Latest news with #economicdiversification
Zawya
a day ago
- Business
- Zawya
Future Fund Oman approves projects worth $2.5bln
Future Fund Oman (FFO) has demonstrated positive performance during its first year of operations, having approved 44 projects with a total project value of approximately RO 1.2 billion. FFO's contribution to these projects amounted to RO 333 million, while foreign capital contributions reached RO 885 million. This reflects growing international confidence in Oman's investment environment, according to a report by the Oxford Business Group (OBG) covering FFO's performance in 2024. The report highlighted the Fund's pivotal role in stimulating economic diversification and expanding the investment base in line with Oman Vision 2040. The report noted that Oman Investment Authority (OIA) established FFO with a capital of RO 2 billion, to be allocated over five years, as a key instrument to support sustainable growth and enhance the resilience of the national economy. The Fund operates within a comprehensive strategic framework designed to stimulate investment in promising high-potential sectors such as industry, renewable energy, ICT, agriculture, fisheries, and tourism, alongside emerging fields such as e-commerce, fintech, and electric vehicles. The report also emphasized that FFO's role goes beyond providing capital; it aims to empower SMEs, support venture capital firms, and foster an innovation ecosystem. This aligns with the Fund's structure, which allocates 90% of its capital to major national projects, while 10% is dedicated to supporting SMEs and venture-backed startups. Through this strategic capital distribution, the Fund complements the National Development Fund (NDF) and the Future Generation Fund (FGF), working together towards realizing Oman's Vision 2040. The report praised the recent legal and regulatory improvements in Oman aimed at attracting foreign investment and diversifying income sources. These reforms include the introduction of a new law allowing 100% foreign ownership in most sectors, the launch of the 'Invest in Oman' platform as a unified digital gateway to streamline licensing procedures, and the update of the list of activities prohibited for foreign ownership, now reduced to only 123 activities. Other initiatives include the implementation of the privatization law, which enabled transferring government assets to the private sector and international investors through IPOs. As a result of these improvements and OIA's efforts, FFO has been able to contribute significantly to the national economy through quality projects approved during its first year. These projects include investment funds, major national projects, and initiatives supporting SMEs and startups. The report highlighted the Fund's collaboration with Chinese partners to launch two investment funds. The first, the 'IDG Oman Fund', was launched in partnership with 'IDG Capital' to invest its entire capital of USD 200 million within Oman, targeting ICT, renewable energy, and electric vehicles. The fund focuses on attracting foreign direct investment and supporting the growth of advanced industries and clean technologies, marking a strategic step towards building an advanced industrial base in the Sultanate of Oman. In addition, FFO partnered with the Chinese firm 'EW Partners', which focuses on investments in the Middle East and North Africa, developing an investment platform that connects leading Chinese companies with expansion opportunities in the GCC. The partnership resulted in the establishment of the 'EWTP Oman Fund' with a capital of USD 250 million, aiming to invest the entire amount within Oman in sectors such as ICT, renewable energy, tourism, and agriculture. This fund's importance lies in its focus on attracting leading Chinese industrial companies to establish their regional operations in Oman, creating local job opportunities, and strengthening supply chain capabilities, which aligns with the OIA's 'Oman Angle' philosophy. In addition to creating investment funds, FFO has undertaken a crucial role in supporting major national projects such as the United Solar Polysilicon Plant in Sohar Free Zone. This project is the largest of its kind outside China, with a production capacity of 100,000 tons of polysilicon. Abdulsalam al Murshidi, President of OIA, highlighted the project's added value in his interview with OBG, saying: 'FFO has successfully established a value chain in Oman by investing in the United Solar Polysilicon plant in Sohar, reinforcing Oman's position as an influential player in the renewable energy sector.' According to the report, this project is expected to enable Oman to capture 4.4% of the global polysilicon market, estimated at USD 37.3 billion. The report also noted FFO's support for SMEs and startups, having approved several related projects, including Q-Pay, Oman's first certified 'Buy Now, Pay Later' provider; Bima, a digital insurance services platform; and