Latest news with #HEYousef
Muscat Daily
05-07-2025
- Business
- Muscat Daily
Oman, Saudi launch 2nd phase of industrial integration initiatives
Muscat – The Sultanate of Oman and the Kingdom of Saudi Arabia launched the second phase of industrial integration initiatives on Saturday in Riyadh, as part of the Economic, Trade, and Industry Committee under the Omani-Saudi Coordination Council. This new phase features a set of strategic initiatives aimed at deepening industrial cooperation between the two nations. Key among them is the inclusion of Omani products in Saudi Arabia's list of approved industrial capabilities and the application of national origin rules to ensure equal treatment for Omani and Saudi companies in government tenders and procurement. The initiatives also seek to streamline the registration of industrial products with relevant regulatory authorities in both countries and introduce a fast-track mechanism for product conformity processes. In addition, the two sides will exchange investment opportunities in key industrial sectors and work to strengthen integration across supply chains tied to free trade agreements and regional markets, particularly in Africa. The meeting also reviewed the achievements of the first phase of cooperation, which included the linkage of industrial zones, joint projects in strategic industries, data exchange, the formation of technical working groups to align industrial legislation, and coordinated participation in international exhibitions and conferences. H E Qais bin Mohammed al Yousef, Minister of Commerce, Industry, and Investment Promotion, highlighted that the launch of the second phase and the signing of bilateral agreements reflect the shared commitment of Oman and Saudi Arabia to advancing industrial cooperation. He stressed that the initiatives align with the visions of the leaderships in both countries, aiming to build strategic partnerships rooted in integration and reciprocity. These efforts are expected to boost local value-added production, widen the industrial base, stimulate trade and investment, and foster a competitive business environment that supports private sector growth. The launch ceremony was held under the patronage of H E Yousef and H E Bandar bin Ibrahim al Khorayef, Saudi Minister of Industry and Mineral Resources. The event was attended by H E Najib bin Hilal al Busaidi, Oman's Ambassador to Saudi Arabia and Permanent Representative to the Organization of Islamic Cooperation and the Digital Cooperation Organization, alongside other officials from both countries. The ceremony featured a visual presentation outlining current joint industrial initiatives and expansion plans across priority sectors. Future initiatives focused on bolstering industrial cooperation, scaling up investments, and supporting supply and manufacturing chains were also discussed. During the visit, H E Yousef met with HRH Prince Sultan bin Khalid al Saud, CEO of the Saudi Industrial Development Fund. The meeting explored avenues for financing joint industrial projects, exchanging expertise, and supporting the development of industrial zones and related infrastructure. The launch marks a significant step in advancing industrial integration between Oman and Saudi Arabia.
Muscat Daily
25-06-2025
- Business
- Muscat Daily
Oman's manufacturing contributes RO4.15bn to national economy
Muscat – The manufacturing sector recorded an annual growth rate of 14.2% with its contribution to the national economy rising to RO4.149bn in 2024 from RO2.438bn in 2020, H E Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, stated to Majlis A'Shura on Wednesday. Presenting the ministry's progress report, H E Yousef said the growth reflects outcomes of the 10th Five-Year Plan (2021-2025) which is focused on economic diversification and industrial development. The plan prioritises foreign investment, industrial innovation and infrastructure support. He cited strategic infrastructure upgrades, improved investor services and targeted financing programmes as key enablers. The manufacturing sector continued to lead economic growth with key expansions in the food, chemical, mining and medical industries. Registered industrial establishments grew from 180 in 2020 to 243 in 2024, an average annual increase of 7.7%. Thirty-two major industrial projects worth over RO878mn were licensed during this