Latest news with #HumanCapitalDevelopment
Zawya
26-05-2025
- Business
- Zawya
Oman: The nexus of ICV, human capital development
Oman 2040 strives to dynamically shift the limb of Oman's economic structure towards a diverse knowledge-based economy alongside social development. Another goal is to fulfill the objectives of Vision 2040 which has, in turn, resulted in Oman setting new bounds for productivity and innovation. A central element, for now, is mobilized towards a strategic policy called ICV (In-Country Value) which aims to cultivate the local economy by restricting the outflow of economic value from Oman, enabled through sustainable job creation and localized employment. Alongside this is the Human Capital Development which strives to build an innovative Omani workforce capable of sustaining the nation's long term growth. This powerful synergy between ICV and Human Capital Initiatives serves to yield immense value for Oman through nurturing the local talent to eradicate over dependency on foreign labor. Not having to spend externally on essential profits that come through employment results in an economically self sustaining country. This serves, alongside capturing the cores of capital depletion, to cultivate the intellect Oman needs to stay relevant competitively in the future. This text analyzes the intricate relationships of ICV and Human Capital Development in Oman, which examines how policies, strategies for specific sectors, and education systems are integrating to achieve sustainable and inclusive growth. By addressing the gaps, highlighting the success stories, and offering strategic insights, we aspire to demonstrate how Oman can optimally utilize ICV to emerge as a leading regional human-centered economic development hub. The pillars of ICV include: Employment and training of Omani nationals; Retention of expenditure within Oman; Retention of local service providers and suppliers; and Omani goods and services. All of these pillars support Oman Vision 2040 which states that there is a need for a highly productive and empowered workforce to sustain a diversified and sustainable economy. There exists a legal framework to regulate and monitor the ICV delivery of a company's ICV initiatives through tendering processes where they have to submit ICV plans and mandatory ICV reports. In the oil and gas spheres, there is new legislation that requires companies to budget for mandatory spending on training Omanis, local SME support, and funding community development projects. This has resulted in the establishment of training and certification centers, and even working with local schools to develop programs valued by the workforce. This is how ICV has transformed from a policy instrument into a tool that strategically drives socio-economic development by ensuring that Oman's natural resources and industrial projects result in sustainable national value. DEVELOPING HUMAN CAPITAL (HCD) IN OMAN The term 'Human Capital Development' describes the enhancement of skills, knowledge and competence of an individual so that productivity and contribution to the economy improves. In regard to Oman, human capital development is crucial for achieving the objectives put forth in Vision 2040 where innovation, inclusivity and human empowerment forms the basis of human society. During the past two decades Oman has significantly improved its education, vocational training and general workforce development. There has been a remarkable improvement in the access to primary and secondary education and an increase in the number of higher education and technical colleges. Sultan Qaboos University and the University of Technology and Applied Sciences along with several private colleges have played a significant role in providing a workforce of skilled graduates. The Omanisation policy is one of the main elements of Oman's human capital strategy. The Omanisation policy is meant to reduce the reliance on foreign labor by putting up minimum hiring quotas for Omani nationals in all sectors and industries. Employment opportunities for nationals are guaranteed while at the same time boosting citizens' participation in economic are on-going, but problems remain. There is still a gap between qualifications and actual jobs because the available education does not match opportunity, which businesses regard as having sufficient soft skills, technical skills, and work experience. Hence, there appears to be greater focus on real-world applications through curriculum reforms, strengthening STEM fields, and initiatives supporting education. Consequently, a number of new government initiatives have been implemented, including: The National Training Fund (NTF), which finances training activities within specific industries for employers; Educational scholarships which, accompanied by internships, enhance career prospects through tangible, real-life engagements; and Creative self-employment innovation and entrepreneurship hubs for schools designated to advance innovation and guide students in setting up their businesses. Additionally, training is being provided through public-private partnerships to improve quality and relevance. For example, several leading companies in energy have collaborated with vocational training schools to develop and implement vocational training programs tailored to industry expectations. This ensures that the development of human capital is not only through government policy but also from the current requirements of the economy. Introducing sustainability to economic policies, human capital is regarded as a key element of international competitiveness and productivity. Oman is focused on improving the skills and capabilities of its people, which in turn lays the groundwork for sustainable growth of the country's economy for years to come. COMBINATION OF ICV WITH HUMAN CAPITAL DEVELOPMENT Merging ICV with human capital development gives rise to an economic opportunity in Oman that is planned and executed to achieve inclusivity. This approach fulfills the objective that economic