Latest news with #QaisbinMohammedalYousef
Observer
2 days ago
- Business
- Observer
Oman opens first copper waste recycling plant
Oman has inaugurated its first industrial plant dedicated to converting legacy copper mining waste into high-purity copper using renewable energy and eco-friendly technologies — a major step toward green industrialisation and sustainable resource management in line with Oman Vision 2040 goals. Located in the Wilayat of Suhar, the plant was officially opened on Monday under the auspices of Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion. The launch was attended by ministers, senior officials and business leaders from across Oman's public and private sectors. Developed by Green Tech Mining and Services, the project is the first of its kind in the country. It was made possible through a strategic partnership between Oman Mining Company and Austria-based BPG Group, with support from the Ministry of Commerce, Industry and Investment Promotion. Total investment exceeds RO 41 million. The initiative aims to turn environmental liabilities into economic value by reprocessing waste from historical copper mining operations. The first production phase is scheduled to begin in June 2025 with an output capacity of 60 tonnes of copper cathodes per year. By December 2026, capacity is expected to scale to 12,000 tonnes annually — significantly enhancing Oman's footprint in the regional green mining sector. Dr Saleh bin Said Masan, Under-Secretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, described the project as a 'qualitative leap' in Oman's industrial trajectory. 'This plant integrates environmental sustainability with economic diversification and industrial localisation. It reflects our commitment to innovation-led development and cleaner industrial practices.' The project also supports the Oman Industrial Strategy 2040 by boosting value-added production, attracting high-tech investments and localising industries that harness the country's natural resources. Copper cathodes produced at the facility will be classified as sustainably recycled metal — a key asset in global decarbonisation supply chains. Khalid bin Salim al Qasabi, Director-General of Industry at the ministry, said the plant represents a practical embodiment of the ministry's push to enable advanced industrial projects. 'We worked to ensure streamlined procedures and robust technical standards to bring this facility online. It's a model of regulatory coordination and sustainable investment.' Ernst Grissemann, CEO of BPG Group, highlighted the long-term vision behind the project, which began in 2018. 'The use of renewable energy and the plant's zero-waste approach underlines our dedication to the responsible industry. This facility positions Oman as a regional hub for green transformation in the mining sector.' As Oman seeks to elevate its industrial competitiveness, reduce environmental impact, and create new value chains from existing resources, this project offers a blueprint for scalable, environmentally responsible industrial growth — reinforcing the Sultanate's position in the global transition to sustainable development.
Observer
25-05-2025
- Business
- Observer
Oman, Qatar explore stronger trade and investment ties
MUSCAT: Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, received Dr Ahmed bin Mohammed al Sayed, Minister of State for Foreign Trade Affairs of the State of Qatar, at the 'Invest in Oman' Lounge on Sunday to discuss boosting trade and investment relations between the two nations. The meeting focused on strengthening bilateral economic cooperation and unlocking new opportunities in trade and investment to advance shared development goals. The Qatari delegation was briefed on Oman's investment landscape through a series of visual presentations highlighting the Ministry's responsibilities, the "Invest in Oman" platform, strategic partnerships, and available opportunities from the Ministry of Housing and Urban Planning. The visitors also toured the 'Invest in Oman' lounge, which serves as a one-stop investment facilitation center offering streamlined services to both local and international investors. A key part of the discussions included Oman's investment incentives, the Investor Residency Programme, and advantages within the Sultanate's special economic and free zones—areas that play a vital role in attracting foreign capital. The meeting was attended by Dr Saleh bin Saeed Masan, Under-Secretary for Commerce and Industry at the Ministry of Commerce, Industry and Investment Promotion; Ibtisam bint Ahmed al Faroojiya, Under-Secretary for Investment at the Ministry of Commerce, Industry and Investment Promotion; Shaikh Jassim bin Abdulrahman al Thani, Ambassador of Qatar to Oman; and other officials from both sides. — ONA
Observer
15-05-2025
- Business
- Observer
Oman, Saudi to strengthen commercial cooperation
MUSCAT: Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, received an official delegation from the Kingdom of Saudi Arabia led by Eng Al Badr Adel Fouda, Deputy Minister for Industrial Development at the Ministry of Industry and Mineral Resources and Albara Alaskandarani, Deputy Minister of International Economic Affairs at the Ministry of Economy and Planning. The meeting emphasised the depth of economic relations between the two countries and the importance of enhancing joint cooperation in industrial, commercial and investment fields, in line with the national visions of both Oman and Saudi Arabia. Priority initiatives were reviewed, with a focus on continued institutional coordination to achieve industrial and commercial integration and strengthen the shared investment environment. Dr Saleh bin Said Masan, Under-Secretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, also held an official meeting with the Saudi side. Discussions centred on enhancing industrial cooperation and economic integration, exploring strategic areas to expand collaboration, and developing partnerships between the public and private sectors in both countries. The meeting highlighted promising opportunities in supply chains and manufacturing, initiatives to integrate Omani and Saudi industrial systems, and cooperation in value-added industries. Challenges related to the flow of goods and services were addressed, with emphasis on joint efforts to innovate new initiatives that enhance regional competitiveness and support sustainable development. This meeting builds on ongoing efforts to strengthen economic partnership between Oman and Saudi Arabia, aiming to build an integrated regional economy that aligns with global transformations and fosters shared prosperity. A number of officials from both sides attended the meeting. - ONA
Observer
03-05-2025
- Business
- Observer
Oman's strategic vision drives diversification and global investment appeal
MUSCAT: The Sultanate of Oman is making confident strides toward a comprehensive economic transformation, guided by Oman Vision 2040—its national roadmap to diversify the economy, attract foreign investments, enhance governance, and promote sustainability. A recent Oxford Business Group (OBG) report highlights the tangible progress being made across key sectors, positioning Oman as a rising regional and global economic force. Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, emphasized that Oman's investment strategy is built on modernizing the business environment, developing human capital, fostering innovation, and accelerating digital transformation. These pillars are the foundation of 'Renaissance 2.0,' Oman's bold economic transformation plan targeting emerging sectors such as manufacturing, logistics, mining, tourism, agriculture, fisheries, and renewable energy. Al Yousef also underscored Oman's strategic geographic advantage—serving as a trade gateway between Asia and Africa—supported by modern infrastructure, including efficient ports, highways, and industrial zones. According to World Bank reports, Oman leads the GCC in terms of fast-tracking import-export procedures, reducing shipping times by up to 40 per cent compared to regional peers. Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion. Innovation is driving this transformation. Oman is advancing major initiatives such as green hydrogen production in Duqm, precision agriculture in Najd, AI-powered logistics, and smart tourism platforms—all hallmarks of its shift toward a diversified, knowledge-based economy. Ibtisam bint Ahmed al Farooji, Under-Secretary for Investment Promotion, noted that Oman is increasingly attractive to foreign investors. Ranked fourth globally for foreign direct investment (FDI) appeal in 2023, Oman's FDI inflows grew by 19.3 per cent between Q1 2023 and Q1 2024. Key investment partners include China—with RO 1.4 billion invested in 2023—alongside India, