Marafiq organizes workshop to enhance utilities in SEZAD
The workshop was held under the theme 'Strategic Cooperation – Enabling Utilities Infrastructure in Duqm', the workshop explored prospects for growth and expansion across the zone's promising sectors. Discussions focused on strengthening coordination between relevant entities, expediting infrastructure development, improving service efficiency, and enhancing Duqm's readiness to attract high-value investments.
Participants also highlighted the need to unify efforts to accelerate approval procedures, improve service delivery flexibility, and create an attractive environment aligned with the expectations of both local and international investors.
The workshop concluded with agreement on a joint roadmap tailored to upcoming development priorities. This includes forming specialised technical teams, setting clear timelines, and developing a collaborative framework to ensure sustained coordination and integration among all parties involved.
The initiative reflects Marafiq's commitment to its role as an enabler and strategic partner in the development of utilities infrastructure in Duqm. It also reaffirms the company's support for Oman Vision 2040 by delivering high-standard utility services that bolster Duqm's competitiveness and investment appeal.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Observer
an hour ago
- Observer
Asyad Shipping invests $64m in decarbonisation initiatives
MUSCAT, August 1 Asyad Shipping Company SAOG, Oman's majority state-owned maritime transportation company, says it has invested in excess of $64 million in a range of initiatives aimed at reducing the global carbon footprint associated with the operation of its 89-vessel strong, ocean-going fleet. An overview of these initiatives is detailed in the newly published 2024 Sustainability Report of the publicly traded company, which is part of Asyad Group — global integrated logistics enterprise of the Sultanate of Oman. 'Through our strategic initiatives in 2024, we have successfully reduced over 4,000 tonnes of emissions. Over $64 million has been invested in decarbonisation efforts since 2019, ensuring our full fleet complies with advanced environmental protection systems', said Asyad Group in a recent post. 'These milestones, highlighted in our 2024 Sustainability Report, reflect our unwavering commitment to investments and technologies that drives us towards Oman Vision 2040 and enhancing Oman's position as a global logistics hub'. According to Dr Ibrahim al Nadhairi, Chief Executive Officer, the company achieved significant emissions reductions across its fleet, while laying the ground for advancing its decarbonisation goals. This was accomplished through investments in advanced, energy-efficient technologies and the implementation of targeted operational measures, he said. 'These efforts highlight our commitment to meeting global climate goals, including the International Maritime Organization (IMO) strategy. Our continued investments in cutting-edge technology demonstrate a dual focus: upholding environmental responsibility and boosting operational efficiency. These advancements have further optimised our fleet's performance, leading to substantial emission reductions and reinforcing our position as a leader in sustainable maritime operations', Dr Al Nadhairi stated in the Sustainability Report. As part of its broader decarbonisation strategy, Asyad Shipping has introduced several impactful initiatives to curb emissions. Among the most notable is the installation of Rotor Sails on one of its vessels last year. These advanced systems leverage tall, rotating cylinders to harness the Magnus Effect, generating additional thrust and reducing the vessel's reliance on engine power. Depending on wind conditions, this technology can cut fuel consumption and emissions by 5 per cent to 30 per cent, offering efficiency improvements either through targeted retrofits or full-fleet adoption. In parallel, Asyad Shipping is collaborating with engine manufacturers Wartsila and MAN to upgrade the main engines on 22 vessels, with the programme slated for completion in 2025. These upgrades are aimed at optimising fuel usage, enhancing engine performance and significantly lowering the fleet's carbon footprint. The company is also advancing its use of Hans Jensen cylinder lubricators, a solution designed for large two-stroke marine engines. These lubricators reduce cylinder oil consumption and improve engine health, contributing further to operational efficiency. In the field of carbon mitigation, Asyad Shipping has partnered with the German University of Technology (GUtech) to explore Carbon Capture, Utilisation and Storage (CCUS) solutions. Together, they are assessing a range of techniques — including pre-combustion, oxy-fuel, post-combustion and direct air capture — as part of a broader effort to develop cutting-edge emission control technologies. Looking ahead, the company plans to roll out a vessel performance monitoring system that will support compliance with climate-related regulations such as CII and EU ETS, while improving fuel efficiency and reducing emissions in real-time. Additionally, Asyad Shipping is preparing to equip its new LNG dual-fuel vessels with shaft generators. These systems draw power directly from the main engine shaft, eliminating the need for separate generator fuel burn. This measure is expected to deliver fuel oil savings of 2–4 per cent, or approximately 2–4 tonnes per day.
