Latest news with #QaisbinMohammedAl-Yousef
Arab News
27-04-2025
- Business
- Arab News
Oman projects 3.4% economic growth for 2025, outpacing global peers
JEDDAH: Oman expects its economy to grow by 3.4 percent in 2025, surpassing the performance of many global peers, a senior official announced at the Sultanate's first International Investment Forum in Muscat. Speaking at the Advantage Oman Forum on April 27 at the St. Regis Al-Mouj Muscat Resort, Minister of Commerce, Industry and Investment Promotion Qais bin Mohammed Al-Yousef emphasized the event's significance. He stated that the anticipated growth "reflects the resilience of Oman's economy and the confidence it has earned in global markets," according to the Oman News Agency. Al-Yousef highlighted the increasing momentum across Oman's economic and investment sectors. 'Foreign direct investment in Oman surged by 16.2 percent in the third quarter of 2024 compared to the same period in 2023. Moreover, Oman's credit rating has been upgraded to 'BBB-' with a stable outlook by S&P Global Ratings,' he added, as per ONA. According to the Gulf state's Foreign Ministry, the gross domestic product at constant prices grew by 1.9 percent by the end of the third quarter of 2024, reaching 28.15 billion Omani rials ($73.2 billion) at market prices, compared to 27.63 billion rials in the same period the previous year. Preliminary data released by the National Centre for Statistics and Information in December showed that the value added by oil activities fell by 2.8 percent, totaling 8.88 billion rials by the end of the third quarter of 2024, down from 9.13 billion rials a year earlier. Oil activities accounted for 31.6 percent of GDP. Al-Yousef also pointed to Oman's monetary strength, saying: 'The Omani rial is ranked the third strongest currency in the world in 2025. These developments underscore Oman's strong economic fundamentals and our potential for impact-oriented investors.' Describing the forum as a "strategic platform," he noted it gathered leading figures from across a range of industries and emphasized that Oman's growth is bolstered by positive international indicators. The two-day forum was inaugurated by Sayyid Shihab bin Tariq Al-Said, Deputy Prime Minister for Defense Affairs. Organized by the Ministry of Commerce, Industry and Investment Promotion, the event attracted more than 250 officials, decision-makers, and investors from regional and international markets, underscoring Oman's emergence as an investment destination. The first day of the conference featured five key sessions. The opening session, titled 'The Shape of Things to Come,' examined megatrends expected to reshape the future of business and governance, with speakers stressing the importance of innovation and sustainability as competitive advantages. The second session, 'Risky Business,' discussed strategies to promote a culture of calculated risk-taking, psychological safety, and advanced risk assessment frameworks. In the third session, 'A Defining Moment,' speakers addressed corporate responsibility in tackling climate change and biodiversity loss, advocating for the adoption of circular economies and green technologies, while emphasizing the critical role of public-private partnerships. The fourth session, 'Beyond the Comfort of Certainty,' focused on balancing risk and reward in navigating uncertainty for organizational success. The final session, 'Have You Heard the One About?' explored how leaders can use purposeful storytelling to reposition countries globally, attract strategic tourism and investment, and build soft power through culture, identity, and vision. During the forum, Al-Said toured the accompanying exhibition, which showcased the participation of government entities and private sector organizations. The second day of the event is set to feature panel discussions with key decision-makers, open forums for investor engagement, the signing of new investment agreements, and specialized roundtables addressing sectors such as tourism, logistics, mining, food security, renewable energy, and information technology, according to ONA.
