Latest news with #QaisAlYousef
Zawya
2 days ago
- Business
- Zawya
Oman: Manufacturing sector contributes $10bln to national economy
Muscat – The manufacturing sector recorded an annual growth rate of 14.2% with its contribution to the national economy rising to RO4.149bn in 2024 from RO2.438bn in 2020, H E Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, stated to Majlis A'Shura on Wednesday. Presenting the ministry's progress report, H E Yousef said the growth reflects outcomes of the 10th Five-Year Plan (2021-2025) which is focused on economic diversification and industrial development. The plan prioritises foreign investment, industrial innovation and infrastructure support. He cited strategic infrastructure upgrades, improved investor services and targeted financing programmes as key enablers. The manufacturing sector continued to lead economic growth with key expansions in the food, chemical, mining and medical industries. Registered industrial establishments grew from 180 in 2020 to 243 in 2024, an average annual increase of 7.7%. Thirty-two major industrial projects worth over RO878mn were licensed during this period, in line with the government's goal to raise the sector's contribution to RO11.648bn by 2040. The broader trade sector expanded from RO2.627bn in 2020 to RO3.392bn in 2024, growing at an annual rate of 6.6%. Real estate and professional services rose to RO2.277bn from RO1.951bn, showing an annual growth of 3.9%. Foreign direct investment doubled reaching RO30.042bn in 2024 from RO14.261bn in 2018, with a compound annual growth rate of 15.4%. Investment was concentrated in the energy, mining, chemicals and logistics sectors. Fee reductions, licensing simplifications and upgraded infrastructure played a major role in attracting investors. The Invest in Oman digital platform expanded to offer 68 electronic services, helping streamline licensing and registration. Foreign investor registration fee was cut to RO150 annually, and several fees were waived off to promote entrepreneurship. By 2024, Oman had more than 872,000 commercial registrations. Efforts to enhance exports included the launch of the National Export Development Strategy, 98 targeted marketing studies and the 'Made in Oman' platform to promote local products. Support was extended to 52 companies participating in overseas exhibitions. In e-commerce, the number of registered online stores grew by 236.4% between 2020 and 2024. Intellectual property also saw improvements. Trademark registrations rose to 487 in 2024 from 412 in 2020, and patent applications increased from 35 to 96. A national IP strategy was launched to support innovation and foster the creative economy. The ministry also introduced legislation to regulate social media marketing, commercial naming, e-commerce, exhibitions and fair competition. Programmes like 'Own It', 'Localisation' and 'Made in Oman' were launched in partnership with Ministry of Housing and Urban Planning to deepen local content and support SMEs. Despite the gains, the minister acknowledged challenges including weak local supply chains, dependence on imports and productivity gaps. Moving forward, H E Yousef said Oman will prioritise industrial innovation, research and adoption of Industry 4.0 technologies, focusing on high-potential sectors such as food, pharmaceuticals, chemicals and minerals to meet Oman Vision 2040 targets. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
Times of Oman
3 days ago
- 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
5 days ago
- Business
- Times of Oman
Algerian President receives Minister of Commerce, Industry and Investment Promotion
Algiers: President Abdelmadjid Tebboune of the People's Democratic Republic of Algeria received in Algiers today Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion. The meeting took place on the sidelines of opening the 56th Algiers International Fair, where the Sultanate of Oman is the guest of honour. During the meeting, the minister conveyed greetings of His Majesty Sultan Haitham bin Tarik to the Algerian President, along with his best wishes of continued progress and prosperity to President Tebboune and Algerian people. For his part, President Tebboune asked the minister to convey his greetings and appreciation to His Majesty the Sultan for Oman's participation, extending his wishes of progress and prosperity to Oman and its people. The meeting reviewed the bilateral relations between the two countries across various economic, trade and investment fields. The meeting was attended by Saif bin Nasser Al Badai, Ambassador of the Sultanate of Oman to People's Democratic Republic of Algeria; Faisal bin Abdullah Al Rowas, Chairman of Oman Chamber of Commerce and Industry; Eng. Dawood bin Salim Al-Hadabi, CEO of Madayn; and Sheikh Saad bin Suhail Bahwan, Chairman of OTE Group and the Algeria-Oman Fertilizer Company.
