Latest news with #OxfordBusinessGroup
Zawya
15 hours ago
- Business
- Zawya
Kuwait's Ministry of Finance charts course for fiscal innovation and sustainable growth
Kuwait City: The Ministry of Finance's efforts to advance fiscal resilience, financial sector development and investor engagement under Kuwait Vision 2035 were the focus of a recent high-level meeting between Noora Al Fassam, Minister of Finance and Minister of State for Economic Affairs and Investment, and senior representatives from Oxford Business Group (OBG), including Andrew Jeffreys, the Group's Chief Executive Officer, and Cristina Mirica, Country Director for Kuwait. The meeting provided an opportunity to discuss the Ministry's evolving mandate, with particular attention given to the implementation of the new Public Debt Law. The legislation establishes a KD 30 billion ceiling on sovereign borrowing across local and international markets, enhancing the capacity of the Central Bank of Kuwait and the Kuwait Investment Authority to manage debt sustainably. Discussions also highlighted the Ministry's progress in modernising Kuwait's mortgage framework to stimulate private sector lending and expand access to housing finance. Broader reforms in public financial management and fiscal governance were addressed as part of the Ministry's commitment to building a resilient and transparent economic environment. The Minister also underlined the importance of clear communication with stakeholders as reforms progress. 'By implementing robust public debt legislation and modernising the mortgage regime, we are taking decisive steps to strengthen fiscal resilience and support sustainable growth,' she said. 'It is essential that we convey these developments transparently to global investors and partners.' Andrew Jeffreys, CEO of Oxford Business Group, welcomed the dialogue and the opportunity to support the Ministry's objectives. 'Our discussion with Her Excellency and her team provided valuable insight into Kuwait's fiscal reform agenda,' he said. 'We look forward to exploring ways to help articulate the Ministry's progress and vision to the international business community.' The engagement forms part of OBG's research for The Report: Kuwait 2025, which will include in-depth analysis of Kuwait's economic trajectory, covering fiscal governance, debt management frameworks, financial sector innovation and public-private partnerships. About Oxford Business Group Oxford Business Group (OBG) is a global research and advisory company with a presence in over 30 countries, spanning Africa, the Middle East, Asia, and the Americas. It is recognised internationally as a distinctive and respected provider of on-the-ground intelligence on world's fastest-growing markets, termed The Yellow Slice, in reference to OBG's corporate colour. Through its range of products – Economic News and Views; OBG CEO Surveys; OBG Events and Conferences; Global Platform, which hosts exclusive video interviews; and The Report publications – as well as its Advisory division, OBG offers comprehensive and accurate analysis of macroeconomic and sector-level developments for sound investment opportunities and business decisions. OBG provides business intelligence to its subscribers through multiple platforms, including its direct subscribers, Dow Jones Factiva subscribers, the Bloomberg Professional Services subscribers, Refinitiv's (previously Thomson Reuters) Eikon subscribers, and more. For more information, please contact: Marc-André de Blois Director of PR and Video Content, Oxford Business Group E-mail: mdeblois@ 802 Publishing Pavilion, Production City PO Box 502 659 Me'aisem First Dubai UAE 6th Floor 105 Victoria Street London SW1E 6DT Register to receive our Economic Updates:
Observer
5 days ago
- Business
- Observer
Oman posts strong gains in food self-sufficiency
BLURB: Oman is leveraging technology and capital to enhance productivity across its 1.4 million hectares of agricultural land, reinforcing food security and economic resilience. MUSCAT, July 25: Oman's food self-reliance metrics improved significantly across major staples in 2024, buoyed by strong new inflows of investment in agriculture, fisheries and food processing activities. According to the Oman Investment Authority (OIA), a key government entity mandated to strengthen food security among other objectives, the GDP contribution of the agriculture, fisheries and forestry sectors grew by 9.8 per cent year-on-year, reaching RO 966.4 million in 2023. By the end of the first half of 2024, the figure stood at RO 529.5 million, underscoring the significant pace of growth in the country's broader food economy. Oman Food Capital, the new brand established following the merger of OIA subsidiaries Oman Food Investment Holding Company (Nitaj) and Fisheries Development Oman (FDO), currently oversees investments and assets valued at over RO 1 billion. Its portfolio spans the entire food value chain, including fisheries, aquaculture, poultry and red meat production, dairy, fruits and vegetables, animal feed, food processing, agri-tech and R&D, logistics and cold chain infrastructure and local farming. These investments, coupled with initiatives by the Ministry of Agriculture, Fisheries and Water Resources to stimulate sector-wide growth, have contributed to a significant uptick in food self-sufficiency ratios across key food categories. According to data compiled by Oxford Business Group on behalf of the OIA, Oman recorded notable shifts in its food self-reliance indicators in 2024 compared to the previous year. Fish remained the most self-sufficient food category, improving from 151 per cent in 2023 to 162 per cent in 2024, highlighting Oman's robust marine production and growing export potential. Fresh milk also saw a strong performance, rising from 88 per cent to 97 per cent signalling improvements in domestic dairy output and supply chain efficiency. Table eggs experienced a dramatic increase in