Oman has signed a deal with the UK's Knights Bay to extract nickel in the sultanate's first mineral exploration agreement with a foreign partner.
The initial investment in the exploration and evaluation phase is about $25 million to $30 million in the first three years, Oman News Agency quoted the sultanate's Ministry of Energy and Minerals as saying on Thursday.
Last year, Oman and Britain signed a Sovereign Investment Partnership deal to work more closely on increasing high-value investment into both countries.
Oman’s Commerce Minister Mohammed Al Yousef said at the time that the Arab country was keen to support British investors looking to inject capital in sectors such as clean energy, mining, manufacturing, logistics, tourism and fisheries.
Demand for nickel, a crucial ingredient in lithium-ion battery cells, is set to increase as the adoption of electric vehicles increases around the world.
EVs will make up about half of new car sales worldwide by 2035 as the push for net-zero carbon emissions picks up pace, Goldman Sachs Research said in a February report.
Sales will soar to 73 million units in 2040, from about 2 million in 2020, with the percentage of EVs in global car sales projected to rise to 61 per cent, from 2 per cent, during the period, the US investment bank said.
Last month, Saudi Arabia's Ministry of Investment signed 13 preliminary agreements with Oman in sectors such as biochemicals, energy, mining, financial investment, logistics, maritime transport and information technology.
Oman, the largest non-Opec producer in the Middle East, has been investing heavily in sectors such as renewable energy and tourism in an effort to diversify its economy.
As is the case with other Gulf countries, it is currently enjoying a surge in economic activity linked to higher oil prices.
Oman’s net oil revenue in the first 10 months of 2022 jumped by about 40 per cent to 6.19 billion Omani rials ($16.10 billion) while gas revenue surged by about 80 per cent to 3.05 billion rials.
Oman expects a budget deficit of 1.3 billion rials in 2023, or 3 per cent of its gross domestic product, the sultanate's Finance Ministry said in a December.
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Zayed Sustainability Prize
UAE currency: the story behind the money in your pockets
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
