Latest news with #QaisbinMohammedalYousef
Observer
9 hours ago
- Business
- Observer
Oman concludes guest of honour role at Algiers Fair
ALGIERS: The Sultanate of Oman has concluded its prominent role as Guest of Honour at the 56th Algiers International Fair, which commenced on 23 June. Oman's delegation was led by Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, and included Faisal bin Abdullah Al Rawas, Chairman of the Oman Chamber of Commerce and Industry, alongside officials from government and private sectors. Oman's national pavilion showcased 60 government and private companies and institutions operating across various economic and service sectors. It also featured small and medium-sized enterprises (SMEs) and traditional craftspeople, offering a rich blend of innovation and heritage. On the sidelines of the fair, the Omani-Algerian Businessmen Forum was held, spotlighting investment prospects in logistics, manufacturing, and real estate development. The forum facilitated bilateral meetings between Omani and Algerian entrepreneurs, paving the way for collaborative ventures. Mohammed bin Khalaf al Hamdani from Oman Exports highlighted that Oman's pavilion enabled visitors to gain first-hand insight into the nation's industrial capabilities, heritage, and investment potential. He noted that some participating companies successfully signed export agreements with Algerian buyers, while others are in negotiations to establish joint commercial partnerships aimed at expanding their distribution across North Africa. Dr Saif bin Khamis al Maamari, Head of the OPEX Operations Team, remarked that Oman's role as Guest of Honour was supported by a series of events designed to boost investment and export opportunities. These initiatives helped strengthen economic ties in sectors including urban planning, manufacturing, and logistics. Algerian visitors expressed strong interest in Omani products, praising their quality and competitive pricing. According to al Maamari, this has led to discussions about distribution agreements in sectors such as plastics, agriculture, electricity, and food production. Dr Rashid bin Hamad al Alawi, Director of the Investment Department at Madayn, underscored the agency's aim to promote Oman's industrial cities and attract Algerian investment. Meetings were held with several Algerian firms interested in the incentives available in Oman's industrial estates. Ibrahim bin Sulaiman al Hinai, a specialist at the Authority for SME Development, reaffirmed the commitment to supporting local entrepreneurs by facilitating their participation in international events. Meanwhile, Ibrahim bin Saud al Balushi, Director at Al Madina Logistics Services, noted the company's role in ensuring smooth transport of Omani goods and supporting exporters interested in the Algerian market. Overall, Oman's participation not only elevated its profile in North Africa but also opened avenues for increased trade and collaboration with Algeria. — ONA
Observer
a day ago
- Business
- Observer
Shura calls for increasing Omanisation rates in manufacturing sector
MUSCAT: For the second consecutive day, the Majlis Ash'shura continued its discussion on the statement of Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion. The Council's members emphasised the need to intensify efforts and review strategies and policies to enhance the added value of the trade and industry sectors domestically, linking industries to available national resources. They also called for increasing Omanisation rates in the manufacturing sector, given its rapid growth, and stressed the importance of devising a plan to incentivise industrial companies to absorb national talent. During the session, the members of the Council highlighted the necessity of strengthening incentives and facilities to empower the industrial and commercial sectors. They also proposed establishing a national centre to support stalled industrial projects. Additionally, the members discussed the significance of foreign investment as a solution to economic and social challenges, such as job creation and industrial expansion. They urged the creation of an attractive and flexible investment environment characterised by integration among relevant entities, while addressing obstacles that may hinder foreign investment efforts. The session also touched on the growing importance of e-commerce in Oman, with a proposal to establish a unified e-commerce portal under the ministry's supervision to support local sellers and streamline licensing, payment and delivery services. These discussions took place during the Council's 14th regular session of the second annual convening (2024-2025) of its 10th term (2023-2027). The session was chaired by Khalid bin Hilal al Maawali, Chairman of Majlis Ash'shura, in the presence of its members and Shaikh Ahmed bin Mohammed al Nadabi, Secretary-General of Majlis Ash'shura. - ONA
Observer
3 days ago
- 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
3 days ago
- 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
Observer
4 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.
