
Electrical gear drives growth in Oman's exports
MUSCAT: Oman's industrial exports witnessed a notable 8.6 per cent increase during the first quarter of 2025, reaching RO 1.618 billion, compared to RO 1.490 billion during the same period in 2024, according to data released by the National Centre for Statistics and Information (NCSI).
Industrial exports accounted for 28 per cent of Oman's total exports.
This growth was driven by strong performance across several industrial sectors, most notably the electrical equipment and machinery manufacturing sector, which recorded exceptional growth of 141 per cent, with its exports rising to RO 128 million compared to RO 53 million in Q1 2024.
The metal products sector followed with a 14.1 per cent increase in exports, reaching RO 462 million, fueled by rising international demand for high-quality Omani products.
Khalid bin Salim al Qassabi, Director General of Industry at the Ministry of Commerce, Industry and Investment Promotion (MoCIIP), stated that these positive results reflect the strength and diversity of Oman's industrial sector. He emphasised the ministry's ongoing implementation of integrated industrial policies aimed at enhancing the competitiveness of Omani products in regional and global markets while boosting industrial exports.
He said that the electrical equipment and machinery sector is experiencing rapid growth due to increasing demand, driven by infrastructure expansion projects —particularly in electricity networks, utilities and new cities — alongside growing investments in renewable energy-related industries.
Khaled Salim al Qasabi
He affirmed that this sector is a priority under Oman's Industrial Strategy 2040, given its role in developing supply chains, enhancing value-added economic activities, supporting entrepreneurship and localising advanced technologies.
Jassim bin Saif al Jadidi, Technical Director at the MoCIIP, highlighted ongoing efforts to strengthen the presence of Omani products in regional and global markets —a key objective of the industrial strategy and a pillar of economic diversification under Oman Vision 2040.
He explained that these efforts include launching qualitative initiatives to improve the efficiency and quality of national products by supporting local manufacturers in adhering to the highest technical standards and international certifications. This enhances competitiveness and consumer confidence in Omani products.
He added that the ministry, in coordination with relevant entities, is working to open new markets for Omani exports by activating regional and international trade agreements, participating in trade exhibitions and missions and providing incentives and facilities for Omani exporters. Additionally, the ministry is promoting knowledge-based and advanced technology industries, including artificial intelligence and Fourth Industrial Revolution technologies, which play a pivotal role in improving product quality, reducing costs and achieving sustainable industrial growth. These efforts contribute to strengthening the national economy, generating quality job opportunities for Omani talent and positioning Oman as a promising industrial and logistics hub in the region. — ONA
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Muscat Daily
4 hours ago
- Muscat Daily
State Council reviews study on diversifying Oman's sources of income
Muscat – The State Council discussed a study titled 'Mechanism for Diversifying Sources of Income in the Sultanate of Oman' during its fifth meeting on Monday. The meeting was chaired by H E Sheikh Abdulmalik bin Abdullah al Khalili, Chairman of the State Council. The study reviewed the current state of the Omani economy and existing sources of national income. It also outlined international experiences in tackling challenges related to income diversification and financial sustainability. Concluding the discussion, the study stressed the importance of exploring future opportunities and provided recommendations for diversifying income sources across various economic sectors. The Council also reviewed a report by the Social and Cultural Committee regarding its meeting with officials from the Social Protection Fund to discuss mechanisms for implementing the social protection system. Additionally, the Council's bureau reviewed reports submitted by members following their participation in regional and international forums, along with updates on ongoing progress reports


Observer
4 hours ago
- Observer
Oman opens first copper waste recycling plant
