Latest news with #HEQaisbinMohammedalYousef
Muscat Daily
4 days ago
- Business
- Muscat Daily
Oman's manufacturing contributes RO4.15bn to national economy
Muscat – The manufacturing sector recorded an annual growth rate of 14.2% with its contribution to the national economy rising to RO4.149bn in 2024 from RO2.438bn in 2020, H E Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, stated to Majlis A'Shura on Wednesday. Presenting the ministry's progress report, H E Yousef said the growth reflects outcomes of the 10th Five-Year Plan (2021-2025) which is focused on economic diversification and industrial development. The plan prioritises foreign investment, industrial innovation and infrastructure support. He cited strategic infrastructure upgrades, improved investor services and targeted financing programmes as key enablers. The manufacturing sector continued to lead economic growth with key expansions in the food, chemical, mining and medical industries. Registered industrial establishments grew from 180 in 2020 to 243 in 2024, an average annual increase of 7.7%. Thirty-two major industrial projects worth over RO878mn were licensed during this period, in line with the government's goal to raise the sector's contribution to RO11.648bn by 2040. The broader trade sector expanded from RO2.627bn in 2020 to RO3.392bn in 2024, growing at an annual rate of 6.6%. Real estate and professional services rose to RO2.277bn from RO1.951bn, showing an annual growth of 3.9%. Foreign direct investment doubled reaching RO30.042bn in 2024 from RO14.261bn in 2018, with a compound annual growth rate of 15.4%. Investment was concentrated in the energy, mining, chemicals and logistics sectors. Fee reductions, licensing simplifications and upgraded infrastructure played a major role in attracting investors. The Invest in Oman digital platform expanded to offer 68 electronic services, helping streamline licensing and registration. Foreign investor registration fee was cut to RO150 annually, and several fees were waived off to promote entrepreneurship. By 2024, Oman had more than 872,000 commercial registrations. Efforts to enhance exports included the launch of the National Export Development Strategy, 98 targeted marketing studies and the 'Made in Oman' platform to promote local products. Support was extended to 52 companies participating in overseas exhibitions. In e-commerce, the number of registered online stores grew by 236.4% between 2020 and 2024. Intellectual property also saw improvements. Trademark registrations rose to 487 in 2024 from 412 in 2020, and patent applications increased from 35 to 96. A national IP strategy was launched to support innovation and foster the creative economy. The ministry also introduced legislation to regulate social media marketing, commercial naming, e-commerce, exhibitions and fair competition. Programmes like 'Own It', 'Localisation' and 'Made in Oman' were launched in partnership with Ministry of Housing and Urban Planning to deepen local content and support SMEs. Despite the gains, the minister acknowledged challenges including weak local supply chains, dependence on imports and productivity gaps. Moving forward, H E Yousef said Oman will prioritise industrial innovation, research and adoption of Industry 4.0 technologies, focusing on high-potential sectors such as food, pharmaceuticals, chemicals and minerals to meet Oman Vision 2040 targets.
Muscat Daily
22-06-2025
- Business
- Muscat Daily
Majlis A'Shura to host Minister of Commerce on June 25–26
Muscat – Majlis A'Shura will convene sessions this week from Tuesday to Thursday. The agenda includes draft laws, ministerial statements, and reports from standing committees and specialised teams. Ahmed bin Mohammed al Nadabi, Secretary-General of Majlis A'Shura, confirmed that H E Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, will deliver his ministry's annual statement in public sessions on Wednesday and Thursday. The statement will cover the contribution of the commerce and industry sectors to the GDP, the ministry's future vision for industry, major projects implemented from 2020 to 2023, and an evaluation of free trade agreements and the Nazdaher programme. It will also highlight trends in foreign direct investment and the ministry's strategic direction, with performance indicators and statistical analyses outlining efforts to attract investment through reforms, incentives and digital transformation, including national initiatives such as Invest in Oman. H E Yousef will review outcomes of economic agreements with GCC states and international partners, offering insights into the government's approach to sustaining economic growth and diversifying sources of revenue. The shura's session on Tuesday will open with debates on several draft laws, including proposed amendments to the Cultural Heritage Law and the draft Law on Combating Cybercrimes. Its legal and technical committees have completed reviews of these drafts, with updates to align them with national goals and regional standards. Also on the agenda is the Services and Public Utilities Committee's report on the draft air services agreement with Netherlands. Reports from working teams studying priority issues will be tabled, including an in-depth look at the social protection system's benefits and an assessment of the sultanate's digital economy strategy, both intended to support Vision 2040 objectives. The sessions are expected to provide a comprehensive review of legislative proposals and government plans shaping Oman's development trajectory.
