Latest news with #AbdulsalamAlMurshidi
Times of Oman
19-05-2025
- Business
- Times of Oman
Oman and Belarus sign agreement to establish joint committee
Minsk: The Sultanate of Oman and the Republic of Belarus signed an agreement in the Belarusian capital, Minsk today, to establish a joint committee aimed at boosting cooperation across various fields between the two countries. The signing ceremony was attended by HH Sayyid Theyazin bin Haitham Al Said, Minister of Culture, Sports, and Youth, and Viktor Aleksandrovich Lukashenko, President of the Belarusian Olympic Committee and Special Envoy of the President of Belarus to the GCC states. The agreement was signed on behalf of the Government of the Sultanate of Oman by Abdulsalam bin Mohammed Al Murshidi, Chairman of Oman Investment Authority (OIA), and on behalf of the Government of Belarus by Maxim Ryzhenkov, Minister of Foreign Affairs. Also present at the signing ceremony were Hamoud bin Salim Al Tuwaih, Ambassador of the Sultanate of Oman to the Russian Federation and non-resident Ambassador to the Republic of Belarus, along with a number of Belarusian officials.
Zawya
14-05-2025
- Business
- Zawya
Oman: OIA companies repay $4.6bln of debt in 2024
MUSCAT: The 9th Rawabet Forum, showcasing the many innovations and achievements of Oman Investment Authority (OA) and its subsidiaries, was held under the auspices oaf Dr Khamis Saif al Jabri, Chairman of the Oman Vision 2040 Implementation Follow-up Unit. Also present were the board chairpersons and CEOs of OIA companies. OIA highlighted its role in achieving the national agenda across various fields, with a particular focus on developing Oman's human capital. Over the past four years, more than 6,500 jobs have been created for Omanis within the Authority and its subsidiaries, achieving an Omanisation rate of 77.7 per cent out of a total workforce of 41,000 employees. Abdulsalam al Murshidi, President of OIA, stated that the Authority recognizes its role not only in generating returns, but also in achieving the national agenda by contributing to economic diversification, maximizing in-country value, transferring knowledge and technology, creating job opportunities for Omanis, and building an institutional framework that exemplifies good governance and sustainability. The Authority also showcased some of its efforts in ICV. Among those efforts are integrating it into the corporate performance scorecards of its subsidiaries, in addition to launching a social investment policy, which has been in effect since Q1 2024. Additionally, the Authority highlighted its efforts to reduce its subsidiaries' indebtedness, aiming to enhance their capacity for investment and growth, improve their credit ratings, and enable them to generate profits and drive economic development. In 2024 alone, the Authority succeeded in repaying over RO 1.8 billion of its subsidiaries' debt. The Authority also presented the latest developments in the National Development Fund (NDF) and its newly launched strategy. Since its establishment in 2021, the Fund contributed over RO 3 billion to the state's General Budget and exceeded RO 8 billion in capital investment spending across various projects in priority sectors aligned with Oman Vision 2040. In addition, the Fund focused on synergies between its subsidiaries, recognizing the importance of collaboration to unify visions and promote collective efforts towards achieving the national goals. Notable examples of this include the collaboration between be'ah and most of the other subsidiaries, where be'ah manages industrial and hazardous waste produced by the companies. Another example is the cooperation between ITHCA and several subsidiaries to develop advanced technological solutions. Furthermore, OIA launched the National Development Fund Strategy in to enhance its role in supporting Oman Vision 2040, a role it has played since its establishment. The Authority recapped its focus areas for the first five years of its establishment, clarifying the future direction, which aims to maximize its role in achieving the objectives of Oman Vision 2040. The strategy set goals aligned with the vision, including leading the energy transition by relying on renewable energy sources and hydrogen to contribute to achieving Net-Zero by 2050, enhancing value-added downstream activities and localizing sectors, boosting Oman's competitive advantage, and exploring new areas to enhance community welfare. These objectives align with the pillars of Oman Vision 2040, which are to create a sustainable environment, a competitive economy, and a society of creative individuals. During the forum, several agreements were also signed. ASYAD Group signed an agreement in partnership between Hafeet Rail Company and Takatuf Oman, aiming to qualify Omani talents in the transportation and logistics sector. Additionally, ASYAD Supply Chains signed an agreement with Minerals Development Oman to provide land and sea logistics services for the Yanqul Copper project. Mazoon Mining secured a financing deal of $270 million from several local and regional banks. The company also signed multiple construction and service packages with specialized project implementation companies, including ASYAD Group, the Oman National Engineering and Investment Company (ONEIC), and STRABAG Oman.
