Latest news with #NusraAlHabsi
Times of Oman
a day ago
- Business
- Times of Oman
Oman's industrial exports to Saudi Arabia rise by 28.3%
Muscat: Omani industrial exports recorded an 8.6% growth in the first quarter of 2025, reaching OMR1.618 billion, compared to OMR1.490 billion during the same period in 2024. According to data released by the National Centre for Statistics and Information in May 2025, Omani industrial exports have expanded significantly across various regional markets, reflecting the growing presence of Omani industries on the regional trade map. Notably, Saudi Arabia's imports of Omani industrial products surged by 28.3%, reaching OMR259 million, reaffirming the strong economic ties between the two nations and the increasing demand for Omani goods in the Saudi market. Nusra bint Sultan Al-Habsi, Director-General of Trade at the Ministry of Commerce, Industry, and Investment Promotion, highlighted the accelerated trade exchange between Oman and Saudi Arabia is a direct result of ongoing cooperation, underscoring the deepening economic integration across various sectors. She explained that the Economic, Trade, and Industry Committee of the Omani-Saudi Coordination Council has worked consistently since its inception to address trade exchange challenges, unify customs procedures, and facilitate land transportation through border crossings. Additionally, it has focused on linking commercial systems electronically between the two countries, enabling the seamless flow of goods and services while enhancing trade movement through the Rub' Al Khali border, which has become a vital new artery for commerce between the two nations. Speaking to Oman News Agency (ONA), she revealed that the committee is currently working on various initiatives, including cooperation in intellectual property, e-commerce, anti-monopoly regulations, and export development between Oman and Saudi Arabia. Efforts are also underway to strengthen industrial and investment partnerships through regular meetings between the private sectors of both countries and the organisation of joint economic forums, focusing on promising opportunities in manufacturing industries, renewable energy, supply chains, and food security. She noted that Saudi Arabia is now Oman's second-largest GCC trade partner, with future aspirations pointing towards deeper industrial and trade integration. Oman welcomes more Saudi investments, particularly in special economic zones and free zones, which offer advanced infrastructure and competitive investment incentives, fostering greater collaboration in alignment with the strategic objectives of Oman Vision 2040 and Saudi Vision 2030. Meanwhile, Mazin bin Hamid Al-Siyabi, Assistant Director-General of Industry at the Ministry of Commerce, Industry, and Investment Promotion, emphasised that recent months have witnessed growing momentum in coordination and engagement between industrial sector officials in both nations. This has been evident in a series of meetings, exchange visits, specialised workshops, and direct engagements between investors and entrepreneurs. Speaking to ONA, he stated that these efforts have expanded areas of industrial cooperation, particularly in priority sectors such as manufacturing, advanced technologies, and supply chains, while helping to identify promising investment opportunities and develop joint industrial initiatives aimed at enhancing competitiveness and localising technical expertise, thereby reinforcing industrial integration between Oman and Saudi Arabia. He pointed out that this new dynamic in industrial relations reflects the alignment of visions between the two nations. The shared focus on industrial sector development as a pillar for economic diversification has proven to be a successful strategy, with its impact now visible in the growth of Omani industrial exports to Saudi Arabia and other regional markets. Al Siyabi concluded that the accelerated growth of Omani industrial exports in recent months serves as a tangible indicator of the success of industrial policies pursued by the ministry. These policies prioritize export market diversification, improved production efficiency, enhanced competitiveness of Omani products, and the achievement of economic diversification goals, fostering a resilient industrial base capable of adapting to global shifts.