the SERB Project for managing drone traffic. Furthermore, the report detailed the FFO's five-year strategic vision (2024–2028) and its expected economic impact. Projects approved by FFO in 2024 alone are anticipated to create over 1,600 direct jobs, diversify the economy to reduce reliance on oil and gas, empower entrepreneurial ventures, and foster innovation. These objectives align with the pillars of Oman Vision 2040, which aims to build a productive and diversified economy led by the private sector, support sustainable development through clean energy and green industries, create jobs, develop local talent, and transfer knowledge to Omani workers while strengthening local and international partnerships in renewable energy and advanced technologies. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Times of Oman
2 days ago
- Business
- Times of Oman
Future Fund Oman approves projects worth OMR1.2bn
Muscat: Future Fund Oman (FFO) has demonstrated positive performance during its first year of operations, having approved 44 projects with a total project value of approximately OMR1.2 billion. FFO's contribution to these projects amounted to OMR333 million, while foreign capital contributions reached OMR885 million. This reflects growing international confidence in Oman's investment environment, according to a report by the Oxford Business Group (OBG) covering FFO's performance in 2024. The report highlighted the Fund's pivotal role in stimulating economic diversification and expanding the investment base in line with Oman Vision 2040. The report noted that Oman Investment Authority (OIA) established FFO with a capital of OMR2 billion, to be allocated over five years, as a key instrument to support sustainable growth and enhance the resilience of the national economy. The Fund operates within a comprehensive strategic framework designed to stimulate investment in promising high-potential sectors such as industry, renewable energy, ICT, agriculture, fisheries, and tourism, alongside emerging fields such as e-commerce, fintech, and electric vehicles. The report also emphasised that FFO's role goes beyond providing capital; it aims to empower SMEs, support venture capital firms, and foster an innovation ecosystem. This aligns with the Fund's structure, which allocates 90% of its capital to major national projects, while 10% is dedicated to supporting SMEs and venture-backed startups. Through this strategic capital distribution, the Fund complements the National Development Fund (NDF) and the Future Generation Fund (FGF), working together towards realizing Oman's Vision 2040. The report praised the recent legal and regulatory improvements in Oman aimed at attracting foreign investment and diversifying income sources. These reforms include the introduction of a new law allowing 100% foreign ownership in most sectors, the launch of the 'Invest in Oman' platform as a unified digital gateway to streamline licensing procedures, and the update of the list of activities prohibited for foreign ownership, now reduced to only 123 activities. Other initiatives include the implementation of the privatisation law, which enabled transferring government assets to the private sector and international investors through IPOs. As a result of these improvements and OIA's efforts, FFO has been able to contribute significantly to the national economy through quality projects approved during its first year. These projects include investment funds, major national projects, and initiatives supporting SMEs and startups. The report highlighted the Fund's collaboration with Chinese partners to launch two investment funds. The first, the 'IDG Oman Fund', was launched in partnership with 'IDG Capital' to invest its entire capital of $200 million within Oman, targeting ICT, renewable energy, and electric vehicles. The fund focuses on attracting foreign direct investment and supporting the growth of advanced industries and clean technologies, marking a strategic step towards building an advanced industrial base in the Sultanate of Oman. In addition, FFO partnered with the Chinese firm 'EW Partners', which focuses on investments in the Middle East and North Africa, developing an investment platform that connects leading Chinese companies with expansion opportunities in the GCC. The partnership resulted in the establishment of the 'EWTP Oman Fund' with a capital of $250 million, aiming to invest the entire amount within Oman in sectors such as ICT, renewable energy, tourism, and agriculture. This fund's importance lies in its focus on attracting leading Chinese industrial companies to establish their regional operations in Oman, creating local job opportunities, and strengthening supply chain capabilities, which aligns with the OIA's 'Oman Angle' philosophy. In addition to creating investment funds, FFO has undertook a crucial role in supporting major national projects such as the United Solar Polysilicon Plant in Sohar Free Zone. This