The only country in the GCC with a ministry dedicated to climate affairs and renewable energy development, Oman has long looked to solar power to achieve energy independence while maintaining steady hydrocarbon exports. With the 2013 announcement of a pilot solar project in the Dhofar governorate, the renewables sector could soon enjoy a period of strong private...
In the wake of growing water consumption driven by rapid population growth, the sultanate of Oman is working to substantially increase its seawater desalination capacity. The government’s successful record of working in collaboration with the private sector to deliver new utilities projects has painted a bright forecast for future partnerships, while amendments to the...
Rapid population growth and a host of planned investment in megaprojects across the tourism, transportation and infrastructure sectors have led to pressing new demand on Oman’s utilities sector. Already boasting a dynamic, liberalised and open market that has witnessed a number of successful power projects built and owned by private companies, Oman is now set to launch a...
In 2013 and the first half of 2014, Oman’s takaful (Islamic insurance) segment moved to the forefront of the wider insurance industry. While sharia-compliant financial products have been allowed in the country since 2011, sharia-compliant underwriting was officially sanctioned only in 2013, and the first takaful firms did not begin the process of setting up shop until...
A raft of new legislation and development plans put in place in 2014 have the potential to bring about a sea change in Oman’s insurance sector in the coming years. In August 2014 the Capital Market Authority (CMA), the industry regulator, introduced a number of amendments to Oman’s insurance law, requiring underwriters to raise their minimum paid-up capital to OR10m ($25...
The sultanate’s insurance industry has grown rapidly in recent years. According to data from the Capital Market Authority (CMA), which is charged with regulating the sector, during the period 2007-13 the sector posted a compound annual growth rate of 14% in terms of gross written premiums (GWPs). Oman was home to the second-fastest growing insurance sector in the GCC...
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