Latest news with #IndustrialStrategy2040
Observer
5 days ago
- Business
- Observer
Electrical gear drives growth in Oman's exports
MUSCAT: Oman's industrial exports witnessed a notable 8.6 per cent increase during the first quarter of 2025, reaching RO 1.618 billion, compared to RO 1.490 billion during the same period in 2024, according to data released by the National Centre for Statistics and Information (NCSI). Industrial exports accounted for 28 per cent of Oman's total exports. This growth was driven by strong performance across several industrial sectors, most notably the electrical equipment and machinery manufacturing sector, which recorded exceptional growth of 141 per cent, with its exports rising to RO 128 million compared to RO 53 million in Q1 2024. The metal products sector followed with a 14.1 per cent increase in exports, reaching RO 462 million, fueled by rising international demand for high-quality Omani products. Khalid bin Salim al Qassabi, Director General of Industry at the Ministry of Commerce, Industry and Investment Promotion (MoCIIP), stated that these positive results reflect the strength and diversity of Oman's industrial sector. He emphasised the ministry's ongoing implementation of integrated industrial policies aimed at enhancing the competitiveness of Omani products in regional and global markets while boosting industrial exports. He said that the electrical equipment and machinery sector is experiencing rapid growth due to increasing demand, driven by infrastructure expansion projects —particularly in electricity networks, utilities and new cities — alongside growing investments in renewable energy-related industries. Khaled Salim al Qasabi He affirmed that this sector is a priority under Oman's Industrial Strategy 2040, given its role in developing supply chains, enhancing value-added economic activities, supporting entrepreneurship and localising advanced technologies. Jassim bin Saif al Jadidi, Technical Director at the MoCIIP, highlighted ongoing efforts to strengthen the presence of Omani products in regional and global markets —a key objective of the industrial strategy and a pillar of economic diversification under Oman Vision 2040. He explained that these efforts include launching qualitative initiatives to improve the efficiency and quality of national products by supporting local manufacturers in adhering to the highest technical standards and international certifications. This enhances competitiveness and consumer confidence in Omani products. He added that the ministry, in coordination with relevant entities, is working to open new markets for Omani exports by activating regional and international trade agreements, participating in trade exhibitions and missions and providing incentives and facilities for Omani exporters. Additionally, the ministry is promoting knowledge-based and advanced technology industries, including artificial intelligence and Fourth Industrial Revolution technologies, which play a pivotal role in improving product quality, reducing costs and achieving sustainable industrial growth. These efforts contribute to strengthening the national economy, generating quality job opportunities for Omani talent and positioning Oman as a promising industrial and logistics hub in the region. — ONA
Times of Oman
28-04-2025
- Business
- Times of Oman
Strategic investments inked on closing day of Advantage Oman forum
Muscat: The Ministry of Commerce, Industry, and Investment Promotion today concluded the first international investment forum, "Advantage Oman," with the signing of strategic investments that boost the Sultanate's position as a promising investment destination. Ibtisam Ahmed Al Farooji, Undersecretary of the Ministry of Commerce, Industry, and Investment Promotion for Investment Promotion, affirmed that the forum supported economic diversification and attracted high-quality investments aligned with Oman's future vision. She noted that the event provided a distinguished platform connecting local and international investors with thought leaders and economic experts, fostering the exchange of ideas and exploring promising growth opportunities. She emphasised that the forum enabled participants to engage with public and private sector leaders, discuss key economic trends, and explore investment opportunities in vital sectors. The specialized panel discussions aimed to produce actionable