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Observer
3 days ago
- Business
- Observer
World Bank support focused on enhancing Oman's investment climate
MUSCAT: The World Bank's contribution to advancing Oman's ambitious Vision 2040—a long-term strategy for economic diversification, sustainability, and global integration—has been spotlighted in a recent article on the official blogging platform of the World Bank Group. Titled 'Oman Vision 2040: A Blueprint for Sustainable Growth and Global Integration,' the article is co-authored by Dr Khamis bin Saif Al Jabri, Chairman of the Oman Vision 2040 Implementation Follow-up Unit, and Ousmane Dione, Vice President for the Middle East and North Africa at the World Bank. According to the article, a decades-long partnership between Oman and the World Bank has made the institution a key ally in supporting the country's shift from an oil-reliant economy to a knowledge-based, globally competitive nation. The Bank's support aligns with strategic national goals outlined in Vision 2040, spanning multiple sectors. A central pillar of this collaboration is improving the investment climate to foster private sector-led growth. To that end, the World Bank has worked closely with Omani authorities to introduce global best practices in business environment reform, adapted to local needs. These efforts are producing results: foreign direct investment is on the rise, and the regulatory framework has improved. A notable milestone is the 2020 Foreign Capital Investment Law, which eliminated minimum capital requirements and opened numerous sectors to full foreign ownership. In parallel, the World Bank Group's private sector arm—the International Finance Corporation (IFC)—has expanded its engagement in Oman by promoting sustainable finance and supporting private sector development. The Multilateral Investment Guarantee Agency (MIGA), another World Bank Group institution, played a key role in mobilizing $1.2 billion in commercial financing for infrastructure projects in the Duqm Special Economic Zone—a lynchpin in Oman's logistics and industrial diversification strategy. The partnership also extends to human capital development, a core objective of Vision 2040. The World Bank has supported education reform, helping Oman align its curriculum with future labor market demands. Investments in STEM education, vocational training, and research are aimed at boosting Oman's global education rankings, with goals to reach the top 20 by 2030 and top 10 by 2040. Sustainable development is another area of impactful collaboration. In the fisheries sector, the World Bank has helped craft a national strategy to modernize the industry from traditional fishing to a high-tech, export-driven model. This transformation is already delivering results, with the sector growing by 7.5 per cent in the first three quarters of 2024 and targeting 10 per cent annual growth, significantly contributing to Oman's non-oil GDP. The World Bank is also supporting Oman's efforts to build an entrepreneurial ecosystem that empowers youth. Initiatives such as innovation hubs, startup incubators, and public-private partnerships are helping unlock the potential of the nation's young population—64 per cent of whom are under 30. Targeted support for tech startups and workforce reforms are seen as vital steps toward leveraging this demographic advantage. Looking ahead, the road to 2040 presents both opportunities and challenges. The authors emphasize that realizing Vision 2040 will require sustained commitment, adaptability, and continued engagement with international partners. Oman's journey can serve as a model for other nations seeking to navigate uncertainty while pursuing economic diversification, sustainability, and global integration, the authors stressed.
Observer
13-02-2025
- Business
- Observer
Initiatives to bolster private sector's role in economic growth
MUSCAT, FEB 12 The Oman Chamber of Commerce and Industry (OCCI) has launched 14 new initiatives aimed at firming up its strategy to support Oman's economic development. The initiatives, along with detailed plans for their implementation, were approved during the closing of the Chamber's developmental workshop on Wednesday, February 12, 2025. The event was attended by several senior officials, including Dr Khamis bin Saif Al Jabri, Head of the Oman Vision 2040 Implementation Follow-Up Unit, and Shaikh Faisal bin Abdullah Al Rawas, Chairman of OCCI. The initiatives included six focused on improving the business environment, such as a smart guide for investment regulations and a technical team to review economic laws. Four initiatives aimed at boosting economic development in Oman's governorates, including partnerships between OCCI branches and local governments. The remaining four sought to expand economic diversification, with measures like enhancing investment incentives and promoting Omani products at international trade fairs. Shaikh Faisal al Rawas emphasised the importance of the workshop as part of OCCI's ongoing efforts to support the private sector and enhance its role in the national economy. He noted that the workshop brought together a select group of experts, business owners, and relevant stakeholders to ensure that the resulting programmes and projects would serve the private sector's needs and align with the strategic priorities of Oman Vision 2040. 'We are committed to fostering dialogue and collaboration between the public and private sectors,' he added, highlighting the workshop's role in generating initiatives that will enhance Oman's competitiveness and create new opportunities for the private sector. Zakaryia al Saadi, CEO of OCCI, explained that the developmental workshop reflected a new approach embraced by the Chamber, centred on discussion sessions and joint working with various stakeholders from both the public and private sectors. This approach ensures that the initiatives align with the national priorities of Vision 2040, with tangible, actionable outcomes. Al Saadi further noted that the OCCI, in collaboration with the Follow-Up Unit for Vision 2040, had created a detailed plan to ensure the successful execution of these initiatives, designed to deliver significant impact by enhancing the private sector's contributions to the economy. Fulfilling its role in ensuring the effective implementation of these initiatives, the OCCI has established an office dedicated to tracking the progress of Vision 2040, in line with its commitment to fostering sustained economic growth and cooperation. The developmental workshop has been praised by participants, who emphasised its importance in shaping Oman's future. Hassan Al Ishaqi, Chairman of OCCI's Retail and Trade Committee, commended the productive discussions, particularly the initiatives aimed at improving the business environment.
