
Oman: OCCI launches 14 initiatives to improve business environment
Muscat: In cooperation with Oman Vision 2040 Implementation Follow-up Unit, the Oman Chamber of Commerce and Industry (OCCI) launched14 initiatives on improving the business environment on Wednesday.
The initiatives aim to develop the governorates economically and help in expanding the base of economic diversification.
The initiatives were launched as part of a "Strategic Approaches Developmental Session'.
The closing ceremony of the session was attended by Dr. Khamis bin Saif Al Jabri, Head of the Oman Vision 2040 Implementation Follow-up Unit, Faisal bin Abdullah Al Rowas, Chairman of OCCI Board of Directors, heads of sectoral committees and specialists from the authorities concerned.
Al Rowas said that the development session stems from the OCCI's ongoing efforts to support the private sector and enhance its role in the national economy.
He pointed out that the session sought to attract an elite group of experts, business owners and relevant parties to ensure the implementation of programmes and projects that are in line with the priorities of Oman Vision 2040, with the prime aim of achieving sustainable economic development.
The session reflects the OCCI's commitment to the approach of dialogue and communication with different parties involved in developing the business environment and strengthening strategic partnerships, said Al Rowas. 'Such efforts contribute to the realisation of qualitative initiatives that support the competitiveness of the Omani economy, opening up new vistas for the private sector,' Al Rowas observed.
The participation of the members of the Board of Directors and heads reflects the Chamber's commitment to dialogue and communication with various parties for developing the business environment and strengthening strategic partnerships.
He said that these efforts will create qualitative initiatives and support the competitiveness of the Omani economy and open new horizons for the private sector.
Zakaria bin Abdullah Al Saadi, CEO of the Oman Chamber of Commerce and Industry, explained that the new approach adopted by the Chamber is based on discussion sessions and joint work to develop initiatives in partnership with various actors in the public and private sectors for supporting the national economy and enhancing the role of the Chamber and the private sector in development.
He pointed out that this workshop was held in cooperation with the Oman Vision 2040 Implementation Follow-up Unit, to ensure that the Chamber's strategic directions are consistent with national priorities.
The CEO of the Oman Chamber of Commerce and Industry confirmed that the Chamber, in cooperation with the Oman Vision 2040 Implementation Follow-up Unit, has developed a detailed plan to implement these initiatives in a way that ensures achieving the desired impact using a clear methodology aimed at enhancing the Chamber's efforts in serving the private sector.
Khalfan bin Suleiman Al Bahri, Director of the Office for Follow-up of the Implementation of Oman Vision 2040 at the Oman Chamber of Commerce and Industry, pointed out that the development cycle of strategic directions witnessed in-depth discussions and a comprehensive analysis of the initiatives that emerged from the three pillars.
He explained that the Chamber established the Office for Follow-up of the Implementation of Oman Vision 2040, which includes following up on the implementation of detailed plans for the initiatives emerging from this cycle and other strategic programmes.
© Muscat Media Group Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags

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


Zawya
16 hours ago
- Zawya
Oman posts $1bln surplus on oil gains
MUSCAT: Oman posted a fiscal surplus of RO 540 million at the close of 2024, outperforming initial expectations and reversing a projected deficit of RO 640 million. The stronger-than-anticipated outcome was fuelled by robust oil revenues and disciplined expenditure, reinforcing the Sultanate's progress towards fiscal sustainability under Oman Vision 2040. Citing the audited financial performance of the State General Budget for 2024, the Ministry of Finance noted that total state revenues reached RO 12.78 billion, representing a 16 per cent increase over the budgeted RO 11.01 billion. The uptick was largely attributed to favourable oil market dynamics. Oman's average oil price stood at USD 82 per barrel—well above the assumed USD 60—adding significant upside despite a decline in production volumes. Daily output averaged 997,000 barrels, compared to the budgeted 1.031 million barrels per day, reflecting Oman's continued adherence to voluntary OPEC+ cuts. Oil revenues rose by 26 per cent year-on-year to RO 7.45 billion, while gas revenues climbed to RO 1.82 billion, marking a 16 per cent gain from budget estimates. Non-oil revenues remained broadly stable at RO 3.51 billion, marginally below expectations. On the spending side, total public expenditure reached RO 12.24 billion, exceeding the original allocation of RO 11.65 billion by five per cent. The rise in expenditure was driven primarily by a surge in development spending, which grew by 31 per cent to RO 1.5 billion. Contributions and other payments increased 14 per cent to RO 2.2 billion, while current expenditure was maintained within target, declining slightly to RO 8.53 