Oman has inaugurated its first industrial plant dedicated to converting legacy copper mining waste into high-purity copper using renewable energy and eco-friendly technologies — a major step toward green industrialisation and sustainable resource management in line with Oman Vision 2040 goals. Located in the Wilayat of Suhar, the plant was officially opened on Monday under the auspices of Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion. The launch was attended by ministers, senior officials and business leaders from across Oman's public and private sectors. Developed by Green Tech Mining and Services, the project is the first of its kind in the country. It was made possible through a strategic partnership between Oman Mining Company and Austria-based BPG Group, with support from the Ministry of Commerce, Industry and Investment Promotion. Total investment exceeds RO 41 million. The initiative aims to turn environmental liabilities into economic value by reprocessing waste from historical copper mining operations. The first production phase is scheduled to begin in June 2025 with an output capacity of 60 tonnes of copper cathodes per year. By December 2026, capacity is expected to scale to 12,000 tonnes annually — significantly enhancing Oman's footprint in the regional green mining sector. Dr Saleh bin Said Masan, Under-Secretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, described the project as a 'qualitative leap' in Oman's industrial trajectory. 'This plant integrates environmental sustainability with economic diversification and industrial localisation. It reflects our commitment to innovation-led development and cleaner industrial practices.' The project also supports the Oman Industrial Strategy 2040 by boosting value-added production, attracting high-tech investments and localising industries that harness the country's natural resources. Copper cathodes produced at the facility will be classified as sustainably recycled metal — a key asset in global decarbonisation supply chains. Khalid bin Salim al Qasabi, Director-General of Industry at the ministry, said the plant represents a practical embodiment of the ministry's push to enable advanced industrial projects. 'We worked to ensure streamlined procedures and robust technical standards to bring this facility online. It's a model of regulatory coordination and sustainable investment.' Ernst Grissemann, CEO of BPG Group, highlighted the long-term vision behind the project, which began in 2018. 'The use of renewable energy and the plant's zero-waste approach underlines our dedication to the responsible industry. This facility positions Oman as a regional hub for green transformation in the mining sector.' As Oman seeks to elevate its industrial competitiveness, reduce environmental impact, and create new value chains from existing resources, this project offers a blueprint for scalable, environmentally responsible industrial growth — reinforcing the Sultanate's position in the global transition to sustainable development.


Observer
4 hours ago
- Observer
Digital banks get green light in Oman
MUSCAT: The Central Bank of Oman (CBO) has issued a regulatory framework for the licensing and supervision of digital banks, marking a major step toward modernising the country's financial sector. The framework comes into effect on June 1, 2025, and is aligned with Oman Vision 2040. The framework allows digital banks to operate as either locally incorporated joint-stock companies (SAOC or SAOG) or as branches of foreign banks, subject to regulatory approval in their home jurisdictions. Two types of licenses will be offered. Category 1 requires a minimum paid-up capital of OMR 30 million and allows full operations. Category 2 requires OMR 10 million but comes with business limitations, including caps on customer deposits and corporate lending, and a prohibition on proprietary trading. These limits are waived during the first two years of operation. All digital banks must maintain a physical head or registered office in Oman. They may open administrative offices for customer support, but not traditional branches for transactions. Shareholding limits apply: individuals and their affiliates may hold up to 15 percent of voting shares; corporate bodies up to 25 percent; and holding companies up to 35 percent. Cross-ownership in multiple banks is restricted to 15 percent. Applicants must present a detailed five-year business plan covering digital services, target segments, profitability projections, and a financial inclusion strategy. The plan must outline IT architecture, cybersecurity readiness, and disaster recovery procedures. Digital banks are expected to adopt modern technologies such as AI, open banking, blockchain, and cloud computing. Omanisation targets start at 50 percent and rise to 90 percent by Year 5. The CBO mandates the submission of an exit plan alongside the license application. It must define conditions under which the bank would voluntarily cease operations, such as capital or profitability deterioration. The plan should address customer protection, risk triggers, and exit funding without regulatory assistance. Licensed digital banks must comply with the Banking Law 02/2025, National Payment Systems Law 08/2018, and AML Law 30/2016. They are also subject to digital onboarding rules, cybersecurity frameworks, consumer protection regulations, and fraud prevention protocols. The CBO may require independent technical assessments at the applicant's expense. Non-compliance could trigger enforcement measures, including license revocation. The CBO reserves the right to reject incomplete applications or withdraw approvals if information is found to be inaccurate. The new framework is expected to pave the way for digital-first banking models, improve access to finance, and foster innovation in Oman's financial sector.