Nizwa hosts 9th Gulf Endowment Week
NIZWA: The ninth Gulf Endowment Week was inaugurated at Nizwa Fort under the theme 'Endowment and Community Building.' The three-day event, which takes place during the second week of Ramadhan, is organised by the Ministry of Awqaf and Religious Affairs under the auspices of Shaikh Hilal bin Said al Hajri, Governor of Al Dakhiliyah.
The Gulf Endowment Week aims to raise awareness about the culture of endowments and their crucial role in fostering community development. The event highlights the impact of endowments in supporting key social sectors and strengthening community solidarity.
Ahmed bin Nasser al Harthy, Director of the Endowments and Treasury Department at the ministry, emphasised the importance of endowments in sustainable development, particularly in education, health and social sectors. He also underlined the ministry's efforts to promote endowments as a tool for sustainable development, urging community members to engage with and utilise available endowment opportunities.
The programme features a series of activities, including a dialogue session on 'Endowments from a Historical and Economic Perspective,' a review of successful endowment projects, and the announcement of new investment opportunities in the endowment sector. Other highlights include the launch of the Women's Guidance Center's endowment share and an exhibition showcasing prominent endowment projects.
The event is part of the ministry's ongoing efforts to promote endowments as a key driver of social and economic development, in line with the goals of Oman Vision 2040. — ONA
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Observer
2 hours ago
- Observer
Reviving Sur's commercial identity requires urgent overhaul
Sur, once a vibrant commercial centre along Oman's eastern coast, is losing its economic character. Decades of unregulated growth, poor zoning, and scattered investments have blurred the town's identity, weakening its appeal to investors, businesses, and residents. In the 1980s and 1990s, Old Sur Market and nearby districts such as Harat Al-Teenah and Jabal Al-Eid thrived with retail shops, showrooms, and trade activity. But the momentum has slowed. Commercial sprawl has replaced strategic planning. The result: oversupply, disorganised business activity, and a lack of functional zoning. The root of the problem lies in years of unchecked issuance of residential-commercial land titles, leading to a flood of retail outlets across both main and internal roads. This has inflated supply, caused overlap in business types, and undermined efforts to build a cohesive commercial ecosystem. Today, car washes operate next to restaurants, barbers, clinics, and salons in the same building—confusing for consumers and damaging to the area's economic image. A ROADMAP FOR RENEWAL To restore Sur's economic position and align with Oman Vision 2040's emphasis on local development, the following actions are essential: 1. Establish a commercial corridor: A structured commercial zone should extend from the Sur Industrial Area to Old Sur Market, passing through key areas including Harat Al-Noor, Jabal Al-Eid, Harat Al-Teenah, and Sur Club. This axis should anchor major commercial activity and guide future development. 2. Create a unified economic identity: Commercial activities must be aligned with zoning priorities. Large and medium-sized businesses should be grouped together. Mixed-use buildings should avoid housing unrelated services—such as car washes, food outlets, and salons—in the same premises. Visual coherence and business compatibility are key. 3. Upgrade infrastructure: Adequate parking is lacking in busy areas like Harat Al-Teenah, where banking and service centres cluster. Flooding during rain disrupts commercial movement due to poor drainage. Planned upgrades to parking, access roads, and water management are urgently needed. 4. Zone activities by scale and function: Not all business types belong on main roads. Small-scale or secondary enterprises should operate within internal neighbourhoods, while high-traffic roads should host anchor tenants and investment-ready companies. This ensures sustainability and investor confidence. 5. Revive Old Sur Market: The historic market can be transformed into a cultural and economic destination. New small and medium businesses, artisan markets, and themed areas—such as a Gold Souq or Travel District—can attract footfall and restore its relevance. Models like 'Souq Al Hareem' show how defined identity supports commercial success. 6. Form a dedicated planning task force: A professional team should oversee commercial regulation and support property owners. Many, such as those in Harat Al-Teenah, have faced years-long delays in resolving basic planning issues. The task force should streamline permits, resolve grievances, and foster public-private cooperation. A VISION 20240 IMPERATIVE Reviving Sur's commercial core is not just a local concern—it is a national one. As Oman prioritises governorate-level development under Vision 2040, towns like Sur must build competitive, structured economies. A cohesive commercial front, functioning infrastructure, and vibrant markets are critical assets. It is time to move from unplanned expansion to strategic renewal. With the right vision and coordination, Sur can reclaim its place as a thriving commercial hub. Mohammed bin Issa al Balushi The author is a Media Consultant specialising in economic affairs
Observer
2 hours ago
- Observer
IMF hails CBO's transparency, offers roadmap for enhancements
