Latest news with #AlSalmi
Observer
29-05-2025
- Business
- Observer
Dialogue session calls for supporting SMEs financially
MUSCAT: The Small and Medium Enterprises Development Authority (SMEDA) held its thirteenth dialogue session on enhancing opportunities for small and medium enterprises (SMEs) in the financial services sector. Abdullah bin Salem al Salmi, Chairman of the Financial Services Authority, presided over the event. As part of the authority's efforts to partner and integrate with relevant entities and improve the business environment and its attractiveness to SMEs, a dialogue session was held on the financial services sector and related activities. Al Salmi said: "It is very important to have dialogue and consultation between institutions and beneficiaries of these sessions. We heard many challenges, questions and inquiries from entrepreneurs, many of which are solvable and we encourage entrepreneurs to participate in such sessions. Among the issues we addressed were that SMEs need funding, support and assistance in matters related to managing the enterprises until they reach a level that enables them to survive during the first three or four years. They require attention from all of us, to help and embrace them so that they can continue in their business." The session aimed to boost the role of SMEs in developing financial services by presenting innovative ideas and improving operational efficiency, encouraging government and private partnerships and cooperation with SMEs, and raising awareness of the importance of the sector as a vital component of supporting the national economy. The session included several topics, including policies, legislation, licences and enablers that support SMEs in developing innovative solutions and partnerships in the financial services sector. Financial support is one of the most important factors for the success of SMEs and startups. Recent efforts have contributed to providing various support factors for the growth of entrepreneurial activities. According to the authority's latest statistics, there are 150,601 SMEs registered in the authority's database, including 131,315 micro-enterprises, 18,222 small enterprises, and 1,064 medium enterprises. Of these, 27,724 have obtained an Entrepreneurship Card.
Yahoo
21-04-2025
- Business
- Yahoo
Oman launches national health insurance platform
The Financial Services Authority (FSA) of Oman has officially launched the National Health Insurance Platform, known as Dhamani, to oversee the operations within the country's health insurance market. The platform is an electronic system aimed at simplifying the exchange of health insurance information and claims processing between insurers and private healthcare providers. At a press conference, the FSA CEO Abdullah Salim Al Salmi detailed the platform's regulatory functions and its anticipated positive impact on the Sultanate's health insurance system. He pointed out that Dhamani is designed to improve the Omani health insurance market and ease citizens' access to health services. Al Salmi confirmed the platform's efficacy, as evidenced by its successful pilot phase. During the first quarter of 2025, Dhamani facilitated around three million health insurance transactions between insurance firms and private healthcare establishments. The platform is now connected to 33 private hospitals and three healthcare complexes. Dhamani aims to address several challenges faced by insurance stakeholders, ensuring the provision of quality health insurance services and the timely settlement of financial obligations to private healthcare providers. The platform will also maintain a database of medical conditions, diagnoses, and treatments, which will enable authorities to conduct research aimed at advancing the health sector. Al Salmi further mentioned that Dhamani currently serves over 650,000 health insurance policyholders and handles up to 40,000 transactions daily. To support the platform's development and offset the costs of its establishment, which totalled OR1.6m, a modest fee will be levied on hospitals utilising the service. "Oman launches national health insurance platform " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Times of Oman
20-04-2025
- Business
- Times of Oman
National health insurance platform "Dhamani" launched
Muscat: The Financial Services Authority (FSA) today launched the National Health Insurance Platform (Dhamani), offering digital services to regulate the Omani health insurance market. The platform is an integrated electronic platform that facilitates the exchange of health insurance-related data and claims between insurance companies and private health institutions. His Excellency Abdullah bin Salem Al Salmi, CEO of the Financial Services Authority, explained the regulatory role of the platform at a press conference held by the Authority to unveil details of the Dhamani platform. Al Salmi highlighted the platform's features and advantages in advancing the health insurance system in the Sultanate of Oman and its positive impact on all parties involved in the insurance process, from the policyholder to private and insurance health institutions. His Excellency emphasised that the Dhamani platform represents a qualitative leap in the development of the Omani health insurance market by leveraging digital transformation to regulate this vital sector, facilitating citizens' access to health services and enhancing the principle of insurance inclusion. He noted that the platform has proven its digital efficiency and effectiveness during its pilot phase. His Excellency explained that the number of health insurance transactions completed through the platform by insurance companies and private health institutions reached approximately 3 million transactions during the first quarter of 2025. The platform has also been linked to all insurance institutions, approximately 33 private hospitals, and 3 private health complexes to date. Al Salmi emphasised that this platform will address many of the challenges facing parties involved in the insurance relationship, ensuring the provision of high-quality health insurance services and prompt payment of dues to private health institutions by insurance companies. It will also provide a database of diseases, diagnoses, and treatments, enabling relevant authorities to conduct the necessary studies to develop the health sector. His Excellency indicated that the platform provides its services to more than 650,000 health insurance policyholders, with an exchange rate of data and information reaching 40,000 transactions per day. Al Salmi explained that a small fee will be imposed on hospitals to finance the development of the platform and cover its construction costs, which amounted to OMR 1.6 million .
