Latest news with #EconomicandFinancialCommittee
Irish Examiner
29-05-2025
- Business
- Irish Examiner
Funding to electrify Cork rail reaches next EU round
The electrification of Cork's commuter rail service is amongst key investments in the Irish recovery and resilience plan included in the second payment request for €115.5m under the EU Recovery and Resilience Facility. The European Commission endorsed a positive preliminary assessment of Ireland's second payment request under the facility, the centrepiece of NextGenerationEU. Following its assessment of the payment request submitted by Ireland in December, the commission has preliminarily concluded that Ireland has satisfactorily completed the 17 milestones and targets set out in the Council Implementing Decision for the second instalment. The payment request supports six reforms and five investments that will benefit citizens and businesses in Ireland, focusing on enterprise emissions reduction, sustainable transport, carbon taxation, digitalisation in schools, businesses, and public administration, as well as ICT skills, healthcare, pensions, and housing. Flagship measures in this payment request include an investment to support the electrification of Cork rail. The Cork Area Commuter Rail Programme is a series of interrelated projects that will ultimately enable train services every 10 minutes across the Cork rail network. The recently opened Platform 6 at Kent Station, together with the Glounthaune-to-Midleton twin-track project and Cork area signalling and communications upgrades – both set for completion in 2026 – will deliver the network capacity to support 10-minute frequencies on each of Cork's three commuter lines, to Cobh, Midleton, and Mallow. Other measures include an investment to provide digital infrastructure to schools. Ireland is investing in high-speed broadband connectivity for primary schools, which will ensure that learners at primary and post-primary schools are equipped with appropriate digital skills and will contribute to addressing digital disparities in Ireland. Ireland is also accelerating the decarbonisation of the enterprise sector with the launch of the Enterprise Emissions Reduction Investment Fund, targeting manufacturing enterprises. The fund will provide support for carbon-reducing technologies, energy monitoring systems, and research and innovation. The commission has now sent its preliminary assessment of Ireland's fulfilment of the milestones to the Economic and Financial Committee (EFC), which has four weeks to deliver its opinion, after which payment to Ireland can take place. Read More Expert tells conference what Cork Luas needs to deliver on time and within cost
Observer
06-05-2025
- Business
- Observer
Shura panel debates state of industrial sector
MUSCAT: The Economic and Financial Committee of Majlis Ash'shura held its tenth regular meeting of the second annual session (2024-2025), under the chairmanship of Mohammed bin Khamis al Hussaini, Vice-Chairman of the Committee, on Tuesday. During the meeting, the committee hosted members of the Oman Industrialists Association (OIA). The meeting discussed the expressed desire to evaluate the status of local industries in the Sultanate of Oman. The aim was to analyse the reality of the Omani industry in terms of challenges and opportunities and its readiness to achieve the goals of the Industrial Strategy and Oman Vision 2040. At the beginning of the meeting, the OIA's members gave a visual presentation that covered several topics including the local added value of the industrial sector and the protection of national industrial products. It also addressed support programmes provided to the sector, the legislation and regulations governing the sector, the challenges facing infrastructure, financing as well as the training and employment of nationals cadres in the industrial sector. The presentation also addressed the most prominent industrial indicators and growth rates of the industrial sector in the Sultanate of Oman over the past years, noting that the sector still relies on imported raw materials and machinery. The members of the Economic and Financial Committee held extensive discussions with the OIA's members, focusing on the importance of conducting a comprehensive and periodic assessment of the industrial sector's status from the perspective of current challenges and future opportunities to enhance its contribution to the gross domestic product. The members reviewed proposals and solutions to address these challenges and enhance the role of industry in economic diversification. The meeting discussed several recommendations that would enhance the growth of the industrial sector in the Sultanate of Oman including aligning policies with the industrial strategy, strengthening the role of small and medium enterprises and improving the work environment and integration between the public and private sectors. The committee members emphasised the importance of concerted efforts to empower the sector and increase its contribution to achieving economic diversification and to identify and address the challenges facing the sector. Separately, the Committee discussed the Ministry of Labour's statement requiring the appointment of at least one Omani citizen within one month in establishments and companies that have completed one year of their commercial registration. — ONA
Zawya
10-04-2025
- Business
- Zawya
Shura committee discusses impact of US tariffs on Oman's economy
Muscat: The Economic and Financial Committee of the Shura Council held a meeting on Wednesday to discuss the repercussions of the new tariffs recently imposed by the United States on Omani exports. Chaired by Said Ahmed Al-Sharqi, head of the Economic and Financial Committee, the members discussed the major challenges faced by the industrial sector due to increased export costs and loss of competitiveness in the U.S. market, one of Oman's key trade partners. The meeting was held as part of regular sessions to monitor economic developments and review high-priority financial issues, in light of the regional and international developments affecting global markets. The committee also addressed the indirect effects of these tariffs on supply chains, emphasising the importance of coordination among relevant authorities to develop a comprehensive plan to support affected businesses and explore alternative markets. The meeting included an analytical review of the initial government revenue projections in light of the recent decision by the OPEC+ alliance to increase crude oil production, examining the potential impact of this decision on global oil prices and its effect on the state's budget. This comes as part of ongoing efforts to enhance financial sustainability and reduce reliance on oil revenues. Said Ahmed Al-Sharqi emphasised the importance of cooperation between the council and the government in addressing these critical issues, providing effective recommendations to support the national economy, and ensuring its stability in the face of external challenges. He noted that the committee will continue to monitor changes in the global economic landscape and developments in the upcoming period. © Muscat Media Group Provided by SyndiGate Media Inc. (
Times of Oman
09-04-2025
- Business
- Times of Oman
Shura committee discusses impact of US tariffs on Oman's economy
Muscat: The Economic and Financial Committee of the Shura Council held a meeting on Wednesday to discuss the repercussions of the new tariffs recently imposed by the United States on Omani exports. Chaired by Said Ahmed Al-Sharqi, head of the Economic and Financial Committee, the members discussed the major challenges faced by the industrial sector due to increased export costs and loss of competitiveness in the U.S. market, one of Oman's key trade partners. The meeting was held as part of regular sessions to monitor economic developments and review high-priority financial issues, in light of the regional and international developments affecting global markets. The committee also addressed the indirect effects of these tariffs on supply chains, emphasising the importance of coordination among relevant authorities to develop a comprehensive plan to support affected businesses and explore alternative markets. The meeting included an analytical review of the initial government revenue projections in light of the recent decision by the OPEC+ alliance to increase crude oil production, examining the potential impact of this decision on global oil prices and its effect on the state's budget. This comes as part of ongoing efforts to enhance financial sustainability and reduce reliance on oil revenues. Said Ahmed Al-Sharqi emphasised the importance of cooperation between the council and the government in addressing these critical issues, providing effective recommendations to support the national economy, and ensuring its stability in the face of external challenges. He noted that the committee will continue to monitor changes in the global economic landscape and developments in the upcoming period.