Times of Oman
a day ago
- Business
- Times of Oman
Omani industrial exports to Saudi Arabia increase by 28.3%
Muscat: Omani industrial exports recorded an 8.6% growth in the first quarter of 2025, reaching OMR 1.618 billion, compared to OMR 1.490 billion during the same period in 2024. According to data released by the National Centre for Statistics and Information in May 2025, Omani industrial exports have expanded significantly across various regional markets, reflecting the growing presence of Omani industries on the regional trade map. Notably, Saudi Arabia's imports of Omani industrial products surged by 28.3%, reaching OMR 259 million, reaffirming the strong economic ties between the two nations and the increasing demand for Omani goods in the Saudi market. Nusra bint Sultan Al-Habsi, Director-General of Trade at the Ministry of Commerce, Industry, and Investment Promotion, highlighted that the accelerated trade exchange between Oman and Saudi Arabia is a direct result of ongoing cooperation, underscoring the deepening economic integration across various sectors. She explained that the Economic, Trade, and Industry Committee of the Omani-Saudi Coordination Council has worked consistently since its inception to address trade exchange challenges, unify customs procedures, and facilitate land transportation through border crossings. Additionally, it has focused on linking commercial systems electronically between the two countries, enabling the seamless flow of goods and services while enhancing trade movement through the Rub' Al Khali border, which has become a vital new artery for commerce between the two nations. Speaking to Oman News Agency (ONA), she revealed that the committee is currently working on various initiatives, including cooperation in intellectual property, e-commerce, anti-monopoly regulations, and export development between Oman and Saudi Arabia. Efforts are also underway to strengthen industrial and investment partnerships through regular meetings between the private sectors of both countries and the organization of joint economic forums, focusing on promising opportunities in manufacturing industries, renewable energy, supply chains, and food security. She further noted that Saudi Arabia is now Oman's second-largest GCC trade partner, with future aspirations pointing toward deeper industrial and trade integration. Oman welcomes more Saudi investments, particularly in special economic zones and free zones, which offer advanced infrastructure and competitive investment incentives, fostering greater collaboration in alignment with the strategic objectives of Oman Vision 2040 and Saudi Vision 2030. Meanwhile, Mazin bin Hamid Al-Siyabi, Assistant Director-General of Industry at the Ministry of Commerce, Industry, and Investment Promotion, emphasized that recent months have witnessed growing momentum in coordination and engagement between industrial sector officials in both nations. This has been evident in a series of meetings, exchange visits, specialized workshops, and direct engagements between investors and entrepreneurs. Speaking to ONA, he stated that these efforts have expanded areas of industrial cooperation, particularly in priority sectors such as manufacturing, advanced technologies, and supply chains, while helping to identify promising investment opportunities and develop joint industrial initiatives aimed at enhancing competitiveness and localizing technical expertise, thereby reinforcing industrial integration between Oman and Saudi Arabia. He pointed out that this new dynamic in industrial relations reflects the alignment of visions between the two nations. The shared focus on industrial sector development as a pillar for economic diversification has proven to be a successful strategy, with its impact now visible in the growth of Omani industrial exports to Saudi Arabia and other regional markets. Al Siyabi concluded that the accelerated growth of Omani industrial exports in recent months serves as a tangible indicator of the success of industrial policies pursued by the ministry. These policies prioritize export market diversification, improved production efficiency, enhanced competitiveness of Omani products, and the achievement of economic diversification goals, fostering a resilient industrial base capable of adapting to global shifts.
Zawya
23-05-2025
- Business
- Zawya
Oman's Hidden Trade Combat Initiative enters second phase
Muscat: The second meeting of the National Team for Combating Hidden Trade reviewed the implementation of Ministerial Decision No. 412/2023, assessing the outcomes of the first phase of the audit process on commercial records and laying the groundwork for the second phase. The meeting, held at the Ministry of Commerce, Industry, and Investment Promotion headquarters in Muscat, included a comprehensive review of office audit results from the first phase. These results demonstrated significant progress in identifying and monitoring commercial activities violating regulations within the scope of hidden trade, especially those previously prohibited for foreign investors. The team emphasised that these findings reflect a clear commitment to addressing these illegal practices that negatively impact Oman's business environment. Discussions also covered ways to enhance inspection procedures and ensure commercial records comply with existing laws and regulations, preventing them from engaging in unlawful business activities classified as hidden trade. The National Team affirmed its continued collaboration with relevant authorities in implementing a comprehensive plan to combat hidden trade, ensuring a fair and attractive commercial environment for local and foreign investments. The plan aims to foster sustainable growth, protect consumer rights, and curb unfair competition in