The National
15-04-2025
- Automotive
- The National
UAE-based Sulmi to launch 200 limited edition locally made e-motorbikes this year
UAE-based electric motorbike company Sulmi plans to build 200 limited edition e-bikes this year to test the consumer market in the Emirates, founder and chief executive Rashid Al Salmi has said. The company, which launched the prototype of its first model, the EB-One, for businesses in July 2023, has decided to create premium electric motorbikes for consumers because of strong demand, Mr Al Salmi said. 'We decided to go direct to consumer, D2C, and this is a limited edition motorbike, 200 only. We call it Founder Edition, and people will be able to have the first properly made automotive product by Emiratis and a multinational team who are from the industry, from design and engineering,' he told The National. 'It's a premium model. It's not very expensive, but it's limited edition, so it could be a good price, but it will be unique.' While he did not reveal the exact pricing plan, Mr Al Salmi said it would not be more than Dh60,000 ($16,338). The company has started taking bookings, with some slots filled. It plans to have a launch event where riders can road test the bike. The run will be limited to 200 and no bookings will be taken once they are sold out, Mr Al Salmi added. The bike is fully 3D printed with an advanced manufacturing process, using the labs of Sulmi's partners – the Sharjah Research Technology and Innovation Park and Dubai In5 facilities. Sulmi, which was founded in 2019 as an automotive research and development company, created the EB-One, the first e-motorbike entirely designed and built in the Emirates, in 2023. The bike, which has a top speed of 150 kph, can travel 300km on a single charge. It is powered by a 10.4kW battery than can be charged from 0 to 80 per cent in an hour. In October 2023, the Sharjah Police said it will add the bike to its traffic fleet. The EB-One has patented its SEU technology (the energy unit), which is related to the battery methodology and energy both in design and engineering. The bike also implements AI technologies through the Sulmi Rider Assist System, which seeks to protect the rider from accidents and collects important data. Mr Al Salmi has been driving an "engineering prototype" of the e-bike, where they test the battery technology, drivetrain, "and most importantly, the engineering of the frame and subframe (chassis)". "We have been testing it for more than 14 months, and it's been with me and registered for the road in Dubai for around seven months," he said. "In the automotive industry, it requires a lot of iterations (for a vehicle) since we did something unusual in the industry, and, adding to that, it's within the Menat region, where the talent and ecosystem (industrial sector automotive) has a lot of limitations," Mr Al Salmi said. The new bikes will be compatible with all European standard chargers, and he has been using them on local roads. 'We are actually from the automotive industry, and … we've been sitting with the delivery guys and customers and what they're concerned about. You can charge it anywhere, and even with a Tesla charger, which is using European standard, not American Standard, which is CCS [combined charging system],' he said. Global sales of electric passenger vehicles are expected to increase by nearly a third in 2025, a December study by S&P Global found. Sales of the most popular type of EV are forecast to hit 15.1 million next year, which would be about 30 per cent up on this year's estimated 11.6 million, the New York-based ratings agency's mobility unit said. The electric motorbike market, in particular, is projected to rise at a compound annual growth rate of 10.2 per cent between 2022 and 2030, reaching around $109.5 billion, according to Statista. Mr Al Salmi said he is confident about demand, and has had people approach him when he is on his bike, appreciating its design and enquiring about it. 'We are [hoping] to see the limited edition bike [on the road] by this year … because it's plug and play,' he said. It uses some of the company's patented technology, including for the battery, and the vehicles will be assembled locally. Currently production is 75 per cent to 80 per cent complete, and "now we are working for the next two months to build the production model ready to sell", he said. 'We are focused by this year to sell, build and deliver the 200 bikes. Next year, [we will shift back to] B2B [business to business],' Mr Al Salmi added.
