Economy
OQ Signs Agreement To Sell 20% Of Abraj’s Shares To Saudi Omani Investment Company

OQ Group, represented by its Upstream-sector, and Abraj Energy Services SAOC (Abraj, under transformation) signed an agreement with the Saudi Omani Investment Company (SOIC) by virtue of which SOIC buys 20 per cent of Abraj’s shares that are being offered in an initial public offering.
This step comes as part of the joint economic and investment cooperation between the Sultanate of Oman and the Kingdom of Saudi Arabia.
It reflects the efforts exerted by Oman Investment Authority to attract foreign investments in various production and service sectors, as well as the plans of OQ, a globally integrated energy group, to expand the shareholders’ ownership in some of its assets.
Also Read: Everything You Need To Know About The Abraj Energy Services’ IPO
The signing of this anchor investment agreement reflects the regional growth strategy adopted by OQ Group and its commitment to attract foreign direct invest, in line with the objectives of Oman Vision 2040.
This investment agreement demonstrates SOIC’s confidence in Abraj’s future as a financially resilient and high-growth business with enormous potential to grow regionally. The agreement signed with strategic investors would increase the confidence of other segments of corporate and individual investors to invest in Oman.
It is worth noting that this agreement would accelerate and strengthen the business scope of Abraj as a quality oilfield services provider that enhances in-country value and supports the development of Oman’s capital markets.
According to the stock prospectus of Abraj approved by the Capital Market Authority (CMA), the shares of Abraj will be listed for trading at the Muscat Stock Exchange (the “MSX”) on 14 March 2023. Abraj intends to offer 49% of its share capital, equal to 377,398,000 shares for public subscription.
-
News2 months ago
OpenAI Strengthens ChatGPT’s Mental Health Safeguards Ahead of GPT-5 Launch
-
OER Magazines3 weeks ago
Dossier – ToP 25 Personalities 2025
-
Banking & Finance2 months ago
Strong Performance and Strategic Approach: ahlibank announces Its Financial Results for the First Half of 2025
-
Economy2 months ago
Najla Zuhair Al Jamali Appointed President of bp Oman
-
News1 month ago
Ooredoo Wins Silver Stevie® Award for Diversity and Inclusion Excellence
-
Dossier3 weeks ago
Arabic Dossier – ToP 25 Personalities 2025
-
News1 month ago
xAI Open-Sources Grok 2.5, Signaling Accelerated AI Push
-
Leaders Speak2 months ago
VIDEO: Robert MacLean on how NHI is Shaping Oman’s Next Generation of Hospitality Leaders