Observer
a day ago
- Observer
Omani-Chinese Friendship Forum discusses strengthening partnership
SALALAH: The third session of the Omani-Chinese Friendship Forum 2025, which began on Thursday in Salalah, discussed strengthening the comprehensive strategic partnership and expanding cooperation and investment between the Sultanate of Oman and the People's Republic of China. The forum was organised under the theme: "Chinese Modernisation and Oman Vision 2040: Our Work and Proposals." It was an initiative by Al Roya newspaper, the Embassy of the People's Republic of China in Oman, and the Oman-China Friendship Association, with the participation of a number of officials, experts and specialists from both sides. The forum was inaugurated by HH Sayyid Marwan bin Turki al Said, Governor of Dhofar, who felicitated a number of speakers and participants. Hatim bin Hamad al Tai, Secretary-General of the forum and Editor-in-Chief of Al Roya newspaper, affirmed that the forum serves as a platform to deepen dialogue, enhance mutual trust between the two countries and explore new avenues for cooperation, in line with the shared potential and aspirations of Oman and China. Dr Saleh bin Said Masan, Under-Secretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, delivered a speech in which he said that the forum is a unique opportunity to exchange expertise and explore promising investment areas that serve the development priorities of both countries. He pointed out that Oman Vision 2040 represents a road map for a comprehensive economic and structural transformation. Lyu Jian, Ambassador of the People's Republic of China to the Sultanate of Oman, praised the strength of the historical relations between the two countries, which span over 1,200 years. He noted that diplomatic relations, since their establishment in 1978, have witnessed stable and fruitful cooperation based on equality and mutual respect. He clarified that the People's Republic of China is Oman's first trade partner with trade volume between the two countries reaching $36.7 billion in 2024. The People's Republic of China is also the third-largest investor in Oman. The ambassador highlighted prominent joint projects, including the launch of the first Omani satellite, investments in the energy sector and training programmes that have benefited over 1,200 Omanis. He also mentioned that the trade volume between the People's Republic of China and GCC countries reached $288 billion in 2024, with Chinese investments growing by over 30 per cent in the first half of 2025. He called for expanding cultural and humanitarian cooperation and launching direct flights between the two countries. Dr Khalid bin Salim al Saidi, Chairman of the Oman-China Friendship Association, said that the association is a vital link in strengthening relations between the two countries. He emphasised that its role has gone beyond organising meetings to building cultural bridges, humanitarian understandings, and informal cooperation initiatives based on shared values and mutual interests. The forum included discussions on four main themes: "Chinese Modernisation and Oman Vision 2040," "Cooperation in the Energy Sector," "Partnership in Innovation and Technology," and "Cultural and Humanitarian Exchange." The forum also featured a photo exhibition in cooperation with the Chinese Embassy in Oman, in addition to direct bilateral meetings (B2B) between business representatives from both countries to enhance partnership and investment opportunities. Over 30 business owners and representatives of Omani and Chinese companies participated in the forum, which also included a special exhibition for the participating Chinese companies. The current session of the forum sought to solidify the strategic partnership between the two countries and explore new avenues of cooperation that support the priorities of Oman Vision 2040, leveraging the People's Republic of China's experience in economic and social modernisation. - ONA
Observer
a day ago
- Observer
Oman's OQ Group secures first-ever S&P ‘BBB-' rating
MUSCAT, JULY 31 International ratings agency S&P Global Ratings has assigned a 'BBB-' global scale issuer credit rating and a 'gcAA-' Gulf Cooperation Council (GCC) regional scale rating to OQ SAOC, the wholly government-owned integrated energy group operating under the umbrella of Oman Investment Authority (OIA). This marks the first time OQ Group has received a public rating from S&P. Commenting on the announcement in a post on Thursday, July 31, 2025, the Group stated that the rating affirms 'OQ's position as a national energy leader committed to long-term resilience and value creation.' 'The assessment highlights OQ's strong liquidity position, disciplined capital structure, and key role in supporting Oman's economic diversification and energy transition under Vision 2040,' the company added. S&P said its assessment of OQ's business risk profile reflects its vertically integrated operations across the hydrocarbon value chain, with efforts to diversify and enhance its asset base. In 2024, upstream accounted for 60% of reported EBITDA, downstream 37%, and other segments—including alternative energy, marketing, manufacturing, and corporate functions—3%. The agency noted that most of OQ's assets are located within Oman (rated BBB-/Stable/A-3), benefiting from the country's robust energy infrastructure. This provides feedstock security, particularly for its refining and petrochemical operations. A well-established trading arm supports both upstream and downstream segments by off-taking production and sourcing feedstock, enhancing operational flexibility. OQ's downstream capacity was significantly boosted following the final completion of the 230,000-barrel-per-day Duqm (OQ8) refinery in April 2025. Developed as a 50:50 joint venture with Kuwait Petroleum (Europe), the refinery represents a major strategic milestone for the group. S&P further highlighted OQ's government-backed mandate to promote economic diversification and investment in Oman. Through its subsidiary, OQ Alternative Energy, the company is investing in renewable energy projects, many of which are expected to be developed in partnership with private players, with OQ retaining up to 50% ownership. Final investment decisions on several of these initiatives are expected in 2025 and 2026. Since 2021, OQ has significantly improved its balance sheet, reducing gross debt by over 45%—from RO 5.3 billion to RO 2.9 billion by end-2024. This deleveraging, supported by strong operating cash flows and nearly RO 2 billion in IPO and divestment proceeds over 2022–2024, underpins its robust credit profile, even amid expectations of a weaker market in 2025–2026. S&P expects funds from operations (FFO) to debt to remain solid at 50%–53% in 2025 and 54%–57% in 2026. Despite planned capital expenditure of RO 700–800 million annually in 2025 and 2026, including investments in maintenance and alternative energy projects, OQ is projected to generate positive free operating cash flow (FOCF) of RO 125–175 million in 2025 and RO 150–200 million in 2026. This is supported by its strong liquidity, including RO 3 billion in cash and cash equivalents, largely placed in interest-bearing short-term deposits, the agency noted. OQ maintains a conservative financial policy, targeting net debt to EBITDA of 2.0x–2.5x and keeping Funds from Operations (FFO) to debt above 55%. Annual dividends are set at RO 289 million, with additional payouts dependent on divestment proceeds. Distributions from 2026 onward are expected to remain balanced with performance, leverage, and investment priorities, S&P added.
