OIA contributes to improving Oman’s credit rating

Oman, 17 April, 2025 : The Oman Investment Authority (OIA) played a pivotal role in the recent improvement of Oman’s credit outlook, as affirmed by Standard & Poor’s March 2025 report, which maintained the Sultanate’s BBB- rating with a positive outlook.

OIA contributed to this achievement by reducing debt across its subsidiaries from OMR 11.4 billion in 2021 to OMR 9.2 billion by Q3 2024 and enhancing governance measures. Notably, OQ Group improved its credit rating and reduced its net debt-to-profit ratio, while OQ8 (Duqm Refinery) passed its Lenders Reliability Test, unlocking over OMR 800 million in shareholder guarantees.

The Authority also renegotiated loan terms with banks and significantly cut government loan guarantees for companies like OQ, Asyad, and Nama from OMR 3.2 billion in 2021 to OMR 1.8 billion in 2024 ultimately halting new guarantees altogether.

To institutionalize these improvements, OIA launched its Code of Governance in 2022, enhancing financial oversight, aligning corporate strategies with sustainable development, and encouraging efficient resource use.

Additionally, transparency and foreign investment were boosted through financial disclosures and strategic partnerships, contributing to stronger foreign reserves. These steps support Oman Vision 2040 and reinforce the Sultanate’s position as a reliable global investment destination.