Latest news with #Oman-based
Muscat Daily
2 days ago
- Business
- Muscat Daily
Oman Air joins Oneworld alliance, expands reach and benefits
Muscat – In a strategic move set to boost inbound tourism, Oman Air has officially joined the Oneworld alliance, becoming its 15th full member. Its inclusion in one of the world's most prestigious airline networks positions Oman as a more connected and accessible destination than ever before, opening new travel corridors to and from over 900 destinations across 170 countries. This milestone follows more than two years of integration efforts and is expected to drive tourism, economic growth and global recognition for the sultanate. Speaking during a breakfast meeting at W Hotel on Monday, Con Korfiatis, CEO of the airline, said, 'Oman Air is honoured to be joining the Oneworld alliance. We are thrilled to welcome Oneworld customers to experience Oman's rich culture, mountain adventures, serene beaches and heartfelt hospitality. For Oman-based travellers, this opens up a world of seamless global journeys.' As a full member, Oman Air's top-tier guests will now enjoy access to nearly 700 business lounges worldwide, including newly opened Oneworld-branded lounges at Amsterdam Schiphol and Seoul Incheon. Guests will also benefit from priority check-in, boarding, mileage earning and redemption, and full status recognition across the alliance. Con Korfiatis, CEO of Oman Air The move is set to attract more visitors from key long-haul markets such as the United States, Japan and Australia, offering them smoother travel to Oman through partner airlines. Welcoming the development, Nat Pieper, CEO of Oneworld, said, 'Oman Air brings valuable strategic reach and award-winning service to our network. This partnership enhances our connectivity across the Gulf and South Asia, and strengthens our position as the alliance of choice for international travellers. With Oneworld membership, Oman Air not only enhances its service portfolio but also places the sultanate firmly on the global travel map as a must-visit destination.' The announcement comes as Oman Air expands its global footprint, with new direct flights from Muscat to Amsterdam launching on July 1, and a double daily Muscat–London service starting in October. Oman Air currently operates flights to 42 destinations in 22 countries, and this partnership significantly increases its reach.
Observer
6 days ago
- Business
- Observer
Oman's Rakiza Fund eyes key infrastructure opportunities
MUSCAT: Oman-based infrastructure fund manager Rakiza, a platform under the Oman Investment Authority (OIA), is eyeing new investment opportunities in the water and digital infrastructure sectors, according to the Fund's Chief Executive Officer, Muneer al Muneeri. Speaking in an interview with Bloomberg TV on the sidelines of the Asian Infrastructure Investment Bank (AIIB) Annual Meeting 2025, held in Beijing, Al Muneeri said the Fund continues to leverage its strong regional ties and deep market insight to build a robust and resilient infrastructure portfolio across Oman and Saudi Arabia. Rakiza, which manages a billion-dollar infrastructure-focused fund, currently invests in a mix of core assets, including logistics, power, social infrastructure, and increasingly, digital infrastructure. Over the past five years, the Fund has concentrated its efforts in Oman and Saudi Arabia, amassing a portfolio of five key assets across both countries. Among its notable holdings is a stake in Oman International Container Terminal (OICT), the main shipping gateway for northern Oman. Rakiza also owns 30% of Helios Oman, the largest independent telecom tower company in Oman, and 40% of Oman Broadband, the country's monopoly provider of fibre-to-the-home networks. In Saudi Arabia, Rakiza holds a 40% interest in Tihama, a power generation project serving Saudi Aramco, while in Oman, it is invested in the Khazaen Fruits & Vegetable Market (Silal)—a major logistics hub for the food sector developed on a public-private partnership (PPP) basis just outside Muscat. Looking ahead to the next 12 to 24 months, Al Muneeri said Rakiza remains focused on its core sectors, but sees rising opportunity in water infrastructure and continued potential in digital infrastructure. 'We continue to explore opportunities that offer the right balance of risk and fair returns for our investors,' he said. He added that the Fund targets low- to mid-teen internal rates of return (IRR) and has been able to consistently find such opportunities in the region. Addressing competition from global funds entering the region, Al Muneeri emphasised Rakiza's unique position as a local and regional champion. 'That's our story — we're local, we understand the market, we speak the language, and we know the legal and regulatory frameworks,' he said. 'We've been able to demonstrate to strategic investors that we are the right local partner. And certainly, we've secured several off-market transactions thanks to our regional credibility and positioning.' When asked about investor sentiment in light of recent regional tensions, particularly following the escalation of conflict in Iran, Al Muneeri acknowledged short-term concerns but underscored the resilient nature of infrastructure investing. 'Yes, in the short term, such events may impact sentiment and lead to repricing of risk,' he said. 'But infrastructure is by design a long-term, essential investment — covering sectors like power, water, ports—often backed by long-term contracts or concession agreements that insulate it from short-term volatility.' He added that Rakiza's deep understanding of regional dynamics has allowed the Fund to navigate risks effectively and identify solid, forward-looking investment opportunities.