the Omani market. Nusra bint Sultan Al-Habsi, Director General of Commerce and Chair of the National Team for Combating Hidden Trade at the Ministry of Commerce, Industry, and Investment Promotion, highlighted that the first phase results underscore the importance of effective coordination between governmental and private entities in identifying commercial violations. She noted that the team's next phase will focus on strengthening this cooperation by developing monitoring tools and conducting joint awareness campaigns to educate stakeholders about the risks of hidden trade and its impact on competitiveness and investment. Meanwhile, Mohammed bin Salem Al-Hashemi, Director of Establishment Oversight and Chair of the Technical Team at the Ministry of Commerce, Industry, and Investment Promotion, stated that the second phase will prioritize enhancing regulatory work methodologies and expanding audit scope to cover more governorates while engaging all relevant sectors in this national effort. The decision to combat hidden trade aims to create an attractive business environment and provide suitable conditions in Oman by detailing the necessary procedures for registering foreign enterprises, specifying requirements, regulations, and timelines for issuing approvals, permits, or licenses for investment projects under the Foreign Capital Investment Law. The National Team includes officials from the Ministry of Commerce, Industry, and Investment Promotion, the Ministry of Labor, the Ministry of Information represented by the Government Communication Center, the Tax Authority, the Central Bank of Oman, the Royal Oman Police, the Consumer Protection Authority, and the Small and Medium Enterprises Development Authority. It is worth noting that the Ministry of Commerce, Industry, and Investment Promotion issued Ministerial Decision No. 412/2023 regarding combating hidden trade in cooperation with several government entities. This initiative seeks to reduce hidden trade in Oman and its economic and social consequences on business owners and society, responding to citizens' long-standing calls to curb this phenomenon. © Muscat Media Group Provided by SyndiGate Media Inc. (
Times of Oman
22-05-2025
- Business
- Times of Oman
Oman's Hidden Trade Combat Initiative enters second phase
Muscat: The second meeting of the National Team for Combating Hidden Trade reviewed the implementation of Ministerial Decision No. 412/2023, assessing the outcomes of the first phase of the audit process on commercial records and laying the groundwork for the second phase. The meeting, held at the Ministry of Commerce, Industry, and Investment Promotion headquarters in Muscat, included a comprehensive review of office audit results from the first phase. These results demonstrated significant progress in identifying and monitoring commercial activities violating regulations within the scope of hidden trade, especially those previously prohibited for foreign investors. The team emphasised that these findings reflect a clear commitment to addressing these illegal practices that negatively impact Oman's business environment. Discussions also covered ways to enhance inspection procedures and ensure commercial records comply with existing laws and regulations, preventing them from engaging in unlawful business activities classified as hidden trade. The National Team affirmed its continued collaboration with relevant authorities in implementing a comprehensive plan to combat hidden trade, ensuring a fair and attractive commercial environment for local and foreign investments. The plan aims to foster sustainable growth, protect consumer rights, and curb unfair competition in the Omani market. Nusra bint Sultan Al-Habsi, Director General of Commerce and Chair of the National Team for Combating Hidden Trade at the Ministry of Commerce, Industry, and Investment Promotion, highlighted that the first phase results underscore the importance of effective coordination between governmental and private entities in identifying commercial violations. She noted that the team's next phase will focus on strengthening this cooperation by developing monitoring tools and conducting joint awareness campaigns to educate stakeholders about the risks of hidden trade and its impact on competitiveness and investment. Meanwhile, Mohammed bin Salem Al-Hashemi, Director of Establishment Oversight and Chair of the Technical Team at the Ministry of Commerce, Industry, and Investment Promotion, stated that the second phase will prioritize enhancing regulatory work methodologies and expanding audit scope to cover more governorates while engaging all relevant sectors in this national effort. The decision to combat hidden trade aims to create an attractive business environment and provide suitable conditions in Oman by detailing the necessary procedures for registering foreign enterprises, specifying requirements, regulations, and timelines for issuing approvals, permits, or licenses for investment projects under the Foreign Capital Investment Law. The National Team includes officials from the Ministry of Commerce, Industry, and Investment Promotion, the Ministry of Labor, the Ministry of Information represented by the Government Communication Center, the Tax Authority, the Central Bank of Oman, the Royal Oman Police, the Consumer Protection Authority, and the Small and Medium Enterprises Development Authority. It is worth noting that the Ministry of Commerce, Industry, and Investment Promotion issued Ministerial Decision No. 412/2023 regarding combating hidden trade in cooperation with several government entities. This initiative seeks to reduce hidden trade in Oman and its economic and social consequences on business owners and society, responding to citizens' long-standing calls to curb this phenomenon.
