Latest news with #MoCIIP
Zawya
6 days ago
- Business
- Zawya
Manufacturing sector accounts for 10% of Oman's GDP in 2024
Muscat: Majlis Ash'shura held its 13th regular session of the second annual sitting of the 10th term on Wednesday, during which Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion (MoCIIP), presented his ministry's statement. The session focused on several key topics, including the contribution of the public and private sectors to the Gross Domestic Product (GDP), the assessment of free trade agreements, and progress under the "Nazdahir" programme. In his address to the council, the minister said the trade sector's contribution to the GDP at constant prices reached 8.3 per cent in 2024, amounting to RO 3.225 billion. He noted that the sector recorded a cumulative growth of 6.6 per cent during the Tenth Five-Year Plan. "The manufacturing sector registered the highest growth among economic diversification activities, achieving an 8.6 per cent increase to reach RO 3.6 billion at constant prices by the end of 2024. This represents 10 per cent of the GDP", he further added. He added that the industrial exports stood at RO 6.2 billion in 2024, he added, highlighting the growing added value of national industries and their ability to access regional and global markets. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Observer
6 days ago
- Business
- Observer
Manufacturing sector accounts for 10% of Oman's GDP in 2024: MoCIIP
Muscat: Majlis Ash'shura held its 13th regular session of the second annual sitting of the 10th term on Wednesday, during which Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion (MoCIIP), presented his ministry's statement. The session focused on several key topics, including the contribution of the public and private sectors to the Gross Domestic Product (GDP), the assessment of free trade agreements, and progress under the "Nazdahir" programme. In his address to the council, the minister said the trade sector's contribution to the GDP at constant prices reached 8.3 per cent in 2024, amounting to RO 3.225 billion. He noted that the sector recorded a cumulative growth of 6.6 per cent during the Tenth Five-Year Plan. "The manufacturing sector registered the highest growth among economic diversification activities, achieving an 8.6 per cent increase to reach RO 3.6 billion at constant prices by the end of 2024. This represents 10 per cent of the GDP", he further added. He added that the industrial exports stood at RO 6.2 billion in 2024, he added, highlighting the growing added value of national industries and their ability to access regional and global markets.
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.
Zawya
18-06-2025
- Business
- Zawya
Oman's ministry signs agreements to develop National Capabilities in the Industrial Sector
Muscat: In a significant step to enhance partnerships with both the public and private sectors and empower national talent in the industrial sector, the Ministry of Commerce, Industry and Investment Promotion (MoCIIP) signed a series of agreements today, Monday, June 16, 2025, with several public and private institutions. The signing ceremony was attended by H.E. Qais bin Mohammed Al-Yousef, Minister of Commerce, Industry and Investment Promotion; H.E. Dr. Said bin Mohammed Al Saqri, Minister of Economy; H.E. Dr. Saleh bin Saeed Masan, Undersecretary for Commerce and Industry; H.E. Mohammed bin Suleiman Al Kindi, Governor of North Al Batinah; and a number of senior executives and representatives from the signing entities. H.E. Dr. Saleh bin Saeed Masan emphasized in his address that these agreements mark a major milestone in the journey to strengthen national industrial capabilities. He reaffirmed the Ministry's firm belief that investing in human capital and enhancing its skills is the foundation of building a strong and sustainable economy. These initiatives, he explained, are part of the broader implementation of the Industrial Strategy 2040, which focuses on developing a diversified, knowledge-based, and technology-driven industrial sector. He noted that the Ministry is translating the strategic directions of the industrial sector into tangible projects and initiatives that aim to increase added value, diversify industrial activities, boost industrial exports, attract quality investments, and strengthen investor confidence in the industrial business environment. As part of the event, a Memorandum of Understanding was signed between the Ministry, the Office of the Governor of North Al Batinah, and Jindal Steel (Oman) for the establishment of an industrial training center in the governorate. The center aims to qualify national talent and enhance their readiness for the labor market. Additionally, a financing agreement was signed with Daleel Petroleum to support the development of the 'Tasneea' platform – a specialized digital platform connecting procurement and contracting processes in the industrial sector with local products. This initiative aims to improve supply chain efficiency and increase in-country value. Mr. Waleed Al Maawali, Senior Manager of Supply & Logistics at Daleel Petroleum, commented: 'The 'Tasneea' platform is the outcome of joint efforts between the Ministry and Daleel Petroleum. It represents a strategic step forward in promoting local content. The platform will serve to connect and integrate industrial and consumer sectors, driving productivity in the industrial sector.' © Muscat Media Group Provided by SyndiGate Media Inc. (
Zawya
18-06-2025
- Business
- Zawya
Oman courts Belgian investors to boost trade ties
Muscat – As part of its global investment promotion efforts, Invest Oman – under the Ministry of Commerce, Industry and Investment Promotion (MoCIIP) – held the 'Advantage Oman–Kingdom of Belgium' Business Dialogue in Brussels on Monday. Organised in cooperation with the Embassy of Oman in Belgium and the Arab-Belgian-Luxembourg Chamber of Commerce (ABLCC), the event was held to strengthen trade and economic relations between Oman and Belgium. The forum brought together senior Belgian investors, business leaders and decision-makers to discuss investment opportunities in Oman, with a focus on sectors including renewable energy, pharmaceuticals, life sciences, tourism and leisure. Omani representatives highlighted the sultanate's recent regulatory reforms, major projects and its supportive environment for investors. The dialogue provided a platform for direct discussions between Omani and Belgian stakeholders to identify areas for cooperation and possible joint ventures. Pankaj Khimji, advisor for foreign trade and international cooperation at MoCIIP, said the dialogue was an important step in building long-term partnerships. 'This dialogue is a strategic step toward strengthening our economic cooperation with Belgium. It introduces Oman's competitive edge and invites Belgian enterprises to grow within a future-ready market,' he said. H E Rua bint Issa al Zadjali, Oman's Ambassador to Belgium, said the initiative supports Oman's efforts to enhance economic diplomacy and build strong international ties. 'It is a timely platform to deepen ties with Belgium's business community and reaffirm Oman's position as a strategic investment destination,' she said. The Advantage Oman series is part of the sultanate's wider strategy to attract foreign investment and promote Oman as a gateway to global markets. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