MUSCAT: The International Monetary Fund (IMF) has commended the Central Bank of Oman (CBO) for its proactive steps in enhancing transparency, governance, and monetary policy communication, as highlighted in a landmark Central Bank Transparency (CBT) Review—the first of its kind in the GCC region. Conducted under the IMF's CBT Code, the review — completed in April 2025 and released by the IMF this June — underscores the CBO's alignment with Oman Vision 2040 and its efforts to uphold international best practices. The IMF described the CBO as a trusted and credible public institution with a legal framework firmly underpinning its transparency policies. STRENGTHS IN MONETARY POLICY TRANSPARENCY At the core of the CBO's operational mandate is the maintenance of a fixed peg of the Omani Rial to the US Dollar—a policy sustained through active liquidity management and strong foreign exchange reserves. The IMF praised the central bank for its disclosure of monetary policy objectives, operational frameworks, and the role of liquidity management in supporting the peg. However, the Fund suggested that further transparency gains could be achieved by detailing the decision-making process behind these policies and disseminating key data in formats more accessible to external users. Enhanced publication of frameworks related to counterparties, collateral, and reserve requirements were also recommended. GOVERNANCE AND ACCOUNTABILITY The IMF acknowledged the CBO's well-established internal governance transparency framework, including disclosures on its board structure, decision-making process, and leadership. To raise standards even further, the IMF advised the CBO to place greater emphasis on internal independence, accountability, and risk management. The addition of an explicit access-to-information policy and the publication of existing internal risk and oversight arrangements were highlighted as "quick wins" for improving governance transparency, as many of these structures are already in place but not fully disclosed. With its expanding mandate in financial stability, the CBO now legally holds responsibilities for Emergency Liquidity Assistance (ELA) and macroprudential policy. The IMF noted that while the CBO has made significant efforts to clarify its role, greater transparency is needed regarding the scope of its financial stability mandate, available tools, and coordination mechanisms with other financial agencies. As these shared responsibilities grow, delineating roles and publishing relevant legal and operational frameworks will enhance public and institutional understanding of the CBO's oversight role. AML/CFT SUPERVISION As the designated Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) supervisory authority for financial institutions under its jurisdiction, the CBO has actively disclosed its legal powers, policies, and supervisory practices. However, the IMF sees room for improvement, especially in public communication of implementation outcomes. The upcoming release of a mutual evaluation report presents an opportunity for the CBO to strengthen communication on its AML/CFT achievements through its website and other outreach platforms. Public appetite for more accessible engagement with the central bank is growing. The IMF urged the CBO to consider simplifying its disclosures for wider public understanding and to expand educational and outreach efforts. This could involve deeper use of social media and communication tools to reinforce transparency and maintain institutional trust. ROADMAP FOR REFORM To help operationalise the findings, the IMF shared a draft Implementation Roadmap, outlining actionable recommendations. The Fund also reiterated its readiness to support Omani authorities in the implementation phase. Overall, the CBT review signals a strong performance by the CBO in aligning with global central banking standards, while identifying opportunities for reform that will solidify Oman's financial credibility and public trust in its monetary authority.
Observer
2 hours ago
- Observer
Oman unlocks RO 11 bn to power 10th 5-year plan
MUSCAT: Oman's Ministry of Economy has revealed that total development allocations under the Tenth Five-Year Plan (2021–2025) reached RO 11.009 billion by the end of March 2025. This reflects a 72% increase compared to the initial allocation of RO 6.414 billion when the plan was launched. The rise in development spending is part of a broader national effort to stimulate growth and support Oman Vision 2040. According to the ministry's performance report, the increase was driven by four main policy priorities. First, the government has strengthened investment in social development projects and programmes, aiming to improve citizens' quality of life. Second, funding has been directed towards economic diversification, with new initiatives supporting sectors beyond oil and gas. Third, the government is focusing on governorate-level development to reduce regional disparities and ensure more balanced economic progress. Fourth, significant efforts have been made to improve the investment environment, attracting both local and foreign investors. The Ministry of Economy stated that the additional funding supports national infrastructure, job creation and the long-term sustainability of the economy. The Tenth Five-Year Plan remains a key instrument for realising the strategic objectives of Oman Vision 2040. This surge in allocations highlights the Sultanate of Oman's commitment to economic transformation and inclusive development across all regions.
