Latest news with #MUSCAT
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
22-05-2025
- Business
- Observer
‘Muharrik' platform to drive digital education
MUSCAT: The 'Muharrik' platform represents an entrepreneurial initiative that leverages augmented reality (AR) technologies for digital learning, offering innovative educational solutions based on interactive 3D models that have significantly improved students' academic performance. Ziyad bin Salim al Hinai said that the idea for the platform emerged during his studies in the United States, where he faced several academic and personal challenges. However, these challenges helped refine his entrepreneurial skills and avoid future mistakes. He noted that the platform originated from a personal desire to enhance digital learning tools and provide an engaging educational environment. He added that this challenge motivated him to seek innovative educational solutions, ultimately leading to the adoption of augmented reality technology. AR enables the transformation of abstract information into interactive 3D models, simplifying comprehension and stimulating learning. Al Hinai explained that AR technology allows complex concepts to be presented in a visual, three-dimensional format, accelerating understanding and retention. The platform has expanded its use of AR into other fields, such as museums, engineering and healthcare, collaborating with international companies to train medical personnel. He pointed out that the platform's trials have demonstrated a tangible impact on improving education. An experiment involving early-grade students using fourth-grade tailored content showed a 54-per cent improvement in academic achievement, confirming the technology's effectiveness in simplifying scientific concepts and making them more engaging. Al Hinai emphasised that the support provided by Oman Technology Fund was pivotal, not only financially but also through training workshops and knowledge mentoring, which enhanced the team's entrepreneurial capabilities and helped turn the idea into a viable and sustainable project. He added that 'Muharrik' is currently finalising a direct partnership with the Ministry of Education to promote the use of AR technology in schools. The platform also aims to expand into Arab and global markets by exporting digital educational content rather than importing it. Notably, the platform has received international awards and recognition from the Unicef and the Generation Unlimited initiative, marking a turning point in the company's trajectory and boosting the team's confidence to grow further. This recognition also helped attract its first investor, the Oman Technology Fund. - ONA
Observer
21-05-2025
- Science
- Observer
A novel design of microbial desalination
MUSCAT: Winning in the Environmental and Biological Resources field in the Young Researcher's category, 'Desalination and acid-base recovery in a novel design of microbial desalination and chemical recovery cell' by Eng Azhar bint Juma Hamdan al Hinaiyah, Head of Waste Management Section in Environment Authority, was among the winning innovative research projects in the 11th National Research Award, organised by the Ministry of Higher Education, Research and Innovation. Discussing the reasons behind the study, Eng Azhar al Hinai mentioned that microbial desalination cell (MDC) is deemed as an environmentally friendly technology for water treatment using organic matters present in wastewater for the desalination process. Microbial desalination and chemical recovery cell (MDCC) is a modified version of MDC that desalinates saline water using wastewater as fuel, generates electricity and concurrently produces value-added products. However, several factors have limited the MDCC performance and its development, eg, pH imbalance, ions accumulation and high internal resistance. Eng Azhar elaborated that MDCCs, so far, are fabricated through modifying the dual-chamber microbial fuel cell (MFC) by placing the desalination and recovery chambers between the anodic and cathodic chambers, which not only increases the distance between two electrodes, but also brings different types of membranes between them leading to high internal resistance. Therefore, this research, for the first time, demonstrated a novel design of MDCC, which is a modified version of a single chamber membrane-less MFC, named SMDCC; with the focus of removing barriers between the anode and cathode while upholding desalination and chemical recovery features of MDCC. The study focused on assessment of SMDCC performance in terms of electrolyte pH, acid and base recovery and desalination rate at different salt concentrations and in absence and presence of applied power supply. For the main findings, Eng Azhar stated that this study proposed a new configuration for the microbial desalination and chemical recovery cell. The performance of the system in terms of electrolyte pH, acid and base recoveries and desalination rate were assessed comprehensively. She added that the results showed that the pH of the anode-cathode chamber of SMDCC was stable over the operation due to the absence of membranes between the anode and the cathode. In the case of 10 g/L salts concentration and in the absence of the external power supply, the pH of the HCl production chamber decreased to 3.029 and the pH of the alkali-production chamber increased to 8.96. Furthermore, at high salt concentrations of 35 g/L, the acid and base recovery were enhanced (pH of 2.79 for acid and 9.41 for base pro duction chamber). The chemical recovery rate increased to 1.96 mg/h of acid and 1.48 mg/h for the base when 1.0 V of external voltage was applied. These results demonstrated the proof of concept for simultaneous desalination and chemicals recovery from a sustainable desalination system which is a modified version of single chamber membranelles MFC. Eng Azhar pointed out that further investigations on the ion transport mechanism and detailed comparative analysis between single and dual-chamber modified MDCCs could enlighten more aspects of this new configuration. This particular study, according to Eng Azhar, is contributing to achieve the national goals of the environment and natural resources priority in Oman Vision 2040 as it applies the concept of circular economy and use of renewable source of energy. This research project was published in the journal Sigma-Aldrich, Scopus and Elsevier. The research team consist of Eng Azhar, Dr Abdullah al Mamun, Dr Tahereh Jafary, Eng Halima bint Khalifa Saif al Himaliyah, and Dr Sadik Rahman. In regard to her win, Eng Azhar stated that 'this award has been a moment of immense pride and gratitude, symbolising the culmination of years of effort, perseverance and a passion for discovery. It is a profound honour that symbolises the recognition of hard work, creativity and dedication to advancing knowledge in the environment and natural resources field. It would serve as a reminder of the collaborative efforts and support from mentors, colleagues and teams that contributed to my journey. This is considered a great incentive for me to do more research studies that contribute to development and innovation of solutions to solve challenges in various sectors. It is also considered as evidence of the governmental effort in encouraging researchers and motivating them to publish scientific papers in various scientific journals. To me, it is more than a personal achievement, it is a testament to the power of curiosity and the importance of contributing something meaningful to society and the scientific community; and in shaping a better future for the next generation.'
