Latest news with #OmanVision2040
Observer
2 days ago
- Entertainment
- Observer
Oman participates in London Design Biennale 2025
LONDON: The Sultanate of Oman is participating in London Design Biennale 2025, which runs until June 29. Oman's contribution is represented by the creative artwork Memory Grid by engineer and designer Haitham al Busafi, which won the award for best design at this global exhibition. The participation aligns with the efforts of the Ministry of Culture, Sports and Youth to showcase Omani culture globally and transform Oman's cultural landscape into a hub of creativity and cultural diversity, in line with the executive plan of the Cultural Strategy 2021–2040. Ibrahim bin Saif Bani Oraba, Assistant Director-General of Arts, emphasised that the Ministry of Culture, Sports and Youth has developed its vision through ambitious plans to position Oman as a leader in various cultural fields internationally. This stems from the foundations of Oman Vision 2040 and the Cultural Strategy, which serves as a strategic framework for the nation's cultural endeavours. Through its participation in the London Design Biennale 2025, the ministry ensured a distinctive presence in every detail, including a pivotal role for Omani youth in this global platform. Engineer and designer Haitham al Busafi was selected to create the artwork, while Zawraq Group — a youth-led small and medium enterprise — was appointed as the pavilion's evaluator. Eng Al Busafi expressed profound pride and gratitude upon receiving the Best Design Award for Memory Grid as Oman's representative at the London Design Biennale 2025. He described the moment as a historic achievement for Oman, embodying the nation's heritage and contemporary vision where tradition meets innovation. He explained that Memory Network is an immersive installation featuring transparent, machine-crafted replicas of traditional Omani pottery arranged in a pattern reminiscent of data centres. Meanwhile, Za'eema al Adawi stated that selecting Zawraq Group as the artistic evaluator was both an opportunity and a tool for youth empowerment, enabling their representation at this major artistic forum. - ONA
Mid East Info
2 days ago
- Business
- Mid East Info
Oman's finance and leasing sector supports economic diversification under Vision 2040 - Middle East Business News and Information
Oxford Business Group's latest Growth and Perspectives video highlights the sector's role in enhancing access to capital and enabling sustainable growth Muscat, June 2025: Sultanate of Oman financial services industry continues to play a central role in supporting the country's long-term development strategy. A new Growth Perspectives video produced by Oxford Business Group (OBG) in partnership with National Finance Company, the sultanate of Oman leading finance company, explores how the finance and leasing segment is fuelling economic diversification by addressing funding gaps and facilitating investment across key sectors. The video, titled Sultanate of Oman Finance and Leasing Sector Fuelling Economic Diversification, examines the ways in which financial solutions are enabling businesses to scale up operations, create employment opportunities and contribute to national growth. Particular emphasis is placed on the role of tailored financing mechanisms in supporting small and medium-sized enterprises (SMEs), which are recognised as vital to private sector development. Under Oman Vision 2040, economic diversification and private sector participation are top priorities. The finance and leasing sector is well positioned to contribute to these objectives through the provision of capital for logistics, construction, manufacturing and other industries. Leasing arrangements for industrial equipment, working capital loans and sale-and-leaseback options are among the solutions highlighted in the video as helping to bridge the financing gap for businesses of all sizes. The interview features insights from Tariq Sulaiman Al Farsi, Chief Executive Officer of National Finance Company, who outlines the company's approach to facilitating access to finance through inclusive, innovation-driven products and services. He also discusses how the company is aligning its strategy with the broader goals of Oman Vision 2040, including support for emerging sectors such as renewable energy and digital technology. 'Financial inclusion is fundamental to achieving economic diversification,' Al Farsi said. 'At National Finance, we are committed to supporting Sultanate of Oman growth by empowering entrepreneurs, enhancing access to credit and ensuring that our solutions are designed to meet the needs of a rapidly evolving economy.' Dana Carmen Agarbicean, OBG's Country Director in Sultanate of Oman, noted that the country's finance and leasing sector has become an essential enabler of long-term development. 'Sultanate of Oman progress towards a more diversified economy is underpinned by robust and adaptive financial mechanisms. The sector's contribution to national priorities—particularly the growth of SMEs and strategic industries—reflects its key role in shaping a resilient and competitive business environment,' she said. This Growth Perspectives video forms part of Oxford Business Group's wider research for The Report: Sultanate of Oman 2025, the Group's forthcoming publication on the country's investment opportunities and economic developments. An in-depth interview with Tariq bin Sulaiman Al Farsi will also appear in the report. To view the video, visit: About Oxford Business Group Oxford Business Group (OBG) is a global research and advisory company with a presence in over 30 countries, spanning Africa, the Middle East, Asia, and the Americas. It is recognised internationally as a distinctive and respected provider of on-the-ground intelligence on world's fastest-growing markets, termed The Yellow Slice, in reference to OBG's corporate colour. Through its range of products – Economic News and Views; OBG CEO Surveys; OBG Events and Conferences; Global Platform, which hosts exclusive video interviews; and The Report publications – as well as its Advisory division, OBG offers comprehensive and accurate analysis of macroeconomic and sector-level developments for sound investment opportunities and business decisions. OBG provides business intelligence to its subscribers through multiple platforms, including its direct subscribers, Dow Jones Factiva subscribers, the Bloomberg Professional Services subscribers, Refinitiv's (previously Thomson Reuters) Eikon subscribers, and more.
