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Oman energy firm, OQ SAOC, plans to sell up to 49% of its oil drilling unit, Abraj Energy Services SAOC, in an initial public offering, kick-starting the sultanate’s push to join a listings boom sweeping through the Middle East. The Oman Investment Authority has said that it plans to raise more than $1.3 billion by exiting its investments in eight sectors this year. Oman is joining its energy-rich Gulf neighbors in selling assets to fund the diversification of their economies and open up their stock markets to more international investors.

Oman energy firm OQ to sell 49% stake in oil-drilling unit IPO

Oman energy firm, OQ SAOC, plans to sell up to 49% of its oil drilling unit, Abraj Energy Services SAOC, in an initial public offering, kick-starting the sultanate’s push to join a listings boom sweeping through the Middle East. The Oman Investment Authority has said that it plans to raise more than $1.3 billion by exiting its investments in eight sectors this year. Oman is joining its energy-rich Gulf neighbors in selling assets to fund the diversification of their economies and open up their stock markets to more international investors.

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