Observer
24-06-2025
- Business
- Observer
New high-grade copper prospect unveiled in Oman's Block 8
MUSCAT: A UK-based mining firm currently leading the exploration of mineral resources in Block 8 in Oman's North Al Batinah Governorate has announced the discovery of a promising new copper prospect, with rock sampling returning copper concentrations as high as 7.84%. Power Arabia Ltd, majority-owned by Power Metal Resources PLC — a London-listed exploration company with a global project portfolio — described the newly identified Al Maidar Prospect as a 'high prospectivity target.' This new discovery, along with the previously identified Al Mansur Prospect, underscores the Block's potential to host significant copper mineralization, company officials said. The Block is currently held by a joint venture between Australian exploration company Alara Resources Ltd and Oman-based Awtad Copper LLC. However, in October last year, Power Metal Resources signed a provisional agreement with the JV to acquire a 12.5% stake in Block 8. Under the terms of the deal, Power Metal committed to investing approximately $740,000 in exploration activities to earn this stake. 'Exploration work, including rock chip sampling, mapping, and in-fill gravimetric geophysical surveying, has focused on two high-priority prospects — the Al Maidar and Al Mansur Prospects — both of which have the potential to host significant mineralization,' Power Metal Resources said in a statement. Sean Wade, CEO of Power Metal Resources, commented: 'These results further underpin our confidence that these two key prospects have the potential to host significant mineralisation, whilst also demonstrating the wider potential for Block 8 to deliver value to stakeholders and shareholders.' Atmavireshwar Sthapak, Managing Director of Alara Resources, added: 'We are pleased with the encouraging results from recent exploration activities undertaken by our partners in the Block 8 exploration licence. The Al Mansur Prospect, originally discovered by Alara in 2012–13, continues to demonstrate strong potential and has now progressed to the drill-testing stage. The discovery of the new Al Maidar Prospect by Power Metal further highlights the broader potential of Block 8 to host additional copper mineralisation. Alara is committed to advancing the exploration of Block 8 and intends to increase its stake in the joint venture through continued investment alongside Power Metal.' According to Power Metal, rock chip sampling from the Al Maidar Prospect yielded copper concentrations of 7.84%, 4.7%, 2.8%, and 2.7%, showing a strong correlation with an associated structural feature. A full technical report has been submitted to the Ministry of Energy and Minerals in support of the project's licence renewal process. Copper mining and processing is now a significant activity within Oman's rapidly growing mining sector. Leading players in this field include Minerals Development Oman (MDO) — the mining investment arm of the Oman Investment Authority (OIA) — and its subsidiaries Mawarid Mining and Mazoon Mining; Oman Mining Company; Green Tech Mining Services; and Al Hadeetha Resources, among others.
The Hindu
17-06-2025
- Business
- The Hindu
Mysuru-based biotech company ties up with firms in Italy and Oman for biodiesel production
Labland Biodiesel, a biotechnology company based in Mysuru, has announced its tie-up with companies in Italy and Oman to establish large-scale bioenergy crop plantations abroad for biodiesel production. The company has been engaged in bioenergy and plant tissue-culture for more than three decades. 'Backed by extensive research in Jatropha, a non-edible, high-yield biodiesel crop, Labland Biodiesel owns proprietary, high-performing seed varieties recognised globally,' said a statement. The partnership with an Italian firm, formalised in February 2025, has kickstarted with pilot plantations in Italy, Spain and Greece, targeting a total expansion of 10,000 acres in each country. 'The partnership will establish a robust supply chain network and collaborate with oil distribution companies in these countries,' the statement said. The agreement with Oman-based partner signed in September 2024 aims at developing plantations of Jatropha and other biofuel crops across the Middle East. The partnership includes joint research and development efforts to identify high-yield biofuel crops suited to the region, along with improvements in processing technology, waste utilisation, and carbon capture initiatives, the statement said. Emphasising the importance of biodiesel, which presents a cleaner and sustainable alternative to petroleum diesel, founder chairman of the Labland Group of Companies Sudheer Shetty said India imports 88.2% of 95 million tonnes of its projected diesel requirement for 2025-26. 'Our vision is to produce 1.5 million tonnes of biodiesel annually. 'We focus on developing plantations across 100,000 acres under Phase 1 with a projected outlay of ₹6,500 crore with an annual production capacity of 500 tonnes a day,' he said in the statement. Managing director of Labland Biodiesel Meghana Bhat said the project is expected to reduce carbon footprint. 'The company will play a major role in carbon capturing that could reshape the regional clean energy landscape. We are strengthening our clean energy capabilities with deeper technologies and production integration to tap the unlocked potential of carbon revenue,' she said in the statement. 'It focuses on improving the economics of biodiesel production. We have received a Letter of Intent for an investment of €500 million from a leading European firm. Further discussions are under way with government of Bahrain and companies in Kenya, Spain and Greece,' the statement added.
Time of India
09-06-2025
- Business
- Time of India
L'Oreal buys British skincare brand Medik8
HighlightsL'Oreal is set to acquire the British skincare brand Medik8, enhancing its portfolio in the rapidly expanding dermatological skincare market. Medik8 specializes in vitamin A-based anti-aging creams and serums, and L'Oreal aims to strengthen its presence in existing markets while expanding globally. L'Oreal's dermatological beauty division has been its fastest-growing sector, achieving revenues of 7 billion euros in the previous year, driven by increasing consumer interest in science-backed skincare products. L'Oreal is to acquire British skincare brand Medik8 , its owner, Britain-based private equity firm Inflexion, said on Monday, boosting the French cosmetics giant's offering in the fast-growing dermatological skincare market . The size of the deal was not disclosed. Medik8 focuses on vitamin A-based anti-ageing creams and serums. "The partnership with L'Oreal will allow Medik8 to deepen its presence in existing markets and expand globally. As part of the transaction, Inflexion will retain a minority shareholding in Medik8," the private equity firm said in a statement. L'Oreal's dermatological beauty division, which includes major brands like CeraVe , La Roche-Posay , and SkinCeuticals , has been its fastest growing in recent years, reaching revenues of 7 billion euros ($7.99 billion) last year, after growing almost 10% on the year before. The business, which also has the highest profit margin among its four divisions, has boomed on growing consumer interest in science-backed products, though growth has slowed recently due to rising competition. L'Oreal executives said this year they were pursuing acquisitions and looking to revive flagging growth. The company acquired Korean skincare brand, Dr.G, in December and also bought a minority stake in Oman-based perfume house Amourage last year.
