As part of its strategy to strengthen its investment portfolio and its annual divestment programme, which aims to empower the private sector and encourage foreign capital inflows, OQ, the global energy investment group, has signed an agreement to divest its stake in Majis Industrial Services SAOC, a company specialising in industrial water solutions and utilities serving Suhar’s industrial sector, to an investment consortium comprising the Oman Infrastructure Investment Fund (Rakiza) and global water infrastructure specialist IV3 Aqua.

The acquisition brings together Rakiza’s extensive experience in the local investment landscape and broad regional network with IV3 Aqua’s technical and operational expertise in water infrastructure across the Middle East and Asia. Together, they provide a strong platform for Majis to continue its growth and further strengthen its role in supporting industrial development across the region.

Commenting on the transaction, Azzan Al Abdullatif, Chief Portfolio Officer of OQ, said: “This transaction reflects OQ’s commitment to active portfolio management and disciplined capital allocation. As Majis enters its next phase of growth under new ownership, OQ can redeploy capital towards opportunities that support long-term value creation and Oman’s economic priorities, as part of OQ’s annual divestment programme. We are confident that Majis is well positioned to continue delivering reliable services while pursuing future growth.”

Khalid Al Khatib, Chief Executive Officer of Rakiza, said: “Our investment in Majis reflects our strong conviction in the importance of critical infrastructure that underpins industrial growth in Oman. As Suhar’s leading integrated industrial water platform, Majis combines strategic importance, a distinguished customer base and secure long-term contracted returns, making it a highly attractive investment opportunity that aligns perfectly with our long-term investment strategy.”

Olaf Krohg, Chief Executive Officer of IV3 Aqua, added: “Majis represents exactly the type of strategic business that IV3 Aqua seeks to invest in and develop, given its critical infrastructure, long-term contractual framework and leading position in Oman’s industrial water sector. Together with Rakiza, we look forward to supporting the company’s continued growth and delivering sustainable long-term value for all customers and partners.”

The Majis transaction builds on OQ’s portfolio optimisation programme, following the successful partial divestments of Abraj Energy Services, OQ Gas Networks, OQ Exploration & Production, OQ Base Industries and, most recently, Oman India Fertiliser Company (OMIFCO). These transactions continue to strengthen OQ’s investment portfolio while supporting future growth priorities.