Total assets at Oman’s sovereign wealth fund, the Oman Investment Authority, reached 17.9 billion rials ($46.6 billion) in 2022, the fund said in its annual report on Wednesday. The OIA said its return on investment last year was 8.8%, and it added that it has contributed more than 5 billion riyals to the finance ministry in dividends to support the general budget. Among its major assets, the OIA wholly owns Oman’s main energy holding company OQ, created to centralize the state’s oil and gas investments, Reuters reported.
Abu Dhabi sovereign wealth fund ADQ and a unit of local conglomerate IHC (IHC.AD) have submitted an offer to wrap their shareholdings in Modon Properties into IHC's Q Holding (QHOLDING.AD). ADQ will also add its shareholding in Abu Dhabi National Exhibitions Company. The proposed transaction would create one of the largest real estate, hospitality, events, and catering platforms in the region, ADQ and IHC said in a statement on Wednesday.
Saline Water Conversion Corporation (SWCC) has signed a memorandum of understanding (MoU) with the Brazilian company WEG, which is specialized in electrical engineering, energy, and automation. The MoU aims to strengthen strategic cooperation and promote collaboration between the two entities by actively exchanging expertise, studies, research, innovations, and engineering applications in water desalination and its technologies.
Saudi Arabia said Thursday it will extend its unilateral production cut of 1 million barrels of oil a day through the end of September in its effort to boost flagging energy prices. The Saudi cut of 1 million barrels per day, which began in July, comes as the other OPEC+ producers have agreed to extend earlier production cuts through next year. The Kingdom announced the extension in a statement on the state-run Saudi Press Agency.
Kuwait Airways faces possible delays of up to 12 months to receive some Airbus aircraft, its CEO said on Wednesday. Maen Razouqi said in an interview that any financial impact as a result must fall on the party causing the delay. "We don't get into disagreements; the reality is that there are financial obligations that must be borne by the party responsible for the delay," Razouqi said.