ITHCA invests in semiconductor technology
The agreement was signed Eng. Said Abdullah Al Mandhari, CEO of ITHCA Group, and Sam Heidari, CEO of Lumotive.
The investment constitutes a strategic step in the march of ITHCA group, boosting its role in supporting global innovators and backing the Sultanate of Oman's semiconductor ambitions. It also aligns with Oman's national digital transition plan under Vision 2040, which seeks to promote Oman as a regional hub for advanced technologies and knowledge-based economy.
Lumotive has received international recognition, including three CES Innovation Awards and an advanced place on the "Next Big Thing in Tech" list. This affirms the US firm's role as a game changer in the field of optical semiconductors.
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Times of Oman
3 hours ago
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Indian IPO market resilient in H1 2025 with 108 deals raising $4.6 bn despite 30% dip in volume: EY
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Observer
13 hours ago
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Employment: policies, progress, and prospects
Oman is currently going through an extensive national transformation as outlined in Vision 2040 which seeks to diversify the economy, reduce reliance on hydrocarbons, and promote sustainable development. One of the most defining features of this transformation is the integrated framework designed around the strategic goal of generating employment opportunities for nationals and increasing local content in all economic activities. Oman's development agenda also places critical importance on 'local content', which can broadly be referred to as the value added of the workforce, goods, and services employed in a specific industry. It is my intention in this article to examine the evolving landscape of employment in Oman, local content policies and laws, sectoral performance, the role of SMEs, skill development programs, as well as the impending challenges and prospects of the economic transformation. Oman's inclusive economic resilience vision is being supported by government programs and hard data, and this is what the paper seeks to present. NATIONAL LOCAL CONTENT POLICY (2024-2030) In 2024 the council of ministers approved the national local content policy (2024-2030) as a guiding document aimed at embedding Omani goods, services, and labor into the economy. Maximising the in-country value (ICV) generated from public and private sector investments is one of the main objectives under the policy. It also supports Oman Vision 2040 on economic diversification, social inclusion, and sustainability. The policy is built on four strategic pillars: • Supply Chain Development: Sponsoring local Omanis by both the government and private sectors as suppliers and contractors. • Workforce Development: Equipping Omanis through strategic educational programs, vocational trainings, and practical job placements. • Innovation and Technology Transfer: Improving the national capabilities through partnering in R&D and knowledge transfer as well as through licensing. • Entrepreneurship and SME Participation: Supporting small and medium enterprises (SMEs) through finance, mentorship, and contract allocation. The policy requires the ministries and large corporations to embed the ICV framework into their tendering processes. This also includes provisions for workforce, procurement from Omani suppliers, and local subcontractor employment. To foster sustainable job creation, Oman has established targeted Omanisation goals tailored to particular sectors. OMANISATION STRATEGY Legal Changes: To boost Omanis' employment opportunities, the country introduced several new labor laws and ministerial decrees. The most impactful include: • Labour Law No. 53/2023: Introduces new rules on employment contracts, termination, and conflict resolution. • Ministerial Decree No. 501/2024: Broadened the scope of occupations reserved for Omanis and added fines for breaches. • Workforce Localisation Plans: Companies must file annual plans detailing the number of Omanis employed (or to be employed), their distribution by gender, salary, training, and outlined promotion pathways. Non-licenced firms may be penalised with fines, restricted expatriate hiring, or barred from public tenders. Omanisation Sector Goals: To foster sustainable job creation, Oman has established targeted Omanisation goals tailored to particular sectors. 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LOCALLY DEVELOPED CONTENT AND RESULTS Key Initiatives: A number of local content initiatives have been started at the national level to achieve the intended objectives: • Majd Programme: Launched in 2024 by the Ministry of Energy & Minerals, this initiative mandates that 10-30% of contract value in the energy sector be allocated to Omani companies and SMEs. 12 contracts amounting to 172.5 million USD were granted in the first phase. • Taseen and Itqan Programs: These industrial development initiatives are aimed at decreasing the volume of imports, increasing local production, and advancing research and development activities. They also promote partnerships between local companies and foreign technology partners. Economic and Employment Impact: The economic impact of local content policies is visible on a much wider scale. • More than $33 billion has been injected into the local economy as from 2013 • Over 3000 direct employment opportunities in the private sector • Around 100 industrial facilities established with total investments of $400 million SME Participation in Local Content Small and medium enterprises are a cornerstone of Oman's local content strategy. The government has put in place systems such as Riyada and Esnad that enable SMEs access to government contracts, training opportunities, and funding options. Oman has committed itself to develop an education and training ecosystem that cultivates market-oriented skills among its youth. • Technical and Vocational Education & Training (TVET): Offers diploma and certificate courses in engineering, electronics, mechanics, and logistics. • Public-Private Collaboration: Employers work with polytechnics and schools to align course content with workplace expectations. • STEM and Digital Skills: Coding, AI, and renewable energy are national priorities. • Mandatory Training Plans: Expat employment mandates carry with them legal obligations to train Omanis for the role. SCULPTING VALUE AND PROFIT: • Value Retention: Offsetting capital outflows through local production and procurement. • Job Creation: Thousands of jobs created predominantly among women and youth. • SME Empowerment: Entrepreneurial opportunities from greater access to tenders. • Innovation: National competitiveness is enhanced through incentivised R&D and technology transfer. FURTHER ISSUES AND CONCERNS: Despite these developments, the following issues are still a concern: • Skill Gaps: Graduates not being able to fill available roles due to a lack of essential skills. • Compliance vs. Performance: Meeting quotas doesn't always result in hiring the best qualified candidates. • Misuse of SME Benefits: Larger companies registering as shell SMEs for contract access. • Investor Uncertainty: New companies might have problems with employment demands before they become profitable. • Expat Displacement: Rapid Omanisation may exacerbate the shortage of specialists in certain fields. CONCLUSION Oman is undergoing a tremendous shift within its socio-economic framework. With a blend of policy structural adjustments, strategic planning, inter-agency collaboration, and targeted investment, the country is working towards achieving an independent and more equitable economy. Moving forward, a perpetual fine-tuning towards prioritisation and market forces will be necessary, however, everything is now set. While policy is yet to be converted into action, Oman has excellent opportunities to realise its benefits and safeguard the welfare of its citisens as the Vision 2040 promises.