integration should not simply raise revenue, but also provide more value through positive and constructive participation by Omanis as leaders. ICV strategies are often implemented as a follow-up to human capital strategies, as they incorporate workforce creation into procurement and operational policies of the business. For instance, there is a general obligation for companies in Oman to train their staff, create Omani national employee retention strategies, and sponsor local universities by assisting with teacher appointment and building school facilities. Various leaders in the oil and gas industry such as Petroleum Development Oman (PDO) undertake comprehensive ICV strategies, giving rise to large-scale workforce development projects. These include vocational training, leadership training and in most cases the provision of the required prerequisites with Omanis having the needed technical and non-technical skills to compete in the industries. In the same manner, the ICV policies have been implemented in the health sector through clinical trainings, medical teaching programs, and research partnerships. These initiatives improve health services within the country and also ensure that Omanis have a key role in the development and governance of the sector. Targeted ICV interventions also benefit the Information and Communication Technology (ICT) sector which is considered to have high potential under Vision 2040. Such measures include coding boot camps, digital skills training, and technology-focused business incubators directed at enabling young Omanis to contribute to the digital economy. Oman's integrated approach relies heavily on public-private collaborations. Direct involvement of companies in talent management ensures that Oman is providing relevant and modern skills. This provides Oman with a competent and engaged local workforce, improving the company's productivity, and social acceptance to work in that region. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Observer
24-05-2025
- Business
- Observer
The nexus of ICV, human capital development
Oman 2040 strives to dynamically shift the limb of Oman's economic structure towards a diverse knowledge-based economy alongside social development. Another goal is to fulfill the objectives of Vision 2040 which has, in turn, resulted in Oman setting new bounds for productivity and innovation. A central element, for now, is mobilized towards a strategic policy called ICV (In-Country Value) which aims to cultivate the local economy by restricting the outflow of economic value from Oman, enabled through sustainable job creation and localized employment. Alongside this is the Human Capital Development which strives to build an innovative Omani workforce capable of sustaining the nation's long term growth. This powerful synergy between ICV and Human Capital Initiatives serves to yield immense value for Oman through nurturing the local talent to eradicate over dependency on foreign labor. Not having to spend externally on essential profits that come through employment results in an economically self sustaining country. This serves, alongside capturing the cores of capital depletion, to cultivate the intellect Oman needs to stay relevant competitively in the future. This text analyzes the intricate relationships of ICV and Human Capital Development in Oman, which examines how policies, strategies for specific sectors, and education systems are integrating to achieve sustainable and inclusive growth. By addressing the gaps, highlighting the success stories, and offering strategic insights, we aspire to demonstrate how Oman can optimally utilize ICV to emerge as a leading regional human-centered economic development hub. The pillars of ICV include: Employment and training of Omani nationals; Retention of expenditure within Oman; Retention of local service providers and suppliers; and Omani goods and services. All of these pillars support Oman Vision 2040 which states that there is a need for a highly productive and empowered workforce to sustain a diversified and sustainable economy. There exists a legal framework to regulate and monitor the ICV delivery of a company's ICV initiatives through tendering processes where they have to submit ICV plans and mandatory ICV reports. In the oil and gas spheres, there is new legislation that requires companies to budget for mandatory spending on training Omanis, local SME support, and funding community development projects. This has resulted in the establishment of training and certification centers, and even working with local schools to develop programs valued by the workforce. This is how ICV has transformed from a policy instrument into a tool that strategically drives socio-economic development by ensuring that Oman's natural resources and industrial projects result in sustainable national value. DEVELOPING HUMAN CAPITAL (HCD) IN OMAN The term 'Human Capital Development' describes the enhancement of skills, knowledge and competence of an individual so that productivity and contribution to the economy improves. In regard to Oman, human capital development is crucial for achieving the objectives put forth in Vision 2040 where innovation, inclusivity and human empowerment forms the basis of human society. During the past two decades Oman has significantly improved its education, vocational training and general workforce development. There has been a remarkable improvement in the access to primary and secondary education and an increase in the number of higher education and technical colleges. Sultan Qaboos University and the University of Technology and Applied Sciences along with several private colleges have played a significant role in providing a workforce of skilled graduates. The Omanisation policy is one of the main elements of Oman's human capital strategy. The Omanisation policy is meant to reduce the reliance on foreign labor by putting up minimum hiring quotas for Omani nationals in all sectors and industries. Employment opportunities for nationals are guaranteed while