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Saudi Reef Launches Rural Tourism Business Incubators to Promote Entrepreneurship

Saudi Reef Launches Rural Tourism Business Incubators to Promote Entrepreneurship
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Saudi Reef Launches Rural Tourism Business Incubators to Promote Entrepreneurship

Saudi Reef Launches Rural Tourism Business Incubators to Promote Entrepreneurship

The Sustainable Agricultural Rural Development Program (Saudi Reef) launched the "Rural Development" and "Rural Tourism" business incubators to foster entrepreneurship within Saudi Arabia's agricultural sector.

The initiative aims to boost the entrepreneurial ecosystem, particularly among small farmers and rural producers, by providing them with the tools and skills needed to develop their products and accelerate growth.

The effort aligns with the Kingdom's Vision 2030 goals, which seek to improve the standard of living and quality of life in rural areas.

Saudi Reef offers various forms of support to small farmers, entrepreneurs, and rural tourism operators. The business incubators focus on developing core entrepreneurial skills, such as strategic planning, business management, marketing, and finance.

Additionally, the initiative promotes the creation of innovative business models within the rural development sector.

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Oman State-run Oil Firm OQ will Make Initial Public Offering, Potentially Seek Billions

Oil companies operating in Oman drilled many exploratory wells in various oil and gas concession areas, targeting different reservoirs at varying depths (Oman News Agency)
Oil companies operating in Oman drilled many exploratory wells in various oil and gas concession areas, targeting different reservoirs at varying depths (Oman News Agency)
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Oman State-run Oil Firm OQ will Make Initial Public Offering, Potentially Seek Billions

Oil companies operating in Oman drilled many exploratory wells in various oil and gas concession areas, targeting different reservoirs at varying depths (Oman News Agency)
Oil companies operating in Oman drilled many exploratory wells in various oil and gas concession areas, targeting different reservoirs at varying depths (Oman News Agency)

An Omani state-run oil and gas company announced Monday it will make an initial public offering of its exploration and production business, potentially seeking billions in a major move toward privatization in the sultanate.

OQ, formerly known as the Oman Oil Co., will offer up to 25% of shares in its exploration and production arm, the announcement said. It offered no proposed values for the deal, though Bloomberg quoted anonymous officials with knowledge of the deal suggesting the company could be worth an overall $8 billion, making the stake being put up worth some $2 billion, The AP reported.

“The intention to float OQ Exploration and Production reflects our commitment to unlocking new opportunities for growth, both for the company and for the sultanate of Oman,” OQ CEO Ashraf Hamed Al Mamari said in a statement.

The plan calls for the listing to take place in October, pending regulatory approvals. It plans dividends of $150 million for the first two quarters after that, with a planned dividend of $600 million annually, plus one linked to its performance.

OQ was founded in 2009 and is Oman's third-largest firm in the oil industry, following the state-owned Petroleum Development Oman and US firm Occidental Petroleum.