Zawya
13-02-2025
- Business
- Zawya
Oman: OCCI launches 14 initiatives to improve business environment
Muscat: In cooperation with Oman Vision 2040 Implementation Follow-up Unit, the Oman Chamber of Commerce and Industry (OCCI) launched14 initiatives on improving the business environment on Wednesday. The initiatives aim to develop the governorates economically and help in expanding the base of economic diversification. The initiatives were launched as part of a "Strategic Approaches Developmental Session'. The closing ceremony of the session was attended by Dr. Khamis bin Saif Al Jabri, Head of the Oman Vision 2040 Implementation Follow-up Unit, Faisal bin Abdullah Al Rowas, Chairman of OCCI Board of Directors, heads of sectoral committees and specialists from the authorities concerned. Al Rowas said that the development session stems from the OCCI's ongoing efforts to support the private sector and enhance its role in the national economy. He pointed out that the session sought to attract an elite group of experts, business owners and relevant parties to ensure the implementation of programmes and projects that are in line with the priorities of Oman Vision 2040, with the prime aim of achieving sustainable economic development. The session reflects the OCCI's commitment to the approach of dialogue and communication with different parties involved in developing the business environment and strengthening strategic partnerships, said Al Rowas. 'Such efforts contribute to the realisation of qualitative initiatives that support the competitiveness of the Omani economy, opening up new vistas for the private sector,' Al Rowas observed. The participation of the members of the Board of Directors and heads reflects the Chamber's commitment to dialogue and communication with various parties for developing the business environment and strengthening strategic partnerships. He said that these efforts will create qualitative initiatives and support the competitiveness of the Omani economy and open new horizons for the private sector. Zakaria bin Abdullah Al Saadi, CEO of the Oman Chamber of Commerce and Industry, explained that the new approach adopted by the Chamber is based on discussion sessions and joint work to develop initiatives in partnership with various actors in the public and private sectors for supporting the national economy and enhancing the role of the Chamber and the private sector in development. He pointed out that this workshop was held in cooperation with the Oman Vision 2040 Implementation Follow-up Unit, to ensure that the Chamber's strategic directions are consistent with national priorities. The CEO of the Oman Chamber of Commerce and Industry confirmed that the Chamber, in cooperation with the Oman Vision 2040 Implementation Follow-up Unit, has developed a detailed plan to implement these initiatives in a way that ensures achieving the desired impact using a clear methodology aimed at enhancing the Chamber's efforts in serving the private sector. Khalfan bin Suleiman Al Bahri, Director of the Office for Follow-up of the Implementation of Oman Vision 2040 at the Oman Chamber of Commerce and Industry, pointed out that the development cycle of strategic directions witnessed in-depth discussions and a comprehensive analysis of the initiatives that emerged from the three pillars. He explained that the Chamber established the Office for Follow-up of the Implementation of Oman Vision 2040, which includes following up on the implementation of detailed plans for the initiatives emerging from this cycle and other strategic programmes. © Muscat Media Group Provided by SyndiGate Media Inc. (
Times of Oman
12-02-2025
- Business
- Times of Oman
OCCI launches 14 initiatives to improve business environment
Muscat: In cooperation with Oman Vision 2040 Implementation Follow-up Unit, the Oman Chamber of Commerce and Industry (OCCI) launched14 initiatives on improving the business environment on Wednesday. The initiatives aim to develop the governorates economically and help in expanding the base of economic diversification. The initiatives were launched as part of a "Strategic Approaches Developmental Session'. The closing ceremony of the session was attended by Dr. Khamis bin Saif Al Jabri, Head of the Oman Vision 2040 Implementation Follow-up Unit, Faisal bin Abdullah Al Rowas, Chairman of OCCI Board of Directors, heads of sectoral committees and specialists from the authorities concerned. Al Rowas said that the development session stems from the OCCI's ongoing efforts to support the private sector and enhance its role in the national economy. He pointed out that the session sought to attract an elite group of experts, business owners and relevant parties to ensure the implementation of programmes and projects that are in line with the priorities of Oman Vision 2040, with the prime aim of achieving sustainable economic development. The session reflects the OCCI's commitment to the approach of dialogue and communication with different parties involved in developing the business environment and strengthening strategic partnerships, said Al Rowas. 'Such efforts contribute to the realisation of qualitative initiatives that support the competitiveness of the Omani economy, opening up new vistas for the private sector,' Al Rowas observed. The participation of the members of the Board of Directors and heads reflects the Chamber's commitment to dialogue and communication with various parties for developing the business environment and strengthening strategic partnerships. He said that these efforts will create qualitative initiatives and support the competitiveness of the Omani economy and open new horizons for the private sector. Zakaria bin Abdullah Al Saadi, CEO of the Oman Chamber of Commerce and Industry, explained that the new approach adopted by the Chamber is based on discussion sessions and joint work to develop initiatives in partnership with various actors in the public and private sectors for supporting the national economy and enhancing the role of the Chamber and the private sector in development. He pointed out that this workshop was held in cooperation with the Oman Vision 2040 Implementation Follow-up Unit, to ensure that the Chamber's strategic directions are consistent with national priorities. The CEO of the Oman Chamber of Commerce and Industry confirmed that the Chamber, in cooperation with the Oman Vision 2040 Implementation Follow-up Unit, has developed a detailed plan to implement these initiatives in a way that ensures achieving the desired impact using a clear methodology aimed at enhancing the Chamber's efforts in serving the private sector. Khalfan bin Suleiman Al Bahri, Director of the Office for Follow-up of the Implementation of Oman Vision 2040 at the Oman Chamber of Commerce and Industry, pointed out that the development cycle of strategic directions witnessed in-depth discussions and a comprehensive analysis of the initiatives that emerged from the three pillars. He explained that the Chamber established the Office for Follow-up of the Implementation of Oman Vision 2040, which includes following up on the implementation of detailed plans for the initiatives emerging from this cycle and other strategic programmes.