Zawya
2 days ago
- Business
- Zawya
Oman: SME Authority hosts 16th Social Protection Services dialogue
MUSCAT: The Small and Medium Enterprises Development Authority held its 16th dialogue session in Muscat, centring on social protection services for SMEs, in alignment with the strategic goals of Oman Vision 2040. The event brought together Halima bint Rashid Al Zari'iya, Chairperson of the Authority, officials from the Social Protection Fund, SME owners, and stakeholders from relevant entities. Deliberations focused on increasing partnership and integration between small and medium enterprises (SMEs) and interested stakeholders, enriching supportive policies to encourage SME development. They were also aimed at imparting entrepreneurs with the passion to introduce new ideas that drive the development of priority economic sectors. To this end, steps are being taken to improve the overall business environment and make it more favorable for SMEs and to scout for viable opportunities for such businesses in various economic sectors. The meeting was intended to foster cooperation, innovation, and operational efficiency across the SME sector—objectives that align with Vision 2040's diversification of the economy, empowerment of the private sector, and sustainable development agenda. Discussions on issues of current concern such as insurance coverage, subscription to the Social Protection Fund, and mechanisms for SME support were designed to help the Authority establish a better business environment and enhance resilience of small business. With Oman's move towards a knowledge economy, the inclusion of SMEs in social protection systems ensures a more inclusive growth and efficient social safety net—two pillars of utmost importance to the Vision. The Authority renewed its commitment to an enabling, competitive, and economic space with SMEs as the center of national prosperity. It concluded with an open discussion that encouraged frank conversation between policymakers and SME owners, further solidifying participatory and inclusive nature underpinning Oman Vision 2040's government and institutional development strategy. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Observer
2 days ago
- Business
- Observer
Self-service platform for issuing property title deeds launched
Muscat: In a major stride towards enhancing digital governance and streamlining public services, the Ministry of Housing and Urban Planning has officially launched a new self-service platform for issuing digital property title deeds. The service allows beneficiaries to obtain their title deeds instantly and electronically, eliminating the need for in-person visits to service halls. This initiative marks a significant shift in simplifying procedures. By enabling immediate issuance of ownership documents online, the ministry anticipates reducing the time spent on such services by over 70 per cent and cutting in-person visits by 60 per cent in the first year alone. In addition to efficiency and speed, the initiative aligns with the ministry's sustainability goals. It complements a broader digital transition strategy that includes internal communications, external documentation and now the issuance of secure digital title deeds. Each document is embedded with an electronic verification code, ensuring both accuracy and authenticity. Users can access the traditional version of their property deed through the 'Amlak' platform. Dr Moamen bin Abdullah al Busaidy, Adviser to the Minister for Smart Cities, emphasised the significance of the launch, stating: 'This is a critical step towards a fully digital ownership system. Our ambition is for the majority of the public to adopt electronic title deeds by the end of next year. It will save both time and effort for users, who previously had to physically visit various service locations.' Dr Al Busaidy added that the ministry is currently developing smart services designed to anticipate citizens' needs and deliver information and entitlements proactively — without requiring formal requests. Future enhancements will also enable mobile access to services and real-time interactions with intelligent data systems, further reducing the need to contact support staff directly. Dr Rashid bin Mohammed al Ghilani, CEO of the Oman National Engineering and Investment Company (Oneic), which is partnering with the ministry on the project, commented: 'This strategic collaboration marks a transformative milestone in Oman's digital journey. We are committed to delivering secure and efficient technological solutions that enhance citizen experience and drive public sector innovation. We are proud of the trust placed in us by the ministry and look forward to further partnerships in line with Oman Vision 2040. To maximise accessibility and inclusivity, the new service will gradually be rolled out across more than 300 locations. These include all ministry service halls, Oneic branches and self-service kiosks operating around the clock in all governorates. This expansive rollout is expected to improve operational efficiency and raise customer satisfaction levels to 95 per cent.