Muscat Daily
21-06-2025
- Automotive
- Muscat Daily
Plans underway for centralised used car market in Muscat
Muscat – Ministry of Commerce, Industry and Investment Promotion (MoCIIP) held a workshop on Wednesday titled 'Regulating the Used Vehicle Sales Sector' as part of efforts to enhance collaboration with the private sector and create a more organised commercial environment. The workshop was attended by H E Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, with Majlis A'Shura members and representatives from Muscat Municipality, Royal Oman Police, Ministry of Interior and the General Administration of Customs. Stakeholders and representatives from used car dealerships across the country also participated. Nasra bint Sultan al Habsi, Director General of Commerce at MoCIIP, said the sector makes a significant contribution to the national economy and reaffirmed the ministry's commitment to regulating it and promoting a supportive business climate. She described the workshop as a platform to address challenges and find practical solutions. Participants highlighted several key issues including the absence of a centralised location for dealership operations, which leads to fragmented services and higher costs. Other concerns included the need to better regulate non-Omani participation to protect local businesses, high rental fees, limited financing, costly customs clearance and the presence of unlicensed vendors. Khazaen Economic City presented a proposal to develop a centrally located market for used vehicles in Muscat governorate. The project, currently under review, aims to bring all dealerships together in one integrated hub with dedicated facilities and services. Mansour bin Khalifa al Siyabi, Majlis A'Shura member from Bausher, welcomed MoCIIP's dialogue with stakeholders on the matter and suggested offering financial incentives to help dealerships move to the new site. He proposed forming a closed joint-stock company owned by dealers to manage the market and ensure sustainable operations and fair rents. Providing details of the planned central car market, Salim bin Sulaiman al Thuhli, CEO of Khazaen Economic City, said it would cover 500,000sqm and include showrooms for new and used cars, inspection and maintenance centres, insurance and registration services, auction facilities and various amenities such as banks, restaurants, fuel stations and parking. Thuhli said the project is designed to provide a one-stop hub for consumers and modern infrastructure for dealers, while supporting urban planning, simplifying government monitoring and generating reliable data for policymaking. Ali bin Hamad al Maamari, Director of Licensing Department at MoCIIP, said the workshop was part of a wider strategy to improve Oman's business environment and that its recommendations would be submitted to relevant authorities for follow-up. The workshop concluded with calls to commence work on the proposed central market and implement agreed measures to regulate the sector and facilitate a competitive, investor-friendly climate.
Muscat Daily
14-06-2025
- Business
- Muscat Daily
Oman, Uzbekistan ink deals to expand air links, trade
Tashkent, Uzbekistan – Oman and Uzbekistan have signed agreements to expand air transport rights and strengthen logistical cooperation, aiming to boost trade and investment ties between the two countries. The accords were reached during the fifth session of the Omani-Uzbek Joint Committee held in Tashkent on Friday. Both sides agreed to increase operating rights for airlines, support the re-export of Uzbek products through Omani ports, and enhance cooperation in scientific research and innovation. They also pledged to facilitate exchanges between their chambers of commerce and business delegations. The Omani delegation was led by H E Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, accompanied by H E Wafa bint Jabr al Busaidi, Ambassador of Oman to Uzbekistan. The Uzbek side was headed by Laziz Kudratov, Minister of Investment, Industry and Trade. Talks covered ways to deepen economic and trade relations and expand collaboration in sectors including energy, agriculture, higher education, tourism and culture. Both sides emphasised stronger partnerships between the public and private sectors. During his visit, H E Yousef met Sherzod Shermatov, Minister of Digital Technology of Uzbekistan, and discussed investment opportunities and trade challenges with Uzbek businessmen. He also attended roundtable meetings where investors from both countries reviewed available projects. Omar al Harthy, Senior Investment Analyst at the ministry, delivered a presentation on 'Invest in Oman', highlighting incentives for foreign investors. The Omani delegation held further meetings with representatives of the electronic payment technology, textiles and e-commerce sectors. H E Yousef also met Bakhtiar Saidov, Minister of Foreign Affairs of Uzbekistan, to review existing bilateral agreements and discuss updating them in line with current priorities. The delegation visited the International Exhibition Centre, meeting companies in innovation and industrial technology and viewing new projects by Uzbek institutions.
Muscat Daily
02-06-2025
- Business
- Muscat Daily
Oman's first copper recycling facility costing RO41mn launched
Muscat – Ministry of Commerce, Industry and Investment Promotion (MoCIIP) officially inaugurated Oman's first facility dedicated to recycling copper from mining waste on Monday, marking a significant development in the sultanate's green industrial efforts. The RO41mn plant is located in Suhar. Developed by Green Tech Mining and Services, the facility uses sustainable technologies to process legacy mining waste into copper cathodes. It is the first of its kind in Oman and aims to support the sultanate's transition towards a green economy. The opening was held under the patronage of H E Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, and attended by senior officials and industry representatives. The project forms part of wider goals under Oman Vision 2040 and the Oman Industrial Strategy 2040, which aim to increase the added value of local resources, localise industries and enhance competitiveness of the sultanate's industrial base. The integrated complex was developed through a partnership between BPG Group and Oman Mining Company, with direct support from MoCIIP. Production is scheduled to be-gin in June 2025, with an initial output of 60 tonnes of copper cathodes per year. The capacity is expected to increase to 12,000 tonnes annually by December 2026, making Oman a regional player in sustainable mining. H E Dr Saleh bin Saeed Masan, Undersecretary for Commerce and Industry in MoCIIP, said the facility represents a 'qualitative leap' in building an innovation-led and sustainable industrial sector. 'This project is a practical example of clean technology in action, and a testament to the government's commitment to integrating sustainability into industrial development,' he said. Khalid bin Salim al Qasabi, Director General of Industry in MoCIIP, stated that the facility supports the ministry's aim to promote industrial projects that meet global environmental and technical standards. Imran Shaikh, Managing Director of Green Tech Mining and Services, said the project is the result of a long-term partnership that began in 2018. 'Launching the first phase of production using renewable energy is a strong reflection of our commitment to sustainability and Oman's green economy.'
