Latest news with #AlYousef
Observer
2 days ago
- Business
- 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
Observer
3 days ago
- Business
- Observer
Oman's manufacturing sector adds RO 3.6 billion to GDP in 2024
MUSCAT: The manufacturing sector has emerged as a key engine of economic growth in the Sultanate of Oman, recording the highest growth rate among the economic diversification sectors in 2024, according to Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion. Al Yousef was speaking during the 13th regular session of the Shura Council's second term meeting on Wednesday, where he presented a detailed overview of the Ministry's achievements, ongoing projects, and strategic vision. His briefing focused on six major themes: GDP contributions from both public and private sectors, the future outlook of the industrial sector, progress on Ministry projects from 2020 to 2023, evaluation of free trade agreements and the Nazdaher programme, foreign direct investment (FDI) inflows, and future aspirations. Al Yousef reported that the manufacturing sector achieved an 8.6% growth rate by the end of 2024, with its contribution to GDP at constant prices reaching RO 3.6 billion — equivalent to 10% of the national economy. The sector has also proven its ability to attract investment, drawing RO 2.489 billion in FDI by 2024. This underscores the growing appeal of Oman's industrial landscape for international investors. Oman's industrial exports reached RO 6.2 billion in 2024, reflecting the added value and global competitiveness of national industries. Al Yousef emphasised that over 260 initiatives are being implemented in partnership with various stakeholders as part of the 2040 Industrial Strategy. Further strengthening the regulatory and commercial framework, the Ministry issued 7,523 Omani standard specifications by the end of 2024 and simplified 17 technical services. The "Invest in Oman" platform, launched in February 2023, has so far received around 90 investment applications worth RO 5.38 billion. Of these, 43 projects have already been localised, with a combined value of RO 2.25 billion. These include ventures in key sectors such as manufacturing, healthcare, food security, and renewable energy. FDI across all sectors has continued its upward trend, reaching a cumulative total of RO 30 billion by the end of 2024. Al Yousef also highlighted the role of digitalisation in simplifying business operations. The "Oman Business" platform handled over 800,000 transactions in 2024 and added 24 new digital services. To enhance transparency and promote fair competition, the Ministry has introduced measures to combat hidden trade and mandated the use of electronic payment systems across commercial activities. A ministerial decision has also been issued establishing governance principles for closed joint-stock companies. In support of local economic participation, the Ministry has introduced new regulations to support consumer cooperatives, including incentives such as access to commercial spaces and streamlined registration procedures. Regarding the digital economy, Al Yousef noted that e-commerce regulations have been implemented and the "Ma'roof Oman" platform was launched to verify and promote online stores. This initiative has led to a remarkable 236.4% increase in e-commerce licences within a year. The Minister also outlined several flagship programmes initiated by the Ministry. These include: a. The Industrial Observatory Programme, to monitor sector performance and support supply chains. b. The Automation and Artificial Intelligence Programme, aimed at modernising factories and cutting operational costs. c. The Manufacturing Programme (Tasneea) , which focuses on localising procurement and boosting national product content. d. The Ta'meer Programme, designed to link large-scale urban developments — such as Sultan Haitham City — with domestic manufacturers, enhancing economic integration. — ONA
Observer
4 days ago
- Business
- Observer
Business forum strengthens Oman and Algeria economic ties
ALGIERS: Oman and Algeria reaffirmed their growing economic partnership during the Omani-Algerian Businessmen Forum held in Algiers on Tuesday, under the theme 'Algerian-Omani Economic Partnerships: Pioneering Areas and Promising Prospects.' The forum took place as part of Oman's participation as Guest of Honour at the 56th Algiers International Fair. The event brought together key officials and business leaders from both countries to explore avenues for trade, investment, and industrial collaboration. It underscored the shared commitment of Oman and Algeria to deepen their economic integration and capitalise on emerging opportunities in sectors ranging from manufacturing to logistics and urban development. Qais bin Mohammed al Yousef, Oman's Minister of Commerce, Industry and Investment Promotion, highlighted the significance of the forum in reinforcing bilateral relations. 'The participation of business leaders from both countries reflects our shared desire to enhance cooperation, expand trade, and explore new investment opportunities,' he said. Al Yousef emphasised Oman's efforts to diversify imports, promote Omani exports, and foster investment integration with Algeria. He noted that both governments are working to provide the necessary incentives, facilities, and enablers to empower the private sector to drive sustainable economic growth. 