Latest news with #IndustrialStrategy2040
Muscat Daily
5 days ago
- Business
- Muscat Daily
Manufacturing, FDI and exports drive Oman's industrial momentum
Muscat – The industrial sector recorded a 27.5% increase in foreign direct investment during the first quarter of 2025, taking total FDI in the sector to RO2.749bn, according to figures released by Ministry of Commerce, Industry and Investment Promotion (MoCIIP). The manufacturing sector also posted steady gains, supported by higher demand across regional and international markets. Non-oil exports grew 7.2% between January and May 2025 to RO2.7bn. The United Arab Emirates remained the top importer of Omani goods with RO485mn, up 22.9%, followed by Saudi Arabia at RO451mn, up 34.9%, and India with RO280mn, up 38.9%. H E Dr Saleh bin Saeed Masan, Undersecretary for Commerce and Industry, said the figures reflect the impact of policies to build a resilient and competitive industrial base, in line with Vision 2040 and Industrial Strategy 2040. He highlighted the role of incentive plans and efforts to improve services in industrial zones. Khalid bin Salim al Qassabi, Director General of Industry, noted that Omani factories managed to expand production despite global market volatility and supply chain pressures. He attributed this to public-private sector collaboration and reduced operational costs, which led to higher project activity and improved Omanisation rates in industrial zones. MoCIIP continues to support initiatives focused on local value chains and broadening the national production base. Khalid bin Salim al Qassabi, Director General of Industry Jassim bin Saif al Jadidi, Technical Director at the Undersecretary's Office, said investor confidence remains strong due to improvements in the business environment, updated regulatory frameworks and enhanced incentives. These include targeted industrial financing, logistics upgrades, technology localisation and international partnerships. The petrochemical and electrical conductors sectors led the growth in manufacturing. Iron and aluminium industries also reported consistent gains, while cement companies began to recover from earlier losses. Tiles and ceramic production showed signs of revival, though glass manufacturers continued to face operational issues. Jassim bin Saif al Jadidi, Technical Director at the Undersecretary's Office Food processing firms – including milling and beverage producers – posted higher profits, driven by operational efficiency and increased demand across local and regional markets. Investments were concentrated in sectors identified as strategic – renewable energy technologies aligned with Oman's green economy goals; mineral production and exports; and food and medical industries supporting national security.
Observer
02-07-2025
- Business
- Observer
Oman, Belarus discuss ties
MUSCAT: The Sultanate of Oman on Wednesday received an official delegation from the Republic of Belarus that comprised government officials, CEOs and business representatives of industrial companies. The delegation's visit to Oman was aimed at boosting economic relations and joint cooperation between the two countries, notably in the sectors of industry and information technology. The Belarusian delegation conferred with Omani officials and representatives of different establishments to explore investment opportunities, incentives and services extended to investors. The Belarusian delegation made field visits to industrial zones; and Omani firms and facilities, including Rusayl Industrial City, Khazaen Economic City, Invest Oman lounge, Sultan Haitham City and Karwa Motors. The visit highlighted the Sultanate of Oman's interest in expanding its international partnerships in value-added sectors, in line with the objectives of its Industrial Strategy 2040 aimed to empower national industry and enhance modern technologies. — ONA
Observer
26-06-2025
- 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
Times of Oman
25-06-2025
- Business
- Times of Oman
Shura Council hosts Minister of Commerce, Industry and Investment Promotion
Muscat: The Shura Council on Wednesday hosted Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, to discuss the ministry's statement across six key themes: the contribution of the public and private sectors to GDP, the ministry's vision for the future of the industrial sector, its projects during 2020–2023, an evaluation of free trade agreements and the Nazdahir program, foreign direct investment flows and the ministry's future aspirations. This took place during the Council's thirteenth regular session of the second convening of its tenth term. The Minister stated that the trade sector's contribution to GDP at constant prices reached approximately 8.3% in 2024, amounting to OMR3.225 billion, with a cumulative growth rate of 6.6% during the Tenth Five-Year Plan. He added that the manufacturing sector recorded the highest growth rate among economic diversification activities, at 8.6%, reaching OMR3.6 billion at constant prices by the end of 2024—constituting 10% of GDP. He highlighted that industrial exports reached OMR6.2 billion in 2024, reflecting the growing added value of national industries and their ability to penetrate regional and global markets. 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 OMR5.38 billion between its launch in February 2023 and June 2025, with 43 projects worth OMR2.25 billion localised in strategic sectors such as industry, healthcare, food security, and renewable energy. The minister pointed out that cumulative foreign direct investment (FDI) in Oman rose to nearly OMR30 billion by the end of 2024. The ministry has simplified commercial and industrial procedures through the Oman Business Platform, which processed over 800,000 transactions in 2024 and added 24 digital services. To combat concealed 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. 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. He pointed out that key programmes launched include the Industrial Observatory to monitor sector performance and optimize supply chains, the Automation and AI Program to modernize factories, 'Tasneea' to localize procurement, and 'Ta'meer' to link major urban projects like Sultan Haitham City with local products—fostering economic integration.
Times of Oman
25-06-2025
- Business
- Times of Oman
Invest in Oman platform receives over OMR 5 Billion in applications since launch
Muscat: Since its launch in February 2023 and up until June 2025, the Invest in Oman platform has received approximately 90 investment applications with a total value of OMR 5.38 billion. Of these, 43 projects have been localised, valued at OMR 2.25 billion, in strategic sectors such as industry, health, food security, and renewable energy, according to the Minister of Commerce, Industry and Investment Promotion. The Shura Council hosted His Excellency the Minister of Commerce, Industry and Investment Promotion at its 13th regular session of the second regular session of the 10th term to discuss the ministry's statement on several topics. Most notably, these included the contribution of the public and private sectors to the gross domestic product (GDP), the evaluation of free trade agreements, and the "Nazdar" programme. The Minister of Commerce, Industry and Investment Promotion stated that the manufacturing sector recorded the highest growth rate among economic diversification activities, at 8.6 per cent, reaching OMR 3.6 billion at constant prices by the end of 2024. This represents 10 per cent of the gross domestic product. "More than 260 initiatives are currently being implemented in cooperation with partners and relevant authorities as part of the implementation of the outcomes of the Industrial Strategy 2040." "The manufacturing sector has attracted foreign direct investment worth OMR 2.489 billion by 2024, confirming the attractiveness of the industrial environment in the Sultanate of Oman." "The volume of foreign direct investment in the Sultanate of Oman has increased cumulatively, reaching approximately OMR 30 billion by the end of 2024." His Excellency the Minister of Commerce, Industry and Investment Promotion noted that the trade sector's contribution to the gross domestic product (GDP) at constant prices for the year 2024 reached approximately 8.3 per cent, amounting to OMR 3.225 billion, with a cumulative growth of 6.6 per cent during the tenth five-year plan.
