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Analysis

How renewable energy projects are driving investment in Oman
OBG
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In October 2022 Oman became the third GCC country to commit to net-zero emissions by 2050, in support of the Paris Agreement. Following the UAE and Saudi Arabia – which in 2021 pledged to reach net-zero – Oman aims to build on a series of clean energy investments and power projects across the sultanate. Oman’s oil production surpassed 1m barrels per day during the first nine months of 2022,…

Analysis

How rising global oil prices are impacting shift towards renewables
OBG
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After opening 2022 at around $78 per barrel, Brent crude oil prices rose sharply over the next few months to surpass $127 on March 8 – the highest price in 14 years, driven in part by Russia’s invasion of Ukraine – before moderating slightly to around $106 as of mid-March. Although investment in oil and gas has fallen by about 30% since the outbreak of the Covid-19 pandemic, there are signs…

Analysis

Hydrogen key to GCC energy transition
OBG
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With hydrocarbons-rich countries in the Gulf increasingly looking to reduce their carbon emissions, some in the region are turning to multi-coloured hydrogen as a more environmentally sustainable solution. Along with renewable sources like solar and wind, hydrogen is regarded as a potential low-carbon or zero-carbon fuel that is key to the transition away from fossil fuels. However, different types…

Analysis

Renewables to help Oman reach green hydrogen targets
OBG
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With the development of a global hydrogen-based economy presenting a significant avenue to advance economic transformation across the GCC, Oman, Saudi Arabia and the UAE have taken the lead in exploring such opportunities. While Saudi Arabia and the UAE are developing general hydrogen strategies, Oman is focusing specifically on green hydrogen generated from renewable or low-carbon energy sources. Opportunities Oman…

Analysis

Carbon capture and hydrogen to support GCC clean energy transition
OBG
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As hydrocarbons producers reap sustained revenue from high global prices, national oil companies (NOCs) in the Gulf are accelerating investment in carbon capture, utilisation and storage (CCUS); hydrogen; and cleaner sources of energy to make their activities less carbon-intensive and support the energy transition. Gulf NOCs’ low-cost production advantages and massive hydrocarbons resources mean…

Analysis

How technology contributes to rise in Oman’s oil production
OBG
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Ever since Oman’s oil production exceeded 1m barrels per day (bpd) in 2016, the sultanate has strived to maintain a comparable daily output. Despite the drop in production resulting from the onset of the Covid-19 pandemic in March 2020, which crippled global crude demand, Oman’s production of crude and condensates – a light type of crude oil derived from gas production – rebounded from its…

Analysis

How GCC countries are boosting public offerings
OBG
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The GCC saw a rise in initial public offerings (IPOs) in 2022 despite secondary market volatility, surpassing the previous year’s record high. The total number of IPOs in the region increased from 20 in 2021 to 48 in 2022, marking a 140% rise. Proceeds from GCC issuers increased by 211% from $7.5bn to $23.4bn over the same period. The growing number of successful IPOs in the region has attracted…

Analysis

What reforms will attract foreign investment to Oman’s capital markets
OBG
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The local capital markets are expected to play a major role in implementing Oman Vision 2040, a long-term blueprint for economic development. The sector is transforming the economy away from its traditional role in the past decades with a dependency on oil revenue, and in which the government played a key role in the economy as an investor, job creator and service provider. Oman’s capital markets…

Analysis

Emerging markets prepare to implement IFRS 17
OBG
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Insurance companies worldwide have been preparing for the most significant change in global accounting standards in almost two decades. On January 1, 2023 the International Financial Reporting Standard (IFRS) 17 came into effect. Replacing the previous standard, IFRS 4, which was issued in 2004, IFRS 17 aims to standardise insurance accounting globally through a uniform approach in order to improve…

Analysis

How mergers and acquisitions boost resilience for GCC banks
OBG
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The Gulf banking sector has witnessed an increase in mergers and acquisitions (M&A) in recent years, as lenders continue to deal with the economic headwinds associated with the Covid-19 pandemic. At the outset of the pandemic, in the first quarter of 2020, it was anticipated that the economic slowdown and the associated fall in oil prices would accelerate the M&A trend among banks in the region,…