Latest news with #economic diversification
Zawya
3 hours ago
- Business
- Zawya
GWC reports first half profit of QAR62.46mln
Sheikh Mohammed bin Hamad: Logistics is a key pillar of economic diversification Sheikh Abdulla bin Fahad: Committed to innovation and operational excellence Matthew Kearns: Integrating sustainability across all operations and activities Doha / Qatar: Gulf Warehousing Company Q.P.S.C. (GWC) – one of the fastest-growing businesses in the MENA region – announced its financial results for the first half of the year (the period ending June 30, 2025). The company reported total revenues of QAR 712.69 million and a net profit of QAR 62.46 million, while earnings per share stood at QAR 0.100 during the same period. His Excellency Sheikh Mohammed Bin Hamad Bin Jassim Bin Jaber Al Thani, GWC Chairman, said: "Logistics plays a vital role in facilitating the movement of goods and services and boosting both domestic and international trade. It also serves as a fundamental pillar in diversifying the national economy in line with the Third National Development Strategy and Qatar National Vision 2030. With its strategic advantages, Qatar is well-positioned to become a global logistics hub. In this context, GWC is proud to support the growth of the logistics sector, maintaining a leading position in the Qatari market by offering a comprehensive range of services that include warehousing, distribution, records management solutions, logistics hubs, freight forwarding, fine art logistics, transportation, air and sea freight, and customs clearance.' He added: 'We are steadily increasing our support for small and medium-sized enterprises (SMEs) through Al Wukair Logistics Park, which spans 1.5 million square meters and offers world-class infrastructure and a solid platform for business growth and expansion. At the same time, we are fully prepared to seize the opportunities presented by the North Field Expansion Project —the world's largest LNG project currently under construction—with the first phase set to begin production by mid-next year. In February, GWC launched a cutting-edge logistics hub in Ras Laffan, dedicated to serving Qatar's oil and gas industry. This facility complements the operations of GWC Energy, a wholly owned subsidiary of GWC.' His Excellency Sheikh Abdulla Bin Fahad Bin Jassim bin Jaber Al Thani, GWC Managing Director, said: "The company continues to implement an expansion strategy based on a solid financial foundation and a diversified portfolio of investments across sectors and geographies. This approach enables us to adapt to fluctuations in the operational environment, diversify income sources, and reinforce the company's leadership in the regional logistics sector. At the same time, we are undertaking a comprehensive development of our services, focusing on seizing investment opportunities with carefully studied risks and returns, enhancing our competitive capabilities, and maintaining sustainable profitability through prudent risk management." He added: 'Our subsidiaries continue to expand regionally and forge strategic partnerships in high-potential markets. At the same time, we are expanding into new sectors while entering new markets. As part of this growth, GWC has signed a strategic service agreement with Huawei to provide delivery services for its official e-commerce store across Qatar, ensuring an exceptional customer experience. This move marks a significant expansion in the e-commerce sector and aligns with our strategy to offer innovative logistics solutions.' Matthew Kearns, GWC's Group Acting CEO, said: 'Capital Intelligence, the international credit rating agency, has assigned GWC its first-ever Long- and Short-Term ratings on the Qatar National Scale of 'qaA-' and 'qaA2', respectively, with a Stable outlook. This recognition reflects the company's strong market position and the resilience of our business model amid global challenges.' He added: 'We maintain a strong focus on driving innovation in our logistics solutions while accelerating sustainability initiatives across all our operations. Recently, GWC partnered with Yellow Door Energy, a leading provider of sustainable energy solutions in the Middle East and Africa, to develop solar power stations at three of its key logistics centers: Logistics Village Qatar, Bu Sulba Warehousing Park, and Al Wukair Logistics Park. This initiative marks one of the largest private-sector solar energy projects in the GCC.' About GWC Group Gulf Warehousing Company Q.P.S.C (GWC) is Qatar's number one logistics and supply chain solutions provider and a trusted industry leader across the GCC. Since its establishment in 2004, GWC has built a reputation for operational excellence, innovation, sustainability, and reliability. With a comprehensive regional network and advanced infrastructure, the company delivers seamless, technology-driven solutions covering warehousing, distribution, freight forwarding, transportation, and specialized logistics. GWC empowers businesses of all sizes, from entrepreneurs and SMEs to global multinationals, enabling seamless operations and sustainable growth. Notably, GWC was the first Regional Supporter and the Official Logistics Provider for the FIFA World Cup Qatar 2022™, showcasing its world-class capabilities on the global stage.
