Latest news with #ApexPressandPublishing
Zawya
07-05-2025
- Automotive
- Zawya
Oman: Insurers cannot deny EV coverage, says FSA
Muscat – The Financial Services Authority (FSA) has directed insurance and takaful companies not to refuse coverage for electric vehicles (EVs), following reports that some firms were denying policies for such vehicles in violation of existing laws. In a circular, the FSA stressed that insurers are obligated to comply with the Motor Vehicle Insurance Law, which prohibits refusal of insurance or policy renewal for vehicles that meet the requirements of the Traffic Law. The directive follows observations that some insurers were excluding EVs from coverage, a breach of Article (2)(b) of the Motor Vehicles Insurance Law, promulgated by Royal Decree No 34/94. The article states that insurers may not deny cover for vehicles that satisfy the legal requirements for operation on public roads. The FSA clarified that compulsory insurance applies to all vehicle types without exclusion. It called on insurers to address technical concerns – such as the availability of spare parts – through appropriate underwriting and pricing policies. The FSA also noted that companies may offer cash compensation in cases where spare parts or specialised garages for EVs are unavailable, but without affecting the beneficiary's right to coverage. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
Zawya
06-05-2025
- Business
- Zawya
Oman: OCCI eyes retail revival through events, investment push
Muscat – The Trade and Retail Committee of Oman Chamber of Commerce and Industry (OCCI) has outlined a series of initiatives aimed at revitalising the retail sector and stimulating business activity. At a meeting chaired by Hassan bin Jamea al Ishaq on Sunday, committee members reviewed plans to launch a specialised study in collaboration with a professional consultancy. The study will examine the root causes behind weak market activity and recommend practical measures to improve commercial performance across sectors. The committee discussed plans for a series of sector-focused seminars targeting key areas of retail, including malls, traditional markets, clothing, jewellery, furniture, perfumes and cosmetics. A proposal to develop a comprehensive national calendar of events and trade exhibitions was highlighted as a means to support retail growth. 'We are working to launch strategic initiatives that enhance the efficiency and competitiveness of the retail sector in line with market and consumer expectations,' Ishaq said. 'Our approach is rooted in strong public-private partnerships and we are addressing ongoing sector challenges – such as electricity tariffs, direct import support for local companies and incentives to attract new investors.' The committee is also working on regulatory improvements for e-commerce to better serve both businesses and consumers. A key proposal discussed was hosting the Middle East Retail Expo in Oman. 'Such an event would elevate Oman's profile as a regional trading hub and strengthen ties between international investors and local businesses,' Ishaq said. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
Zawya
24-04-2025
- Business
- Zawya
Oman: TRA to launch business caller ID; telecom sector revenues up 4%
Muscat – Telecommunications Regulatory Authority (TRA) will soon introduce a business caller ID feature as part of efforts to curb fraudulent calls and improve consumer trust through advanced digital solutions. The announcement was made during TRA's annual media briefing on Wednesday held under the theme 'Investing in Opportunities and Accelerating the Building of an Enhanced Digital Society' which reviewed the authority's 2024 achievements across the telecom and postal sectors. Omar bin Hamdan al Ismaili, CEO of TRA, said new regulations would soon be issued to ensure accuracy of billing systems used by telecom operators in the sultanate. Presenting key figures for the sectors, Ismaili said mobile subscriptions grew 7% in 2024 to 7.5mn, while Internet of Things (IoT) subscriptions surged 72% to 1.1mn. Fixed broadband subscriptions increased 2% and the number of 5G stations rose 12%. A total of 6,500 telecom towers have been upgraded from 3G to 4G and 5G, and an additional 545 5G stations are expected to be built this year, taking the total to 5,856 – a 13% annual increase. High-speed fixed broadband now covers 90% of residential units, with 97% of public schools also connected. Ismaili confirmed that all public schools in Oman now have full Internet coverage. The telecom sector generated approximately RO920mn in revenues in 2024, up 4% compared to 2023. Revenues from the postal sector increased 3% to RO27.2mn. Ismaili said the revenue growth reflects broader economic expansion and diversification of services. The number of companies licensed to provide telecom services rose 9% to 24, while those authorised to offer such services grew 63% to 399 with 72% of these being SMEs. In the postal sector, the number of licensed operators increased 21% to 74 companies, 80% of which are SMEs. Incoming international postal shipments surged 60% in 2024 to 3.2mn. Omanisation rates in the sectors remained high – 93% in telecom and 71% in postal services. Ismaili noted that TRA secured a leading position among government service institutions for digital transformation, and that Oman advanced 26 places to rank 22nd globally in the Telecommunications Infrastructure Index. The sultanate also ranks among the world's top 28 nations for average mobile data download speed. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
Zawya
22-04-2025
- Business
- Zawya
Oman suspends export, import of sharks
Muscat – Environment Authority (EA) has announced a temporary suspension on issuing permits for export, import and re-export of all species of sharks and shark products. The three-month ban will take effect from April 24, 2025. The authority said the measure was prompted by environmental concerns and the need to conduct a thorough assessment of shark populations in Oman's territorial waters. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
Zawya
21-04-2025
- Business
- Zawya
Oman's 3- to 5-star hotel revenues increase 12.7% to $153mln
Muscat – Oman's 3- to 5-star hotels posted revenues of RO59mn in 2025 till the end of February, marking a 12.7% increase from RO52mn during the same period last year, according to figures released by National Centre for Statistics and Information. The growth in revenue is attributed to a 3.6% rise in number of guests to 458,433 by the end of February 2025 compared to 442,468 in 2024. Hotel occupancy rates rose from 60.8% in February 2024 to 67.9% in February 2025, an increase of 11.7%. Guest from key international markets showed significant growth. The number of visitors from the Americas rose 9.2% to 16,130, while those from Africa surged 55% to 3,244. Guests from Asia increased 8.1% to 60,375, and those from Oceania climbed 53.4% to 9,735. European tourists made up the largest share with numbers rising 8.7% to 173,455. Visitors from GCC countries rose 6.5% to 27,505. However, the number of Omani hotel guests decreased 3.1% to 137,465. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
