Latest news with #Nazdaher
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
Observer
25-06-2025
- 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
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.
Zawya
21-05-2025
- Business
- Zawya
FTA offers Omani exports competitive advantage
MUSCAT: The Omani Economic Association (OEA) convened a session of its Economic Council under the theme 'International Customs Policies and Their Impact on the Omani Economy,' focusing on the implications of global tariffs and the benefits of the US-Oman Free Trade Agreement. The session, held at Omantel's headquarters, featured His Highness Sayyid Dr Adham bin Turki Al Said, Chairman of the Economic Committee at the Oman Chamber of Commerce and Industry; and Khalid bin Said al Shuaibi, Head of the National Programme for Investment and Export Development (Nazdaher); and was moderated by Dr Khalid bin Said al Amri, Chairman of the OEA Board. Speaking first at the session, HH Sayyid Dr Adham said, 'Today's global developments are not spontaneous; they are the result of accumulated trends, accelerated post-COVID-19. The response came as a reaction to globalization, industrial nations began subsidising their exports. The US perceived Chinese export-driven production as a threat, prompting Trump to introduce a wave of tariffs, which ultimately hurt American consumers and companies. Still, there were positive outcomes, such as new free trade agreements with the US, understandings with the UK, and the reshaping of NAFTA, from which the US now benefits, despite spending more than it produces. These tariffs have attracted some industries back to the US.' He described Trump's approach as a "shock policy", stressing that the American market remains attractive. 'The US and China are clearly diverging. Despite the friction, the US remains reliant on Chinese investments. Tariffs are likely to remain, with Trump's main goal being economic recovery and job creation in the US,' he added. Speaking to the Observer, Khalid bin Said al Shuaibi, Head of the National Programme for Investment and Export Development (Nazdaher), affirmed that the FTA between Oman and the United States remains in effect, ensuring that Omani products are exempt from standard customs duties. However, he clarified that the additional 10 per cent customs duty currently applied across all imports does affect Omani exports. 'The Free Trade Agreement (FTA) remains valid. Omani products exported to the US are not subject to standard customs duties, except for the additional 10 per cent applied across all imports. Negotiations are ongoing to address and potentially ease these charges,' he stated. Al Shuaibi emphasised that, despite this added tariff, the FTA continues to offer Omani exporters a competitive advantage in the US market, and discussions are underway to mitigate the impact of these new duties. Dr Khalid bin Said al Amri, Chairman of the Board of Directors of OEA, remarked, 'Ongoing economic disputes between the US and China continue to cast a shadow over the global economy. Former President Trump's decision to impose tariffs on over 60 countries, though delayed briefly, still impacts the global economy. With economic uncertainty prevailing, many countries are using tariffs as economic tools, a form of tax on imports.' He argued that such economic challenges can be viewed as opportunities rather than obstacles. 'They offer a chance to support national industries and encourage innovation, building a more resilient domestic economy capable of withstanding global fluctuations,' he said. He acknowledged the recent decline in oil prices and the drop in the Muscat Stock Exchange Index, but said, 'That doesn't mean we should stand idle. These global shifts must be used to facilitate trade in target markets, create new supply chains, expand and diversify markets, and develop new products. From such challenges, opportunities are born.'
Observer
20-05-2025
- Business
- Observer
FTA offers Omani exports competitive advantage
MUSCAT, MAY 20 The Omani Economic Association (OEA) convened a session of its Economic Council under the theme 'International Customs Policies and Their Impact on the Omani Economy,' focusing on the implications of global tariffs and the benefits of the US-Oman Free Trade Agreement. The session, held at Omantel's headquarters, featured His Highness Sayyid Dr Adham bin Turki Al Said, Chairman of the Economic Committee at the Oman Chamber of Commerce and Industry; and Khalid bin Said al Shuaibi, Head of the National Programme for Investment and Export Development (Nazdaher); and was moderated by Dr Khalid bin Said al Amri, Chairman of the OEA Board. Speaking first at the session, HH Sayyid Dr Adham said, 'Today's global developments are not spontaneous; they are the result of accumulated trends, accelerated post-COVID-19. The response came as a reaction to globalization, industrial nations began subsidising their exports. The US perceived Chinese export-driven production as a threat, prompting Trump to introduce a wave of tariffs, which ultimately hurt American consumers and companies. Still, there were positive outcomes, such as new free trade agreements with the US, understandings with the UK, and the reshaping of NAFTA, from which the US now benefits, despite spending more than it produces. These tariffs have attracted some industries back to the US.' He described Trump's approach as a "shock policy", stressing that the American market remains attractive. 'The US and China are clearly diverging. Despite the friction, the US remains reliant on Chinese investments. Tariffs are likely to remain, with Trump's main goal being economic recovery and job creation in the US,' he added. Speaking to the Observer, Khalid bin Said al Shuaibi, Head of the National Programme for Investment and Export Development (Nazdaher), affirmed that the FTA between Oman and the United States remains in effect, ensuring that Omani products are exempt from standard customs duties. However, he clarified that the additional 10 per cent customs duty currently applied across all imports does affect Omani exports. 'The Free Trade Agreement (FTA) remains valid. Omani products exported to the US are not subject to standard customs duties, except for the additional 10 per cent applied across all imports. Negotiations are ongoing to address and potentially ease these charges,' he stated. Al Shuaibi emphasised that, despite this added tariff, the FTA continues to offer Omani exporters a competitive advantage in the US market, and discussions are underway to mitigate the impact of these new duties. Dr Khalid bin Said al Amri, Chairman of the Board of Directors of OEA, remarked, 'Ongoing economic disputes between the US and China continue to cast a shadow over the global economy. Former President Trump's decision to impose tariffs on over 60 countries, though delayed briefly, still impacts the global economy. With economic uncertainty prevailing, many countries are using tariffs as economic tools, a form of tax on imports.' He argued that such economic challenges can be viewed as opportunities rather than obstacles. 'They offer a chance to support national industries and encourage innovation, building a more resilient domestic economy capable of withstanding global fluctuations,' he said. He acknowledged the recent decline in oil prices and the drop in the Muscat Stock Exchange Index, but said, 'That doesn't mean we should stand idle. These global shifts must be used to facilitate trade in target markets, create new supply chains, expand and diversify markets, and develop new products. From such challenges, opportunities are born.'