recommendations, drawing from regional and global success stories. She added that the forum featured bilateral meetings between investors and officials in economic sectors prioritized by Oman Vision 2040, which serves as a cornerstone for the Sultanate of Oman's efforts to achieve growth and economic transformation in line with national objectives. At the forum's conclusion, JA Solar signed several agreements with Invest in Oman, Sohar Port and Freezone, and Majis Industrial Services to establish a solar cell and panel manufacturing plant. Spanning 32.5 hectares in the second phase of the free zone, the project is valued at RO 217.3 million. Scheduled to commence operations in Q1 2026, the facility will have an annual production capacity of 6 GW of solar cells and 3 GW of solar panels. This agreement advances Oman Vision 2040 by supporting the transition to renewable energy and economic diversification, alongside growing interest in opportunities within the free zone's second phase. Khalid Salim Al Qasabi, Director General of Industry at the Ministry of Commerce, Industry, and Investment Promotion, stated that the agreements to establish the solar manufacturing plant in Sohar Freezone reflect the ambitious goals of Oman's Industrial Strategy 2040, which focuses on developing future industries and promoting value-added investments. He added that renewable energy industries are a priority in the industrial strategy due to their role in creating promising opportunities to diversify the national economy, increase the industrial sector's contribution to GDP, and enhance Oman's energy mix. The project, expected to begin operations in Q1 2026, will contribute to developing the clean energy value chain and attracting related industries, reinforcing Oman's position as a regional hub for renewable energy and green industries. The forum's second day featured dialogue sessions with decision-makers, opportunities for strategic partnerships, investor success stories, and roundtable discussions in key sectors, including tourism, logistics, mining, food security, renewable energy, and IT. —— Ends/AH
Muscat Daily
26-02-2025
- Automotive
- Muscat Daily
Oman plans semiconductor and EV battery manufacturing
Muscat – Oman is poised to become a regional hub for cutting-edge industries with plans for a semiconductor factory and electric vehicle (EV) infrastructure. The announcement follows discussions between Omani officials and representatives of AONH Private Holdings, a Taiwanese semiconductor manufacturer, and Jetour JR, a Chinese electric car company. The meeting, attended by H E Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, and H E Dr Saleh bin Saeed Masan, Undersecretary for Trade and Industry, explored opportunities for localising these high-tech industries in line with Oman's Industrial Strategy 2040. H E Yousef emphasised the government's commitment to attracting investments in emerging sectors, including semiconductors and EVs. 'We are working with relevant authorities to provide necessary facilities and incentives to support these projects, which will further establish Oman's position as a leading industrial centre.' AONH Chairman Ali Steve Chao informed that the company has selected Oman as its first investment destination in the reg-ion to establish a factory focused on manufacturing AI semiconductor chips, which are integral to the Fourth Industrial Revolution. The project will also feature a training centre to help develop local talent and boost Oman's industrial competitiveness. An agreement to this effect was signed between Ministry of Transport, Communications and Information Technology and AONH earlier this month. In parallel, Jetour JR outlined plans to invest in Oman's EV sector, with advanced technologies in electric car charging and battery replacement. Initial studies suggest the company's investment in Oman could reach around US$18bn, creating up to 10,000 jobs. The project, which is expected to begin within two years after official announcement, aligns with the country's push to diversify its economy and reduce dependence on oil. H E Masan underscored the fact that these investments align with Industrial Strategy 2040, particularly in capital-intensive and knowledge-based industries. He highlighted the formation of a technical team to develop an executive plan to localise these projects and ensure successful implementation.
