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Times of Oman
21-07-2025
- Business
- Times of Oman
Workshop held to highlight Oman's circular economy gap calculation project
Muscat: The Ministry of Economy on Monday organised the second workshop on the "Circularity Gap Report - Oman." This initiative aims to develop a national roadmap for the circular economy. Dr. Nasser Rashid Al Maawali, Undersecretary of the Ministry of Economy, clarified that the project to calculate the circular economy gap in Oman is the first of its kind in the Middle East and North Africa. This underscores Oman's commitment to achieving net-zero emissions by 2050. In a press statement, the Minister explained that this crucial national project has three main objectives: establishing a national baseline to measure the circular economy gap and compare it with other countries, designing a circular economy roadmap for Oman, and empowering and enhancing national capabilities in the circular economy sector for both public and private entities. Al Maawali affirmed that the project will foster sustainable, low-carbon economic development and create new investment opportunities in renewable areas related to alternative energy and the green economy. Earlier in the workshop, Ahmed Said Al Siyabi, Director General of Economic Policies and Programs at the Ministry of Economy, delivered a speech. He emphasised that the workshop aimed to review and discuss the preliminary results of calculating the baseline for the circular economy gap across various sectors. He added that the workshop also introduced accompanying initiatives, such as training programs and a proposed interactive platform to showcase project results and outputs. Furthermore, the workshop presented preliminary models illustrating the impact of applying circular economy policies on environmental and economic indicators, including employment opportunities. During the workshop, visual presentations showcased developments in the study to calculate the circular economy gap in Oman, along with a presentation and discussion of the project's preliminary results. Attendees also participated in group discussions to present and analyse models and scenarios for measuring the impact of implementing circular economy strategies and policies on environmental impact and job opportunities. The significance of the circular economy lies in its pivotal role in promoting sustainability, efficient resource utilisation, waste reduction, and recycling as a sustainable model, moving away from the traditional resource-depleting model.


Khaleej Times
17-07-2025
- Business
- Khaleej Times
UAE: The global hotspot for wealth, capital, and enterprise
Over the past decade, the UAE has transformed from a regional financial hub into a global epicenter for wealth, business, and innovation. As global economies shift, the UAE's strategic positioning both geographically and fiscally has placed it firmly on the radar of investors, entrepreneurs, and family offices worldwide. What once was a tax-free playground for businesses is now evolving into a credible, structured, and compliant jurisdiction thanks to a proactive regulatory approach spearheaded by the Ministry of Finance, Ministry of Economy, and visionary government leadership. The national roadmaps Vision 2030, 2033, and 2040 are not mere policy documents but a clear playbook for sustainable economic leadership. A magnet for wealth and capital High net-worth individuals (HNWIs), family offices, and institutional investors are increasingly gravitating towards the UAE. With global tax regimes tightening and transparency standards rising, the UAE offers a balanced ecosystem combining tax efficiency with regulatory credibility. It's not just about low taxes anymore; it's about being part of a jurisdiction that is globally respected and compliant with international norms. A destination for people and businesses Entrepreneurs, SMEs, and multinational corporations are setting up in the UAE not just for its incentives, but for its open, business-friendly environment. Access to emerging markets, world-class infrastructure, and a progressive visa system make the UAE a hub for talent and enterprise. The rise of tech and funds Venture capital, private equity, fintech, and digital assets UAE's capital markets are rapidly diversifying. The surge in fund setups, tech investments, and fintech platforms reflects a growing confidence in the UAE's financial ecosystem. Abu Dhabi's ADGM, Dubai's DIFC, and emerging jurisdictions like RAK DAO are playing pivotal roles in this capital influx. The shift is real and unprecedented As Singapore tightens, the UK redefines its tax landscape, and Mauritius matures, the UAE is stepping forward as the jurisdiction of choice for the next generation of global business. This shift is not a coincidence it is a result of deliberate reforms, strategic partnerships, and a vision to be a trusted global gateway. The world is moving towards the UAE — and the UAE is ready. The writer is Partner, MICS


Arab News
07-07-2025
- Business
- Arab News
Oman inflation holds at 0.81% as food, housing costs remain stable
