Management Discussion and Analysis Report

Al Anwar Investments SAOG (AAI) was incorporated on 20th December, 1994 as a publicly listed company on Muscat Stock Exchange (MSX). Over the last thirty years, Al Anwar has founded a number of successful companies such as Al Maha Ceramics, Voltamp and Arabia Falcon Insurance.

In the next 3 years Al Anwar plans to grow its asset base by raising its paid-up capital, enhancing the value of its investments and by deploying capital in new investments.


Al Anwar is a significant minority shareholder in a number of private and publicly listed companies in Oman. Al Anwar follows a private equity model of investing and is an active investor. Al Anwar invests in companies with the intention of improving the business performance and enhancing the value of the company.

Al Anwar’s mission is to support, create, and nurture successful entities that create and enhance long-term value for the stakeholders through:

  • Investing in companies with scalable, creative, and sustainable Business Models.
  • Enhancing Corporate Governance and ensuring adequate systems and procedures.
  • Focusing on execution and operational excellence.


  • In 2023, Moody’s upgraded Oman’s credit rating from “Ba2” to “Ba1,” with a stable outlook. This second upgrade was driven by factors like reduced public debt, controlled spending, and increased financial revenues. Moody’s also highlighted Oman’s significant debt repayment of RO 4.6 billion from 2020 to 2023, signaling improved fiscal management and economic stability.
  • While Oman experienced a growth rate slowdown to 2.1% in the first half of 2023, partly due to OPEC+ related oil production cuts, the overall economic outlook remains positive. The country’s resilience and ongoing diversification efforts are essential in navigating global economic challenges.In terms of Real GDP Growth, the main indicator for assessing the efficiency of the economy, Oman is expected toachieve growth of 2.3 per cent in 2023 and 2.4 per cent in 2024.
  • Total public revenue in 2023 increased to OMR 12.2 billion against budget of 10.05 billion, an increase of 22%. Total public spending in 2023 was estimated to be OMR 11.3 billion against budget of OMR 11.3 billion. A surplus of about OMR 931 million expected to record in 2023versus in contrast to the deficit of OMR 605mn approved in the 10th Five-Year Development Plan’s financial framework for the corresponding period
  • Oman’s Government announced a Budget for 2024 with total of revenue of OMR 11.01 billion (2023- OMR 10.05 billion), expenditure of OMR 11.6 billion (2023- OMR 11.3 billion) and a fiscal deficit of OMR 640million (2023- OMR 931 million). The 2024 budget aims to further strengthen financial and economic stability through economic diversification policies, employment generation, improved credit rating and by other polices and legalization that will support Oman to achieve its Vision 2040.


In the last 5 years MSX 30 Index increased by 17% from 3,961 in April 2019 to 4,636 in March 2024.


Description Mar-22 Mar-23 Mar-24
Banking and Investments 4.19 4.83 5.17
Services 1.24 1.35 2.90
Industry 0.38 0.28 0.92
Total Market capitalization 5.81 6.46 8.99

Since March 2022, the total market capitalisation of MSXhas increased by approximately OMR 3.18 billion.The value of traded securities during 2023 reached OMR 1.13 billion an increase of 20.47% compared with last year.


AAI remains cautiously optimistic on Oman economy. We are aware that the current economic environment represents an opportune time to invest in sectors that will benefit from the recovery of Oman’s economy.


The profitability for the year ended 31st March 2024 was improved mainly on account of fair value gain on our investment classified at fair value.


Owing to the inherent balance sheet strength and comfortable Debt/Equity position, AAI has rewarded its shareholders with healthy cash dividends in the last 5 years.

Growth in our investment portfolio over the years has been achieved whilst maintaining a manageable leverage position.  As of 31st March 2024, our Debt/ Equity ratio was 0.49.

AAI maintains a cautiously optimistic approach with a core focus on manufacturing, financial services and the education sector. We have a strong manufacturing cluster which has constantly produced good returns.  Our other clusters, financial services and education, have high growth potential.  Our investments are mostly long-term.  Our objective is to ensure that we increase the profitability and consequently the value of each of our investments.

Our investment portfolio as of 31st March 2024 by clusters is as follows:

Our returns and our share of net assets of our associates and other significant investments for the year ended 31st March 2024 are as follows:


Name of the Company (OMR’000) % holding Carrying Value Share of Profit/ (Loss) Dividend Share of Net Assets
Oman Chlorine SAOG 22.11% 7,852 435          316         5,362
The National Detergent co. SAOG 25.24% 5,323 166          126         4,218
Arabia Falcon Insurance Co. SAOC 22.62% 4,918 163                –         4,517
Al Ruwad International Education Services SAOC 43.51% 4,266 (321) 1,911
Voltamp Energy SAOG 24.68% 4,069 150          161         4,205
Al Maha Ceramics Company SAOG 18.74% 2,105 (210)          155         1,806
National Biscuit Industries SAOG 29.22% 2,383 176            73         2,243


Name of the Company (OMR’000) % holding Carrying Value Fair Value Gain Dividend Income Share of Net Assets
Bank Dhofar 1.51% 7,250 1 351 8,745
DIDIC 6.84% 5,875 1,175 70 9,088

During the year, company has sold its entire stake in Almondz Global and recorded gain of OMR 342k and Bonds worth OMR 1,518k redeemed by Ominvest.

The cornerstones of our next three-year investment strategy are:

  1. Improvement of performance of our investee companies
  2. Monetization of certain investments
  3. Investment in new companies which have the potential to grow as economic conditions improve


AAI has a robust Risk Management framework in place that adheres to industry best practices. Risk Management is embedded in all core business functions and is an integral part of the business strategy. AAI follows a proactive Risk Management approach in remediating internal and external risks through conducting regular risk assessments of its portfolio companies, and operating environment and taking proactive action to mitigate emerging risks.

Risk issues impacting portfolio companies are proactively managed through close working relationships with investee companies and the prudent oversight of our Board representatives. Broadly, these risks take the form of increasing costs/ decreasing margins, competition from other sources of supply and shifts in customer preference for other solutions. Also, each of the investee companies has their own risk management process in place.


We acknowledge the contribution of our Board Members for their wisdom and valuable guidance which has helped us in the successful implementation of our strategy. Further, we appreciate the confidence entrusted by our shareholders.

Khalid Al Eisri
Chief Executive Officer