Times of Oman
5 days ago
- Business
- Times of Oman
Algerian President inaugurates Oman's pavilion at Algiers International Fair
Algiers: President Abdelmadjid Tebboune of the People's Democratic Republic of Algeria inaugurated the Sultanate of Oman's pavilion as guest of honour at the 56th Algiers International Fair on Monday evening. The fair, which runs until 28 June, is being held at the Exhibition Palace in the Algerian capital. Accompanied by Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, the President toured the 900-square-metre Omani pavilion featuring participation from 60 Omani companies and institutions representing industrial, commercial and service sectors, along with several government entities. This participation reaffirms the distinguished fraternal and economic relations between Oman and Algeria, building on the foundations laid during the state visit of His Majesty Sultan Haitham bin Tarik to Algeria last May, which established a new phase of comprehensive cooperation between the two nations. The Omani companies at the pavilion represent diverse sectors including pharmaceuticals, transportation, electrical conversions, real estate, fisheries, tourism, food products, and handicrafts. Qais Al Yousef emphasised that Oman's participation as guest of honor came in response to an official invitation from the Algerian President, as confirmed in the joint communique during His Majesty the Sultan's visit. He noted the participation includes major, medium and small enterprises that will enhance trade opportunities between the two countries, with particular representation from pharmaceutical, construction materials, and food industries, along with dedicated sections for handicrafts and cultural displays. In his statement to Oman News Agency (ONA), Al Yousef highlighted that the Algiers International Fair, with participation from over 20 countries, provides an excellent platform to showcase Oman's commercial, investment and cultural offerings. He noted the Algerian President's appreciation for the diversity and quality of Omani industries displayed at the pavilion. Faisal Abdullah Al Rowas, Chairman of Oman Chamber of Commerce and Industry (OCCI), stated that this participation represents an important opportunity to strengthen Oman's external economic presence and reflects the depth of fraternal and economic relations between the two countries. He emphasized the growing role of Oman's private sector in international economic forums and its contribution to expanding trade and investment horizons between the two nations. In his remarks to ONA, he underlined the Chamber's commitment to active participation in international exhibitions to open new prospects for the private sector in building sustainable partnerships abroad while promoting Omani products. He pointed out that this participation will highlight the competitiveness of Omani products and enhance international investors' confidence in national capabilities and the growth potential of Omani institutions, while also providing opportunities to learn from successful experiences in the Algerian market. Meanwhile, Saif Nasser Al Badai, Ambassador of Oman to Algeria, stated that Oman's participation as guest of honour aims to explore trade and investment exchange opportunities between the two countries, and examine potential partnerships and export possibilities to the Algerian market and regional markets. In his statement to ONA, he noted that Oman's participation in the 56th Algiers International Fair will enhance its commercial and investment presence internationally while opening new horizons for Omani and Algerian private sectors to build sustainable partnerships supporting economic diversification and regional integration efforts. For his part, Eng. Dawood Salim Al Hadabi, CEO of the Public Establishment for Industrial Estates (Madayn) and Chairman of "OPEX" Committee for Omani Products Promotion, explained that the supervisory team's participation – represented by Madayn, the Ministry of Commerce, Industry and Investment Promotion, Oman Chamber of Commerce and Industry, and the Small and Medium Enterprises Development Authority – builds on the longstanding relations between Oman and Algeria. He added that this aligns with OPEX's plans to establish footholds for Omani products in the promising Algerian market of nearly 40 million consumers, while also accessing Mediterranean region markets through Algeria's strategic ports. These markets have growing demand for various products including consumer goods, plastic and aluminum products, and construction materials. Al Hadabi noted that the OPEX team aims through this participation to develop non-oil Omani exports and secure new markets as part of its annual plans, while facilitating deals for participating companies or securing distribution agencies for their products in Algeria and neighboring markets. Such participations play a vital role in achieving positive outcomes that increase production, generate job opportunities for Omanis, and ultimately boost the national economy. The Algiers International Fair stands as one of the most prominent international economic events, showcasing national economic development and production capabilities while enhancing commercial and professional exchanges through creating an environment conducive to partnerships and foreign direct investment across various sectors. The 2024 edition featured participation from about 700 national and foreign exhibitors from approximately 20 countries active in multiple sectors including manufacturing, food industries, construction, services, and petrochemical industries. The opening ceremony of Oman's pavilion was attended by representatives from various government and private entities and business leaders from both countries.