RIYADH: Oman's inflation rose 0.81 percent in the first five months of 2025 year on year, driven by stable housing and fuel costs and a decline in key food prices, official data showed. The Ministry of Economy attributed the subdued consumer price growth to declining costs in food and non-alcoholic beverages, which, along with housing and utilities, account for more than half the weighting in Oman's inflation index. This comes as inflation is broadly easing across the Middle East and North Africa, though country-level trends remain mixed, with Jordan recording 1.98 percent, Saudi Arabia 2.2 percent and Dubai 2.3 percent in April. Egypt, however, posted a rise of 16.8 percent. In its release, Oman's Ministry of Economy, citing its official spokesperson Salem bin Abdullah Al-Sheikh, stated that 'the stability of food and non-alcoholic beverage prices this year reflects the slowdown in global price increases and the continuation of government support policies for basic goods and services.' It added: 'At the same time, the food production, marketing, and manufacturing system continues to be strengthened as part of the progress made in implementing the food security strategy and economic diversification targets of the Tenth Five-Year Plan (2021-2025).' This comes as global food commodity prices edged up in June, driven by higher meat, vegetable oil, and dairy prices, according to the UN Food and Agriculture Organization. The FAO Food Price Index averaged 128 points for the month, up 0.5 percent from May and 5.8 percent higher year on year. However, it remained 20.1 percent below its March 2022 peak. The US Federal Reserve maintained steady interest rates but cautioned that tariffs could exacerbate inflation, while the IMF revised its global inflation forecast upward to 4.3 percent this year. In Oman, the general index for import prices increased by 1.3 percent, while the producer price index rose by 4.1 percent by the end of the first quarter compared to the same period in 2024. Food and non-alcoholic beverage prices fell by 0.17 percent from January to May compared to the same period in 2024. Notable declines included vegetables at 4.63 percent, fish and seafood at 3.69 percent, and meat at 0.13 percent. Prices of non-alcoholic beverages dropped by 0.11 percent, and bread and cereals by 0.01 percent. Conversely, prices rose for sugar, jam, honey, and sweets by 3.13 percent; milk, cheese, and eggs by 2.88 percent. Fruit prices rose by 1.05 percent, followed by prices of oils and fats at 1.28 percent, while other food products saw a 3.40 percent increase. The miscellaneous goods and services category saw the highest inflation increase at 6.04 percent, followed by health care at 2.71 percent, and transportation at 2.68 percent. Prices remained stable for tobacco and communications, with minor increases in other CPI components. Geographically, inflation saw a slight decline of 0.04 percent in South Al Batinah Governorate by the end of the first quarter of 2025. The highest inflation rates were recorded in Al Dakhiliyah at 1.58 percent, Musandam at 1.51 percent, and South Al Sharqiyah at 1.24 percent. The lowest increases were in North Al Sharqiyah at 0.21 percent and North Al Batinah at 0.42 percent, while other governorates saw inflation below 1 percent. The agriculture and fisheries sectors grew by 2.8 percent in 2024, contributing 987 million Omani rials ($2.56 billion) to the gross domestic product at constant prices. Growth accelerated to 7.6 percent in the first quarter, adding 273.6 million rials to GDP, according to the spokesperson. Oman has established over 80 markets, slaughterhouses, and stalls since 2021 under the Governorate Development Program. Ongoing projects include a slaughterhouse in Shaleem and Halaniyat Islands, Al Mawared Market in Sinaw, an agricultural products center in Najd, and a fisheries and food industries complex in Duqm.


Times of Oman
06-07-2025
- Business
- Times of Oman
Oman records 0.81% average inflation rate in first five months of 2025
Muscat: The Sultanate of Oman witnessed an average inflation rate of 0.81 percent during the first five months of 2025 compared to the same period last year, according to the Consumer Price Index data released by the Ministry of Economy. The report indicated a 1.3 percent increase in the general import price index and a 4.1 percent rise in the producer price index by the end of the first quarter of 2025 compared to the corresponding period in 2024. Geographical distribution showed varying inflation rates across governorates, with South Al Batinah recording a marginal decline of 0.04 percent, while Al Dakhiliyah registered the highest rate at 1.58 percent, followed by Musandam at 1.51 percent and South Al Sharqiyah at 1.24 percent. More moderate increases were seen in North Al Sharqiyah (0.21 percent) and North Al Batinah (0.42 percent), with other governorates remaining below one percent. Dr. Salim Abdullah Al-Sheikh, official spokesperson for the Ministry of Economy, stated that the moderation in consumer price inflation was driven by declining prices in the food and non-alcoholic beverages category alongside stable housing, water, electricity, gas, and fuel prices. These two categories account for over half of the consumer price index weight in Oman. He pointed out that detailed inflation data revealed a 0.17% decrease in food and beverage prices between January-May 2025 compared to the same period last year. Significant price reductions were recorded for vegetables (-4.63%), seafood (-3.69%), meat (-0.13%), non-alcoholic beverages (-0.11%), and bread/cereals (-0.01%). Conversely, sugar/jam/honey/sweets rose 3.13%, dairy/eggs increased 2.88%, fruits grew 1.05%, oils/fats climbed 1.28%, and other food items jumped 3.40%. He added that the miscellaneous goods/services category showed the highest inflation at 6.04%, followed by healthcare (2.71%), transport (2.68%), and restaurants/hotels (1.08%). Tobacco and communications prices remained stable with minimal increases in other CPI components. Al-Sheikh attributed food price stability to moderated global commodity trends and sustained government subsidies on essentials, coinciding with progress in Oman's Tenth Five-Year Plan (2021-2025) food security strategy. This strategy enhances domestic food production, processing, and marketing systems to boost agricultural/fishery output, increase self-sufficiency, and reduce food imports. He pointed out that the agriculture and