Observer
26-02-2025
- Automotive
- Observer
Oman attracts major investments in semiconductors, electric vehicles
MUSCAT: The Sultanate of Oman is set to become a key player in the semiconductor and electric vehicle (EV) industries, following high-level discussions between the Ministry of Commerce, Industry and Investment Promotion and two global companies—Taiwan's EONH Private Holdings and China's Jetour. Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, met with representatives from both companies to explore investment opportunities aimed at positioning Oman as an advanced industrial hub. These discussions align with the country's Industrial Strategy 2040, which focuses on attracting high-value industries that drive economic diversification and technological advancement. During the meeting, Al Yousef reaffirmed the ministry's commitment to providing incentives and streamlining regulations to support these strategic investments. He emphasized that collaboration between government agencies and private sector stakeholders is essential to ensuring the success of such projects. SEMICONDUCTOR MANUFACTURING IN OMAN Taiwan's EONH Private Holdings, a leader in semiconductor technology, announced its decision to establish a semiconductor chip manufacturing plant in Oman—its first investment of this scale in the region. Ali Steve Chao, Chairman of EONH, stated that the project aims to transfer technical expertise and develop local talent through a dedicated training and research center. The facility will support Oman's ambitions in Fourth Industrial Revolution technologies, including artificial intelligence (AI) and advanced computing. $18 BILLION EV INVESTMENT China's Jetour, a key player in the electric vehicle sector, presented its investment plan for Oman, focusing on EV production and battery technology. The company's innovative approach includes advanced battery charging and replacement systems, currently deployed in China. Preliminary assessments indicate an investment of RO 6.9 billion ($18 billion), with the potential to generate 10,000 job opportunities. The project is expected to commence within two years following its official announcement. STRATEGIC ECONOMIC IMPACT Dr Saleh bin Saeed Masan, Under-Secretary for Commerce and Industry, highlighted the strategic alignment of these projects with Oman's Industrial Strategy 2040, which prioritizes capital-intensive and knowledge-based industries. He also directed the formation of a technical team to develop an implementation roadmap for localizing these projects and ensuring they deliver maximum economic benefits. The Ministry of Commerce, Industry, and Investment Promotion continues to spearhead efforts to diversify Oman's economy, enhance local manufacturing capabilities, and attract cutting-edge industries. These investments are expected to increase the industrial sector's contribution to Oman's GDP, boost private sector participation, and strengthen the country's position as a global industrial hub. — ONA
Observer
12-02-2025
- Business
- Observer
Unido highlights Oman's key role in energy transition
MUSCAT, FEB 11 The United Nations Industrial Development Organization (Unido) has underlined Oman's significant role in the global energy transition. Speaking at the Omani Industry Day celebrations earlier this week, Gerd Müller, Director General of Unido, shed light on some of the key challenges affecting the world. 'The world is facing emerging challenges that are fundamentally reshaping the future, and we must address them together. One of the major trends shaping our world by 2050 is population growth. Every year, the global population increases by 80 million people, primarily in developing countries. In Africa alone, the population will double from 1.2 billion to 2.5 billion by 2050. This rapid growth, combined with rising living standards and the global fight against hunger, will drive food demand up by 50 per cent over the next three decades,' he shared. The Director General further added: 'Another major trend is climate action and the future of energy, which is particularly relevant to Oman. As a key player in the energy sector, Oman has a vital role to play. By 2050, global energy demand is expected to increase by 70 per cent, and while oil and gas remain important, hydrogen production will become increasingly significant. At the same time, the world is experiencing resource scarcity, and the digital and energy economies of the future will require a vast supply of critical minerals.' According to the Director General, the Sultanate possesses critical minerals crucial for the transition, which also present a huge market opportunity for the country's mining industry, 'Oman possesses many essential critical minerals that are crucial for the green transition, clean energy, electric vehicles, and hydrogen production. These minerals present a tremendous market opportunity for Oman's industry, particularly the mining sector. The extraction of critical minerals in Oman is expected to increase globally by 500 per cent over the next decade. The challenges of climate change and resource scarcity make it clear that the future of industry is rooted in innovation,' he stated. Earlier this week, the UN body announced the signing of a Memorandum of Understanding ( MOU) with the Omani Government to establish a strategic partnership to support Oman's Industrial Strategy 2040. 'The country's economic progress and development are highly impressive, and at Unido, we take pride in supporting the development of Oman's Industrial Strategy 2040. Industrialization is the foundation for development, creating decent jobs and incomes, particularly for the younger generation,' Müller added. Concluding his address, the General Director invited the Sultanate to join Unido's green mining initiative which aims to address stabilising supply chains in the sector. 'Unido launched the Global Alliance for Responsible and Green Mining. Through partnerships, we aim to establish a fair global framework for mining and mineral processing.'