self-sufficiency, jumping from 59 per cent in 2023 to 92 per cent in 2024, thanks to expanded poultry farming capacity and improved production practices. Fruit production more than doubled in performance, rising from 26 per cent to 57 per cent, indicating broader cultivation and improved seasonal yields. Red meat saw a modest increase from 44 per cent to 46 per cent, reflecting incremental gains in livestock production. Conversely, a few food categories saw declines. Vegetable self-sufficiency dropped from 77 per cent in 2023 to 60 per cent in 2024, while poultry experienced a modest decline from 61 per cent to 55 per cent. Nonetheless, Oman continues to strengthen its agricultural and food sectors through strategic investment. The Oxford Business Group report noted that the Sultanate of Oman is leveraging technology and capital to enhance productivity across its 1.4 million hectares of agricultural land, thereby reinforcing food security and economic resilience. 'By 2024, the country achieved self-sufficiency rates of 92 per cent in table eggs, 97 per cent in fresh milk and 162 per cent in fish production — reflecting considerable progress in fundamental segments', the report stated. The fisheries sector in particular has been described as a 'pillar of economic diversification', with production reaching 748,000 tonnes in 2022, valued at $1.2 billion. Exports rose by 23.7 per cent in the previous year to $362 million, positioning Oman as a global leader in sustainable aquaculture, the report added. In 2024, Oman launched 89 new investment projects in agriculture and fisheries, covering over 9 million square metres. These include 70 agricultural ventures, 10 livestock projects, seven water-related initiatives and two fisheries projects, all aimed at enhancing food security through modern scientific methods. The projects require a minimum 30 per cent Omani or GCC ownership, aligning with Oman's broader strategy to boost private sector participation and sustainable sectoral growth. By 2025, the sector aims to attract $1.2 billion in investment and generate 8,500 jobs. Notable initiatives include integrated aquaculture farms and artisanal fishery projects, supported by Oman's strategic geographic location and robust logistics infrastructure — further reinforcing the Sultanate of Oman's emerging role as a regional food distribution hub, the report concluded.
Zawya
7 days ago
- Business
- Zawya
Future Fund Oman approves projects worth $2.5bln
Future Fund Oman (FFO) has demonstrated positive performance during its first year of operations, having approved 44 projects with a total project value of approximately RO 1.2 billion. FFO's contribution to these projects amounted to RO 333 million, while foreign capital contributions reached RO 885 million. This reflects growing international confidence in Oman's investment environment, according to a report by the Oxford Business Group (OBG) covering FFO's performance in 2024. The report highlighted the Fund's pivotal role in stimulating economic diversification and expanding the investment base in line with Oman Vision 2040. The report noted that Oman Investment Authority (OIA) established FFO with a capital of RO 2 billion, to be allocated over five years, as a key instrument to support sustainable growth and enhance the resilience of the national economy. The Fund operates within a comprehensive strategic framework designed to stimulate investment in promising high-potential sectors such as industry, renewable energy, ICT, agriculture, fisheries, and tourism, alongside emerging fields such as e-commerce, fintech, and electric vehicles. The report also emphasized that FFO's role goes beyond providing capital; it aims to empower SMEs, support venture capital firms, and foster an innovation ecosystem. This aligns with the Fund's structure, which allocates 90% of its capital to major national projects, while 10% is dedicated to supporting SMEs and venture-backed startups. Through this strategic capital distribution, the Fund complements the National Development Fund (NDF) and the Future Generation Fund (FGF), working together towards realizing Oman's Vision 2040. The report praised the recent legal and regulatory improvements in Oman aimed at attracting foreign investment and diversifying income sources. These reforms include the introduction of a new law allowing 100% foreign ownership in most sectors, the launch of the 'Invest in Oman' platform as a unified digital gateway to streamline licensing procedures, and the update of the list of activities prohibited for foreign ownership, now reduced to only 123 activities. Other initiatives include the implementation of the privatization law, which enabled transferring government assets to the private sector and international investors through IPOs. As a result of these improvements and OIA's efforts, FFO has been able to contribute significantly to the national economy through quality projects approved during its first year. These projects include investment funds, major national projects, and initiatives supporting SMEs and startups. The report highlighted the Fund's collaboration with Chinese partners to launch two investment funds. The first, the 'IDG Oman Fund', was launched in partnership with 'IDG Capital' to invest its entire capital of USD 200 million within Oman, targeting ICT, renewable energy, and electric vehicles. The fund focuses on attracting foreign direct investment and supporting the growth of advanced industries and clean technologies, marking a strategic step towards building an advanced industrial base in the Sultanate of Oman. In addition, FFO partnered with the Chinese firm 'EW Partners', which focuses on investments in the Middle East and North Africa, developing an investment platform that connects leading Chinese companies with expansion opportunities in the GCC. The partnership resulted in the establishment of the 'EWTP Oman Fund' with a capital of USD 250 million, aiming to invest the