period, in line with the government's goal to raise the sector's contribution to RO11.648bn by 2040. The broader trade sector expanded from RO2.627bn in 2020 to RO3.392bn in 2024, growing at an annual rate of 6.6%. Real estate and professional services rose to RO2.277bn from RO1.951bn, showing an annual growth of 3.9%. Foreign direct investment doubled reaching RO30.042bn in 2024 from RO14.261bn in 2018, with a compound annual growth rate of 15.4%. Investment was concentrated in the energy, mining, chemicals and logistics sectors. Fee reductions, licensing simplifications and upgraded infrastructure played a major role in attracting investors. The Invest in Oman digital platform expanded to offer 68 electronic services, helping streamline licensing and registration. Foreign investor registration fee was cut to RO150 annually, and several fees were waived off to promote entrepreneurship. By 2024, Oman had more than 872,000 commercial registrations. Efforts to enhance exports included the launch of the National Export Development Strategy, 98 targeted marketing studies and the 'Made in Oman' platform to promote local products. Support was extended to 52 companies participating in overseas exhibitions. In e-commerce, the number of registered online stores grew by 236.4% between 2020 and 2024. Intellectual property also saw improvements. Trademark registrations rose to 487 in 2024 from 412 in 2020, and patent applications increased from 35 to 96. A national IP strategy was launched to support innovation and foster the creative economy. The ministry also introduced legislation to regulate social media marketing, commercial naming, e-commerce, exhibitions and fair competition. Programmes like 'Own It', 'Localisation' and 'Made in Oman' were launched in partnership with Ministry of Housing and Urban Planning to deepen local content and support SMEs. Despite the gains, the minister acknowledged challenges including weak local supply chains, dependence on imports and productivity gaps. Moving forward, H E Yousef said Oman will prioritise industrial innovation, research and adoption of Industry 4.0 technologies, focusing on high-potential sectors such as food, pharmaceuticals, chemicals and minerals to meet Oman Vision 2040 targets.
Muscat Daily
14-06-2025
- Business
- Muscat Daily
Oman, Uzbekistan ink deals to expand air links, trade
Tashkent, Uzbekistan – Oman and Uzbekistan have signed agreements to expand air transport rights and strengthen logistical cooperation, aiming to boost trade and investment ties between the two countries. The accords were reached during the fifth session of the Omani-Uzbek Joint Committee held in Tashkent on Friday. Both sides agreed to increase operating rights for airlines, support the re-export of Uzbek products through Omani ports, and enhance cooperation in scientific research and innovation. They also pledged to facilitate exchanges between their chambers of commerce and business delegations. The Omani delegation was led by H E Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, accompanied by H E Wafa bint Jabr al Busaidi, Ambassador of Oman to Uzbekistan. The Uzbek side was headed by Laziz Kudratov, Minister of Investment, Industry and Trade. Talks covered ways to deepen economic and trade relations and expand collaboration in sectors including energy, agriculture, higher education, tourism and culture. Both sides emphasised stronger partnerships between the public and private sectors. During his visit, H E Yousef met Sherzod Shermatov, Minister of Digital Technology of Uzbekistan, and discussed investment opportunities and trade challenges with Uzbek businessmen. He also attended roundtable meetings where investors from both countries reviewed available projects. Omar al Harthy, Senior Investment Analyst at the ministry, delivered a presentation on 'Invest in Oman', highlighting incentives for foreign investors. The Omani delegation held further meetings with representatives of the electronic payment technology, textiles and e-commerce sectors. H E Yousef also met Bakhtiar Saidov, Minister of Foreign Affairs of Uzbekistan, to review existing bilateral agreements and discuss updating them in line with current priorities. The delegation visited the International Exhibition Centre, meeting companies in innovation and industrial technology and viewing new projects by Uzbek institutions.