Times of Oman
6 days ago
- Business
- Times of Oman
Shura Council to host Minister of Commerce, Industry and Investment Promotion
Muscat: The Shura Council will convene its 12th, 13th, and 14th regular sessions during the period from Tuesday to Thursday, 24–26 June 2025, as part of the second annual sitting of the Tenth Term (2023–2027). The sessions will include discussions on a number of draft laws, reports submitted by the Council's standing committees and working teams, in addition to the ministerial statement to be delivered by the Ministry of Commerce, Industry and Investment Promotion. In a statement, Ahmed bin Mohammed Al Nadabi, Secretary General of the Shura Council, explained that the Council will host Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, on Wednesday and Thursday, 25–26 June, to deliver his ministry's statement before the members of the Shura Council in a public session. The statement will be delivered in accordance with Article (69) of the Council of Oman Law, which stipulates that the Shura Council shall, at the beginning of each annual session, determine the programme of ministerial statements and their discussion points based on a joint proposal by the Bureau of the Council and the chairs of the standing committees. The programme is then submitted to the government, along with the key elements and themes each statement must include according to the topic or sector it addresses. According to the Secretary General, the ministerial statement will focus on six main themes, namely: the contribution of the commerce and industry sectors to the gross domestic product (GDP); the Ministry's vision for the future of the industrial sector; projects implemented during the period 2020–2023; the evaluation of free trade agreements and the 'Nazdaher' programme; the volume and trends of foreign direct investment; and the Ministry's future outlook. He added that the statement will present statistical analyses and performance indicators reflecting the current status of the commerce and industry sectors, while emphasising the importance of promoting investment by offering incentives and legislative facilitation, strengthening the legal framework, enhancing digital platforms, and supporting national initiatives such as 'Invest in Oman.' The statement will also evaluate the outcomes of economic agreements concluded with GCC countries and other international partners. The Council's 12th regular session, scheduled for Tuesday, 24 June, will be dedicated to discussing a number of draft laws, including the draft amendment of certain provisions of the Cultural Heritage Law, and the draft Law on Combating Cybercrimes. The relevant committees have reviewed the proposed laws and compared them with similar regional legislation, introducing appropriate amendments to enhance their effectiveness in alignment with national priorities. These proposed amendments will be discussed in preparation for referral to the State Council. The session will also include discussions on the report of the Services and Public Utilities Committee concerning the draft air services agreement with the Kingdom of the Netherlands, with reference to Curaçao. Furthermore, the Council will review reports submitted by working teams formed during the current session to study various national topics. These include the report of the working team tasked with reviewing the benefits of the social protection system, and the report of the working team studying the digital economy file, aimed at supporting Oman's orientation towards enhancing the digital economy in line with Oman Vision 2040. Also on the agenda are several reports submitted by the standing committees. These include the following: The report of the Health and Social Committee on the proposal to enhance investment in the private health sector; The report of the Services and Public Utilities Committee on the proposal to improve the quality of telecommunications services in the Sultanate of Oman; The report of the Education, Research, Innovation Committee on the proposal to introduce mechanisms to maximise the economic impact of scientific research and innovation in the Sultanate;
