Nama Water Services' operating revenue rose from OMR 226.4 million in 2023 to OMR 428.7 million in 2024. The audited accounts show that OMR 173.7 million of the 2024 figure was government subsidy, and a further OMR 20.8 million was revenue short of the maximum allowed under the price control formula.
A new formula from January 2024
The Price Control Regulation applied from 1 January 2024. Under it, Nama Water Services is entitled to its operating expenses, including depreciation, plus a return on its Regulated Asset Base. Any gap between that entitlement and what customers pay becomes a subsidy entitlement. Excluding the two price-control items, 2024 operating revenue was OMR 234.2 million, close to the 2023 level.
Retail tariffs
Published water tariffs at the 4 November 2026 check were OMR 0.66 per m³ for citizens with up to two accounts, OMR 0.77 for other residential customers and OMR 1.32 for commercial and government users. No tiered consumption pricing is in effect.
Borrowing climbed
Short-term borrowings rose from OMR 91.1 million at the end of 2022 to OMR 188.0 million at the end of 2023 and OMR 269.0 million at the end of 2024. The company also completed a debt restructuring in 2024 at a Present Cash Requirement of OMR 203 million, and reported net income of OMR 57 million for the year.
The 2050 plan
The funding model matters because the Integrated Master Plan, presented in December 2025, sets out OMR 11.1 billion of capital spending to 2050, including OMR 7.2 billion for wastewater.
How the subsidy model sits beside Oman's desalination supply chain, which institutions set prices and buy bulk water, and where the capital plan is heading are covered in the full report. The full report, Water Systems Overview: Nama Water Services, is available for USD 499. For a free overview, read the Nama Water Services Utility Snapshot.