Saba Yemen
23-04-2025
- Business
- Saba Yemen
Omani Minister of Commerce: Omani-Russian relations witness qualitative leap
Muscat - Saba: Qais bin Mohammed Al-Yousef, Omani Minister of Commerce, Industry and Investment Promotion, said that the visit of Sultan Haitham bin Tariq of Oman to the Russian Federation confirms the importance of bilateral relations between the two friendly countries. In a statement to the Oman News Agency, Al-Yousef stressed that relations between the two countries have witnessed remarkable development over the years, reflected in the growth in the volume of cooperation and its diverse fields. This embodies the desire of the two friendly countries to strengthen the bonds of partnership and expand its scope to include more diverse and innovative horizons. Whatsapp Telegram Email Print
Zawya
18-04-2025
- Business
- Zawya
Oman records nearly 14% rise in commercial registrations in 2024
Muscat: The Ministry of Commerce, Industry, and Investment Promotion (MoCIIP) has revealed during its annual media briefing in Muscat that the cumulative number of commercial registrations in Oman increased by 13.96% in 2024, reaching 441,773 compared to 2023. The ministry highlighted a 3.6% growth in the contribution of domestic trade to Oman's GDP in 2024, amounting to over 19 billion OMR. Service activities accounted for 46.5% of the GDP. Additionally, foreign direct investments exceeded 30 billion OMR by the end of 2024, marking an increase of 4.58 billion OMR compared to the previous year. Investments in the manufacturing sector reached over 2.4 billion OMR. Oman's total trade volume with global markets exceeded 40.9 billion OMR in 2024, with commodity exports reaching 24.2 billion OMR. The ministry continues to enhance its presence in regional and global markets, focusing on GCC countries, East Asia, Africa, the Indian subcontinent, the USA, Europe, and China to promote economic diversification. In 2024, the ministry implemented 41 initiatives, completing 29, and plans to carry out 15 initiatives in 2025 across trade, industry, investment services, competition protection, and standardization sectors. Through Oman Business Platform, 827,129 transactions were processed in 2024, a 15.1% increase compared to 2023, alongside over one million automatic licenses issued since April 2021. Requests for trademarks, patents, copyrights, and industrial designs totaled 12,675 in 2024. The Sanad Service Centers completed over 1.2 million electronic transactions via 913 centers. The ministry continues to implement specialized programs targeting sectors such as wholesale and retail, construction, and manufacturing, in collaboration with the National Employment Program, Ministry of Labour, and local companies. Oman employed 18,437 citizens in these sectors in the second half of 2024. The Invest in Oman platform showcased 68 investment opportunities and processed 90 projects, with 40 valued over 1 billion OMR localized. By February 2025, Oman had issued Investor Residency Program cards to 3,407 investors from over 60 countries. The ministry also launched initiatives to improve trust in conformity assessment outputs and adopted over 1,000 new standards to boost product competitiveness internationally. Efforts to combat concealed trade were advanced alongside "Oman Exports," which connects local companies to global markets and promotes non-oil exports. During the briefing, the ministry unveiled the 'Najd Agricultural Area Guide' to attract investment in food security, 'Ishrak Window' for investor participation in reviewing regulations, and 'Tijara Channel' for enhanced public engagement. It also announced the first "Advantage Oman Forum" on April 27-28 to explore investment prospects globally and locally. The event was attended by officials including Minister of Commerce, Industry, and Investment Promotion Qais bin Mohammed Al-Yousef and other high-ranking representatives. © Muscat Media Group Provided by SyndiGate Media Inc. ( Times of Oman
Times of Oman
18-04-2025
- Business
- Times of Oman
Oman records nearly 14% rise in commercial registrations in 2024
Muscat: The Ministry of Commerce, Industry, and Investment Promotion (MoCIIP) has revealed during its annual media briefing in Muscat that the cumulative number of commercial registrations in Oman increased by 13.96% in 2024, reaching 441,773 compared to 2023. The ministry highlighted a 3.6% growth in the contribution of domestic trade to Oman's GDP in 2024, amounting to over 19 billion OMR. Service activities accounted for 46.5% of the GDP. Additionally, foreign direct investments exceeded 30 billion OMR by the end of 2024, marking an increase of 4.58 billion OMR compared to the previous year. Investments in the manufacturing sector reached over 2.4 billion OMR. Oman's total trade volume with global markets exceeded 40.9 billion OMR in 2024, with commodity exports reaching 24.2 billion OMR. The ministry continues to enhance its presence in regional and global markets, focusing on GCC countries, East Asia, Africa, the Indian subcontinent, the USA, Europe, and China to promote economic diversification. In 2024, the ministry implemented 41 initiatives, completing 29, and plans to carry out 15 initiatives in 2025 across trade, industry, investment services, competition protection, and standardization sectors. Through Oman Business Platform, 827,129 transactions were processed in 2024, a 15.1% increase compared to 2023, alongside over one million automatic licenses issued since April 2021. Requests for trademarks, patents, copyrights, and industrial designs totaled 12,675 in 2024. The Sanad Service Centers completed over 1.2 million electronic transactions via 913 centers. The ministry continues to implement specialized programs targeting sectors such as wholesale and retail, construction, and manufacturing, in collaboration with the National Employment Program, Ministry of Labour, and local companies. Oman employed 18,437 citizens in these sectors in the second half of 2024. The Invest in Oman platform showcased 68 investment opportunities and processed 90 projects, with 40 valued over 1 billion OMR localized. By February 2025, Oman had issued Investor Residency Program cards to 3,407 investors from over 60 countries. The ministry also launched initiatives to improve trust in conformity assessment outputs and adopted over 1,000 new standards to boost product competitiveness internationally. Efforts to combat concealed trade were advanced alongside "Oman Exports," which connects local companies to global markets and promotes non-oil exports. During the briefing, the ministry unveiled the 'Najd Agricultural Area Guide' to attract investment in food security, 'Ishrak Window' for investor participation in reviewing regulations, and 'Tijara Channel' for enhanced public engagement. It also announced the first "Advantage Oman Forum" on April 27-28 to explore investment prospects globally and locally. The event was attended by officials including Minister of Commerce, Industry, and Investment Promotion Qais bin Mohammed Al-Yousef and other high-ranking representatives.