billion. The Ministry of Finance stated that the increase in development spending reflects the government's ongoing efforts to support infrastructure expansion, social protection, and economic diversification. Additional spending was directed towards accelerating project delivery, enhancing public services, and stimulating domestic growth—all core objectives under Oman Vision 2040. In parallel with its revenue performance, Oman made further progress on debt reduction. More than RO 660 million in public debt repayments were made during the year, bringing total outstanding debt down to approximately RO 14.6 billion. Additionally, over RO 1.6 billion in private sector obligations were fully settled through the automated financial cycle system, helping improve liquidity and bolster confidence among contractors and service providers. The Ministry affirmed its commitment to responsible fiscal management and stated that the 2024 performance demonstrates the effectiveness of its macro-fiscal strategy. The combination of higher revenues, contained spending, and debt reduction enhances Oman's credit outlook and positions the economy for greater resilience in the years ahead. As oil markets stabilise and domestic reforms advance, Oman's ability to generate fiscal space while investing in development priorities signals growing alignment with its long-term transformation goals. The 2024 budget execution stands as a key milestone in the country's journey towards balanced growth and economic diversification.


Zawya
16 hours ago
- Zawya
Oman: Renewed visual identity to empower entrepreneurship
Muscat: In order to empower the entrepreneurship sector, the Authority for Small and Medium Enterprises Development (ASMED) has launched its new visual identity, with the support of Shaikh Suba'a bin Hamdan al Saadi, Secretary-General of the Secretariat-General of National Celebrations. The Authority has emerged as an entity with the goal of supporting and developing the sector, contributing to the achievement of Oman Vision 2040 which aims for a sustainable, knowledge-based and innovation-driven economy. Recognising this pivotal role, a modern corporate visual identity was developed to reflect the Authority's vision, mission and core values, portraying it as a supportive and enabling entity for small and medium enterprises and entrepreneurs in the Sultanate of Oman. Halima al Zari, Chairperson of ASMED, stated, "We are pleased to launch the new visual identity. This is a testament to the Royal directives to make small and medium enterprises the foundation of the Omani economy. We will continue on this path in collaboration with our partners, embarking on a new journey of giving, belonging and innovation to support entrepreneurs for a prosperous economic future in the Sultanate of Oman and to achieve Oman Vision 2040." It is common for organisations to update their visual identity, with 75 per cent of companies redesigning their brand since 2020 in response to rapid changes in the market and public behaviour. The Authority's visual identity change was necessary to keep up with the fast-paced transformations in the business environment, improve communication with all sectors of the public, enhance digital interaction and support expansion and growth. The Authority mentioned that the identity development process involved a collaborative approach, including research and analysis of global and regional experiences, workshops and seminars, defining the strategy through vision, mission, values, and brand personality, as well as creative design elements such as logo design, colour and font selection and visual identity development. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (


Zawya
17 hours ago
- Zawya
Oman Vision 2040 is a blueprint for sustainable growth: World Bank
From digital corridors to investment pipelines, Oman Vision 2040 is transforming the present for a stronger future, and symbolizes yet another chapter of strategic evolution that has characterized the country from prehistoric Majan to modern Oman, said the World Bank in its blogs. "Developed through extensive consultations with citizens, Vision 2040 enshrines a diversified and resilient economy less reliant on oil while fostering a globally integrated and prosperous society. What began under the leadership of the late Sultan Qaboos bin Said, with the careful planning of His Majesty Sultan Haitham bin Tarik, is a roadmap charting how Oman can adapt to changing economic conditions, shifting culture, and disrupting technology to steer Oman toward economic diversification, sustainability, and global competitiveness. Oman's steady progress under Vision 2040 offers a model for other emerging economies navigating uncertainty through long-term planning. It further guides Oman's increased global engagement and partnership with organizations like the World Bank Group," the blog said. Oman and the World Bank Group have enjoyed an active partnership for decades. This has led to working together on a range of areas aligned to Vision 2040, from national development plans and budget system modernization to transport and fisheries. A key focus right now is strengthening the investment climate to support private sector-led growth and job creation. The World Bank is bringing global knowledge and advice on best practices in business environment reforms tailored to the Omani context. IFC, the