Gulf Insider
2 days ago
- Business
- Gulf Insider
Oman Announces 5% Income Tax: Everything You Need to Know
Oman will introduce the Gulf region's first personal income tax on high earners starting January 1, 2028, marking a historic shift in its fiscal strategy. The personal income tax (PIT) for high earners marks a major shift in Oman's fiscal policy as part of the broader Vision 2040 agenda to diversify national income and ensure long-term financial sustainability. The Personal Income Tax Law, issued by Royal Decree No. 56/2025, comprises 76 articles across 16 chapters. It imposes a 5 per cent tax on the taxable income of individuals whose gross annual income exceeds OR42,000 ($109,100), derived from income categories defined in the legislation. The law will officially come into force at the start of 2028. Effective Date: January 2028 Threshold: Income above OR42,000 ($109,100) annually Tax Rate: 5 per cent Exemptions: 99 per cent of citizens, plus deductions for key social needs Purpose: Fiscal sustainability, economic diversification, social equity Impact: Minimal GDP effect, no expected impact on foreign investment Dr. Said Mohammed Al Saqri, Minister of Economy, said: 'The tax serves as a new revenue stream to diversify public income sources and mitigate risks associated with reliance on oil as the primary revenue source. 'It will help maintain current levels of social and service spending while preserving Oman's achievements in financial and economic stability under 'Oman Vision 2040' and its first executive phase, the Tenth Five-Year Plan (2021-2025).' According to Oman's Tax Authority, the exemption threshold was determined after a comprehensive economic and social impact study based on income data from multiple government bodies. As a result, approximately 99 per cent of Omani citizens will not be affected by the tax. To address social equity, the law includes deductions for education, healthcare, housing, zakat, donations, and inheritance, among others. Karima Mubarak Al Saadi, Director of the Personal Income Tax Project, confirmed that all necessary preparations and requirements for implementing the tax have been completed. The Tax Authority confirmed the development of a digital tax declaration system integrated with other government entities to promote voluntary compliance. The executive regulations of the law will be issued within one year of its publication in the Official Gazette. Currently, 68 per cent to 85 per cent of Oman's income is derived from oil and gas, depending on global prices. While prices have been favourable recently, the government warns of long-term volatility. The PIT law seeks to secure sustainable funding and mitigate reliance on hydrocarbons. Dr. Said Mohammed Al Saqri, explained that the (PIT) is a fiscal tool adopted by most countries worldwide as a key revenue source to fund state-provided services. More than 190 countries impose this tax, and in many, income taxes constitute the largest component of total tax revenues at federal and local levels, financing public goods and services. He noted that implementing the tax in Oman will yield significant economic benefits, supporting income diversification strategies and long-term fiscal stability as a pillar of economic growth. He added that the foreign investment is expected to remain unaffected, as the tax applies to individuals—not corporate entities—and Oman's rates remain competitive globally, the minister concluded. The 2025 national budget allocates more than OR5bn ($13bn) to essential services: Education: 39 per cent Healthcare: 24 per cent Social Protection: 28 per cent The Social Protection Fund currently supports over 2 million beneficiaries monthly, with PIT revenue expected to further strengthen the program. Also read: Oman Expands Plastic Bag Ban To Retail And Food Sectors In Third Phase Of National Plan
