has witnessed a significant increase in the demand for targeted therapies in the field of oncology drugs. |
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16/07/2025 12:00 |
Media/ open source |
Pharmacist jobs in hospitals and commercial centres Omanised |
Muscat – Ministry of Health (MoH) has issued a directive mandating Omanisation of pharmacy jobs in commercial complexes and hospital-affiliated in-house pharmacies.
A circular (No 167/2025) dated July 13, issued by the Drug Safety Centre under MoH, instructed that professional licences of non-Omani pharmacists and assistant pharmacists in these establishments will not be renewed. The directive takes immediate effect.
Signed by Ibrahim Nasser al Rashdi, Director General of Drug Safety Centre, the circular forms part of broader national efforts to enhance employment opportunities for qualified Omani professionals in the pharmaceutical field.
‘All concerned entities are urged to take the necessary steps to implement this directive in a timely manner,’ the circular said.
The circular has been sent to all pharmacies operating in commercial complexes and those affiliated with hospitals.
The decision follows the Health Sector Employment Governance Committee’s discussions in January with Majlis A’Shura’s Youth and Human Resources Committee on key initiatives aimed at advancing employment of Omanis in the health sector, focusing on complete Omanisation of the pharmacy profession in the private sector. |
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02/07/2025 12:00 |
Media/ open source |
OPAZ Invites Bids for Phase 1 of Surface Water Drainage project in Al Rawdah SEZ |
Muscat, 2 Jul (ONA) --- The Public Authority for Special Economic Zones and Free Zones (OPAZ) announced the launch of a tender for the construction works of surface water drainage channels in the Al Rawdah Special Economic Zone, located in the Wilayat of Mahdah in Al Buraimi Governorate.
OPAZ has invited specialised companies to purchase tender documents and submit bids via the e-tendering platform ‘Etimad’. The tender coincides with the Ministry of Finance’s signing of a financing agreement with the Arab Fund for Economic and Social Development (AFESD) to fund the first phase of the surface water drainage project in Al Rawdah Special Economic Zone.
Eng. Yahya Khamis Al Zadjali, planning adviser to the Chairman of OPAZ, stated that the project aims to provide essential protection for the zone, including safeguarding tourism, industrial, commercial, and agricultural facilities. The project will implement an integrated network of open channels and effective water barriers to control the flow of surface water resulting from rainfall across the lands designated for the SEZ.
He added that the tender includes the construction of an 850-metre barrier, a 25 km rainwater drainage channel, and associated excavation, backfilling, grading, and other works necessary to support the zone’s economic and social goals. The drainage network is designed to withstand exceptional weather conditions.
Strategically located in the Wilayat of Mahdah in Al Buraimi Governorate, Al Rawdah SEZ serves as a key logistics gateway between the Sultanate of Oman and the United Arab Emirates. The zone is connected to Sohar Port and Jebel Ali Port, enabling logistics providers, manufacturers, and commercial businesses to access GCC, Asian and African markets efficiently and cost-effectively.
In May, OPAZ signed an agreement with Mahdah Development Company to develop and operate the first phase of the SEZ over an area of 14 square kilometers. The total planned area of the zone is approximately 56.8 square kilometers. The first phase focuses on attracting investment in a range of sectors, including manufacturing, logistics, warehousing, pharmaceuticals, plastics, mining, food industries, and safety and security services.
Through the development of Al Rawdah SEZ, OPAZ aims to capitalise on the comparative and competitive advantages of Oman’s various governorates, thereby contributing to economic and social development, creating employment opportunities for Omani youth, and stimulating key economic sectors.
The establishment of the SEZ aligns with the Authority’s broader strategy to support Oman Vision 2040, particularly in the areas of economic diversification, fiscal sustainability, labour market development, private sector growth, foreign investment, international cooperation, and sustainable urban and regional development. |
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14/06/2025 12:00 |
Embassy info |
India-Oman @ 70: Seven Decades Of Glorious Diplomatic Relations: Avenues for partnership with Embassy of India: |
Embassy of India in Muscat organizes every year a number of events e.g.:
-International Day of Yoga
-Independence Day
-Republic Day
These events provide an opportunity to companies to partner with the Embassy and showcase their company, products and strengths.
Companies, whether Indian or PIO owned, are welcome to join.
Those interested to partner with the Embassy are requested to express this at URL.
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