entire amount within Oman in sectors such as ICT, renewable energy, tourism, and agriculture. This fund's importance lies in its focus on attracting leading Chinese industrial companies to establish their regional operations in Oman, creating local job opportunities, and strengthening supply chain capabilities, which aligns with the OIA's 'Oman Angle' philosophy. In addition to creating investment funds, FFO has undertaken a crucial role in supporting major national projects such as the United Solar Polysilicon Plant in Sohar Free Zone. This project is the largest of its kind outside China, with a production capacity of 100,000 tons of polysilicon. Abdulsalam al Murshidi, President of OIA, highlighted the project's added value in his interview with OBG, saying: 'FFO has successfully established a value chain in Oman by investing in the United Solar Polysilicon plant in Sohar, reinforcing Oman's position as an influential player in the renewable energy sector.' According to the report, this project is expected to enable Oman to capture 4.4% of the global polysilicon market, estimated at USD 37.3 billion. The report also noted FFO's support for SMEs and startups, having approved several related projects, including Q-Pay, Oman's first certified 'Buy Now, Pay Later' provider; Bima, a digital insurance services platform; and the SERB Project for managing drone traffic. Furthermore, the report detailed the FFO's five-year strategic vision (2024–2028) and its expected economic impact. Projects approved by FFO in 2024 alone are anticipated to create over 1,600 direct jobs, diversify the economy to reduce reliance on oil and gas, empower entrepreneurial ventures, and foster innovation. These objectives align with the pillars of Oman Vision 2040, which aims to build a productive and diversified economy led by the private sector, support sustainable development through clean energy and green industries, create jobs, develop local talent, and transfer knowledge to Omani workers while strengthening local and international partnerships in renewable energy and advanced technologies. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Zawya
7 days ago
- Business
- Zawya
Non-bank financing spurs Oman's private sector growth
MUSCAT: The alternative financing sector is gaining traction in Oman, emerging as a key catalyst for private sector development, according to Olivier Karno, Global Editor-in-Chief at Oxford Business Group. In a televised interview with CNBC Arabia, Karno emphasised the increasing role of non-bank financial solutions, 'In addition to traditional bank loans and credit facilities, the main sources [of funding] are linked to an increase in finance and leasing from the non-banking sector,' he shared. 'This area is essential because it frees up cash and allows companies to reduce the direct cost of obtaining credit and financing. So, if you're in an industry that needs capital — for example, in mining, where the equipment needed to start operations is expensive — instead of turning to traditional lenders, using finance and leasing becomes a flexible and essential solution. It requires a lower volume of initial capital.' Karno noted that these solutions are valuable especially for start-ups and SMES, which often face barriers to accessing traditional financing, 'This is critical for start-ups and for small and medium-sized enterprises, especially in line with Oman Vision 2040. These companies can now access new types and forms of financing.' According to the analyst, alternative financing not only aligns with Oman's economic transformation, but also represents an emerging sector of finance. 'What's important about this sector is that it not only aligns with the growth recorded in Oman in terms of strategy, industrialisation, renewable energy and technology, but also because it represents a fast-changing, dynamic and emerging area of finance. Without a doubt, this is essential for the growth of the private sector, and also for overall economic growth in the Sultanate of Oman.' 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Observer
23-07-2025
- Business
- Observer
Non-bank financing spurs Oman's private sector growth
MUSCAT: The alternative financing sector is gaining traction in Oman, emerging as a key catalyst for private sector development, according to Olivier Karno, Global Editor-in-Chief at Oxford Business Group. In a televised interview with CNBC Arabia, Karno emphasised the increasing role of non-bank financial solutions, 'In addition to traditional bank loans and credit facilities, the main sources [of funding] are linked to an increase in finance and leasing from the non-banking sector,' he shared. 'This area is essential because it frees up cash and allows companies to reduce the direct cost of obtaining credit and financing. So, if you're in an industry that needs capital — for example, in mining, where the equipment needed to start operations is expensive — instead of turning to traditional lenders, using finance and leasing becomes a flexible and essential solution. It requires a lower volume of initial capital.' Karno noted that these solutions are valuable especially for start-ups and SMES, which often face barriers to accessing traditional financing, 'This is critical for start-ups and for small and medium-sized enterprises, especially in line with Oman Vision 2040. These companies can now access new types and forms of financing.' According to the analyst, alternative financing not only aligns with Oman's economic transformation, but also represents an emerging sector of finance. 'What's important about this sector is that it not only aligns with the growth recorded in Oman in terms of strategy, industrialisation, renewable energy and technology, but also because it represents a fast-changing, dynamic and emerging area of finance. Without a doubt, this is essential for the growth of the private sector, and also for overall economic growth in the Sultanate of Oman.'
