
Oman reviews with Bhutan Gelephu Mindfulness City project
The review took place during a meeting between H E Sayyid Badr bin Hamad al Busaidi, Minister of Foreign Affairs, and Abdul Salam bin Mohammed al Murshidi, President of the Oman Investment Authority, alongside the project team and Liew Mun Leong, CEO of GMC.
The Gelephu Mindfulness City Special Administrative Region (SAR) is a visionary undertaking announced by King Jigme Khesar Namgyel Wangchuck on Bhutan's National Day in 2023.
Spanning 2,500sqkm in Gelephu, South Bhutan, the GMC SAR is strategically located at the centre of a land bridge that connects more than two billion people in the dynamic economies of South Asia and Southeast Asia.
The development envisions a thriving economic centre that seamlessly integrates the core principals of Bhutan's philosophy of Gross National Happiness – equitable economic growth, cultural preservation, environmental sustainability and good governance.
The GMC project is one of Bhutan's most prominent development initiatives, aimed at creating an integrated smart city that combines innovation, sustainability, and a knowledge-driven economy. The project seeks to attract investments across several sectors, including advanced technology, education, healthcare, and hospitality.
Both sides expressed mutual interest in exploring opportunities for cooperation and partnership in this ambitious venture. The Omani delegation expressed appreciation for the project's bold vision, noting its potential to serve as a new platform for strategic partnerships between investment institutions in both Oman and Bhutan.
Later in the evening, H E Sayyid Badr met Bhutan King Jigme Khesar Namgyel Wangchuck and conveyed greetings of His Majesty the Sultan.
The meeting was also attended by H E Sheikh Abdulaziz bin Abdullah al Hinai, ambassador-at-large, H E Issa bin Saleh al Shibani, Ambassador of Oman to India and non-resident ambassador to Bhutan, and several officials from both sides.
Hashtags

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


Muscat Daily
2 hours ago
- Muscat Daily
Bank lending in Oman jumps 8.4%, deposits grow 7.6% in H1
Muscat – Total outstanding credit extended by Oman's banking sector, including both conventional and Islamic banks, grew by 8.4% year-on-year to reach RO34.1bn as of June 2025, according to statistics released by the Central Bank of Oman (CBO). Within this total, bank credit to the private sector increased by 6.6% to RO28bn. Non-financial corporations accounted for the largest share of private sector credit at 45.9% as of the end of June 2025, followed closely by the household sector at 44.2%. Financial corporations received 6.2%, while other sectors made up the remaining 3.7%. Conventional banks' total outstanding credit grew by 7.2% year-on-year in June 2025, as per the CBO's latest monthly statistical bulletin. Credit to the private sector by conventional banks rose by 4.8% to RO21.5bn, while their overall investments in securities increased by 1.3% to RO5.7bn. Investment in government development bonds rose by 5.1% year-on-year to RO2bn in June, while investments in foreign securities declined by 6% to RO2.1bn. On the other hand, total deposits in Oman's banking sector grew by 7.6% to reach RO33bn as of June 2025, compared with the same period a year earlier. Private sector deposits increased by 6% to RO21.9bn. The household sector contributed the most to private sector deposits at 49.4%, followed by non-financial corporations at 31%, financial corporations at 17.4%, and other sectors at 2.2%. Deposits held with conventional banks grew by 4.7% year-on-year to RO25.8bn as of June 2025. Private sector deposits, which represented 66.4% of total deposits with conventional banks, increased by 4% to RO17.1bn. Government deposits with conventional banks rose by 9.9% to RO5.9bn, while deposits of public enterprises fell by 7.3% to RO1.7bn. Islamic banking assets reach RO9.2bn The total assets of Islamic banks and windows in Oman increased by 17.4% year-on-year, reaching RO9.2bn by the end of June 2025. Islamic assets now constitute approximately 19.9% of the total banking system's assets. Islamic banking entities provided financing amounting to RO7.2bn at the end of June 2025, reflecting a growth of 13.1% compared with the previous year. Total deposits held with Islamic banks and windows rose by 19.6% to RO7.2bn. Interest rates ease Interest rates in Oman recorded a slight decline during the first half of this year. According to CBO data, the weighted average interest rate on Omani rial deposits with conventional banks fell from 2.651% at the end of June 2024 to 2.560% by June 2025, while the weighted average lending rate decreased from 5.581% to 5.487% over the same period. Meanwhile, the overnight Omani rial domestic inter-bank lending rate dropped to 4.189% in June 2025, down from 5.402% a year earlier. 'This [decline in interest rates] is an outcome of the decrease in the average repo rate for liquidity injection by the CBO to 5.0% from 6.0% a year ago, in line with US Federal Reserve policy rates,' the CBO stated in its bulletin.


