EFG Hermes Completes Advisory on USD 748 Million IPO of OQ Gas Networks on the MSX – the Largest IPO in Oman’s History
تاريخ النشر: 24th, October 2023 GMT
The transaction، which marks the Firm’s second IPO in Oman this year، contributes to Oman’s drive to list state-owned institutions and enriches the stock market.
Muscat، October 24، 2023
EFG Hermes، the leading investment bank franchise in Frontier and Emerging Markets (FEM)، announced today that its investment banking division successfully completed advisory on the USD 748 million initial public offering (IPO) of OQ Gas Networks (OQGN)، the exclusive operator of the gas transportation network in Oman، on the Muscat Stock Exchange (MSX).
OQGN offered a total of 49% of its total issued share capital equivalent to 2،122،005،720 shares at the top end of the range، 140 Baizas per share – implying a market capitalization of USD 1.6bn and marking the Sultanate’s largest IPO ever. The Offering included a Category I offer for institutional investors representing 40% of the total offer size، a sale to anchor investors representing 30% of the total offer size، and a discounted Category II retail offer representing the remaining 30%.
Saudi Omani Investment Company، a wholly owned entity of the Public Investment Fund of the Kingdom of Saudi Arabia، Falcon Investments LLC، a subsidiary of Qatar Investment Authority، the sovereign wealth fund of the State of Qatar، and Fluxys International SA/NV have each secured a 10% share of the IPO and are anchor investors for this offering.
The IPO was met with a robust OMR 4.0 billion (USD 10.4 billion) demand for shares from local، regional، and international investors، with the total book covered approximately 13.9 times.The company began trading today under the ticker “OQGN.”
Karim Meleka، Managing Director at EFG Hermes’ Investment Banking Division، commented، “EFG Hermes is honored to have played a pivotal role in facilitating the successful IPO of OQGN – the Sultanate’s biggest IPO ever –contributing to Oman’s drive to list state-owned institutions and enriching the stock market. Our second Omani listing this year following the listing of OQ’s oil and gas drilling unit Abraj Energy Services، the deal underscores our commitment to delivering exceptional advisory services in FEM، further solidifying our position as a leading investment bank franchise in the region. Our expertise، combined with the robust demand witnessed for OQGN's shares from local، regional، and international investors، reaffirms the appeal of GCC investments and the trust placed in EFG Hermes as a trusted partner in these markets. We look forward to continuing our growth and success in the region، building on this achievement and our strong legacy of advisory excellence.”
OQGN’s public listing on MSX has allowed domestic and international investors to invest in the attractive investment destination of Oman and participate in Oman’s Vision 2040، the long-term national development plan that aims to diversify its economy and enrich its dynamically developing Omani stock market.
The transaction marks EFG Hermes’ seventh advisory role on an IPO this year. Most recently، EFG Hermes advised on the IPO of ADES Holding Company on the Saudi Exchange، as well as the successful IPOs of ADNOC L&S and ADNOC Gas Plc on the Abu Dhabi Securities Exchange (ADX)، IPO of Lumi Rental Company on the Saudi Exchange; Abraj Energy Services on the MSX; and Al Ansari Financial Services PJSC on the Dubai Financial Market (DFM).
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SSIF’s assets grew by JD 1.7 billion to reach nearly JD 18 billion at the end of Q3 2025
صراحة نيوز –
The Social Security Investment Fund (SSIF) reported a record performance for the first nine months of 2025, with total assets nearing JD 18 billion by the end of September — an increase of JD 1.7 billion, or 10.6 percent, since the beginning of the year.
This growth was driven by an increase in total income, which advanced to JD 1.6 billion compared with JD 664.5 million for the same period last year — a 133.5 percent increase — along with the JD 164 million surplus transferred from the Social Security Corporation.
Total income was primarily derived from JD 809.6 million in realized income from the Fund’s investment portfolios and JD 741.7 million in revaluation gains from its strategic equity holdings.
Net income generated from the Fund’s diversified portfolios grew by 16 percent year-on-year, supported by income of JD 454.6 million from bonds, JD 222.4 million from equities, and JD 104.9 million from money-market instruments, in addition to returns from loan and real-estate investments.
The Fund’s assets were mainly allocated to bonds 57.8 percent, equities 18.2 percent, money-market instruments 12.6 percent, real estate 5 percent, loans 3.2 percent, and tourism investments 1.8 percent.
Chairman of the Investment Board, Omar Malhas affirmed that the results achieved during the year reflect the Fund’s solid and disciplined investment approach, which is based on long-term planning, diversification of investment instruments, and investment in viable projects that add value to the national economy.
He added that the Fund continues to strengthen its position as a pivotal national partner in implementing major strategic projects that form a key pillar of sustainable growth in the Kingdom—most notably through its participation in the National Water Carrier Project. He further noted the Fund’s commitment to pursuing investments that enhance portfolio diversification and align with the objectives of the Economic Modernization Vision.
Malhas emphasized that these strategic ventures demonstrate the Fund’s investment-driven national mission to generate sustainable returns that reinforce its financial strength. He added that this approach also reflects the Fund’s enduring institutional role in supporting the Kingdom’s economic framework and promoting a stable, efficient, and forward-looking investment environment.
SSIF CEO, Dr Izzedine Kanakrieh, stated that the Fund continued during the third quarter to translate its investment plans into tangible results through active portfolio management and prudent decision making, reflecting mature and disciplined policies.
He noted that the Fund has strengthened its holdings in several strategic listed companies on the Amman Stock Exchange, guided by a measured approach based on thorough evaluation and well-studied opportunities that enhance value and reinforce the Fund’s long-term position. This approach, he said, reflects confidence in Jordan’s capital-market outlook and underscores the Fund’s commitment to institutional investment practices that balance return and sustainability.
Kanakrieh also highlighted the Fund’s expanding activity in the real-estate sector, including the acquisition of strategically located lands and the signing of long-term lease agreements with local investors under the Build-Operate-Transfer (BOT) model. These initiatives, he explained, stimulate economic activity, create jobs across governorates, and enhance both the value and sustainability of the Fund’s asset base.
He added that these efforts reaffirm the Fund’s role as a national institutional investor dedicated to safeguarding the savings of Jordanians while achieving sustainable returns
The Social Security Investment Fund will continue to implement its long-term investment strategy, guided by an institutional approach that combines efficiency and sustainability, and enhances its enduring contribution to Jordan’s economic and social progress and development.
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