MUSCAT: OQ 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 global water infrastructure specialist IV3 Aqua, as part of its ongoing portfolio optimisation programme.

Majis Industrial Services provides industrial water solutions and utility services to businesses operating in the Sohar industrial area.

The acquisition combines Rakiza’s experience in infrastructure investments and regional market expertise with IV3 Aqua’s technical and operational capabilities in water infrastructure across the Middle East and Asia.

Azzan Al Abdullatif, Chief Portfolio Officer at OQ, said the transaction reflects the group’s commitment to active portfolio management and disciplined capital allocation.

“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 as part of OQ’s annual divestment programme,” he said.

Khalid Al Khatib, Chief Executive Officer of Rakiza, said the investment underscores confidence in critical infrastructure assets that support industrial development in Oman.

“Majis combines strategic importance, a distinguished customer base and secure long-term contracted returns, making it a highly attractive investment opportunity that aligns with our long-term investment strategy,” he said.

IV3 Aqua Chief Executive Officer Olaf Krohg said Majis fits the company’s investment focus on essential infrastructure businesses with strong contractual foundations and growth potential.

The transaction is the latest in a series of divestments by OQ aimed at strengthening its investment portfolio and unlocking capital for future growth. Previous transactions under the programme include partial divestments of Abraj Energy Services, OQ Gas Networks, OQ Exploration & Production, OQ Base Industries and Oman India Fertiliser Company.