Latest news with #QaisAlYousef
Zawya
07-07-2025
- Business
- Zawya
Oman, Saudi launch 2nd phase of industrial integration initiatives
Muscat – The Sultanate of Oman and the Kingdom of Saudi Arabia launched the second phase of industrial integration initiatives on Saturday in Riyadh, as part of the Economic, Trade, and Industry Committee under the Omani-Saudi Coordination Council. This new phase features a set of strategic initiatives aimed at deepening industrial cooperation between the two nations. Key among them is the inclusion of Omani products in Saudi Arabia's list of approved industrial capabilities and the application of national origin rules to ensure equal treatment for Omani and Saudi companies in government tenders and procurement. H E Qais bin Mohammed al Yousef, Minister of Commerce, Industry, and Investment Promotion, highlighted that the launch of the second phase and the signing of bilateral agreements reflect the shared commitment of Oman and Saudi Arabia to advancing industrial cooperation. He stressed that the initiatives align with the visions of the leaderships in both countries, aiming to build strategic partnerships rooted in integration and reciprocity. These efforts are expected to boost local value-added production, widen the industrial base, stimulate trade and investment, and foster a competitive business environment that supports private sector growth. The launch ceremony was held under the patronage of H E Yousef and H E Bandar bin Ibrahim al Khorayef, Saudi Minister of Industry and Mineral Resources. The event was attended by H E Najib bin Hilal al Busaidi, Oman's Ambassador to Saudi Arabia and Permanent Representative to the Organization of Islamic Cooperation and the Digital Cooperation Organization, alongside other officials from both countries. The ceremony featured a visual presentation outlining current joint industrial initiatives and expansion plans across priority sectors. Future initiatives focused on bolstering industrial cooperation, scaling up investments, and supporting supply and manufacturing chains were also discussed. During the visit, H E Yousef met with HRH Prince Sultan bin Khalid al Saud, CEO of the Saudi Industrial Development Fund. The meeting explored avenues for financing joint industrial projects, exchanging expertise, and supporting the development of industrial zones and related infrastructure. The launch marks a significant step in advancing industrial integration between Oman and Saudi Arabia. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
Times of Oman
05-07-2025
- Business
- Times of Oman
Oman and Saudi Arabia launch Phase II of industrial integration
Riyadh: The second stage of the industrial integration initiatives between the Sultanate of Oman and the Kingdom of Saudi Arabia kicked off on Saturday within the activities of the Economy, Trade and Industry Committee of the Oman-Saudi Coordination Council. The launch ceremony was organised under the patronage of Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion and Bandar bin Ibrahim bin Abdullah Al Khorayef, Minister of Industry and Mineral Resources in the Kingdom of Saudi Arabia, in the presence of Sayyid Najib bin Hilal bin Saud Al Busaidi , the Sultanate of Oman's Ambassador to Saudi Arabia, its Permanent Representative to the Organisation of Islamic Cooperation and a number of officials from the two sides. The ceremony included a virtual presentation on the key industrial initiatives between the Sultanate of Oman and the Kingdom of Saudi Arabia in priority sectors. The ceremony also discussed a number of future initiatives aimed at boosting industrial cooperation, expansion of the mutual investments and the support of the supply chains and manufacturing between the two countries. During the visit, Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion met with Prince Sultan bin Khalid Al Saud, CEO of the Saudi Industrial Development Fund. The meeting discussed the finance and financial support for the joint industrial projects. The meeting also discussed ways of exchange of expertise in the fields of industrial estates and finance of basic structure supportive to the industrial sector. The second stage of the industrial integration initiatives included incorporating the Sultanate's products in the list of the industrial potentials approved in the KSA and implementation of the rules of the national source of origin as to ensure equal treatment between the Omani and Saudi companies in government tenders and purchases. Qais Al Yousef reaffirmed that the launch of the second stage of the industrial integration initiatives and the signing of the bilateral agreements stress the joint interest of the Sultanate of Oman and the Kingdom of Saudi Arabia for boosting the economic cooperation and industrial integration between the two countries. Qais Al Yousef met with Dr. Fahad bin Ibrahim Al Shathri, CEO of the Saudi General Authority of Competition. The two sides discussed ways of technical and legislative cooperation and exchange of information on issues of competition and coordinating efforts for following with the cross- border harmful monopoly practices. The event also saw the signing of a memorandum of understanding between the Ministry of Commerce, Industry and Investment Promotion and the General Authority of Competition on protection of competition and prevention of harmful monopoly practices. The Minister of Commerce, Industry and Investment Promotion also met with Ibrahim bin Yousef Al Mubarak, Assistant Minister of Investment of the Kingdom of Saudi Arabia. The meeting reviewed mutual investment opportunities in both countriesand the initiatives aimed at enhancement of the investment environment in the industrial and commerce sectors. The minister also met with a number of representatives of the Saudi private sector. The meetings reviewed the investment opportunities in the services, manufacturing and retail sectors besides exploring the opportunities of expansion in the regional markets through strategic partnerships between the private sectors in both the countries.
