Latest news with #ApexPressandPublishing
Zawya
5 hours ago
- Business
- Zawya
Oman's trade surplus falls 38% in first 5 months of 2025
Muscat – Oman's trade balance recorded a surplus of RO2.454bn by the end of May 2025. This represents a sharp 38.5% decrease compared to the same period in 2024, when the surplus stood at RO3.989bn. Preliminary statistics issued by the National Centre for Statistics and Information (NCSI) indicated a 9.6% decline in the total value of commodity exports, which fell to RO9.639bn by the end of May 2025, down from RO10.659bn during the corresponding period in 2024. The decrease is primarily attributed to a 15.2% drop in oil and gas exports, which totalled RO6.315bn by the end of May 2025, compared to RO7.444bn in the same period of 2024. In contrast, non-oil commodity exports saw a notable 7.2% increase, reaching RO2.701bn, up from RO2.521bn during the same period in 2024. However, re-exports from Oman recorded a 10.3% decline, amounting to RO623mn by the end of May 2025, compared to RO695mn in the corresponding period of 2024. The data also revealed a 7.7% rise in the total value of commodity imports into Oman, which reached RO7.185bn by the end of May 2025, up from RO6.670bn in the same period of 2024. The United Arab Emirates topped the list of destinations for Oman's non-oil exports by the end of May 2025, with exports totalling RO485mn – a 22.9% increase compared to the same period in 2024. The UAE also remained the leading destination for Omani re-exports, valued at RO248mn, and was the top source of imports into Oman, with goods worth RO1.651bn. Saudi Arabia ranked second for non-oil exports, receiving goods worth RO451mn, followed by India at RO280mn. In terms of re-exports, Iran came second with RO109mn, followed by Saudi Arabia with RO45mn. As for countries exporting to Oman, Kuwait ranked second with exports valued at RO731mn, followed by the People's Republic of China at RO698mn. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
Zawya
22-07-2025
- Business
- Zawya
Oman enforces mandatory Professional License for Logistics Sector from September 1
Muscat – In a move aimed at enhancing labour market regulation and boosting professional efficiency, the Ministry of Labour has announced that all designated professions in the logistics sector will require a Professional Practice License starting 1 September 2025. The directive applies to both Omanis and expatriates working in the specified professions across various logistics-related fields. As per the announcement, no work permit will be issued or renewed after the implementation date unless the approved license is submitted. License applications must be submitted electronically through the Sectoral Skills Unit's official platform for the logistics sector via The Ministry has emphasized that establishments not complying with this mandate will face legal and administrative consequences, and that the decision is binding on all businesses and individuals operating in the Sultanate's logistics sector. This step forms part of the Ministry's ongoing effort to ensure that professions are practiced according to approved standards and to strengthen the Sultanate's workforce capabilities. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
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. (
