Foreign investment in Oman’s electricity sector tops $10bln

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SALALAH: The Independent Water Regulatory Forum concluded in Salalah on August 23, 2023 with a call for increased cooperation between GCC countries in the water sector. Speakers stressed the importance of sharing knowledge and expertise, and of working together to address the challenges facing the region.

The forum was a valuable opportunity for experts from GCC countries to share their experiences and discuss the latest trends in water regulation. It also highlighted the importance of cooperation between countries in the region to address the challenges of water scarcity.

Worthy of mentioning, in recent years, the Sultanate of Oman has emerged as a standard-bearer in crafting regulatory frameworks within the public utilities sectors. For instance, its commitment to transparency, independence, and adherence to best practices have helped pull in foreign investment, with inflows surpassing more than $10 billion in the electricity sector. Building on this remarkable success, Oman is now pivoting its attention to another sector recently restructured by Royal Decree 131/2020: the water and wastewater sector. A dedicated law, the Water and Wastewater Sector Law 40/2023, has been newly promulgated in this context.

Unlike many global counterparts, Oman has taken definitive measures to ensure that its regulator operates distinctly from entities with vested interests. Such independence guarantees that regulations are conceived devoid of conflicts of interest, safeguarding both consumers and investors.

Having garnered acclaim in the electricity domain, the Sultanate of Oman is now eyeing advancements in the water and wastewater sector. With the trust and positive reputation it has cultivated, the Sultanate is poised to replicate its earlier success.

Abdulaziz al Siyabi , Head of the Economic Regulation at the Authority for Public Services Regulation (APSR), Sultanate of Oman, attributed this success to a number of factors, including the robust regulatory framework, the availability of attractive investment opportunities, and the commitment of the government to providing quality public services.

Al-Siyabi further explained that the water sector regulatory framework in the Sultanate of Oman is designed to be clear, transparent, and efficient. It provides foreign investors with the confidence they need to invest in the country. The framework also includes mechanisms for ensuring that foreign investments are used efficiently and effectively.

He also noted that the water, wastewater, and electricity sectors are vital to the development and well-being of society. Oman has a growing demand for these services, which provides opportunities for foreign investors to develop and operate projects in these sectors.

Al-Siyabi concluded by saying that the Sultanate of Oman's efforts to attract foreign investments in the water, wastewater, and electricity sectors are a model worth emulating. Through these efforts, the Sultanate has been able to achieve tangible progress in these pivotal sectors, which contributes to achieving sustainable development and improving the quality of life for its citizens.

The forum concluded with a renewed commitment by GCC countries to work together to address the challenges of water scarcity.