Observer
13-05-2025
- Business
- Observer
Five OIA companies win Excellence Awards
MUSCAT: Oman Investment Authority (OIA) announced the winners of the second edition of the OIA Excellence Awards. The awards recognize efforts to promote a culture of continuous improvement, celebrate outstanding companies that contributed to achieving national objectives, and encourage competitiveness in performance enhancement. 'Omantel' won in the Growth and Job Creation category for achieving a revenue growth compared to last year and investing 18% of its assets in new projects—achieving 98% of its target. The company also succeeded in creating job opportunities for Omanis and replacing expats with Omanis, raising its Omanization rate to 94%. 'ITHCA Group' excelled in the Financial Sustainability and Performance category for leading the 2024 financial sustainability assessment by achieving the highest improvement in financial sustainability indicators among all companies and delivering a positive financial performance during 2024. 'Omran Group' was awarded the excellence award in Private Sector and SMEs Empowerment category for achieving a high growth rate in the development of small and medium enterprises (SMEs). In addition, it exited from investments in favor of the private sector, and reached a rate of 56% in total investment through the private sector. 'OQ Group' received the excellence award in the In-Country Value (ICV) and RDI category for achieving the highest average spending on ICV as a percentage of total supply chain expenditure during 2023 and 2024. The Group also excelled in the number of supplier development programs, ring fencing initiatives, and research, development, and innovation (RDI) projects. 'ASYAD Group' won in the Project Excellence category for the 'Duqm Container Terminal' project. The project scored high efficiency in adherence to budget, timeline, and safety standards. The project also achieved a high Omanization rate exceeding 70%, and maximized in-country value by sourcing 43% of project expenditures through local suppliers and companies. Abdulsalam Al Murshidi, President of OIA, said the Excellence Awards recognized the significant improvement achieved by OIA companies in their revenues in 2024 compared to 2023. They also implemented new investments through approved projects and expanded operational initiatives that supported the local market. In addition, there was a consistent focus on employment and raising Omanization rates. The companies also increased their strategic partnerships with the private sector and supported small and medium enterprises (SMEs) through various initiatives, contract allocations, and development and training programs. They maximized their local impact by increasing local procurement spending and supporting local suppliers through supplier development programs and initiatives to localize products and services. As a result, total spending on SMEs reached RO 265.5 million, over 50 innovative projects were developed, and ICV rate increased to 32% in 2024 compared to 23% in 2023.
Times of Oman
08-05-2025
- Business
- Times of Oman
Gulf Takattuf Exhibition for SMEs kicks off
Muscat: The fourth edition of the Gulf Takattuf Exhibition for small, medium, and micro-enterprise entrepreneurs commenced on Thursday, featuring over 200 participating institutions from Oman and the rest of the GCC countries. The three-day event was inaugurated by Abdulsalam Mohammed Al Murshidi, Chairman of Oman Investment Authority. In her opening speech, HH Sayyida Hujaija Jaifar Al Said emphasised that this year's edition builds on the successes of previous ones, highlighting the exhibition's role in supporting SMEs and fostering their economic growth. She noted that this year's edition includes the participation of students from Oman Tourism College, who will receive training in event management and coordination. Their involvement, she added, provides valuable hands-on experience and skill development. The exhibition will also feature a free post-event bootcamp for participating entrepreneurs and business owners, offering a business lab and an innovation clinic to enhance their skills and encourage collaboration. The session will be led by trainer Bassim Ahmed Al Balushi, a specialist in workplace development and a consultant in managerial and self-empowerment. Several participants underscored the exhibition's importance in promoting their products and services. Alia