Latest news with #Muscat
Zawya
a day ago
- Business
- Zawya
President of Iran meets Omani, Iranian businessmen
Muscat: His Excellency Dr. Masoud Pezeshkian, President of the Islamic Republic of Iran has met Omani businessmen and women and their Iranian counterparts to discuss mechanisms for strengthening trade and investment relations between the two countries at Al Alam Palace in Muscat. His Excellency the President of Iran, arrived in the Sultanate of Oman on a two-day official visit on Tuesday, May 27. A statement issued online by Oman News Agency (ONA) said :"His Excellency the President of the Islamic Republic of Iran met today with a number of Omani businessmen and women and their Iranian counterparts to discuss mechanisms for strengthening trade and investment relations between the Sultanate of Oman and the Islamic Republic of Iran, at Al Alam Palace in Muscat, as part of the official visit His Excellency is currently making to the country." © Muscat Media Group Provided by SyndiGate Media Inc. (
Zawya
a day ago
- Business
- Zawya
Oman: Dialogue session calls for supporting SMEs financially
MUSCAT: The Small and Medium Enterprises Development Authority (SMEDA) held its thirteenth dialogue session on enhancing opportunities for small and medium enterprises (SMEs) in the financial services sector. Abdullah bin Salem al Salmi, Chairman of the Financial Services Authority, presided over the event. As part of the authority's efforts to partner and integrate with relevant entities and improve the business environment and its attractiveness to SMEs, a dialogue session was held on the financial services sector and related activities. Al Salmi said: "It is very important to have dialogue and consultation between institutions and beneficiaries of these sessions. We heard many challenges, questions and inquiries from entrepreneurs, many of which are solvable and we encourage entrepreneurs to participate in such sessions. Among the issues we addressed were that SMEs need funding, support and assistance in matters related to managing the enterprises until they reach a level that enables them to survive during the first three or four years. They require attention from all of us, to help and embrace them so that they can continue in their business." The session aimed to boost the role of SMEs in developing financial services by presenting innovative ideas and improving operational efficiency, encouraging government and private partnerships and cooperation with SMEs, and raising awareness of the importance of the sector as a vital component of supporting the national economy. The session included several topics, including policies, legislation, licences and enablers that support SMEs in developing innovative solutions and partnerships in the financial services sector. Financial support is one of the most important factors for the success of SMEs and startups. Recent efforts have contributed to providing various support factors for the growth of entrepreneurial activities. According to the authority's latest statistics, there are 150,601 SMEs registered in the authority's database, including 131,315 micro-enterprises, 18,222 small enterprises, and 1,064 medium enterprises. Of these, 27,724 have obtained an Entrepreneurship Card. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Zawya
a day ago
- Business
- Zawya
CAA, IATA hold workshop on sustainable aviation emissions in Oman
Muscat – In collaboration with the International Air Transport Association (IATA), the Civil Aviation Authority (CAA) on Wednesday hosted a workshop focused on the implementation of the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) in the Sultanate of Oman. Titled 'Understanding and Implementing the Requirements of CORSIA in the Sultanate of Oman,' the workshop aimed to raise awareness among key stakeholders about the global framework and its potential to deliver both economic and environmental benefits for the country. CORSIA, a programme under the International Civil Aviation Organization (ICAO), is designed to cap carbon dioxide emissions from international flights at 2020 levels by requiring airlines to offset any increase in emissions beyond that baseline. The workshop highlighted the alignment of CORSIA with international climate agreements, particularly the United Nations Framework Convention on Climate Change (UNFCCC) and Article 6 of the Paris Agreement. Participants were briefed on compliance requirements and the broader implications of CORSIA on the global carbon market and sustainable development initiatives. Key sessions focused on identifying and developing eligible projects under the CORSIA framework, with case studies from the Global Carbon Council and examples of Omani initiatives. These discussions explored ways to integrate local offsetting efforts with international mechanisms, encouraging collaboration among regulators, airlines, and project developers. The event also served as a platform to explore opportunities to expand Oman's participation in the global carbon market through aviation-related sustainability initiatives. It aimed to equip stakeholders with the knowledge and tools to develop, endorse, and implement CORSIA-compliant projects that align with the country's climate and development goals. The outcomes of the workshop are expected to support the creation of new carbon offset projects in Oman, foster cross-sector cooperation, and strengthen the nation's environmental credentials in line with best global practices.
Zawya
a day ago
- Business
- Zawya
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. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Times of Oman
a day ago
- Business
- Times of Oman
Oman and EU hold 5th round of political consultations
Muscat: The fifth round of political consultations between the Sultanate of Oman and the European Union's External Action Service was held at the Foreign Ministry. The Omani delegation was led by His Excellency Sheikh Khalifa bin Ali Al-Harthy, Undersecretary of the Ministry of Foreign for Political Affairs, while the European side was headed by His Excellency Olaf Skoog, Deputy Secretary-General for Political Affairs at the European External Action Service. During the session, both parties reviewed existing relations between Oman and the European Union and discussed ways to strengthen bilateral cooperation through strategic partnerships and economic agreements. They also exchanged views on key regional and international issues of mutual interest. The consultations were attended by Her Excellency Roua bint Issa Al-Zadjali, Oman's Ambassador to Belgium and Head of its Mission to the European Union, Annette Weber, the European Union's Special Envoy to the Horn of Africa, and several officials from both sides.