Arab News
2 days ago
- Business
- Arab News
Saudi reserve assets rise to $459bn in May on foreign deposit surge
RIYADH: Saudi Arabia's official reserve assets reached SR1.72 trillion ($459 billion) in May, marking a roughly 4.5 percent increase from the previous month. Data from the Saudi Central Bank, also known as SAMA, shows the reserve boost was primarily driven by a jump in foreign currency and deposits held abroad, which surged 15.5 percent from April to SR671.27 billion — the highest level in nearly six years. The rise in reserves comes as Saudi Arabia navigates a shifting global economic landscape marked by volatile oil prices and rising project-driven imports. While oil revenues remain a core contributor to external inflows, the Kingdom has also seen growing non-oil export activity and expanding tourism receipts under its Vision 2030 diversification push. These factors, along with disciplined financial account management, have supported external balances and bolstered reserve accumulation, even as the current account surplus narrows. Despite this sharp monthly uptick, reserves were still about 2 percent lower compared to May of the previous year, according to SAMA data. The central bank's largest reserve component — investments in foreign securities — fell by roughly 2 percent month on month to around SR955 billion. Together, these two categories — foreign currency deposits abroad and foreign securities — accounted for approximately 94.5 percent of Saudi Arabia's total reserve assets in May. This suggests a deliberate allocation of reserves into more liquid foreign deposits, even as longer-term foreign securities slightly declined. Shifting more funds into overseas bank deposits could enhance liquidity, allowing the Kingdom quicker access to reserves when needed. Other components include monetary gold, which has remained unchanged at SR1.62 billion since 2008; Special Drawing Rights, or SDRs, steady at SR80.16 billion; and Saudi Arabia's reserve position at the International Monetary Fund, totaling SR12.65 billion. The IMF reserve position reflects the amount the Kingdom can access on demand from the fund without any conditions attached. According to a January report from Fitch Ratings, in 2024, Saudi Arabia had strong foreign financial reserves. It could cover 14.4 months' worth of imports and external payments using its reserves — well above the average of around 2 months for countries with a similar credit rating. Also, Saudi Arabia's net foreign assets — total assets abroad minus external liabilities — stood at 63.7 percent of gross domestic product, compared to an average of just 8.7 percent for other 'A'-rated countries. This highlights the Kingdom's robust financial cushion. Overall, the rise in reserves to SR1.72 trillion, driven by strategic allocation to foreign deposits and sustained by prudent reserve management, signals continued resilience and confidence in Saudi Arabia's economic fundamentals. This upward trend also enhances the Kingdom's ability to absorb external shocks, maintain currency stability, and support long-term investment goals aligned with Vision 2030.
Zawya
14-07-2025
- Business
- Zawya
Tourism sector boosts revenues of Oman
Muscat: The tourism sector in the Sultanate of Oman has seen an upswing in terms of financial revenues and visitor numbers, stimulating economic activities that support and intertwine with the sector, which is an effective economic pillar and a promising sector for economic diversification. Data released by the National Centre for Statistics and Information (NCSI) showed that the tourism sector's contribution to the national economy rose to OMR 2.12 billion by the end of 2024, compared to OMR 1.75 billion in 2018, representing a growth rate of 3.2 percent. The tourism sector's contribution to Oman's GDP rose to OMR 2.7 billion in 2024, compared to OMR 2.3 billion in 2018, reflecting the growing of tourism on the national economy. Salim Mohammed Al Mahrouqi, Minister of Heritage and Tourism, emphasised that the positive indicators achieved by the tourism sector in 2024, whether in terms of the number of visitors, the volume of spending, or the added value, represent the fruit of focused and ambitious efforts adopted by the Ministry to enhance the Sultanate of Oman's position as a rich and diverse tourist destination. He praised the efforts of the sector's partners for their efforts to improve facilities and services, which contributed to achieving these qualitative indicators. The Minister of Heritage and Tourism said that these indicators are the result of the government's support for economic diversification policies and integration with various government agencies, which plays a pivotal role in creating an attractive environment for investment and accelerating the pace of tourism projects. He pointed out that the ministry is keen to adopt innovative promotional policies, expand partnerships with the private sector, and develop tourism products and services to meet visitors' aspirations and enhance the tourist experience. He added that the Ministry is proceeding with plans to diversify tourism products and expand partnerships with local communities, enhancing the sector's contribution to economic growth in the labour market, in line with existing trends to raise the level and numbers of national workers in this sector. These efforts were reflected in other sector-related indicators. Total tourism consumption in the Sultanate of Oman rose