project is the largest of its kind outside China, with a production capacity of 100,000 tons of polysilicon. Abdulsalam Al Murshidi, President of OIA, highlighted the project's added value in his interview with OBG, saying: 'FFO has successfully established a value chain in Oman by investing in the United Solar Polysilicon plant in Sohar, reinforcing Oman's position as an influential player in the renewable energy sector.' According to the report, this project is expected to enable Oman to capture 4.4% of the global polysilicon market, estimated at $37.3 billion. The report also noted FFO's support for SMEs and startups, having approved several related projects, including Q-Pay, Oman's first certified 'Buy Now, Pay Later' provider; Bima, a digital insurance services platform; and the SERB Project for managing drone traffic. Furthermore, the report detailed the FFO's five-year strategic vision (2024–2028) and its expected economic impact. Projects approved by FFO in 2024 alone are anticipated to create over 1,600 direct jobs, diversify the economy to reduce reliance on oil and gas, empower entrepreneurial ventures, and foster innovation. These objectives align with the pillars of Oman Vision 2040, which aims to build a productive and diversified economy led by the private sector, support sustainable development through clean energy and green industries, create jobs, develop local talent, and transfer knowledge to Omani workers while strengthening local and international partnerships in renewable energy and advanced technologies. OBG concluded its report by affirming that FFO is an effective tool for implementing Oman's strategy to transition towards a diversified, sustainable economy based on innovation and high-quality partnerships. This will enhance Oman's position as an attractive regional and global investment hub and reinforce OIA's commitment to a long-term investment philosophy.
Zawya
3 days ago
- Business
- Zawya
Qatar's growth outlook strengthens amid global instability: Standard Chartered
Doha: In its latest report titled "Global Focus - Economic Outlook H2-2025", Standard Chartered said that Qatar's growth momentum is expected to remain intact in H2-2025, supported by robust public investment and a continued commitment to economic diversification. The report indicated that while Standard Chartered's global growth has been revised slightly to 3.1 percent from 3.2 percent earlier in the year, due to ongoing trade policy uncertainty and geopolitical tensions, Qatar and the broader Middle East region continue to stand out for their resilience and forward-looking policy agenda. Standard Chartered's report maintained its 2025 GDP growth forecast for Qatar at 4.0 percent, while raising the 2026 forecast to 5.5percent (from 4.0 percent previously), reflecting increased confidence in the timeline for gas output expansion and LNG export growth. This revised outlook is above the average market expectation of 5.2 percent and slightly below the IMF's 5.6 percent. The report sees Qatar's real GDP per capita rising to approximately USD 110,000 by 2026, a level that supports the country's transition toward developed-market status and potential inclusion in various emerging market indices. The non-hydrocarbon sector, accounting for over 60 percent of GDP, is also expected to be a key growth driver in H2-2025, led by tourism, financial services, and trade. Non-hydrocarbon growth picked up notably in Q4-2024 to 6.1 percent y/y, the fastest pace in the Gulf Cooperation Council (GCC), said the report. Standard Chartered highlighted the positive impact of new public-private partnership (PPP) legislation, which is likely to encourage greater private sector participation and enhance infrastructure development across the country. While the US economy shows signs of slowing in H2, due to higher tariffs, weakening sentiment, and constrained fiscal support, and China's export momentum fades following a strong first half, Europe faces recession risks as trade negotiations with the US remain unresolved. Against this backdrop, Qatar stands out for its resilience, underpinned by a low fiscal breakeven oil price and a long-term commitment to economic diversification in line with Qatar National Vision 2030 (QNV 2030), Standard Chartered added. Commenting on this, Chief Executive Officer and Head of Coverage at Standard Chartered Qatar Muhannad Mukahall said: "Qatar's long-term vision continues to set it apart in a volatile global environment. As a bank with deep roots in the region and a longstanding presence in Qatar, Standard Chartered is proud to support the country's forward-looking policy agenda. Backed by strong fundamentals and a clear commitment to diversification, through Qatar National Vision 2030, Qatar is demonstrating how targeted reforms and strategic investments can unlock new engines of sustainable growth and keep the economy on a firm trajectory in 2025 and beyond." Moreover, the report pointed out that across the Middle East, North Africa, Afghanistan, and Pakistan region (MENAP), growth is projected at 3.4 percent in 2025, with the GCC benefiting from the reversal of OPEC+ production cuts and continued momentum in reform. Countries like Qatar, the UAE, and Saudi Arabia are showing steady progress in non-oil sectors amid shifting global trade dynamics. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
