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Muscat Daily
a day ago
- Business
- Muscat Daily
Officials discuss challenges of plastic bag ban with manufacturers in Dhofar
Salalah – The Department of Commerce, Industry, and Investment Promotion in Dhofar Governorate, in cooperation with the Environment Authority (EA) and the Oman Chamber of Commerce and Industry (OCCI) – Dhofar branch, held a joint meeting with owners of plastic manufacturing factories to address challenges surrounding the national ban on single-use plastic shopping bags. The meeting aimed to open direct dialogue with industry stakeholders, assess the current impact of the ban, and explore sustainable alternatives that align with Oman's environmental goals while supporting the continuity and adaptability of the local industrial sector. EA had announced the implementation of the third phase of a national initiative to ban single-use plastic shopping bags from July 1, 2025. The latest stage broadens the scope of the ban to include additional segments of the retail and food sectors. Shops selling fruits and vegetables, packaging units, grocery stores, sweet shops, candy factories, bakeries, gift shops and outlets selling bread, pastries and confectionery will be required to stop providing single-use plastic bags and switch to sustainable alternatives such as reusable cloth or paper bags. In January 2024, Decision No 8/2024 set out a phased approach to ban all single-use plastic shopping bags by 2027. The phased rollout is designed to help businesses and consumers adapt gradually, EA stated. The first phase, which began on July 1, 2024, targeted pharmacies, hospitals and clinics. The second phase, effective from January 1, 2025, covered textiles and fabric stores, clothing outlets, tailors, eyewear shops, mobile pho-ne vendors and repair services, watch shops, furniture retailers and household goods suppliers. Businesses found violating the ban face fines between RO50 and RO1,000. Repeat offences within a month will result in doubled penalties.
Observer
09-07-2025
- Business
- Observer
The pros and cons of foreign investment
Some economic reports reveal several violations occurring through foreign investments in countries seeking to expand their economic activities and boost economic growth. We have recently read about some foreign countries hacking into their local systems by collecting important information about various situations, institutions, and individuals, including their contact numbers, private messages, and other matters, and providing it to hostile countries. This information can be exploited in the event of wars and military and economic skirmishes. This does not mean that countries should stop attracting foreign investments, but they must monitor these institutions and their employees, especially those that attempt to exclude national cadres from employment. We have recently witnessed this with the insistence of some countries on excluding national competencies from working in the institutions they establish through foreign investments, which gives them the opportunity to manipulate the data of these companies and avoid oversight from the relevant authorities. This is something we must be careful about and avoid underestimating during the coming period. The value of foreign investment in Oman currently stands at approximately RO 30 billion. This has been achieved as a result of the efforts made by relevant authorities in the country over the past decades to transform the national economy into a competitive one based on industry, investment, and innovation, rather than relying on traditional activities. This was highlighted by Qais bin Mohammed al Yousef, Minister of Commerce, Industry, and Investment Promotion, in his recent statement to members of the Shura Council. As is well known, foreign investment in any country plays a pivotal role in supporting economic development, but it also carries with it some challenges and risks. The positives of foreign investment include the transfer of technology and expertise, that benefit the local market, contribute to the development of the technical skills of the national workforce, and create job opportunities through the launch of new projects. This increases national income, improves project infrastructure, encourages competition, and improves the quality of local products and services. However, foreign investment also has numerous negatives, including the potential for economic exploitation, as some exploit the natural resources of these countries or exploit cheap labour without providing fair returns to the state. Today, they exist in some African countries, where rare minerals are extracted to generate huge profits in exchange for nominal royalties to governments. Some companies also influence national sovereignty by imposing conditions and offering special privileges, along with occasional political interference. Some companies transfer significant amounts of their annual profits abroad, reducing the net positive impact on the local economy. Meanwhile, foreign companies possess capital and technology that make it difficult for local companies to compete with them, while others work to weaken environmental or labour laws. In general, some foreign companies have the ability to violate laws in several ways, including through the complicity of local officials, weak oversight, bribery to obtain contracts or legal exemptions, corruption, tax evasion through accounting manipulation or transferring profits to low-tax countries, and violations of environmental laws and the exploitation of workers, who are forced to work for low wages or in inhumane conditions. Finally, foreign investment is a double-edged sword, requiring careful regulation and oversight. Furthermore, it poses a threat if tolerated without strict laws or transparency. This prompts host countries to establish clear and robust legal frameworks that protect their sovereignty and citizens, and ensure a balance between attracting investment and their economic and social interests. HAIDER AL LAWATI The writer is a Muscat-based economic analyst who previously worked for CBO and OCCI.