Observer
14-04-2025
- Business
- Observer
Over 1,600 Omanis hired in transport, IT sectors in Q1
MUSCAT: The Ministry of Transport, Communications and Information Technology (MTCIT) has announced the employment of 1,450 Omanis in the transport and logistics sector and 236 in the information technology sector during the first quarter of 2025. The initiative is part of a broader strategy to localise jobs and reduce dependence on expatriate labour across key economic sectors. By the end of 2025, the Ministry aims to create 4,950 job opportunities for Omanis in the transport and logistics sector and 430 in the IT sector. A series of regulations and initiatives have been launched to support this goal, including binding Omanisation rates and wage support mechanisms. In the transport and logistics sector, the Ministry achieved a 21% Omanisation rate during Q1, with a target of reaching 10% Omanisation in technical and leadership positions by year-end. Similarly, in the IT sector, the Ministry is aiming for a 63% overall Omanisation rate and 41% in specialised and leadership roles. To support these objectives, the Ministry has introduced various measures, including: Wage Support Initiatives: Financial support for Omani employees in select IT professions and projects. Freelance Opportunities: Promotion of income-generating freelance work in IT through structured programs and agreements, such as the one signed with Awasr Company to create 58 freelance roles. Training & Upskilling: More than 990 Omanis have benefited from the Makeen (National Initiative for Digital Competencies) programme during Q1, aimed at equipping youth with advanced digital skills. On-the-Job Training: Around 50 Omanis received training in semiconductor projects, while 210 are currently undergoing training for future roles in transport and logistics. Specialised Driver Training: In collaboration with the Oman Logistics Association, 52 Omanis were trained as locomotive and trailer drivers. The Ministry is also working closely with the Ministry of Labour to enforce Omanisation across critical roles in the maritime sector, including captains, chief engineers, and navigational officers. New measures require approvals from the Labor Market Regulatory Committee before work permits for these positions can be issued. Additional efforts include the enforcement of a 20% Omanisation rate in supervisory roles within last-mile delivery services and mandatory localisation targets for executive and consultancy roles in contracted firms. Together, these integrated strategies reflect the government's commitment to empowering the Omani workforce and aligning employment policies with Oman Vision 2040's objectives of economic diversification and sustainable job creation. —ONA
Observer
11-04-2025
- Business
- Observer
Ahlibank approves LoI for merger with Sohar Intl Bank
MUSCAT: In a significant move that could reshape Oman's banking landscape, ahlibank SAOG has formally accepted a Letter of Intent (LoI) from Sohar International Bank SAOG proposing a merger. This development follows the initial disclosure made on April 7, 2025, concerning the receipt of this proposal. On April 10, 2025, ahlibank's Board of Directors convened to evaluate the strategic implications and potential benefits of the merger. After thorough deliberation, the Board resolved to proceed with the letter of intent, which outlines preliminary conditions for the merger. Central to the proposal is the structure of the merger, which is to be executed through incorporation. Under this structure, all assets and liabilities of ahlibank will be transferred to Sohar International, effectively consolidating both institutions by law on the merger's effective date. The letter of intent further stipulates the consideration for ahlibank shareholders, who are expected to receive shares in Sohar International as part of the transaction. This agreement is subject to various conditions, including regulatory approvals and further shareholder consent. This proposed merger is part of a broader trend of consolidation within the Gulf's banking sector, as financial institutions seek to enhance scale, reduce costs and improve competitiveness in a crowded market. In Oman, several smaller banks have explored partnerships in recent years to navigate tighter margins, rising compliance costs and economic shifts associated with energy transition efforts. Notably, Sohar International completed a merger with HSBC Bank Oman in 2024, demonstrating its strategic intent to expand through consolidation. Additionally, ahlibank received interest from its domestic rival, Bank Dhofar, for a possible merger in 2023, indicating its openness to strategic partnerships. As both banks move towards due diligence and final negotiations, market observers will be closely watching regulatory developments and stakeholder reactions. The successful completion of this deal could catalyse further strategic alignments within Oman's financial sector.
