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A new central bank chief was appointed by Sultan Haitham Bin Tariq Al-Said in one of nine decrees issued at the start of the year, which also included a new banking law that could have far-reaching implications.

Oman Investment Authority has bought an undisclosed stake in XAI, the artificial intelligence company set up by US billionaire – and key Donald Trump backer – Elon Musk. It comes as the Trump Organization has struck more real estate deals in Saudi Arabia.

Belarusian President Aleksandr Lukashenko discussed industry and agriculture, as well as turmoil in the wider region, during a working visit to Muscat, while a Belarus delegation has sought to bolster commercial links in the UAE.

Sultan Haitham Bin Tariq went on two state visits in quick succession, with a two-day visit to Ankara followed soon afterwards by a three-day trip to Brussels.

Some two dozen medals were handed out by the ruler to mark the sultanate’s 54th National Day, Haitham’s two sons being awarded the First Order of Oman, while other royal family members and senior officials were given a lower ranked gong.

An Omani government-backed consortium has acquired a 41% stake in Angolan diamond mining venture Catoca from Russian giant Alrosa. It is the second major deal this year by Maaden International Investment involving Russian-owned assets.

Oman’s state-owned energy group OQ is preparing to list a minority stake in its Base Industries subsidiary on the Muscat Stock Exchange, following the bourse debut of its OQ Exploration and Production division in late October.

Oman was lifted out of junk status by Standard & Poor’s (S&P) on 27 September, when the credit ratings agency upgraded the country’s sovereign debt from BBB- to BB+.

China’s Premier Li Qiang has called for faster progress on free trade negotiations with the GCC during a trip to Riyadh. At the same time, the GCC has been holding trade talks with Indonesia and Turkey, Oman has been pursuing a bilateral deal with India, and the UAE has been making changes to its approach to trade pacts after mixed results from its initial deals.

The sale of 25% of the shares in OQ Exploration and Production could raise up to $2bn, according to some estimates.

Bilarab Bin Haitham Al-Said, younger son of the sultan, visited the Omantel Innovation Labs in September to be briefed about its programmes and meet some of the start-ups its supports.

Nasdaq Stockholm-listed Tethys Oil has recommended its shareholders accept an offer from Australian suitor Roc Oil, which values the company at $186m.

The Daleel Petroleum partnership of China National Petroleum Corporation (CNPC) and an arm of the local MB Group has signed an oil and gas exploration and production concession for the block, adding to a portfolio which already includes Block 5.

The Omani ruler left Muscat on 8 July for what officials described as a private visit to Germany and the UK. He returned home almost seven weeks later on 24 August.

Germany-based chemicals company has OQ been owned by Oman since 2013, but the Gulf investor is now reportedly looking to sell its stake in the business, which has large debts and is at risk of falling into insolvency.