Observer
01-03-2025
- Business
- Observer
FSA launches digital remote trading platforms
MUSCAT, MARCH 1 As part of its continuous efforts to enhance financial inclusion by facilitating access to financial services in the Omani capital market, the Financial Services Authority (FSA) has launched digital remote trading platforms for licensed brokerage firms. These platforms will serve as unified and integrated digital stations within each brokerage firm, streamlining investment processes in the capital market and making investments faster and more efficient. This initiative is expected to boost trading activity in the Muscat Stock Exchange, aligning with modern financial market regulations and adopting a methodology that enhances service quality, ensures data protection, and ultimately strengthens investor confidence. Speaking exclusively to the Observer, Shaikh Abdullah bin Salem al Salmi, FSA Executive President, highlighted that the newly launched digital platforms will significantly ease market access for investors. Previously, challenges such as the necessity for personal connections could impede entry. The launch event, organised by the Authority, was also attended by senior officials from capital market institutions in Oman. The event celebrated the launch of five digital platforms owned by Ubhar Financial Investments, United Securities, International Securities, Jabal Asset Management, and CFI Financial. This initiative was carried out in collaboration with key stakeholders, including the National Programme for Financial Sustainability and Sector Development (Istidama), the Muscat Stock Exchange, Muscat Clearing and Depository Company, and the Oman Credit and Financial Information Center (Mala'a). In his opening speech, the FSA Chairman stated, 'The announcement of these platforms marks a significant milestone and adds great value. It will facilitate access for individuals and institutions, regardless of the size of their investment portfolios, to the necessary services and procedures for entering the investment world in the Omani capital market through a unified and integrated station. This will help attract investments and enhance trading activity efficiently and effectively.' Al Salmi explained that these digital platforms will serve as gateways for investment in the securities market, specifically in the Muscat Stock Exchange. Investors will be able to complete their investment procedures seamlessly by selecting the digital platform of a licensed brokerage firm. Through the platform, they can open an investor account, as it is directly linked to the systems of the Muscat Clearing and Depository Company. Additionally, the platform will automatically provide investor data by integrating with the Oman Credit and Financial Information Center (Mala'a). These platforms will provide investors with a range of features designed to streamline the trading process. Investors will be able to book shares and other securities, ensuring they can secure their desired investments efficiently. They will also have the ability to place buy and sell orders seamlessly, facilitating smooth transactions within the market. Additionally, the platforms will enable secure financial transfers between investors' bank accounts, investment portfolios, and the Muscat Clearing and Depository Company. This ensures that funds are properly allocated for purchases and, conversely, that proceeds from securities sales are seamlessly transferred back to investors' accounts. Al Salmi further emphasised that all licensed brokerage firms must complete the readiness of their electronic platforms by 2025 to ensure a comprehensive digital transformation in the Omani capital market. He highlighted that electronic integration among relevant institutions will facilitate this transition for brokerage firms. He also stressed that this initiative is not just a response to market demands but a necessity to strengthen investor confidence and attract new capital, positioning Oman as a competitive and advanced financial hub. 'Digital transformation is no longer an option; it has become essential for developing financial markets and enhancing competitiveness in the global investment landscape.' The Authority's commitment to providing digital platforms to facilitate investment procedures aligns with one of its key strategic objectives—enhancing the performance of the capital market. This contributes to the priorities of Oman Vision 2040, which focuses on economic diversification, financial sustainability, innovation, and digital transformation.