Bank Group's private sector arm, recently announced new investments to bolster the country's sustainable finance market and empower the private sector. MIGA, home of the World Bank Group Guarantee Platform, secured $1.2 billion in commercial financing of the infrastructure works for the Duqm Special Economic Zone. Central to Oman Vision 2040 is the imperative of economic diversification and building a knowledge, technology-driven economy. In practice, this means investing in digital infrastructure, encouraging R&D, and nurturing new industries. Major regulatory reforms have been rolled out to catalyze private-sector growth and foreign investment. For example, a new Foreign Capital Investment Law took effect in 2020, removing minimum capital requirements and allowing 100% foreign ownership in many sectors. Attracting foreign direct investment and strengthening the private sector are key components of the Vision, and these reforms unlock those opportunities. Oman is also leveraging its strategic geography to become a logistics and trade hub. Positioned outside the Strait of Hormuz on major global trade routes, it has prioritized modernizing ports, free zones, and airports. The development of Duqm – a vast special economic zone with a deep-sea port – and upgrades at Salalah and Sohar ports exemplify this push. Such investments aim to streamline the flow of goods and make Oman a vital link in global supply chains. Already, early results of the economic transformation are visible: non-oil sectors like construction, manufacturing, and transport are growing quickly. Maintaining this momentum will require sustained reform, and Oman's multi-pronged approach – from startup incubators to industrial free zones – is steadily transforming the economy. Sustainable development is an overarching principle, and Oman's fisheries sector is a standout success story for this agenda. Fisheries have evolved from a traditional, artisanal industry into a technology-enabled sector that contributes to diversification. The government, with World Bank support, crafted a Fisheries and Aquaculture Vision to create a profitable world-class sector that is ecologically sustainable and a net contributor to Oman's economy. The innovation shown in the Omani sustainable fisheries sector is yielding impressive results. The sector is expanding at near double-digit rates, with a recorded 7.5 percent sectoral growth in the first three quarters of 2024. This progress reinforces the country's ambition for economic diversification by setting a high bar, with the sector aiming to reach 10 percent annual growth and contribute 2 percent to the national GDP. Developing human capital is another key element of Oman's vision. A skilled, educated populace is the bedrock of competitiveness. Educational reforms are underway to align curricula with future labor market needs and improve quality at all levels. Oman's ambition includes ranking among the top 20 countries in global education indices by 2030, and top 10 by 2040. Investments in schools and universities over the past decades have dramatically expanded access. Now the focus is on boosting outcomes in science, technology, engineering, and math to nurture a knowledge economy. Equally important, Oman is fostering a culture of research and entrepreneurship. Through its Ministry of Higher Education, Research, and Innovation, new programs are funding research and the commercialization of ideas. Innovation parks and incubators have been launched in partnership with the private sector to mentor startups and turn student projects into marketable products. Aspiring young entrepreneurs receive support via financing initiatives and training programs, often co-sponsored by government and industry. Public-private partnerships are helping build this innovation ecosystem – for example, technology companies are collaborating with Omani colleges on coding academies, and energy firms are investing in technical training centers. These efforts are bearing fruit: a burgeoning startup scene is evident in Muscat, and the number of Omani tech SMEs is on the rise. In parallel, Oman has worked to make its labor market more flexible and dynamic, implementing new labor policies in 2023–24, adding more benefits for women, and encouraging private-sector hiring of Omanis. With 64% of the population under 30, all these measures aim to harness Oman's demographic dividend by equipping its youth with the skills and opportunities to innovate. To ensure the successful realization of Oman Vision 2040, a specialized entity—the Oman Vision 2040 Implementation Follow-up Unit—was established by Royal Decree 100/2020. Reporting directly to the Council of Ministers, the Unit plays a central role in monitoring the progress of the vision, facilitating coordination across sectors, addressing challenges, and providing strategic support to align efforts with the national vision. Looking forward to the next 15 years, there will be continued opportunities as well as challenges in realizing the vision. Successful implementation requires continued commitment, adaptability, and engagement with global partners. Oman's journey towards realizing its 2040 vision can serve as a valuable case study for other countries navigating uncertainties and striving for economic diversification, sustainability, and global integration. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (