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By squirreling away its recent fiscal surpluses, Oman has stayed snugly insulated from the worst chills of the global financial crisis, with both the credit standing of local companies and the sovereign outlook still viewed very favourably by rating agencies and credit insurers.

On 18 March, Sultan Qaboos received Egypt’s President Hosni Mubarak for talks.

In GSN 847 we wrote that Russia's Tamrus Exploration was no longer part of the Taqah Oil Exploration consortium exploring on Oman's Block 57

Compared to the likes of the Qatar Investment Authority, Abu Dhabi Investment Authority or the Dubai group of funds, not much is known about the Omani State General Reserve Fund (SGRF) or how it makes its investments. But some details have now emerged following its acquisition of a majority stake in the AIM-listed, BVI-incorporated Equest Investment Balkans Ltd (EIB). The SGRF holds 32.27% of EIB, which invests primarily in Bulgaria and Romania. Following the acquisition of a stake, the fund named two Omani directors, Warith Mubarak Al-Kharousi and Faisal Amur Mohammed Al-Riyani to the EIB board.

Former boss Sir Fred Goodwin is vilified in the British press, and the UK government effectively controls 68% of its equity, but credit crunch victim Royal Bank of Scotland retains some significant businesses, notably a project finance arm which has acted as advisor to major GCC project sponsors including Qatar Petroleum, Saudi Aramco, Total, ConocoPhillips, ExxonMobil and Occidental Petroleum Corp (Oxy). Rumour has it that, as it refocuses its investment banking operations, a contrite RBS is set to exit project, leveraged and real estate lending.

Chevron builds Qatar sustainable energy centre; Indago boosted by insurance settlement

Oman has all the ingredients for becoming the Gulf’s most attractive tourist and living destination, but projects remain prey to the vagaries of local politics, as well as more recent credit crunch concerns. A case in point seems to be the legal dispute over ownership of Blue City – said to be the Sultanate’s largest real estate development, costing an estimated $20bn – that for more than three years has pitted Bahrain’s Al-Janahi business family against the local Cyclone company.

Supermajors interested in Bahrain onshore gas round; Indian offshore drilling firm considers entry;:Block 8 partner announces first oil from West Bukha; Oilex resumes Block 56 testing programme

Buoyed by a reversal of the long-term declining trend in crude production, and looking to build gas reserves, Oman is offering opportunities for IOCs of all sizes, reflected in its current offer of five exploration blocks. These are shown below in GSN’s first Oman upstream update – a feature we plan to develop in future months, with regular updates and more information as our database builds. Oman provides a good place to start,

While Oman has its fair share of big IOCs – such as key PDO partner Royal Dutch Shell, Occidental Petroleum Corporation and Maersk Oil, and more recent entrants such as BG Group and BP – the Sultanate also attracts plenty of minnows and other players.

In a fast-evolving regional situation, French President Nicolas Sarkozy is touring the Gulf again, visiting Oman, Bahrain and Kuwait

A joint investment fund between State Bank of India (SBI) and the government will be launched formally in March.

The Investment Stability Fund (ISF), intended by the government to restore confidence in the Muscat Securities Market (MSM), was expected to be launched on 1 February.

KAF Apache support deal for DynCorp BAE Systems in Eurofighter Typhoon talks with Oman. Qatar-India defence co-operation

Iran exports gas to Armenia; Oman faces up to energy shortages; Saudi Arabia becomes US’ second largest oil supplier