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Zawya
01-05-2025
- Business
- Zawya
OER Business Summit explores the roadmap to achieving the Sultanate's medium to long term economic and HR goals
The 16th Edition of OER Business Summit, a flagship event by the Sultanate's premium business magazine, with a special HR focus, was held at Sheraton Oman on April 30. His Highness Sayyid Mohammed bin Thuwaini Al Said was the Chief Guest at the Summit. Held under the auspices of His Excellency Shaikh Salim bin Mustahail Al Mashani and organised by UMS Events, the Summit explored the roadmap to achieving the Sultanate's medium to long term economic and HR goals in-line with His Majesty Sultan Haitham bin Tarik's Vision. Under His Majesty Sultan Haitham bin Tarik's Visionary Leadership, Oman has taken remarkable strides in economic development, social betterment and robust bilateral ties. The country has also been instrumental in addressing structural challenges, fostering fiscal responsibility and setting the stage for a more diversified and resilient economy. According to the National Center for Statistical Information (NCSI) Oman's GDP growth is expected to be 1.9 per cent at constant prices by the end of Q3 2024. Further, the preliminary results of 2024 show an increase in total revenue that led to a surplus than the deficit that was estimated in the 2024 budget. Total revenue for 2024 is projected to reach RO12.67bn and increase of 15.1 per cent compared with the budgeted figure of RO11.01bn. (up by 15.1 per cent). Overall, the budget is expected to generate a surplus of RO0.54bn compared with the 2024 budget deficit of RO0.64bn. The Summit had keynote presentations by Alkesh Joshi, Tax Partner, EY Oman and MENA, Sustainability Tax Leader, EY and Reem Al Taie, Investor Relations Associate, Oman Investment Authority and presentation by Wisal Al Rashdi, Human Resources Manager, WUJHA Development. The Summit deliberated on the topic, 'Unlocking the Potential of Oman's Renewed Renaissance.' Panelists included Dr Firas Al Abduwani, Director General, Renewable Energy & Hydrogen, Ministry of Energy & Minerals, Essam Al Sheibani, VP, Sustainability, ASYAD, Omar Al Harthi, Business Development, Invest Oman, Harssha Shetty, CEO, Jindal Steel Sohar and Karl Jackson, Partner-ESG, Crowe Oman. Mayank Singh, Group Editor, UMS moderated the session. The Summit was endorsed by Advantage Austria from Embassy of Austria and Embassy of Tanzania, Muscat. RAB Consulting was the Knowledge Partner, while ZiBi (Zanzibar Investments & Business Insights magazine) the Zanzibar Media Partner, Daily Tribune newspaper, the Bahrain Media Partner and Qatar MirchiOne 89.6FM, the Qatar Media Partner. Alam Al Iktisaad was the Arabic media partner and the Online Media Partner. The Summit brought together government and business leaders to brainstorm and share their experience on leading the country and companies into an uncertain future. Senior government officials, C-Suite executives discussed a roadmap for building a responsible and resilient business. OER Business Excellence Awards were presented to Companies, CEO's and senior executives in recognition of their path breaking efforts and success. The Summit also had presentations by Venkatesh Palakkad, Director & Principal Consultant, Reem Al Bawadi Business Solutions and Technologies LLC and Dr. Manish Dhameja, Strategic Leader and Senior Banking professional. The HR edition of the Business Summit deliberated on 'Developing & Nurturing Internal Talent.' Panelists included Hamza Al Lawati, HR Director, Infoline, Wisal Al Rashdi, Human Resources Manager- WUJHA Development, Atia Ashfaq Rasool Muhammad Hanif, Deputy Head of HR, Dhofar Insurance, Fahad Al Jabri, Learning Design Advisor, PDO and Ritesh Arora, Head, Human Capital Development, Bank Muscat. Venkatesh Palakkad, Director & Principal Consultant, Reem Al Bawadi Business Solutions and Technologies LLC moderated the HR Session. In addition, there was an interactive workshop on the theme- Fostering Workplace Mental Wellbeing presented by Roula Saba Mouhanna, Executive and Leadership Coach.
Associated Press
06-02-2025
- Business
- Associated Press
Oman Construction Industry Report 2024: Output Grew by 3.3%, Supported by FDI in Manufacturing, and Government Investment into Transport Infrastructure and Tourism - Forecast to 2028
The 'Oman Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2028 (H2 2024)' report has been added to offering. Construction industry in Oman grew by 3.3% in real terms in 2024, as the industry is supported by rising foreign direct investment (FDI), especially in the manufacturing sector, as well as government investment into transport infrastructure and the tourism sector. According to the National Center for Statistical Information (NCSI), total FDI in the manufacturing sector rose by 41% year-on-year (YoY) in the first half of 2024, following an annual decline in 6.4% in 2023. The analyst then forecasts the Omani construction industry to expand at an annual average growth rate of 4.2% from 2025 to 2028. Growth in the country will be supported by rising government investments into renewable energy and transport infrastructure, in addition to the housing sector, all as part of the Oman Vision 2040 Plan. As part of the scheme, the Omani government is targeting to raise the share of renewable energy in the total electricity mix to 30% by 2030 and 70% by 2040, before reaching net zero emissions by 2050. While, in October 2024, the Ministry of Transport, Communications, and Information Technology (MTCIT) alongside the Tender Board's General Secretariat, announced that seven transport infrastructure projects totalling over OMR119 million ($309.5 million) had been awarded, all as part of the program. Construction works on all the projects is scheduled to be completed by the end of 2027 Scope Historical (2019-2023) and forecast (2024-2028) valuations of the construction industry in Oman, featuring details of key growth drivers. Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline. Listings of major projects, in addition to details of leading contractors and consultants. Reasons to Buy Identify and evaluate market opportunities using our standardized valuation and forecasting methodologies Assess market growth potential at a micro-level with over 600 time-series data forecasts Understand the latest industry and market trends Formulate and validate business strategies using the analyst's critical and actionable insight Assess business risks, including cost, regulatory and competitive pressures Evaluate competitive risk and success factors Key Topics Covered: 1 Executive Summary 2 Construction Industry: At-a-Glance 3 Context 3.1 Economic Performance 3.2 Political Environment and Policy 3.3 Demographics 3.4 Risk Profile 4 Construction Outlook 4.1 All Construction Outlook Latest news and developments Construction Projects Momentum Index 4.2 Commercial Construction Outlook Project analytics Latest news and developments 4.3 Industrial Construction Outlook Project analytics Latest news and developments 4.4 Infrastructure Construction Outlook Project analytics Latest news and developments 4.5 Energy and Utilities Construction Outlook Project analytics Latest news and developments 4.6 Institutional Construction Outlook Project analytics Latest news and developments 4.7 Residential Construction Outlook Project analytics Latest news and developments 5 Key Industry Participants 5.1 Contractors 5.2 Consultants 6 Construction Market Data 7 Appendix For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. View source version on CONTACT: Laura Wood, Senior Press Manager [email protected] For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900 KEYWORD: OMAN MIDDLE EAST INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY OTHER CONSTRUCTION & PROPERTY SOURCE: Research and Markets Copyright Business Wire 2025. PUB: 02/06/2025 09:17 AM/DISC: 02/06/2025 09:17 AM