Asharq Al-Awsat
04-07-2025
- Business
- Asharq Al-Awsat
Saudi Industry Minister Launches Second Phase of Saudi-Omani Industrial Integration
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef and Omani Minister of Commerce, Industry and Investment Promotion Qais bin Mohammed Al Yousef launched the second phase of industrial integration between Saudi Arabia and Oman, reported the Saudi Press Agency on Thursday. The announcement was made as the ministers co-chaired a joint meeting at the ministry's headquarters in Riyadh. The second phase of industrial integration focuses on boosting direct trade, supporting integration in value chains, and stimulating qualitative industrial investments. Objectives also include treating local products as national products in government procurements and facilitating procedures for exporters and investors. The meeting reviewed the achievements of the first phase of industrial integration, which included several initiatives such as the Future Factories Program, an initiative aimed at transforming factories from reliance on labor-intensive processes to adopting advanced industrial solutions and boosting integration in supply chains. It also discussed exchanging knowledge across various industrial sectors, as well as building national strategies and sharing industrial information.
Zawya
30-06-2025
- Business
- Zawya
Oman reports surge in industrial sector
Oman's non-oil industries recorded the highest growth within the economic diversification sectors through the current five-year development plan thanks to incentives to industrial projects, an Omani Minister says. But the sector's contribution to the gross domestic product (GDP) remains dwarfed by the hydrocarbon sector, which accounts for over a third of GDP and provides more than 70 percent of the national income. Addressing parliament last week, Minister of Commerce, Industry and Investment Promotion Qais Al-Yousef said the non-oil industrial sector surged by 8.6 percent to peak at around 3.6 billion Omani rials ($9.4 billion) in 2024, accounting for 10 percent of GDP. The sector recorded an average annual growth of around seven percent through the 2021-2025 plan, Oman's 10th development blueprint. The Minister's figures showed industrial exports also swelled to one of their highest levels of around OMR6.2 billion ($16 billion) last year and the sector attracted around OMR2.5 billion ($6.5 billion) in foreign direct investment. 'Growth in the industrial sector was the highest among diversification was achieved as a result of facilities and incentives introduced in this sector…we aim for seven percent growth annually during the 2040 industrial strategy to lift the sector's contribution to GDP to OMR11.6 billion ($30 billion),' Al-Yousef said. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Zawya
26-06-2025
- Business
- Zawya
Oman: Manufacturing sector contributes $10bln to national economy
Muscat – The manufacturing sector recorded an annual growth rate of 14.2% with its contribution to the national economy rising to RO4.149bn in 2024 from RO2.438bn in 2020, H E Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, stated to Majlis A'Shura on Wednesday. Presenting the ministry's progress report, H E Yousef said the growth reflects outcomes of the 10th Five-Year Plan (2021-2025) which is focused on economic diversification and industrial development. The plan prioritises foreign investment, industrial innovation and infrastructure support. He cited strategic infrastructure upgrades, improved investor services and targeted financing programmes as key enablers. The manufacturing sector continued to lead economic growth with key expansions in the food, chemical, mining and medical industries. Registered industrial establishments grew from 180 in 2020 to 243 in 2024, an average annual increase of 7.7%. Thirty-two major industrial projects worth over RO878mn were licensed during this period, in line with the government's goal to raise the sector's contribution to RO11.648bn by 2040. The broader trade sector expanded from RO2.627bn in 2020 to RO3.392bn in 2024, growing at an annual rate of 6.6%. Real estate and professional services rose to RO2.277bn from RO1.951bn, showing an annual growth of 3.9%. Foreign direct investment doubled reaching RO30.042bn in 2024 from RO14.261bn in 2018, with a compound annual growth rate of 15.4%. Investment was concentrated in the energy, mining, chemicals and logistics sectors. Fee reductions, licensing simplifications and upgraded infrastructure played a major role in attracting investors. The Invest in Oman digital platform expanded to offer 68 electronic services, helping streamline licensing and registration. Foreign investor registration fee was cut to RO150 annually, and several fees were waived off to promote entrepreneurship. By 2024, Oman had more than 872,000 commercial registrations. Efforts to enhance exports included the launch of the National Export Development Strategy, 98 targeted marketing studies and the 'Made in Oman' platform to promote local products. Support was extended to 52 companies participating in overseas exhibitions. In e-commerce, the number of registered online stores grew by 236.4% between 2020 and 2024. Intellectual property also saw improvements. Trademark registrations rose to 487 in 2024 from 412 in 2020, and patent applications increased from 35 to 96. A national IP strategy was launched to support innovation and foster the creative economy. The ministry also introduced legislation to regulate social media marketing, commercial naming, e-commerce, exhibitions and fair competition. Programmes like 'Own It', 'Localisation' and 'Made in Oman' were launched in partnership with Ministry of Housing and Urban Planning to deepen local content and support SMEs. Despite the gains, the minister acknowledged challenges including weak local supply chains, dependence on imports and productivity gaps. Moving forward, H E Yousef said Oman will prioritise industrial innovation, research and adoption of Industry 4.0 technologies, focusing on high-potential sectors such as food, pharmaceuticals, chemicals and minerals to meet Oman Vision 2040 targets. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