Khaleej Times
4 days ago
- Business
- Khaleej Times
Abu Dhabi airports traffic surges past 15.8m, heralding stellar 2025
Abu Dhabi Airports recorded more than 15.8 million passengers in the first half of 2025, a 13.1 per cent increase over the same period in 2024, underscoring the aviation sector's remarkable upward trajectory. This marks the 17th consecutive quarter of double-digit growth in passenger traffic, firmly establishing Abu Dhabi Airports as a vital engine of the UAE's economic diversification and global connectivity strategy. Central to this growth is Zayed International Airport (AUH), which alone handled 15.5 million passengers between January and June, representing a 13.2 per cent year-on-year increase. AUH also recorded 93,858 aircraft movements during this period, up 11.4 per cent from 84,286 flights in the first half of 2024. Across Abu Dhabi's five commercial airports, total flight movements reached 133,533 — a 9.2 per cent rise — demonstrating the emirate's growing appeal as both a transit hub and a final destination. The steady climb in passenger numbers comes amid an ambitious network expansion strategy. In the first six months of the year, 16 new destinations were added to Abu Dhabi's global reach. This includes China Eastern Airlines' four-times-weekly service to Shanghai, which is set to become daily in September, Air Seychelles' six weekly flights, Fly Cham's new connection to Damascus, and IndiGo's fresh routes to Madurai, Bhubaneswar, and Vishakhapatnam. These additions are positioning AUH as IndiGo's most connected hub in the UAE and reinforcing Abu Dhabi's role as a major node in the global aviation landscape. Elena Sorlini, managing director and CEO of Abu Dhabi Airports, credited the consistent growth to operational resilience, strategic collaborations, and a clear long-term vision. 'Despite operational headwinds in early 2025, our mid-year results reflect our agility, dedication, and collaborative partnerships. Sustaining 17 quarters of strong growth underlines our role not just as an airport operator, but as a vital facilitator of Abu Dhabi's tourism, trade, and investment ambitions,' she said. Aviation experts said the second half of 2025 is poised to build on this momentum. 'With increasing international airline partnerships, the ongoing recovery and expansion of tourism, and the accelerating pace of global trade, Abu Dhabi Airports is well-positioned to close the year with record-breaking numbers,' said Manoj K. John, founder and CEO of AeroConnections, said. 'Major events, continued infrastructure upgrades, and the expected spike in travel during the year-end holiday season are likely to further elevate the emirate's status as a premier aviation hub,' said John. Cargo operations have also seen substantial gains, highlighting Abu Dhabi's rising significance in global logistics and e-commerce. In the first half of 2025, Abu Dhabi Airports handled 344,795 tonnes of cargo — an impressive volume driven by strategic investments and partnerships. One of the key highlights was the signing of a joint venture agreement with JD Property, the infrastructure subsidiary of Chinese e-commerce giant The partnership will establish a cutting-edge 70,000-square-metre logistics hub in Abu Dhabi, designed to meet growing east-west trade flows, especially in the fast-expanding e-commerce and specialised cargo sectors across the GCC and Mena regions. Abu Dhabi Airports also reached several strategic milestones during the period. Rehabilitation work at Sir Bani Yas Airport was completed, supporting eco-tourism efforts in the Al Dhafra region. AUH earned the prestigious 3 Pearl Estidama rating for sustainable construction and was named the 'Best Airport at Arrivals Globally' for the third consecutive year at the Airports Council International (ACI) ASQ Awards. These accolades reaffirm the airport's reputation as a world-class gateway that meets the highest global standards of service and sustainability. A collaboration with Bombardier advanced at Al Bateen Executive Airport with the development of a dedicated maintenance, repair, and overhaul (MRO) facility was a key factor strengthening Abu Dhabi's aviation ecosystem. This move aims to establish the emirate as a regional centre of excellence for business aviation services. Meanwhile, a new memorandum of understanding with TAQA Distribution will explore the deployment of next-generation utility technologies across airport operations, aligning with Abu Dhabi Airports' long-term vision of digital innovation and environmental stewardship.