Abdullah stated that her participation in "Takattuf" presents a valuable marketing opportunity, citing the event's past successes and the support services it provides as key incentives for entrepreneurs. On her turn, Siham Ahmed Al Harthy, a board member of Oman Chamber of Commerce and Industry (OCCI), stressed that such exhibitions help SMEs access new markets while offering consumers a centralized platform to explore diverse products. She affirmed OCCI's support for local and international exhibitions of this nature. Meanwhile, Nabila Abdullah Al Balushi, a first-time participant, described the event as an ideal opportunity to network with fellow entrepreneurs, exchange expertise, and learn from their challenges. She added that the exhibition serves as a prime platform to showcase products to a broad audience, opening doors for expansion into new markets. The Gulf "Takattuf" Exhibition aims to support and promote SME projects, provide a platform for product displays, and enhance local commercial awareness while fostering business opportunities and knowledge exchange among GCC entrepreneurs. Held at Fraser Suites Hotel, the exhibition also facilitates partnerships and collaboration among institutions, particularly given the diversity of exhibitors and participants from across the GCC. The fourth edition of the Gulf "Takattuf" Exhibition is held in strategic partnership with the Authority for Small and Medium Enterprises Development, Oman Chamber of Commerce and Industry, and is organized by Gulf "Takattuf" Exhibition for SME Entrepreneurs Kicks Off in Its Fourth Edition** The fourth edition of the Gulf "Takattuf" Exhibition for small, medium, and micro-enterprise entrepreneurs commenced today, featuring over 200 participating institutions from Oman and GCC countries. The three-day event was inaugurated by His Excellency Abdulsalam bin Mohammed Al Murshidi, Chairman of the Oman Investment Authority. In her opening speech, Her Highness Sayyida Hajija bint Jaifer Al Said emphasized that this year's edition builds on the successes of previous iterations, highlighting the exhibition's role in supporting SMEs and fostering their economic growth. She noted that this year's edition includes the participation of students from the Oman Tourism College, who will receive training in event management and coordination. Their involvement, she added, provides valuable hands-on experience and skill development. The exhibition will also feature a free post-event bootcamp for participating entrepreneurs and business owners, offering a business lab and an innovation clinic to enhance their skills and encourage collaboration. The session will be led by trainer Bassim bin Ahmed Al Balushi, a specialist in workplace development and a consultant in managerial and self-empowerment. Several participants underscored the exhibition's importance in promoting their products and services. Alia bint Abdullah stated that her participation in "Takattuf" presents a valuable marketing opportunity, citing the event's past successes and the support services it provides as key incentives for entrepreneurs. Siham bint Ahmed Al Harthiya, a board member of the Oman Chamber of Commerce and Industry (OCCI), stressed that such exhibitions help SMEs access new markets while offering consumers a centralized platform to explore diverse products. She affirmed OCCI's support for local and international exhibitions of this nature. Nabila bint Abdullah Al Balushi, a first-time participant, described the event as an ideal opportunity to network with fellow entrepreneurs, exchange expertise, and learn from their challenges. She added that the exhibition serves as a prime platform to showcase products to a broad audience, opening doors for expansion into new markets. The Gulf "Takattuf" Exhibition aims to support and promote SME projects, provide a platform for product displays, and enhance local commercial awareness while fostering business opportunities and knowledge exchange among GCC entrepreneurs. Held at Fraser Suites Hotel, the exhibition also facilitates partnerships and collaboration among institutions, particularly given the diversity of exhibitors and participants from across the GCC. The fourth edition of the Gulf "Takattuf" Exhibition is held in strategic partnership with the Authority for Small and Medium Enterprises Development, the Oman Chamber of Commerce and Industry, and is organized by LYNX Exhibitions and Events.