Observer
4 hours ago
- Observer
Oman steps up global push for local products
MUSCAT – Oman's Ministry of Commerce, Industry and Investment Promotion (MoCIIP) intensified efforts to expand the international presence of Omani products in the first half of 2025, achieving growth in both exports and trade partnerships. Through its Export Development Department 'Oman Exports,' the ministry organised and participated in five specialised trade exhibitions under the Omani Products Promotion Committee (OPEX), which also includes the Chamber of Commerce and Industry, Madayn, and the SME Development Authority (Riyada). The drive targeted wider recognition of Omani goods by hosting global importers, arranging business meetings, and running promotional campaigns. The Baghdad International Fair in February brought together 30 Omani companies, with 70% signing distribution contracts and 67% securing new export orders. At Gulfood in Dubai, 75% of 10 participating Omani firms concluded confirmed deals, while 91% entered ongoing negotiations. May's Saudi Food Show in Riyadh saw 14 companies showcase products, complementing Oman Vision 2040 and Saudi Vision 2030. Locally, Horeca Oman highlighted food and hospitality opportunities. The campaign culminated with Oman's participation as Guest of Honour at the Algiers International Fair in June, where President Abdelmadjid Tebboune and Minister Qais bin Mohammed Al Yousef inaugurated a 900 sqm Omani pavilion featuring over 60 institutions. According to the National Centre for Statistics and Information, Oman's non-oil exports rose 7.2% in Q2 2025 to OMR 2.701 billion. The UAE led importers with a 22.9% rise to OMR 485 million, followed by Saudi Arabia at OMR 451 million (+34.9%) and India at OMR 280 million (+38.9%), alongside strong demand from South Korea and the United States. 'These positive indicators reflect the success of national efforts to enhance export competitiveness and open new markets,' said Fares bin Nasser Al-Farsi, Head of Oman Exports at MoCIIP. He added that support mechanisms include international promotion, streamlined procedures, and activation of trade agreements. The ministry reaffirmed its commitment to strengthening the 'Made in Oman' brand, diversifying the production base, and increasing SME participation in exports as part of achieving Oman Vision 2040.


Times of Oman
13 hours ago
- Times of Oman
EAM Jaishankar meets new South Korean FM, vows deeper cooperation
New Delhi: External Affairs Minister (EAM) S Jaishankar on Saturday met South Korea's new Foreign Minister Cho Hyun during his first working visit to India, with both sides agreeing to expand cooperation in cutting-edge sectors like semiconductors, artificial intelligence, clean energy, shipbuilding, and defence manufacturing. The meeting coincided with the 10th anniversary of India-Republic of Korea (ROK) Special Strategic Partnership. According to a statement from the Ministry of External Affairs (MEA), the ministers reaffirmed the strong and growing partnership, rooted in shared democratic values, mutual trust, shared economic interests, and commitment to regional and global peace and stability. The two leaders reviewed cooperation across political, security, trade, economic, technology, and people-to-people fields. They agreed to set "new industrial ambitions," especially in high-tech sectors such as AI, semiconductors, clean energy, shipbuilding and defense industry. Both sides also shared assessments on regional and global developments, particularly in the Indo-Pacific, the MEA said. After the meeting, Jaishankar posted on X that he was "delighted" to meet Cho Hyun as the partnership completed 10 years. "Held productive discussions on advancing our bilateral cooperation in trade, manufacturing, maritime & people to people exchanges as well as new opportunities in AI, semiconductors, clean energy and defence. Also exchanged perspectives on Indo-Pacific and contemporary global developments," he wrote. Earlier during the meeting, Jaishankar welcomed Cho Hyun, describing it as a "very special privilege" to host an old friend in a new role. Congratulating him on his recent appointment, he remarked that the visit, coming "literally a day after your National Day, and our National Day, says a lot about the value we attach to the relationship," while also extending greetings on Korea's National Liberation Day. Highlighting the importance of the occasion, Jaishankar said the visit marks the 10th anniversary of the Special Strategic Partnership between India and South Korea. He recalled being present with Prime Minister Narendra Modi when he met President Lee Jae-myung in Kananaskis, Canada, a meeting that "had very strong bonding." India and South Korea have strengthened ties over the past decade, with collaboration ranging from trade and investment to security and technology. With Cho Hyun's first visit to New Delhi as foreign minister, both countries have signalled their intent to push the relationship into new areas of strategic technology and defence, while deepening their coordination on regional security in the Indo-Pacific.