Leaders
04-07-2025
- Business
- Leaders
Saudi-Omani Ministers Launch Second Phase of Industrial Integration
Minister of Industry and Mineral Resources Bandar Alkhorayef and Omani Minister of Commerce, Industry, and Investment Promotion Qais bin Mohammed Al Yousef have officially launched the second phase of industrial integration between Saudi Arabia and Oman. The announcement was made during a joint meeting held at the Ministry's headquarters in Riyadh. This new phase aims to strengthen direct trade, enhance value chain integration, and attract high-quality industrial investments. Key goals also include recognizing local products from both countries as national products in government procurement processes and streamlining procedures for exporters and investors. During the meeting, participants reviewed the accomplishments of the first phase, which featured several strategic initiatives. Among them was the Future Factories Program, designed to shift factories from labor-intensive operations to advanced industrial technologies, thereby improving supply chain integration. Officials from both nations also explored opportunities to share knowledge across industrial sectors, collaborate on national strategies, and exchange industrial data. Related Topics: Saudi Arabia, Austria Explore Industrial Innovation, Training Cooperation Saudi Foreign Minister Arrives in Omani capital Muscat Crown Prince Receives Letter from Sultan of Oman Omani Economic Free Zones Reviews Investment Opportunities for Saudi Investors Short link : Post Views: 6 Related Stories
Mid East Info
23-06-2025
- Business
- Mid East Info
UAE Ministry of Economy and Tourism holds meeting with Oman's Ministry of Commerce, Industry and Investment Promotion to strengthen bilateral ties in competition regulation and fair trade practices
The Competition Department at the UAE Ministry of Economy and Tourism held a coordination meeting with the Competition Protection and Monopoly Prevention Centre at Oman's Ministry of Commerce, Industry, and Investment Promotion. The meeting marked a significant step forward in enhancing bilateral collaboration, with a shared commitment to supporting competition and enabling fair business practices across fast-growing economic and technological sectors. During their meeting, both sides discussed mechanisms to monitor monopolistic behaviour in digital markets and the activation of legal enforcement tools aimed at fostering transparent and fair business environments. They underscored the importance of stimulating private sector investment and highlighted the vital role of technical knowledge-sharing and human capacity-building in reinforcing their respective position in regional and global competition policy forums. The UAE side presented its regulatory framework governing competition in the digital economy, highlighting best practices in handling complaints related to eCommerce platforms, in accordance with Federal Decree‑Law No. 36 of 2023 regarding Regulating Competition. Mohammed Sultan Janahi, Director of Competition at the UAE Ministry of Economy and Tourism, emphasised that reinforcing collaboration with Oman's Ministry of Commerce, Industry, and Investment Promotion reflects the commitment of both countries to develop a fairly competitive trading environment by adopting global best legislations and criteria. He highlighted that the Ministry of Economy and Tourism, in collaboration with its partners, has intensified efforts to build an integrated legislative ecosystem that promotes competition and enables fair business practices. Additionally, Mohammed Sultan Janahi expressed the Ministry's aspiration to expand coordination with Oman through joint studies and private sector awareness programs. The Oman's Competition Protection and Monopoly Prevention Centre representative reaffirmed the importance of the partnership with the UAE Ministry of Economy and Tourism, underscoring its strategic value in leveraging UAE's experience in competition regulation and fair-trade practices as well as enhancing competition ecosystem at both the bilateral and Gulf Cooperation Council (GCC) levels. The meeting concluded with both sides agreeing to strengthen collaboration during the upcoming phase by developing an action plan, which includes organising technical workshops on the digital platform economy and facilitating data and expertise exchange to support cross-border studies and research.
Observer
17-06-2025
- Business
- Observer
Invest Oman hosts ‘Advantage Oman' dialogue in Brussels
BUSINESS REPORTER MUSCAT, JUNE 17 As part of its strategic agenda to expand global investment partnerships, Invest Oman , operating under the Ministry of Commerce, Industry, and Investment Promotion, convened the 'Advantage Oman – Kingdom of Belgium' Business Dialogue in Brussels. The event was held in collaboration with the Embassy of the Sultanate of Oman in Belgium and the Arab-Belgian-Luxembourg Chamber of Commerce (ABLCC). Designed to highlight the Sultanate's evolving investment landscape, the dialogue aimed to foster deeper economic and trade relations between Oman and Belgium. It brought together a distinguished audience of Belgian investors, industry leaders, and senior decision-makers, with a focus on high-potential sectors such as renewable energy, pharmaceuticals and life sciences, and tourism and leisure. The platform facilitated direct engagement between Omani and Belgian stakeholders, enabling exploration of joint investment opportunities and commercial synergies. The Omani delegation presented Oman's strategic megaprojects, regulatory enhancements, and investor-centric reforms—underscoring the Sultanate's commitment to creating a competitive and future-ready business environment. Pankaj Khimji, Foreign Trade and International Cooperation Adviser at the Ministry of Commerce, Industry, and Investment Promotion, stated: 'Oman places great emphasis on forging long-term partnerships with Belgium. This dialogue is a strategic step toward elevating our economic cooperation, introducing Oman's competitive advantages, and enabling Belgian enterprises to expand within a high-potential, future-ready market.' Rua bint Issa Al Zadjali, Ambassador of the Sultanate of Oman to the Kingdom of Belgium, remarked: 'This initiative reflects Oman's broader vision to strengthen economic diplomacy and create meaningful engagement with key international markets. It is a timely platform to deepen ties with Belgium's business community and highlight Oman's role as a trusted and strategic investment destination.' The 'Advantage Oman – Kingdom of Belgium' Business Dialogue is part of Oman's ongoing global outreach to position itself as a regional gateway for investment and trade. Belgium continues to emerge as a key partner across several priority sectors, as Oman actively builds enduring economic bridges with European markets.