at the same time boosting citizens' participation in economic are on-going, but problems remain. There is still a gap between qualifications and actual jobs because the available education does not match opportunity, which businesses regard as having sufficient soft skills, technical skills, and work experience. Hence, there appears to be greater focus on real-world applications through curriculum reforms, strengthening STEM fields, and initiatives supporting education. Consequently, a number of new government initiatives have been implemented, including: The National Training Fund (NTF), which finances training activities within specific industries for employers; Educational scholarships which, accompanied by internships, enhance career prospects through tangible, real-life engagements; and Creative self-employment innovation and entrepreneurship hubs for schools designated to advance innovation and guide students in setting up their businesses. Additionally, training is being provided through public-private partnerships to improve quality and relevance. For example, several leading companies in energy have collaborated with vocational training schools to develop and implement vocational training programs tailored to industry expectations. This ensures that the development of human capital is not only through government policy but also from the current requirements of the economy. Introducing sustainability to economic policies, human capital is regarded as a key element of international competitiveness and productivity. Oman is focused on improving the skills and capabilities of its people, which in turn lays the groundwork for sustainable growth of the country's economy for years to come. COMBINATION OF ICV WITH HUMAN CAPITAL DEVELOPMENT Merging ICV with human capital development gives rise to an economic opportunity in Oman that is planned and executed to achieve inclusivity. This approach fulfills the objective that economic integration should not simply raise revenue, but also provide more value through positive and constructive participation by Omanis as leaders. ICV strategies are often implemented as a follow-up to human capital strategies, as they incorporate workforce creation into procurement and operational policies of the business. For instance, there is a general obligation for companies in Oman to train their staff, create Omani national employee retention strategies, and sponsor local universities by assisting with teacher appointment and building school facilities. Various leaders in the oil and gas industry such as Petroleum Development Oman (PDO) undertake comprehensive ICV strategies, giving rise to large-scale workforce development projects. These include vocational training, leadership training and in most cases the provision of the required prerequisites with Omanis having the needed technical and non-technical skills to compete in the industries. In the same manner, the ICV policies have been implemented in the health sector through clinical trainings, medical teaching programs, and research partnerships. These initiatives improve health services within the country and also ensure that Omanis have a key role in the development and governance of the sector. Targeted ICV interventions also benefit the Information and Communication Technology (ICT) sector which is considered to have high potential under Vision 2040. Such measures include coding boot camps, digital skills training, and technology-focused business incubators directed at enabling young Omanis to contribute to the digital economy. Oman's integrated approach relies heavily on public-private collaborations. Direct involvement of companies in talent management ensures that Oman is providing relevant and modern skills. This provides Oman with a competent and engaged local workforce, improving the company's productivity, and social acceptance to work in that region.
New Straits Times
12-05-2025
- Politics
- New Straits Times
Umno to set up leadership institute in the name of Tun Abdullah Ahmad Badawi
KEPALA BATAS: A leadership institute bearing the name of the late Tun Abdullah Ahmad Badawi has been proposed as a political training and research centre under Umno. Umno president Datuk Seri Dr Ahmad Zahid Hamidi said the proposal will be brought to the Umno supreme council meeting next month as part of efforts to strengthen the study and documentation of the political journey and thoughts of the fifth prime minister. "We will establish this as an institute, not only for training, but also to serve as a research center for Umno," he told reporters after officiating the launch of the Tun Abdullah Ahmad Badawi Mara Junior Science College (MRSM) here today. Also present were the Penang Deputy Chief Minister I Datuk Mohamad Abdul Hamid, Bertam State Assembly Member Datuk Seri Reezal Merican Naina Merican, Chairman of the Mara Council Datuk Seri Dr Asyraf Wajdi Dusuki, and the late Tun Abdullah's son, Tan Sri Kamaluddin Abdullah. Ahmad Zahid who is also the deputy prime minister said that the institute will also become an important reference source for researchers and historians, especially with the upcoming 80th anniversary of Umno next year. "Currently, there is a research unit, but we will expand it so that it can serve as a reference material for researchers and historians of Umno's struggle," he said. In addition to renaming MRSM Kepala Batas to MRSM Tun Abdullah Ahmad Badawi, Ahmad Zahid also instructed the management of MRSM to organise a special seminar within this month to discuss the thoughts and political career journey of the Father of Human Capital Development. He said the seminar will explore the ideology and contributions of Tun Abdullah during his tenure as an administrative and diplomatic officer (PTD), director-general of the Youth and Sports Department, up to the positions of deputy prime minister and prime minister of Malaysia. Ahmad Zahid said the seminar will bring together intellectuals, historians, and professionals. – Bernama
The Star
12-05-2025
- Politics
- The Star