to OMR 1.02 billion in 2024, compared to OMR 960 million in 2018. Meanwhile, direct tourism added value grew by 5.3 percent to OMR 1.09 billion, compared to OMR 799.7 million in 2018. This demonstrates the strong interconnectedness between tourism and other economic sectors such as transportation, hospitality, retail, and culture. In terms of tourism flow, the Sultanate of Oman received approximately 3.8 million visitors in 2024, of whom 68.2 percent were overnight visitors and 31.8 percent were same-day visitors. Total tourism spending by these visitors amounted to approximately OMR 989 million, with an average per capita expenditure of OMR 253.8. The data indicated that more than 55 percent of incoming visitors were UAE residents, reflecting the strength of the Gulf market as a primary target market and underscoring the importance of enhancing land connectivity and facilitating travel between Gulf countries. European visitors accounted for 16 percent of the total, while visitors from Asian countries accounted for 13.2 percent, indicating the diversity of markets and the effectiveness of the promotional campaigns launched by the Ministry in cooperation with external offices. Recreational tourism topped the list of reasons, accounting for 70.2 percent, followed by visiting relatives and friends at 17.9 percent, and shopping at 5 percent. The average length of stay ranged between 5 and 6 nights, with a total of 14.8 million tourist nights. This confirms the ability of Omani destinations to attract visitors for longer periods, thanks to the diversity of tourism products, cultural experiences, natural sites, and historical and archaeological landmarks. Regarding accommodation options, hotel establishments have witnessed a growth in demand, enhancing the feasibility of investing in tourism facilities, particularly in governorates with developing tourism infrastructure, such as Dhofar, Musandam, and Ad Dakhiliyah. Projects underway and public-private partnerships are expected to contribute to expanding accommodation capacity and improving the quality of services. On the other hand, the number of departing visitors reached 8.1 million, spending a total of OMR 1.8 billion, with an average per capita expenditure of OMR 218.5. This reflects the volume of domestic spending on outbound tourism and opens the door to developing initiatives to promote domestic tourism and direct purchasing power towards domestic destinations. © Muscat Media Group Provided by SyndiGate Media Inc. (
Times of Oman
12-07-2025
- Business
- Times of Oman
Tourism sector boosts revenues of Oman
Muscat: The tourism sector in the Sultanate of Oman has seen an upswing in terms of financial revenues and visitor numbers, stimulating economic activities that support and intertwine with the sector, which is an effective economic pillar and a promising sector for economic diversification. Data released by the National Centre for Statistics and Information (NCSI) showed that the tourism sector's contribution to the national economy rose to OMR 2.12 billion by the end of 2024, compared to OMR 1.75 billion in 2018, representing a growth rate of 3.2 percent. The tourism sector's contribution to Oman's GDP rose to OMR 2.7 billion in 2024, compared to OMR 2.3 billion in 2018, reflecting the growing of tourism on the national economy. Salim Mohammed Al Mahrouqi, Minister of Heritage and Tourism, emphasised that the positive indicators achieved by the tourism sector in 2024, whether in terms of the number of visitors, the volume of spending, or the added value, represent the fruit of focused and ambitious efforts adopted by the Ministry to enhance the Sultanate of Oman's position as a rich and diverse tourist destination. He praised the efforts of the sector's partners for their efforts to improve facilities and services, which contributed to achieving these qualitative indicators. The Minister of Heritage and Tourism said that these indicators are the result of the government's support for economic diversification policies and integration with various government agencies, which plays a pivotal role in creating an attractive environment for investment and accelerating the pace of tourism projects. He pointed out that the ministry is keen to adopt innovative promotional policies, expand partnerships with the private sector, and develop tourism products and services to meet visitors' aspirations and enhance the tourist experience. He added that the Ministry is proceeding with plans to diversify tourism products and expand partnerships with local communities, enhancing the sector's contribution to economic growth in the labour market, in line with existing trends to raise the level and numbers of national workers in this sector. These efforts were reflected in other sector-related indicators. Total tourism consumption in the Sultanate of Oman rose to OMR 1.02 billion in 2024, compared to OMR 960 million in 2018. Meanwhile, direct tourism added value grew by 5.3 percent to OMR 1.09 billion, compared to OMR 799.7 million in 2018. This demonstrates the strong interconnectedness between tourism and other economic sectors such as transportation, hospitality, retail, and culture. In terms of tourism flow, the Sultanate of Oman received approximately 3.8 million visitors in 2024, of whom 68.2 percent were overnight visitors and 31.8 percent were same-day visitors. Total tourism spending by these visitors amounted to approximately OMR 989 million, with an average