Zawya
4 days ago
- Business
- Zawya
Saudi Arabia's global reputation shifts positively, driven by Vision 2030 and economic diversification
Saudi Arabia's global reputation has seen a significant positive transformation, according to CARMA's 5th Edition of the Kingdom Reputation Report. The report indicates a notable increase in positive sentiment and a decline in negative media coverage, largely attributed to the country's Vision 2030 initiatives, economic diversification, and growing soft power. The latest insights from CARMA's Report include: A Surge in Positive Global Sentiment Positive mainstream media coverage of Saudi Arabia increased by 25% in 2024, compared to the previous year. Since 2020, negative media coverage has declined by 55%, signaling a decisive reputational shift. CARMA's survey, encompassing respondents from the UK, the USA, India, Singapore, and Russia, revealed that 59% expressed positive sentiment towards Saudi Arabia. Additionally, 37% of respondents reported that their views have become more favourable over the past 12 months. Vision 2030 Shaping The Narrative Vision 2030 dominated international discourse in 2024, directly tying into 60% of all global media coverage about Saudi Arabia, the highest share recorded to date. For the first time since 2020, coverage of Saudi Arabia's economic and social transformation under Vision 2030 has outpaced political discourse. Events, Tourism and Entertainment Drive Global Interest Media coverage of Saudi Arabia's economy rose by 77% in 2024, driven by events like the Future Investment Initiative (FII)LEAP tech conference, and World Defense Show. Tourism and entertainment media coverage increasing by 60% compared to 2023, representing a strong rebound and highlighting Saudi Arabia's growing appeal as a destination. While overall media volume on sports decreased by 7%, it still accounts for 11% of all media coverage, maintaining its significant influence. High profile sports events, such as the announcement of hosting the 2034 FIFA World Cup, continue to generate headlines and build international connections. Influencing the Influencers Influential figures like Cristiano Ronaldo, Neymar, MrBeast, and Elon Musk amplified engagement through their posts, showcasing Saudi Arabia's evolving cultural, sporting, and entertainment landscape. Saudi Arabia's leadership emerged as influential figures in global media, widely portrayed in a positive light for driving transformative reforms, advancing landmark mega-projects, and deepening regional diplomacy. The public survey found that 59% of respondents were interested in visiting Saudi Arabia, 60% would consider doing business there, and52% were open to working in the Kingdom. CARMA's report, which utilizes AI analysis, sentiment tracking, human interpretation, and considers international media, influential social voices, multi-market public surveys, and AI-driven search trends, provides a comprehensive view of Saudi Arabia's evolving perception. This shift reflects global recognition of Saudi Arabia's determined efforts toward economic, social, and cultural reinvention. About CARMA Expertly helping PR and communications professionals demonstrate the value of their work, CARMA collaborates with both global brands and local organisations across a diverse range of industries. CARMA equips PR and communications professionals with the data, insights, and context needed to make better-informed business technology provides the most comprehensive monitoring of print, broadcast, online and social media in every continent, across 130+ content partners and 100+ languages. Discover CARMA's suite of solutions, our team, and the work we do. Joumana El Tarabulsi Group Account Director, Cicero & Bernay Communication Consultancy Email: Joumana@ Ahmed Dahduli Managing Director, CARMA – Riyadh Email: For inquiries and more information, please contact