Times of Oman
20-04-2025
- Business
- Times of Oman
Muscat to host inaugural Advantage Oman Forum showcasing Sultanate's investment landscape
Oman is set to welcome global attention this April with the launch of the inaugural Advantage Oman Forum, an exclusive two-day business gathering taking place on Sunday 27 and Monday 28 April 2025 at the St. Regis Al Mouj Muscat Resort. Organised by the Ministry of Commerce, Industry and Investment Promotion, represented by Invest Oman, the forum will bring together senior figures from government, international business, financial institutions, and strategic sectors to examine Oman's rising profile as an investment destination and explore new economic frontiers. The forum is held under the strategic partnership of the Ministry of Heritage and Tourism, the Oman Chamber of Commerce and Industry, and Sohar International. The Advantage Oman Forum is expected to play a central role in reinforcing Oman's economic diplomacy efforts and its commitment to attracting high-quality, sustainable investments in alignment with Oman Vision 2040 and the country's Net Zero 2050 strategy. Over the course of two days, the forum will present a comprehensive outlook on Oman's investment opportunities, sectoral competitiveness, and global relevance, particularly in light of its increasing integration within regional and international trade and investment flows. The programme will feature a series of curated panel discussions, fireside conversations, and strategic meetings addressing critical global megatrends and their implications for Oman's future. The discussions will explore how sectors such as clean energy, logistics, advanced manufacturing, mining, agri-food, and tourism are being positioned to attract future-ready investment. With sustainability, resilience, and innovation as key themes, the forum will also address how Oman is preparing for a world of heightened economic competition, climate transitions, and rapid technological transformation. The Advantage Oman Forum will feature a distinguished lineup of speakers representing both regional leadership and global thought. Among them are H.E. Abdulsalam Al Murshidi, President of the Oman Investment Authority; H.E. Qais Al Yousef, Minister of Commerce, Industry and Investment Promotion; H.E. Dr. Said Al Saqri, Minister of Economy; and H.E. Salem Al Mahrouqi, Minister of Heritage and Tourism. From the private sector, high-profile business leaders such as Mohamed Al Abbar, Founder of Emaar Properties; Mohammed Al Barwani, Chairman of MB Holding Group; Mohammed Mahfoodh Al Ardhi, Chairman of Muscat Stock Exchange; and Yusuff Ali, Founder of LuLu Group, will share their strategic insights. International voices will include H.E. Abdulla Al Marri, UAE Minister of Economy; H.E. Luigi Di Maio, EU Special Representative for the Gulf Region and former Foreign Minister of Italy; Creon Butler, Director of the Global Economy and Finance Programme at Chatham House; Michelle Karavias, Managing Director and Head of Industry Research at Fitch Solutions; Diana Mangalagiu, Associate Fellow at Saïd Business School, University of Oxford; and Jonathan McClory, Research Associate at Hertford College, Oxford University. Dushyant Thakor Deputy Executive Director at WAIPA, will also offer a global investment promotion perspective. The sessions will be moderated by Dr. Florian Klein, Co-Founder and Managing Partner of GmbH i.G., who will guide the conversation toward actionable strategies in an increasingly complex global economy. One of the headline sessions will be led by CNN Editor-at-Large Richard Quest, titled 'The Shape of Things to Come.' The session will explore the megatrends reshaping business and governance, including climate adaptation, renewable energy, AI, and Industry 5.0. It will examine how technologies like edge AI and telemedicine are transforming industries, and how businesses can build resilience amid geopolitical shifts. Framed by global insights and practical strategies, the session will offer a roadmap for thriving in a rapidly evolving world. The event is not only designed as a convening of high-level minds, but as a platform that allows Oman to actively engage with foreign investors, sovereign funds, and multinational corporations looking to expand their footprint in the region. With a regulatory environment that supports 100% foreign ownership in most sectors, a streamlined investor journey through the Oman Business Platform, and dedicated facilitation by Invest Oman, the Sultanate is offering one of the region's most investor-friendly environments. Oman's strategic location, political stability, and natural resources have long made it an appealing investment destination. Today, with upgraded infrastructure, free and special economic zones, and a focused push on diversification, the country is building a dynamic economy underpinned by innovation and international cooperation. The Advantage Oman Forum will provide the opportunity to explore these dimensions in detail, through dialogue with policymakers, project developers, and global investors. The forum also highlights the proactive role played by Invest OMAN in leading the country's investment promotion initiatives. The organisation is committed to supporting investors through every stage of their journey — from entry and establishment to expansion and internationalisation. By facilitating connections across public and private sectors and offering hands-on assistance, Invest Oman aims to ensure that every investment delivers long-term, mutual value. While attendance to the Advantage Oman Forum is by exclusive invitation only, select sessions will be streamed live via the official website. The public and global business community are invited to watch online and engage with the conversations shaping the future of investment in the Sultanate. To view the live sessions and explore more about the speakers and agenda, please visit the official forum website at
