State Council reviews study on diversifying Oman's sources of income
The meeting was chaired by H E Sheikh Abdulmalik bin Abdullah al Khalili, Chairman of the State Council.
The study reviewed the current state of the Omani economy and existing sources of national income. It also outlined international experiences in tackling challenges related to income diversification and financial sustainability.
Concluding the discussion, the study stressed the importance of exploring future opportunities and provided recommendations for diversifying income sources across various economic sectors.
The Council also reviewed a report by the Social and Cultural Committee regarding its meeting with officials from the Social Protection Fund to discuss mechanisms for implementing the social protection system.
Additionally, the Council's bureau reviewed reports submitted by members following their participation in regional and international forums, along with updates on ongoing progress reports
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Times of Oman
2 hours ago
- Times of Oman
OQAE, Naqaa sign pact to develop 1,110MW wind power projects
Muscat: Demonstrating a firm commitment to Oman's clean energy transition and local value creation, OQ Alternative Energy (OQAE) has signed an agreement with Naqaa Sustainable Energy LLC to jointly develop a series of wind power projects across the Wilayats of Duqm, Mahout, and Sadah, located in the Dhofar and Al Wusta governorates, with a capacity of 1,100 MW. The projects will utilise locally manufactured wind turbines from Mawarid Turbine, which is expected to be established in Duqm following a memorandum of cooperation previously signed between OQ and Mawarid Turbine. This partnership aligns with OQ Group's broader efforts to create a fully integrated renewable energy value chain, support local industries by localising know-how, and foster innovation by empowering Omani startups in the green energy space, while maximising in-country value. The signing ceremony took place under the patronage of Eng. Salim Nasser Al Aufi, Minister of Energy and Minerals. The agreement was signed by Eng. Said Mohammed Al Masoudi, Chairman of OQ Alternative Energy, and Mustafa Mohammed Al Hinai, CEO of Naqaa Sustainable Energy. On the occasion, Eng. Said Al Masoudi commented: 'This agreement is a tangible expression of the government's vision to expand renewable energy sources and drive sustainable development across Oman. It reinforces the vital role of OQ as a national investment platform for clean energy solutions, strengthening the electricity grid and addressing the needs of the future through its subsidiary OQ Alternative Energy.' 'We're excited about this partnership with OQAE to develop wind power projects, tapping into Oman's vast wind potential and advancing homegrown innovation. Together, we're advancing local innovation and helping the electricity sector respond more effectively to rising demand, building a resilient and sustainable energy future for generations to come, ' Mustafa Al Hinai, CEO of Naqaa Sustainable Energy added.
Muscat Daily
4 hours ago
- Muscat Daily
Omanis can travel visa-free to Armenia starting July 1
By OUR CORRESPONDENT Muscat – Omani citizens are now exempt from visa requirements when travelling to Armenia, effective July 1, 2025, according to an official announcement by the Foreign Ministry of Oman. Under the new policy, Omanis can stay in Armenia for up to 180 days within a one-year period without obtaining a visa in advance. The decision is expected to boost tourism, business exchanges, and cultural ties between the two nations. To ensure a smooth travel experience, the ministry reminded Omani citizens that their passports must be valid for at least six months from the date of entry into Armenia. 'In addition, travelers are strongly advised to secure health insurance covering the duration of their stay.' The exemption comes as part of ongoing efforts to ease travel between countries and reflects growing cooperation between Oman and Armenia across various sectors.
Observer
5 hours ago
- Observer
Several legal measures taken against hidden trade
MUSCAT: Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, met on Tuesday at the Ministry's headquarters with a number of entrepreneurs working in the vehicle repair and maintenance sector. The meeting addressed key challenges facing workshop owners and businesses in this vital sector, including unfair competition under the guise of concealed trade. The ministry confirmed that it has taken several legal measures against violating companies by implementing the first phase of Ministerial Decision No 412/2023 on combating concealed trade, which covered the governorates of Muscat, Dhofar and Al Batinah North. The second phase of the decision will be rolled out in the coming period. The discussion also touched on challenges related to obtaining land usufruct rights for conducting economic activities in vehicle repair and maintenance, as well as financing difficulties for projects in this sector, including personal and housing loans for entrepreneurs. The importance of digitising all government services was also highlighted. Mubarak bin Mohammed al Dohani, Director-General of Planning at the Ministry of Commerce, Industry and Investment Promotion, emphasised that the meeting aligns with the ministry's policy of opening direct dialogue channels with economic activity owners. He noted that the vehicle repair and maintenance sector represents a key link in the value chain of Oman's automotive market, offering vast opportunities for entrepreneurship and self-employment. Data released by the Information and Statistics Department at the Ministry of Commerce, Industry and Investment Promotion indicates that the number of licensed companies in vehicle repair and maintenance activities exceeded 13,500 by June 2025, distributed across various governorates of Oman. Muscat Governorate leads with 3,690 establishments, followed by Al Batinah North (2,226 establishments) and Dhofar (1,941 establishments). The data also reveals that the most common activities are vehicle electrical repair (3,651 establishments), vehicle mechanics (2,363 establishments) and oil change services (1,441 establishments). Meanwhile, full Omani ownership accounts for over 95% in most of these activities. This meeting is part of the ministry's ongoing efforts to support entrepreneurs and foster a flexible, fair business environment that keeps pace with market developments and supports the commercial aspirations of Omani citizens.
