OQ, the global energy investment group of the Sultanate of Oman, has signed an agreement to divest its stake in Majis Industrial Services SAOC to an investment consortium comprising the Oman Infrastructure Investment Fund, Rakiza, and water infrastructure specialist IV3 Aqua.
Majis specialises in industrial water solutions and utilities serving Suhar’s industrial sector. The transaction will bring the company under the ownership of a consortium combining Rakiza’s local investment experience and regional network with IV3 Aqua’s technical and operational expertise in water infrastructure across the Middle East and Asia.
Azzan al Abdullatif, Chief Portfolio Officer of OQ, said the transaction forms part of OQ’s approach to portfolio management and capital allocation. He said the divestment would allow OQ to redeploy capital towards opportunities linked to long-term value creation and Oman’s economic priorities under the group’s annual divestment programme.
According to OQ, the transactions are part of its efforts to manage its investment portfolio and support future growth priorities
“As Majis enters its next phase of growth under new ownership, OQ can redeploy capital towards opportunities that support long-term value creation and Oman’s economic priorities,” Al Abdullatif said, adding that the company is expected to continue providing reliable services while pursuing future growth.
Khalid al Khatib, Chief Executive Officer of Rakiza, said the investment reflects the fund’s focus on infrastructure supporting industrial growth in Oman. He described Majis as Suhar’s leading integrated industrial water platform, citing its customer base and long-term contractual framework.
Olaf Krohg, Chief Executive Officer of IV3 Aqua, said Majis fits the company’s investment focus due to its infrastructure role, contractual framework and position in Oman’s industrial water sector. He added that IV3 Aqua and Rakiza intend to support the company’s continued growth and long-term value creation for customers and partners.
The Majis transaction is the latest step in OQ’s portfolio optimisation programme. It follows partial divestments involving Abraj Energy Services, OQ Gas Networks, OQ Exploration & Production, OQ Base Industries and, most recently, Oman India Fertiliser Company, OMIFCO.
According to OQ, the transactions are part of its efforts to manage its investment portfolio and support future growth priorities.