'Our aim is to build a competitive economy that can keep pace with global changes, while ensuring the sustainability of national development,' Al Yousef added. He also expressed hope that Oman's role as Guest of Honor at the fair would further strengthen trade and investment ties between the two nations. Tayeb Zitouni, Algeria's Minister of Internal Trade and National Market Control, praised the strong historical and brotherly relations between the two countries, which he said have reached a new strategic level in recent years. He pointed to recent high-level state visits — including the Algerian President's trip to Oman in October 2024 and His Majesty the Sultan's visit to Algeria in May 2025 — as pivotal moments that deepened bilateral understanding and commitment. Zitouni highlighted key joint initiatives, such as the $2.4 billion fertiliser production complex in Arzew and the establishment of the Algerian-Omani Investment Fund. He also mentioned new opportunities under study in automotive, energy, agriculture, and pharmaceuticals. 'There is strong potential to expand cooperation in vital sectors like tourism, services, and cultural and traditional industries,' Zitouni said. He called on stakeholders from both sides to redouble efforts to strengthen trade channels and maximise their complementary resources. Faisal bin Abdullah al Rawas, Chairman of the Oman Chamber of Commerce and Industry, noted that the forum provided a platform to explore joint ventures across various sectors. He singled out the pharmaceutical and manufacturing industries as areas of promising collaboration. Al Rawas emphasised Algeria's strategic geographic position, which offers access to broader regional markets, making it an attractive destination for Omani investors. — ONA
Observer
5 days ago
- Business
- Observer
Oman highlights trade, investment potential at 56th Algiers Fair
ALGIERS: President Abdelmadjid Tebboune of the People's Democratic Republic of Algeria inaugurated the Sultanate of Oman's pavilion as guest of honour at the 56th Algiers International Fair on Monday. The fair, which runs until June 28, is being held at the Exhibition Palace in the Algerian capital. Accompanied by Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, the president toured the 900-square-metre Omani pavilion featuring participation from 60 Omani companies and institutions representing industrial, commercial and service sectors, along with several government entities. This participation reaffirms the distinguished fraternal and economic relations between Oman and Algeria, building on the foundations laid during the state visit of His Majesty Sultan Haitham bin Tarik to Algeria last May, which established a new phase of comprehensive cooperation between the two nations. The Omani companies at the pavilion represent diverse sectors including pharmaceuticals, transportation, electrical conversions, real estate, fisheries, tourism, food products and handicrafts. Al Yousef emphasised that Oman's participation as the guest of honour came in response to an official invitation from the Algerian president, as confirmed in the joint communique during His Majesty the Sultan's visit. He noted the participation includes major, medium and small enterprises that will enhance trade opportunities between the two countries, with particular representation from the pharmaceutical, construction materials and food industries, along with dedicated sections for handicrafts and cultural displays. In his statement to ONA, Al Yousef highlighted that the Algiers International Fair, with participation from over 20 countries, provides an excellent platform to showcase Oman's commercial, investment and cultural offerings. He noted the Algerian president's appreciation for the diversity and quality of Omani industries displayed at the pavilion. The Algiers International Fair provides an excellent platform to showcase Oman's commercial, investment and cultural assets. Faisal bin Abdullah al Rawas, Chairman of Oman Chamber of Commerce and Industry (OCCI), stated that this participation represents an important opportunity to strengthen Oman's external economic presence and reflects the depth of fraternal and economic relations between the two countries. He emphasised the growing role of Oman's private sector in international economic forums and its contribution to expanding trade and investment horizons between the two nations. In his remarks to ONA, he underlined the Chamber's commitment to active participation in international exhibitions to open new prospects for the private sector in building sustainable partnerships abroad while promoting Omani products. He pointed out that this participation will highlight the competitiveness of Omani products and enhance international investors' confidence in national capabilities and the growth potential of Omani institutions, while also providing opportunities to learn from successful experiences in the Algerian market. Meanwhile, Saif bin Nasser al Badai, Ambassador of Oman to Algeria, stated that Oman's participation as guest of honour aims to explore trade and investment exchange opportunities between the two countries, and examine potential partnerships and export possibilities to the Algerian market and regional markets. In his statement to ONA, he noted that Oman's participation in the 56th Algiers International Fair will enhance its commercial and investment presence internationally while opening new horizons for Omani and Algerian private sectors to build sustainable partnerships supporting economic diversification and regional integration efforts. For his part, Eng Dawood bin Salim al Haddabi, CEO of the Public Establishment for Industrial Estates (Madayn) and Chairman of 'OPEX' Committee for Omani Products Promotion, explained