fisheries sectors grew 2.8% in 2024, contributing OMR987 million to GDP at constant prices, with growth accelerating to 7.6% (OMR273.6 million) in Q1 2025. To strengthen food security, Oman has developed over 80 markets, slaughterhouses, and kiosks since 2021 under its governorates development program, he explained. He said that current projects include the Slaughterhouse in Shaleem & Halaniyat Islands, Sinaw Resources Market, Dhofar's Agricultural Products Hub, and Duqm's Food/Fishery Industrial Complex with cold chain facilities. The "Silal" Central Market in Barka in South Al Batinah, operational since 2024, serves as advanced distribution channel for local farm produce. Meanwhile, the FAO Food Price Index recorded a year-on-year increase of 7.2 points (6.0%) in May 2025 compared to the same month last year. On a monthly basis, the index averaged 127.7 points in May 2025, reflecting a slight decline of 1.0 point (0.8%) from April 2025. This movement was driven by rising prices in dairy and meat products, while cereals, sugar, and vegetable oils experienced price declines. Economic observers have expressed growing concerns about potential resurgence in inflation should trade protectionism policies intensify. Such developments could undermine the efforts of central banks that have successfully achieved significant inflation reduction since last year. The US Federal Reserve expected that tariff increases implemented in April might lead to price hikes later this year, though the full impact has not yet materialised in inflation figures. While US inflation has declined substantially from its 2022 peak, it remains above the Fed's 2% target. At its June meeting, the Federal Reserve maintained its benchmark interest rate at 4.25-4.5%, unchanged since December 2024, while signaling potential for two rate cuts in 2025. It simultaneously revised its inflation forecast upward to 3% for 2025 and lowered its U.S. GDP growth projection to 1.4%. Within the same context, the International Monetary Fund, in its April 2025 World Economic Outlook report, adjusted its global inflation projections upward to 4.3% for 2025 and 3.6% for 2026. The report anticipates stronger inflationary pressures in advanced economies, contrasting with expected moderation in some emerging markets and developing economies.


Zawya
02-07-2025
- Business
- Zawya
UAE and India explore avenues for enhancing economic and industrial collaboration during the upcoming stage
H.E. Abdulla bin Touq: Both countries share deep-rooted and strategic relations across various fields. The UAE has an adaptable and competitive legislative and economic environment that stimulates industrial investments Abu Dhabi: H.E. Abdulla bin Touq Al Marri, Minister of Economy and Tourism, today held a high-level meeting with H.E. H. D. Kumaraswamy, Indian Minister of Steel and Heavy Industries, and his accompanying delegation at the Ministry of Economy headquarters in Dubai. The meeting focused on strengthening bilateral collaboration across key economic and industrial sectors, with a particular emphasis on the new economy, logistic transportation, advanced technology, manufacturing and food industries. H.E. Bin Touq underscored deep-rooted and strategic partnership between the UAE and India, noting the shared commitment of the leadership to expanding cooperation in new economy sectors. 'The two nations enjoy a decades-long history of economic collaboration built on shared interests, and a common vision for sustainable growth,' H.E. said. H.E. further highlighted significant areas of alignment in both countries' development strategies, including the circular economy, advanced manufacturing, tourism, healthcare, entrepreneurship, innovation, and technology. H.E. Bin Touq said, 'Economic collaboration between the UAE and India continues to strengthen, with notable growth in business activities. In the first half of 2025 alone, 22,415 new Indian companies entered the UAE market, an increase of over 10 per cent compared to the same period in 2024. By the end of June 2025, the total number of Indian companies operating in the UAE reached 264,687. During the meeting, we discussed strategies to enhance communication between business communities of the two countries and to encourage the establishment of diverse ventures across vital economic sectors.' H.E. noted that the UAE has an adaptable and competitive legislative and economic environment that stimulates industrial investments across the world. The manufacturing sector contributed 13.5 per cent to the UAE's non-oil GDP in 2024, ranking as the second on the list of economic activities contributing most to the non-oil GDP of the national economy. Additionally, the foreign direct investment (FDI) in this vital sector reached approximately AED 40 billion (USD 10.9 billion) by the end of 2022, representing 7 per cent of the country's total FDI inflows. The meeting also explored the key enablers and competitive advantages of the UAE's business environment for Indian companies, along with strategies to maximize these benefits. Among the highlighted strengths were the UAE's strategic location connecting East with West, its comprehensive economic partnerships, advanced infrastructure, diverse logistics services, and tax incentives that encourage the establishment of diverse economic and investment activities. Both sides emphasized the importance of enhancing collaboration between the public and private sectors to facilitate the exchange of expertise and best practices, aimed at adopting latest technologies across sectors related to the new economy. This supports the building of a knowledge-based, technology-driven economy and fosters sustainable economic development. For further information, please contact: Orient Planet Group (OPG) Email: media@ Website: