Oman Wealth Fund Considers IPOs of State Energy Firm OQ’s Units

(Bloomberg) —

Oman is considering an initial public offering of two units of state energy company OQ SAOC and a manufacturing firm as the sultanate seeks to catch up with an IPO boom in neighboring Saudi Arabia and the United Arab Emirates. 

The share sales are part of Oman Investment Authority’s plan to exit state assets in a bid to bolster the country’s coffers and expand its stock exchange, according to its statement on twitter. It plans a full and partial exit of a number of Omran hotels and resorts, and two Asyad projects.

The potential Omani IPOs come at a time when the Middle East is enjoying an unprecedented listings boom fueled by high oil prices, equity inflows and a drive by regional governments to list state-owned assets. IPOs in the region have raised $13.4 billion in the first five months of the year, already eclipsing the amount raised in any other first half, data compiled by Bloomberg show.

Oman hasn’t had a major IPO since 2010 when telecom operator Nawras, now known as Ooredoo Oman, raised $475 million. In March, Muscat Stock Exchange’s Chief Executive Officer Haitham Al-Salmi said that Oman is planning to list 35 state-owned enterprises over the next five years, with one or two oil companies to potentially list this year.

Read more: 

• Oman Is Said to Study Strategic Options for Energy Firm OQ
• Middle East IPOs on Track for Best Ever First Half as Oil Surges