Zawya
03-03-2025
- Business
- Zawya
Oman attracts $68bln in foreign direct investment
Muscat: The volume of total foreign direct investment (FDI) in Oman witnessed a 17.6% increase over the past five years bringing the cumulative value of FDI reaching OMR26.677 billion by end of the third quarter of 2024. This rapid growth reflects Oman's success in enhancing its position as a global investment hub, supported by strategic initiatives, an attractive investment environment and advanced infrastructure. Qais bin Mohammed Al-Yousef, Minister of Commerce, Industry, and Investment Promotion (MoCIIP), said that the directives to develop the investment environment have been a strong impetus for building a promising economic future, supported by clear and integrated strategies. He noted that the positive indicators in the investment sector demonstrate the success of Oman's policies and initiatives in providing a comprehensive climate for attracting investment projects. He further said that the measures taken to complete the setting up of the Investment and Trade Court reflect the government's commitment to providing a stable legal environment that encourages foreign investments. The ministry is committed to offering the necessary facilities and competitive incentives to make it easier for investors to conduct business in a dynamic environment. He pointed out that developing the investment and business environment is a top priority for driving sustainable development, and the ministry is working on implementing various initiatives to diversify the national economy and create job opportunities across different sectors. Ibtisam bint Ahmed Al-Faroojiyah, Undersecretary of the Ministry of Commerce, Industry, and Investment Promotion for Investment Promotion, said that the ministry is reviewing investment policies, laws, and incentives, and working on promoting foreign investment through local, regional, and international promotional activities, exhibitions, and important investment forums, as well as marketing campaigns to attract investors. She added that investment opportunities are being framed and enhanced with feasibility studies and then made available to investors to boost investment in targeted sectors and to further accelerate the pace of attracting more foreign investments into Oman. This helps in economic diversification and helps to increase the share of non-oil revenues in the gross domestice product (GDP) thereby positively reflecting investor confidence and enhancing Oman's competitive indicators. The government, represented by the Ministry of Commerce, Industry, and Investment Promotion and other investment authorities, is currently focusing on several key sectors derived from Oman Vision 2040. These sectors include transport and logistics, renewable energy, information technology (IT), food security, tourism, mining, and industries, in addition to supporting and complementary sectors such as the circular economy, health, and education. Statistics from the National Centre for Statistics and Information (NCSI) show that the United Kingdom emerged as the largest foreign investor, contributing investments valued at OMR13.66 billion, followed by the United States at OMR 5.25 billion, the United Arab Emirates at OMR 836.5 million, Kuwait at OMR 833.5 million, China at OMR 817.8 million and Switzerland at OMR 551.9 million, until the end of third quarter of 2024. Qatar's investments in Oman reached OMR488.3 million by the end of the third quarter of last year, Bahrain's investments reached OMR375.7 million, and investments from the Netherlands and India were approximately OMR359.1 million and OMR286.1 million, respectively. Al-Faroojiyah further said that these statistics show that the manufacturing sector received FDI valued OMR2.13 billion, financial intermediaries OMR1.36 billion and real estate activities OMR969.1 million. She explained that the Ministry of Commerce, Industry, and Investment Promotion has governed investment opportunities within the 'Invest in Oman' platform, publishing 20 investment opportunities in tourism, real estate development, aviation, logistics, and industry sectors. Industrial land for investment opportunities in the manufacturing sector has been allocated in cooperation with the Public Establishment for Industrial Estates (Madayn), with investors showing interest in lands in the industrial cities of Rusayl, Sohar, and Samail. The ministry has promoted Oman internationally in 21 events last year, received delegations from 23 countries, organised 8 local promotional events, and targeted 6 G20 countries and 4 markets in collaboration with the Oman Chamber of Commerce and Industry (OCCI). These efforts aim to attract various sectors and increase the value of foreign investment. Eng. Nasser bin Khalifa Al-Kindi, CEO of Invest in Oman, said that the 'Invest in Oman' brings together various government institutions to facilitate the investor journey and attract high-capital investors to strategic priority sectors. It serves as a digital window to promote Oman's investment environment and inform investors about available opportunities through a clear map. He added that the number of investment projects being processed reached 59 projects worth OMR3.2 billion, of which 29 projects worth OMR1.2 billion have been localised. India, China, and Egypt topped the list of investing countries in terms of the number of investors, with the industry sector leading the investment sectors, followed by renewable energy and health. © Muscat Media Group Provided by SyndiGate Media Inc. (