Observer
13 hours ago
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Dhofar: From seasonal escape to sustainable destination
Dhofar is no longer just Oman's monsoon hideaway. A quiet transformation is underway—one that aims to shift the governorate from a three-month seasonal destination into a vibrant, sustainable tourism hub active year-round. With upgraded infrastructure, flagship investments, and an emerging vision aligned with Oman Vision 2040, Dhofar is preparing for its next chapter. FOUNDATIONS IN PLACE Roads have been expanded, Salalah Airport upgraded, and municipal services improved to better serve both residents and the growing number of visitors. In areas like Salalah, Taqah, Mirbat, and Dalkut, we're seeing new hospitality projects, retail developments, and expanded urban services—laying the groundwork for a richer tourism offering. Official data reflects this shift. Tourism contributed RO 2.7 billion to Oman's GDP in 2024, with Dhofar playing a key role—especially during the Khareef season. Still, the governorate's impact remains modest compared to its potential. Meanwhile, outbound travel by Omanis and residents reached RO 1.8 billion—a strong indication that domestic destinations like Dhofar could capture more of that spending if they delivered the right experiences. More than 3.8 million tourists visited Oman in 2024, with over half arriving from the United Arab Emirates. That market—familiar, affluent, and right next door—remains under-leveraged. TWO PROJECTS, ONE DIRECTION Among the most promising signs of Dhofar's evolution are two standout developments: Janaen Salalah, a 5.5 million square metre agritourism destination developed by Omran Group, is designed to blend farming, hospitality, and environmental learning. Coconut and papaya plantations will sit alongside eco-lodges, educational trails, a local produce village, and spaces for cultural exchange. It is a model that fuses sustainability with lifestyle—rooted in place, yet globally relevant. Just a few kilometres away in the Ittin Plain, the award-winning Boulevard al Rathath is preparing to offer something entirely different: a 470,000 m² leisure and entertainment district inspired by the interplay of mist, water, and the Omani identity. With a total investment of RO 40 million, the project includes the 'Grand Souq,' botanical gardens, canal-side restaurants, suspended walkways, open-air theatres, and retail experiences—all built around a central theme of nature in motion. The first phase will be funded by the Ministry of Finance with RO 10 million, with the remaining capital coming from the private sector. Together, the two projects are expected to attract more than 1 million visitors annually and generate over 1,500 jobs, helping diversify Dhofar's economy while creating lasting value for local communities. Both are firmly aligned with Oman Vision 2040's pillars: economic diversification, sustainable cities, private sector empowerment, and local value creation. THE MISSING PIECE: INTEGRATION Despite such gains, the region's tourism landscape remains fragmented. Activities during Khareef are not yet unified under a central brand or management body. Events are often organised in silos, and promotional campaigns—though well-intentioned—lack the consistency, identity, and storytelling power required to position Dhofar competitively on the global map. If Dhofar is to become a true four-season destination, we must move from infrastructure to orchestration—from building roads and hotels to building narratives, partnerships, and systems that hold everything together. FOUR PRIORITIES FOR THE FUTURE 1. Establish a central tourism authority in Dhofar to plan, brand, and coordinate all tourism seasons—Khareef and beyond. 2. Boost investment in eco-, cultural, and adventure tourism in underutilised protected areas, while maintaining environmental integrity. 3. Launch a unified digital platform for booking, navigation, real-time updates, and feedback—making every visitor's phone a smart travel companion. 4. Empower local communities not just as workers, but as owners and storytellers, bringing Dhofar's identity to life through food, crafts, hospitality, and heritage. A TOURISM VISION ROOTED IN PEOPLE At the end of the day, tourists don't come back because of how many stars a hotel has. They return because of how a place made them feel. The warmth of a honey-seller in Mirbat, the pride of a farmer planting coconut trees in Janaen, or a young guide explaining the history of frankincense under the drizzle of Khareef—these are the memories that turn visits into stories, and stories into loyalty. Dhofar's natural beauty is already world-class. What will set it apart is how it uses that beauty to foster connection—between people and place, past and future, economy and ecology. There is no shortage of effort. Ministries are supporting, investors are building, and communities are ready. But to truly elevate Dhofar, these efforts must converge. With coordination, imagination, and a clear sense of purpose, Dhofar can become more than a season—it can become a signature of what sustainable tourism in Oman looks like. The map is drawn. The first foundations are in place. What comes next will define not just Dhofar's tourism—but its legacy.
