OQ has agreed to sell its stake in Majis Industrial Services to a consortium led by Rakiza and IV3 Aqua, marking another step in Oman’s state-backed push to recycle capital from mature assets into higher-priority economic sectors.The transaction transfers ownership of one of Suhar’s most important industrial utilities platforms to investors focused on infrastructure and water services. Financial terms were not disclosed. Majis provides industrial water solutions and utilities to companies operating in Suhar Port, Suhar Freezone and Suhar Industrial Estate, where reliable water supply, cooling systems and wastewater treatment are essential to heavy industry, logistics and manufacturing.
The buyer consortium brings together the Oman Infrastructure Investment Fund, known as Rakiza, and IV3 Aqua, a specialist investor and operator in water infrastructure across the Middle East and Asia. The deal is designed to combine local investment knowledge with technical expertise in utility operations, giving Majis a platform to expand services while maintaining its role as a core provider to Suhar’s industrial base.
OQ’s Chief Portfolio Officer Azzan Al Abdullatif said the transaction reflected active portfolio management and disciplined capital allocation. He said Majis was entering a new stage under new ownership, while OQ would redeploy capital towards opportunities aligned with long-term value creation and Oman’s economic priorities.
Rakiza Chief Executive Khalid Al Khatib described Majis as a strategically important platform with a strong customer base and long-term contracted returns. IV3 Aqua Chief Executive Olaf Krohg said Majis fitted the group’s focus on critical infrastructure businesses supported by long-term frameworks and strong market positions.
Majis occupies a central role in Suhar’s industrial ecosystem. Its services include seawater intake, cooling water, potable and process water, sewage treatment and reuse, irrigation water and effluent management. These systems help industrial operators maintain continuous production while reducing pressure on freshwater resources in one of Oman’s key economic corridors.
The company was established in 2006 and developed as a centralised utility for Suhar’s expanding industrial zone. Its operating model supports some of the most water-intensive businesses in the port and adjoining industrial areas. Majis has also highlighted operational milestones including more than 2.18 million safe man-hours and more than 1,000 consecutive days without a lost-time injury as of March 2026.
The divestment fits into a broader restructuring of OQ’s portfolio. The group has been selling or listing selected assets as Oman seeks deeper capital markets, private participation in infrastructure and a stronger role for long-term investors in state-linked companies. Earlier transactions included divestments involving Abraj Energy Services, OQ Gas Networks, OQ Exploration and Production, OQ Base Industries and Oman India Fertiliser Company.
OQ Exploration and Production raised about $2.03 billion through its listing in 2024, becoming the largest company on the Muscat Stock Exchange by market value at the time of flotation. OQ Gas Networks raised about $771 million through its share sale in 2023, while Abraj Energy Services raised about $244 million. These listings formed part of a wider strategy to broaden ownership, improve transparency and attract institutional capital into major national assets.
Majis had earlier been viewed as a potential candidate for a public share sale, with Oman Investment Authority exploring listing options in 2022. The latest agreement instead places the company with specialist infrastructure investors, a route that may offer operational support and sector-specific capital without immediately exposing the utility to public-market pricing.
The transaction comes as industrial water infrastructure becomes more important across the Gulf. Expanding ports, green hydrogen projects, refining complexes and manufacturing zones require dependable water systems that can handle cooling, treatment and recycling at scale. In arid economies, industrial water assets are also tied closely to environmental performance, resource efficiency and regulatory compliance.
For Suhar, continuity of service will be central. The port and industrial zones host logistics, metals, petrochemicals and manufacturing operations that depend on stable utilities. Any expansion by Majis under the new owners could strengthen Suhar’s position as a regional industrial hub, particularly as Oman competes for investment linked to energy transition supply chains, minerals processing and export-oriented manufacturing.
Topics
Oman