that the supervisory team's participation – represented by Madayn, the Ministry of Commerce, Industry and Investment Promotion, Oman Chamber of Commerce and Industry, and the Small and Medium Enterprises Development Authority – builds on the longstanding relations between Oman and Algeria. He added that this aligns with OPEX's plans to establish footholds for Omani products in the promising Algerian market of nearly 40 million consumers, while also accessing Mediterranean region markets through Algeria's strategic ports. These markets have growing demand for various products including consumer goods, plastic and aluminium products, and construction materials. Al Haddabi noted that the OPEX team aims through this participation to develop non-oil Omani exports and secure new markets as part of its annual plans, while facilitating deals for participating companies or securing distribution agencies for their products in Algeria and neighbouring markets. Such participations play a vital role in achieving positive outcomes that increase production, generate job opportunities for Omanis and ultimately boost the national economy. The Algiers International Fair stands as one of the most prominent international economic events, showcasing national economic development and production capabilities while enhancing commercial and professional exchanges through creating an environment conducive to partnerships and foreign direct investment across various sectors. The 2024 edition featured participation from about 700 national and foreign exhibitors from approximately 20 countries active in multiple sectors, including manufacturing, food industries, construction, services and petrochemical industries. The opening ceremony of Oman's pavilion was attended by representatives from various government and private entities and business leaders from both countries. - ONA
Observer
14-06-2025
- Business
- Observer
Oman, Uzbekistan strengthen trade and investment ties
TASHKENT: The Sultanate of Oman and the Republic of Uzbekistan have pledged to deepen cooperation across a wide range of sectors, following the conclusion of the fifth session of the Omani-Uzbek Joint Committee held in Tashkent. The Omani delegation was led by Qais bin Mohammed al Yousef, Minister of Commerce, Industry, and Investment Promotion, accompanied by Wafa bint Jabr al Busaidi, Ambassador of Oman to Uzbekistan. Their Uzbek counterparts were headed by Laziz Kudratov, Minister of Investment, Industry and Trade, along with senior officials from both nations. Discussions during the session focused on expanding collaboration in trade, investment, energy, logistics, agriculture, higher education, tourism, and culture. Both sides also highlighted the growing importance of public-private partnerships in driving sustainable growth. A significant outcome of the meeting was the agreement to enhance cooperation in the air transport sector, including increased operating rights. Both sides expressed interest in strengthening logistical partnerships, particularly by facilitating the re-export of Uzbek products through Omani ports, reinforcing Oman's role as a regional logistics hub. The two countries also agreed to intensify cooperation in scientific research, innovation, and higher education, with a view to supporting knowledge exchange and capacity-building initiatives. Furthermore, the committee underlined the importance of closer engagement between chambers of commerce and business communities in both countries to boost trade volumes and investment flows. On the sidelines of the committee meeting, Al Yousef held bilateral talks with several senior Uzbek officials, including Sherzod Shermatov, Minister of Digital Technologies, and Bakhtiar Odilovich Saidov, Minister of Foreign Affairs. These meetings provided an opportunity to address existing trade challenges and explore new investment prospects. Al Yousef also participated in roundtable discussions involving Omani and Uzbek business leaders, where he promoted Oman as a strategic investment destination. A detailed presentation on the "Invest in Oman" initiative was delivered by Omar al Harthy, Senior Investment Analyst at the Ministry, highlighting the incentives, regulatory reforms, and infrastructure that make Oman attractive to foreign investors. The Omani delegation also conducted a number of field visits, including to the American University of Technology in Tashkent, a subsidiary of Ozman Investment Company, and the Innovation Centre under Uzbekistan's Ministry of Digital Technology. These visits served to identify areas for potential collaboration in education and digital transformation. The delegation visited facilities operated by AKFA Group, a leading Uzbek company involved in industrial manufacturing and education. Meetings were also held with representatives of Uzbek companies specialising in electronic payment systems, e-commerce, and textiles. Adding further significance to the visit, Minister Al Yousef attended the inauguration of the Tashkent branch of the Golden Integration Oil and Gas Company. The launch coincided with the signing of a Memorandum of Understanding between Golden Integration and Oman's Seih Al-Sariyah Company, signalling a new chapter of cooperation in the energy sector. Both sides reaffirmed their commitment to updating and activating existing bilateral agreements to reflect emerging priorities and global economic trends. The successful session of the joint committee marks a notable step in strengthening Oman-Uzbekistan ties, paving the way for broader collaboration in the years ahead. — ONA
