Oman's OQEP to Offer 25% Stake in IPO Starting End of September

The logo of the Omani company OQ in a gas field in the Sultanate (X)
The logo of the Omani company OQ in a gas field in the Sultanate (X)
TT
20

Oman's OQEP to Offer 25% Stake in IPO Starting End of September

The logo of the Omani company OQ in a gas field in the Sultanate (X)
The logo of the Omani company OQ in a gas field in the Sultanate (X)

The Financial Services Authority (FSA) in Oman on Sunday approved the prospectus of OQ Exploration and Production Company (OQEP) for public offering (IPO) starting from 30 September 2024.
The offering, which comprises a total of 2 billion shares, represents 25% of the company's issued share capital.
Given the size and market value of the company, the step constitutes the biggest public offering in the Gulf region, the company said according to Oman's state news agency.
The share price for Omani individuals will be calculated at a rate of 351 baisas per share while institutions may determine their own price range by building an order book (370 to 390 baisas per share).
OQ is a global integrated energy company, with roots in Oman and operations in 17 countries globally.
The company covers the entire value chain from exploration and production of oil and gas, refineries and petrochemicals to marketing and distribution of end-user products reaching more than 80 countries worldwide.
OQ Alternative Energy focuses on investments in renewables and green hydrogen in Oman, according to the company’s website.

 



Egypt's GDP Growth at 4.3% in Second Quarter vs 2.3% a Year Earlier

Residents of Ezbet Hamada in Cairo's El Matareya district peer from their balconies to celebrate a mass break-fast, "Iftar" during the holy fasting month of Ramadan in Cairo, Egypt, Saturday, March 15, 2025. (AP)
Residents of Ezbet Hamada in Cairo's El Matareya district peer from their balconies to celebrate a mass break-fast, "Iftar" during the holy fasting month of Ramadan in Cairo, Egypt, Saturday, March 15, 2025. (AP)
TT
20

Egypt's GDP Growth at 4.3% in Second Quarter vs 2.3% a Year Earlier

Residents of Ezbet Hamada in Cairo's El Matareya district peer from their balconies to celebrate a mass break-fast, "Iftar" during the holy fasting month of Ramadan in Cairo, Egypt, Saturday, March 15, 2025. (AP)
Residents of Ezbet Hamada in Cairo's El Matareya district peer from their balconies to celebrate a mass break-fast, "Iftar" during the holy fasting month of Ramadan in Cairo, Egypt, Saturday, March 15, 2025. (AP)

Egypt's GDP growth rate increased to 4.3% in the second quarter of its 2024/25 year compared with 2.3% in the same period a year earlier, the planning ministry said on Wednesday.

GDP grew along with total investments, though public investments were below 40% of the total. Several sectors supported growth, including non-oil manufacturing activity, which was up by 17.74%, and tourism activity, which surged 18%. The fiscal year began on July 1.

Some sectors contracted in the second quarter of fiscal 2024/25, including the Suez Canal, where activity fell by 70%.

Extraction activity growth fell 9.2%, on the back of oil extraction activity, which slipped 7.6% and gas by 19.6%.