When the Tide Goes Out on Oil, the Gulf Finds Its Footing Elsewhere | Mizān

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When the Tide Goes Out on Oil, the Gulf Finds Its Footing Elsewhere | Mizān

The Saudi Exchange fell 13% in 2025, closing at its lowest annual level in three years and recording its largest annual decline in a decade, driven by weak liquidity, falling oil prices, and international trade uncertainties.

A market that absorbed that kind of pressure over a full year and is now seeing its real estate sector lead intraday gains is a market that is slowly rebuilding its internal architecture around non-oil drivers. That is not a one-session story. It is a multi-year repositioning that the current session happens to illustrate.

Which brings us to Oman, and to a programme that deserves more analytical attention than its modest headline figure might suggest.

Oman launched a RO 5 million community solar energy programme aimed at expanding access to renewable power, cutting electricity costs for households and encouraging greater private-sector participation in the country's energy transition.

The programme, known as Imtidad, is managed by the Authority for Public Services Regulation and carries a combined generation target of around 20 megawatts in its first phase.

The launch marked the inauguration of Imtidad 1, Oman's first community solar power station, located in Al Wadi Al Kabir in Muscat Governorate, with a generation capacity of 1.46 MW and nearly 2,000 solar panels, developed at an investment of approximately RO 300,000 as a pilot model for future projects.

The pilot figure is small. The structural implication is not.

The initiative is expected to provide savings of up to 40% on electricity bills for beneficiaries of the National Electricity Support Scheme while increasing the contribution of renewable energy to Oman's power sector.

That 40% figure is the one worth sitting with. In a country where electricity subsidies have historically been a fiscal pressure point, a programme that delivers meaningful bill relief to subsidy recipients through renewable generation rather than continued hydrocarbon combustion is doing two things simultaneously: it is easing household budget pressure and it is quietly restructuring the energy subsidy model itself. Those are not separate policy objectives. They are the same objective approached from both ends.

The project was delivered through a competitive tender process involving Omani SMEs and renewable energy companies, reflecting the programme's focus on strengthening local content and developing domestic capabilities in the clean energy sector.

This is where the Imtidad programme connects to a broader industrial logic that Oman has been assembling with considerable patience.

The Sultanate has completed a fully integrated solar module manufacturing chain, with total investments reaching RO 1.153 billion, and combined projects have created 4,132 direct jobs with Omanisation rates ranging between 35% and 70%.

A country that has built its own solar manufacturing base and is now deploying community-scale solar infrastructure through locally tendered SME contracts is not simply adding megawatts. It is building an industrial ecosystem with domestic employment at its core.

This development reflects a broader qualitative shift in Oman's renewable energy landscape, positioning the sultanate as an emerging regional hub for clean energy industries, providing a strong foundation for attracting additional investments, particularly in advanced manufacturing and energy-intensive industries.

The government has also committed to deriving at least 30% of electricity from renewables by 2030, mainly through onshore wind and solar projects.

The pattern across both the Saudi market session and the Omani programme launch is the same pattern, expressed at different scales. Capital and policy are both moving away from the assumption that oil revenue is the permanent foundation of GCC economic life. In Saudi Arabia, that movement shows up in a real estate sector that is opening to foreign ownership and outperforming even on down days. In Oman, it shows up in a community solar programme that is simultaneously a household welfare initiative, a subsidy reform instrument, and an SME development vehicle. Neither development is dramatic on its own. Assembled together, they describe a region that is doing the slow, unglamorous work of structural transformation while the oil price headlines continue to dominate the front page. The patient reader will learn to look past the headline number and ask what moved inside it. That is where the real story has been all along.

For informational and research purposes only. Not a solicitation. Consult a licensed financial advisor before making any investment decision.