per capita expenditure of OMR 253.8. The data indicated that more than 55 percent of incoming visitors were UAE residents, reflecting the strength of the Gulf market as a primary target market and underscoring the importance of enhancing land connectivity and facilitating travel between Gulf countries. European visitors accounted for 16 percent of the total, while visitors from Asian countries accounted for 13.2 percent, indicating the diversity of markets and the effectiveness of the promotional campaigns launched by the Ministry in cooperation with external offices. Recreational tourism topped the list of reasons, accounting for 70.2 percent, followed by visiting relatives and friends at 17.9 percent, and shopping at 5 percent. The average length of stay ranged between 5 and 6 nights, with a total of 14.8 million tourist nights. This confirms the ability of Omani destinations to attract visitors for longer periods, thanks to the diversity of tourism products, cultural experiences, natural sites, and historical and archaeological landmarks. Regarding accommodation options, hotel establishments have witnessed a growth in demand, enhancing the feasibility of investing in tourism facilities, particularly in governorates with developing tourism infrastructure, such as Dhofar, Musandam, and Ad Dakhiliyah. Projects underway and public-private partnerships are expected to contribute to expanding accommodation capacity and improving the quality of services. On the other hand, the number of departing visitors reached 8.1 million, spending a total of OMR 1.8 billion, with an average per capita expenditure of OMR 218.5. This reflects the volume of domestic spending on outbound tourism and opens the door to developing initiatives to promote domestic tourism and direct purchasing power towards domestic destinations.
Zawya
10-07-2025
- Business
- Zawya
40 projects worth $4.6bln localised via Invest Oman platform
MUSCAT: A total of 40 high-value investment projects, valued at approximately RO 1.8 billion, have been successfully localised across Oman's special economic zones, free zones, and industrial cities, signalling a major step forward in the country's economic diversification strategy. According to the latest issue of Duqm Economist magazine, these projects were facilitated through the Invest Oman platform, underscoring its growing role as a national engine for investment attraction and execution. Eng Nasser bin Khalifa al Kindi, CEO of Invest Oman, revealed that nearly 90 investment proposals worth around RO 4.9 billion have been processed through the platform to date. Of these, 40 projects have reached the localisation stage, covering key sectors such as manufacturing, food security, and healthcare. These investments not only reflect strong confidence in Oman's investor climate but also align with Vision 2040 objectives to generate economic value, create jobs, and deepen public-private collaboration. The platform, launched to streamline investment facilitation, integrates 22 key government and private sector entities, including OPAZ, Madayn, the Environment Authority, and major ministries, all working under the supervision of the Ministry of Commerce, Industry and Investment Promotion. Its one-stop approach allows investors to complete licensing and regulatory procedures under one roof, significantly reducing processing times and administrative bottlenecks. Al Kindi noted that among the platform's notable features is an interactive investment opportunity map, enabling investors to identify geographically strategic projects based on factors such as infrastructure proximity, logistics access, and available incentives. This digital tool, combined with real-time support from sector specialists and negotiators, helps convert investment interest into actionable projects more efficiently. Of the 40 localised projects, many are in the industrial sector, which has emerged as the top destination for investment, especially in areas linked to export manufacturing and supply chain integration. Food security is another high-performing sector, boosted by national strategies to enhance self-reliance. Healthcare investments are also on the rise, driven by growing demand for modern medical facilities and services. Eng Al Kindi said the platform's investor screening process includes evaluation of financial strength, sectoral experience, and alignment with sustainable development priorities. Each proposal is vetted through rigorous economic and technical feasibility studies to ensure that only projects with high impact and long-term viability are endorsed. He added that Oman's improving economic fundamentals—such as sustained growth, better credit ratings, and rising foreign direct investment—continue to attract global players. In Q3 of 2024 alone, foreign investment stood at RO 26.677 billion, a 16% rise year-on-year. The manufacturing sector accounted for over half of this total. India, China, and Egypt were among the top sources of foreign investment, alongside strong local investor participation, reflecting both regional trust and international confidence in Oman's evolving business ecosystem. Al Kindi confirmed that a major upgrade of the Invest Oman digital platform is underway to further improve user experience, making processes more intuitive and transparent. This, he said, is part of the platform's goal to position Oman as a competitive global destination for strategic, sustainable, and high-return investments.