Umno to set up leadership institute in the name of Tun Abdullah Ahmad Badawi
KEPALA BATAS: A leadership institute named after the late Tun Abdullah Ahmad Badawi is proposed to be established as a training and research center for politics under Umno. Umno President Datuk Seri Dr Ahmad Zahid Hamidi said the proposal would be brought to the Umno Supreme Working Council Meeting (MKT) next month as part of efforts to strengthen the study and documentation of the political journey and thoughts of the fifth prime minister. "We will establish this as an institute, not only for training, but also to serve as a research centre for Umno," he told reporters after officiating the launch of the Tun Abdullah Ahmad Badawi MARA Junior Science College (MRSM) here on Monday (May 12). Also present were the Penang Deputy Chief Minister I Datuk Mohamad Abdul Hamid, Bertam State Assembly Member Datuk Seri Reezal Merican Naina Merican, Chairman of the Mara Council Datuk Seri Dr Asyraf Wajdi Dusuki and the late Tun Abdullah's son, Tan Sri Kamaluddin Abdullah. Ahmad Zahid, also the Deputy Prime Minister, said that the institute would also become an important reference source for researchers and historians, especially with the upcoming 80th anniversary of Umno next year. "Currently, there is a research unit, but we will expand it so that it can serve as a reference material for researchers and historians of Umno's struggle," he said. In addition to renaming MRSM Kepala Batas to MRSM Tun Abdullah Ahmad Badawi, Ahmad Zahid also instructed the management of MRSM to organize a special seminar within this month to discuss the thoughts and political career journey of the Father of Human Capital Development. He stated that the seminar will explore the ideology and contributions of Tun Abdullah during his tenure as an Administrative and Diplomatic Officer (PTD), Director-General of the Youth and Sports Department, up to the positions of Deputy Prime Minister and Prime Minister of Malaysia. Ahmad Zahid said the seminar would bring together intellectuals, historians, and professionals. – Bernama
Zawya
01-05-2025
- Business
- Zawya
Towards the implementation of an Economic Community of West African States (ECOWAS) youth networking strategy with African entrepreneurs through the creation of a mentoring and learning network in West Africa
H.E. Damtien Tchintchibidja, Vice-President of the Economic Community of West African States (ECOWAS) Commission, on April 29, 2025, in Accra, Ghana, said that ECOWAS is considering the creation of a mentoring and apprenticeship network in West Africa to connect young people in the region with African entrepreneurs as part of Human Capital Development and youth underemployment. In the address by the Vice-President of the ECOWAS Commission, read by Mr. Ruben Johnson, Coordinator of the ECOWAS 'Human Capital Development' program, at the opening of the Youth Conference on the Development of an Economically Inclusive and Peaceful West Africa, taking place from April 29 to 30, 2025, in the Ghanaian capital, it was mentioned that the Regional Organization is exploring various strategies to address the challenge of unemployment and underemployment faced by young people in the West African sub-region. ' We cannot turn a blind eye to the pressing reality that many young people in our region are struggling to find meaningful and sustainable employment opportunities, so it is incumbent on us to devise comprehensive strategies to create pathways for our young people to enter the job market, contribute their talents and realize their full potential, ' she said. ' ECOWAS is ready to engage with its partners in pursuing the human capital development agenda, with increased resources allocated to youth support activities,' she added. For the Ghana Minister of Youth Development and Empowerment, H.E. George Opare Addo, stakeholders must strengthen their collaboration to foster an ecosystem that promotes youth empowerment and human capital development in the ECOWAS sub-region. He stressed that collective effort would help find sustainable and inclusive solutions to support youth development, ensuring that no young person is left behind. The conference, organized by ECOWAS in collaboration with Ghana's Ministry of Youth and Development as part of the sub-regional organization's 50th anniversary celebrations, is a cornerstone of the broader ECOWAS Human Capital Development Strategy launched in 2021, which supports member states in designing national human capital development plans. It reinforces ECOWAS's vision of moving from an 'ECOWAS of States' to an 'ECOWAS of Peoples'. Over 250 participants are taking part, including representatives of the Ghanaian government, educators, business leaders, young people from ECOWAS member states, specialized ECOWAS agencies such as the ECOWAS Youth and Sports Development Program, as well as participants from the Directorates and Programs of the Office of the Vice-President, and observers from the Early Warning System. The aim of this major regional conference is to discuss the challenges and opportunities surrounding the active participation of young people in the region's development, with particular reference to unemployment and underemployment in West Africa. Several relevant themes will be addressed, including (i) identifying the causes and factors of youth unemployment and the impact of their instrumentalization, (ii) showcasing successful youth initiatives and enterprises, (iii) exploring financing and innovation opportunities such as the ECOWAS Human Capital Development (HCD) Catalytic Investment Fund initiative. In addition, participants will discuss (a) the role of technology in creating job opportunities and solving employment problems, (b) advocacy strategy for reforms to align education with labor market needs and highlight effective continuing education programs, (c) encouraging youth participation in civic activities and promoting active citizenship. Distributed by APO Group on behalf of Economic Community of West African States (ECOWAS).