Muscat Daily
27-04-2025
- Business
- Muscat Daily
Oman's policies, reforms in focus at world forum to attract investors
Muscat – Oman welcomed 83 CEOs from 30 countries at the inaugural Advantage Oman Forum on Sunday, marking a crucial step in the sultanate's efforts to attract global investment and foster international partnerships. The two-day event, held under the patronage of H H Sayyid Shihab bin Tarik al Said, Deputy Prime Minister for Defence Affairs, was officially launched in Muscat by Ministry of Commerce, Industry and Investment Promotion (MoCIIP). Organised by MoCIIP through its investment arm, Invest Oman, the forum has brought together over 250 high-level delegates, including international investors, policymakers and business leaders. Designed as a strategic platform for dialogue, the forum will address key global economic themes such as climate finance, shifting capital flows, regional integration and long-term investment strategies. The event comes amid global economic uncertainty, prompting countries to reassess how best to attract and sustain investment. Oman is using the forum to highlight its stable policy environment, regulatory reforms and diversified economy – key pillars of its Vision 2040 development strategy in alignment with UN Sustainable Development Goals. Discussions on Day 1 of the forum focused on several priority sectors, including clean energy, logistics, sustainable tourism and agri-tech. Emerging investment themes such as environmental, social and governance (ESG) frameworks, green hydrogen, digital infrastructure and resilient supply chains were also explored. Oman's ongoing reforms and innovation-driven initiatives were presented as case studies. In his opening remarks, H E Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, emphasised Oman's reputation as a reliable partner in a world marked by geopolitical uncertainty and economic disruption. 'Oman has long served as a bridge between East and West, tradition and innovation,' he said, recalling the country's historic role in peaceful engagement and trade, including its landmark move in 1844 as the first Arab country to send an ambassador to the United States. H E Yousef highlighted Oman's economic transformation, guided by four key pillars: societal innovation, economic diversification, environmental stewardship and strong governance. He also pointed to key indicators of Oman's economic resilience, such as fore- casted GDP growth of 3.4% for 2025, 18% year-on-year increase in foreign direct investment over the past five years, and projection to become world's sixth-largest hydrogen producer by 2030. 'However, our real advantage lies not in our policies but in our people,' H E Yousef noted, inviting participants to experience Oman's renowned hospitality.
Zawya
11-03-2025
- Business
- Zawya
Logistics sector expected to contribute $36bln to Oman's GDP by 2040
Muscat: With Oman's strategic location at the crossroads of global trade routes, cutting-edge infrastructure projects, and advancements in air, sea and land connectivity, the sultanate's transport and logistics sector is poised to drive economic growth and diversification in the coming years. A new report from global research and advisory company Oxford Business Group, in partnership with Oman's Ministry of Commerce, Industry, and Investment Promotion, shows that Oman's transport and logistics sector is anticipated to contribute RO14bn to the national economy by 2040, positioning the sector as the second-highest economic contributor after hydrocarbons. As of 2023, the logistics sector contributed approximately 7% to Oman's GDP. It contributed RO1.7bn, or 6.1%, to the sultanate's GDP in the first nine months of 2024, as per the report. According to the report titled 'Investing in Oman's Future: High-Growth Opportunities in Key Sectors,' the Omani transport and logistics sector presents wide-ranging investment opportunities. The sector, which currently provides over 79,000 jobs, is seeking to create up to 300,000 new logistics jobs by 2040. The Oxford Business Group report covers various promising sectors and highlights the sultanate's ongoing efforts to attract investment and foster economic transformation through strategic initiatives aligned with Vision 2040. The report explores the sultanate's advancements and opportunities in transportation and logistics, agriculture and food production, manufacturing and mining, tourism and urban development, energy, and the digital economy. It offers an in-depth analysis of Oman's drive to position itself as a global leader in green hydrogen, renewable energy and digital innovation, while leveraging its strategic location as a logistics hub connecting Asia, Africa and Europe. The report also examines Oman's significant infrastructure projects, such as Khazaen Economic City and its advanced port systems, which aim to solidify the country's status as a vital trade and logistics centre. It outlines how initiatives like Yiti Sustainable City and Hydrom are aligning with global sustainability goals to attract environmentally conscious investments. The report features an exclusive interview with H E Qais al Yousef, Oman's Minister of Commerce, Industry and Investment Promotion, who underscores the importance of strategic investments in driving the nation's transformation. 'This report underlines Oman's potential as an attractive and globally competitive investment destination. Our priorities – diversification, infrastructure promotion, re-engineering Oman's business environment, human capital development, as well as employment generation, trade enhancement, creating in-country value and digital transformation – were established with Oman Vision 2040. They are now reinforced by our net-zero emissions target in 2050 and are being realised through progressive policies,' H E Yousef said. Jana Treeck, Oxford Business Group's Managing Director for the Middle East, said the report highlights Oman's progress in creating a pro-business environment that promotes both local value creation and foreign direct investment. 'Oman is making significant strides in economic diversification under Vision 2040, with its focus on sustainable growth and innovation providing a solid foundation for long-term success,' she said. 'This report underscores the sultanate's commitment to harnessing its competitive advantages and implementing forward-thinking strategies to unlock high-growth opportunities across key sectors.' © Apex Press and Publishing Provided by SyndiGate Media Inc. (
