Joyalukkas Exchange opens 46th branch in Oman at Nesto Hypermarket
The inauguration ceremony drew hundreds of attendees, including both locals and expatriates. Cultural performances such as a traditional Kerala chenda melam (drum ensemble), a magic show, and dance performances added color and energy to the celebration.
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Observer
a day ago
- Observer
Pact signed to develop natural hydrogen value chain
MUSCAT: SOHAR Port and Freezone has signed a Memorandum of Understanding (MoU) with HYNAT SA, a pioneering Swiss company specialised in the research, exploration, and exploitation of hydrogen, to advance the development of a comprehensive natural hydrogen value chain in the Sultanate of Oman. This partnership marks a significant step toward establishing a robust hydrogen ecosystem in SOHAR, with a focus on natural hydrogen as an emerging low-carbon energy source. The collaboration will focus on the identification and assessment of natural hydrogen production areas, development of logistics corridors, and the creation of dedicated storage and processing infrastructure. It will also encompass demand mapping across industry, mobility, and logistics, while exploring export potential for this low-carbon energy source. The agreement builds on an earlier MoU signed between HYNAT and the Ministry of Energy and Minerals (MEM) in February 2025, which granted HYNAT the rights to conduct feasibility studies. The joint roadmap includes defined operational targets, and a development timeline aligned with Oman's broader clean energy transition strategy. Emile Hoogsteden, CEO of SOHAR Port, commented: 'This agreement reinforces SOHAR Port and Freezone's commitment to advancing Oman's clean energy vision by supporting the exploration and development of natural hydrogen. Through this partnership with HYNAT SA, we are laying the foundation for a future hydrogen economy, positioning SOHAR as a key gateway for low-carbon solutions and sustainable industrial growth. Stéphane Aver, Chairman of HYNAT SA, said: 'The signing of this agreement demonstrates our commitment to further developing natural hydrogen as a renewable and low-carbon resource. Together with SOHAR Port and Freezone, we aim to accelerate the energy transition and unlock a new pillar of economic value and sustainability.' SOHAR Port and Freezone continues to play a leading role in supporting Oman's Vision 2040 by promoting investments in renewable energy, industrial decarbonisation, and sustainable logistics. With HYNAT SA's advanced geological expertise and cutting-edge AI-powered detection technologies, this partnership is set to explore the untapped potential of natural hydrogen as a critical component of the global energy mix.
Observer
2 days ago
- Observer
Development Bank loan approvals rise 13% to RO 110 million in H1 2025
BUSINESS REPORTER MUSCAT, JULY 27 Development Bank has approved 3,716 loans worth RO 110 million ($286 million) during the first six months of 2025, marking a 13% increase compared to the same period last year. This growth reflects the bank's commitment to supporting Oman Vision 2040 by promoting economic diversification and strengthening the private sector across the country. 'The loans and programs we provide contribute substantial added value to our national economy,' said Hamad al Harthi, MSME Chief & Portfolio Management, Development Bank. 'We're helping meet food security requirements, reduce reliance on imports and encourage entrepreneurs to pursue new opportunities.' The bank's success stems from its tailored approach that recognizes the unique needs of businesses at different stages of development. 'We craft solutions that align with their business strategies,' Al Harthi explained, enabling both start-ups and established companies to grow and expand their operations. Building on this comprehensive strategy, H1 financing was distributed across key economic sectors that drive national development. Manufacturing received the largest allocation at RO 38 million ($99 million) reflecting the sector's important role in reducing import dependence. General professional services attracted RO 19 million ($49 million) while traditional sectors also saw strong support with fisheries receiving RO 14 million ($36 million), agriculture RO9 million ($23 million) and mining RO8 million ($21 million). This sector-focused approach was matched by broad geographical reach across Oman. Muscat Governorate received RO 25 million ($65 million) while regional development was supported through considerable allocations to North Al Batinah at RO18 million ($47 million) and South Al Sharqiyah at RO 14 million ($36 million). South Al Batinah received RO 11 million ($29 million) and Al Wusta Governorate RO8 million ($21 million) ensuring development opportunities reach communities nationwide. The increased lending demonstrates the bank's commitment to supporting businesses of all sizes, from start-ups and SMEs to large corporates. This approach enables entrepreneurs to implement projects across growth-driving sectors while maximizing local value creation and contributing to Oman's strategic economic goals. As part of a broader ecosystem of government organizations aligned with Oman Vision 2040, Development Bank continues to provide support and incentives to strengthen national industries and promote in-country value. 'Our shared goal is sustainable and inclusive progress,' Al Harthi concluded. 'We're proud that our support is helping ambitious, growing companies fulfill their potential while driving economic transformation.' Development Bank (DB) is a key enabler of economic growth, providing innovative financing solutions to support Oman's Vision 2040 and the transition to a diversified, sustainable economy. DB offers tailored financial products and services to a wide range of sectors, including agriculture, fisheries, tourism, manufacturing, renewable energy, health, education and logistics, focusing on projects that drive in-country value and job creation. Caption: H1 financing was distributed across key economic sectors that drive national development.
Observer
2 days ago
- Observer
IHG Hotels & Resorts announces first voco hotel in Oman
IHG Hotels & Resorts has announced the signing of a management agreement for voco Muscat Al Mouj, a 251-key beachfront hotel set to open in Q4 2025. Alongside Golden Group Holding, the deal marks the first signing of the voco brand in the Sultanate of Oman, further expanding IHG's premium portfolio across the Middle East. The new hotel will cater to both leisure and business travellers. Its prime location offers easy access to Muscat International Airport and proximity to the city's cultural landmarks, making it a strategic addition to Oman's evolving hospitality landscape. Launched in 2018, voco is IHG's fastest-growing premium brand, already making its mark with openings and signings across Europe, the Middle East, Africa, and Asia. Known for its bold identity and thoughtful touches, the brand blends the character of individual hotels with the benefits of a trusted global name, offering guests a reliably different experience. Upon opening, voco Muscat Al Mouj will join the brand's growing portfolio of more than 100 open hotels globally and a robust pipeline of more than 95 properties. Haitham Mattar, Managing Director, IHG Hotels & Resorts, India, Middle East & Africa, said: "We are delighted to bring the voco brand to Oman in partnership with Golden Group Holding. Al Mouj Muscat is one of the region's most exciting lifestyle destinations, and we believe voco's distinctive charm and premium hospitality offering makes it a perfect fit for the destination. This signing reflects our commitment to supporting Oman Vision 2040 by contributing to the country's tourism and economic diversification strategy." Sheikh Salem Al Ghazal, Chairman, Golden Group Holding, said, 'Partnering with IHG to introduce voco to Oman is a significant milestone in our journey to enhance Muscat's hospitality offering. voco's blend of informal charm and global quality perfectly complements the dynamic spirit of Al Mouj. We look forward to delivering a hotel that embodies excellence, reflects Omani hospitality, and attracts travellers from across the globe." When it opens later this year, voco Muscat Al Mouj will offer 251 designed rooms and suites, along with five distinct dining experiences, including an all-day dining venue, specialty restaurant, and lobby lounge. The hotel will feature three meeting rooms, a spa, swimming pool, fitness centre, business centre, ample parking, and a barber shop – providing guests with a well-rounded premium stay experience. IHG currently operates 9 hotels across five brands in Oman, including: Six Senses, InterContinental, Crowne Plaza, Hotel Indigo, and Holiday Inn, with 3 hotels in the development pipeline set to open within the next three to five years.
