Shura calls for increasing Omanisation rates in manufacturing sector
MUSCAT: For the second consecutive day, the Majlis Ash'shura continued its discussion on the statement of Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion.
The Council's members emphasised the need to intensify efforts and review strategies and policies to enhance the added value of the trade and industry sectors domestically, linking industries to available national resources. They also called for increasing Omanisation rates in the manufacturing sector, given its rapid growth, and stressed the importance of devising a plan to incentivise industrial companies to absorb national talent.
During the session, the members of the Council highlighted the necessity of strengthening incentives and facilities to empower the industrial and commercial sectors. They also proposed establishing a national centre to support stalled industrial projects.
Additionally, the members discussed the significance of foreign investment as a solution to economic and social challenges, such as job creation and industrial expansion. They urged the creation of an attractive and flexible investment environment characterised by integration among relevant entities, while addressing obstacles that may hinder foreign investment efforts.
The session also touched on the growing importance of e-commerce in Oman, with a proposal to establish a unified e-commerce portal under the ministry's supervision to support local sellers and streamline licensing, payment and delivery services.
These discussions took place during the Council's 14th regular session of the second annual convening (2024-2025) of its 10th term (2023-2027). The session was chaired by Khalid bin Hilal al Maawali, Chairman of Majlis Ash'shura, in the presence of its members and Shaikh Ahmed bin Mohammed al Nadabi, Secretary-General of Majlis Ash'shura. - ONA
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Observer
17 hours ago
- Observer
Shura calls for increasing Omanisation rates in manufacturing sector
MUSCAT: For the second consecutive day, the Majlis Ash'shura continued its discussion on the statement of Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion. The Council's members emphasised the need to intensify efforts and review strategies and policies to enhance the added value of the trade and industry sectors domestically, linking industries to available national resources. They also called for increasing Omanisation rates in the manufacturing sector, given its rapid growth, and stressed the importance of devising a plan to incentivise industrial companies to absorb national talent. During the session, the members of the Council highlighted the necessity of strengthening incentives and facilities to empower the industrial and commercial sectors. They also proposed establishing a national centre to support stalled industrial projects. Additionally, the members discussed the significance of foreign investment as a solution to economic and social challenges, such as job creation and industrial expansion. They urged the creation of an attractive and flexible investment environment characterised by integration among relevant entities, while addressing obstacles that may hinder foreign investment efforts. The session also touched on the growing importance of e-commerce in Oman, with a proposal to establish a unified e-commerce portal under the ministry's supervision to support local sellers and streamline licensing, payment and delivery services. These discussions took place during the Council's 14th regular session of the second annual convening (2024-2025) of its 10th term (2023-2027). The session was chaired by Khalid bin Hilal al Maawali, Chairman of Majlis Ash'shura, in the presence of its members and Shaikh Ahmed bin Mohammed al Nadabi, Secretary-General of Majlis Ash'shura. - ONA
Times of Oman
2 days ago
- Times of Oman
Shura Council continues discussion on statement of Commerce Minister
Muscat: For the second consecutive day, the Shura Council continued its discussion on the statement of Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion. The Council members emphasised the need to intensify efforts and review strategies and policies to enhance the added value of the trade and industry sectors domestically, linking industries to available national resources. They also called for increasing Omanisation rates in the manufacturing sector, given its rapid growth, and stressed the importance of devising a plan to incentivise industrial companies to absorb national talent. During the session, the members of the Council highlighted the necessity of strengthening incentives and facilities to empower the industrial and commercial sectors. They also proposed establishing a national center to support stalled industrial projects. Additionally, the members discussed the significance of foreign investment as a solution to economic and social challenges, such as job creation and industrial expansion. They urged the creation of an attractive and flexible investment environment characterised by integration among relevant entities, while addressing obstacles that may hinder foreign investment efforts. The session also touched on the growing importance of e-commerce in Oman, with a proposal to establish a unified e-commerce portal under the Ministry's supervision to support local sellers and streamline licensing, payment, and delivery services. These discussions took place during the Council's 14th regular session of the second annual convening (2024-2025) of its 10th term (2023-2027). The session was chaired by Khalid Hilal Al Maawali, Chairman of the Shura Council, in the presence of its members and Sheikh Ahmed Mohammed Al Nadabi, Secretary-General of the Shura Council.
Observer
2 days ago
- Observer
Oman receives RO 30 billion FDI
MUSCAT: Oman received nearly RO 30 billion by the end of 2024 due to simplification of procedures through the Oman Business Platform, which processed over 800,000 transactions in 2024 and added 24 digital services. Speaking during a session of the Majlis Ash'shura on Wednesday, Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, reviewed the ministry's ongoing initiatives in industrial growth, investment attraction and digital transformation. Discussions covered the contribution of public and private sectors to Oman's gross domestic product, evaluations of free trade agreements and updates on the Nazdaher programme. To combat "hidden trade" and ensure fair competition, the ministry has enforced measures including mandatory electronic payment methods for commercial activities, aligning with global trends in the digital economy. A ministerial decision was also issued to enhance corporate governance standards for closed joint-stock companies, said the minister. The minister stated that the trade sector's contribution to GDP at constant prices reached approximately 8.3 per cent in 2024, amounting to RO 3.225 billion, with a cumulative growth rate of 6.6 per cent during the Tenth Five-Year Plan. He added that the manufacturing sector recorded the highest growth rate among economic diversification activities, at 8.6 per cent, reaching RO 3.6 billion at constant prices by the end of 2024 — constituting 10 per cent of GDP. He highlighted that industrial exports reached RO 6.2 billion in 2024, reflecting the growing added value of national industries. He noted that over 260 initiatives are currently being implemented in collaboration with partners and stakeholders as part of the Industrial Strategy 2040. The minister revealed that the number of Omani standard specifications issued by the ministry by the end of 2024 totalled 7,523, with 17 technical services streamlined. Additionally, the Invest Oman platform received around 90 investment requests worth RO 5.38 billion between its launch in February 2023 and June 2025, with 43 projects worth RO 2.25 billion localised in strategic sectors such as industry, healthcare, food security and renewable energy. He further added that the ministry has bolstered community participation in the local economy through initiatives supporting consumer cooperatives, including regulatory incentives such as streamlined registration and commercial site allocation. In e-commerce, new regulations were introduced, and the Ma'roof Oman platform was launched to certify online stores, boosting consumer trust and increasing licenses by 236.4% within a year. Al Yousef pointed out that key programmes launched include the Industrial Observatory to monitor sector performance and optimise supply chains, the Automation and AI Programme to modernise factories, Tasneea to localise procurement, and Ta'meer to link major urban projects like Sultan Haitham City with local products — fostering economic integration. BOX GRAPH POINTS 1. Trade sector's contribution to GDP at constant prices reached approximately 8.3 per cent in 2024, amounting to RO 3.225 bn 2. Industrial exports reached RO 6.2 billion in 2024, reflecting the growing added value of national industries 3. 260 initiatives are currently being implemented in collaboration with partners and stakeholders as part of the Industrial Strategy 2040 4. Invest Oman platform received around 90 investment requests worth RO 5.38 billion between its launch in February 2023 and June 2025
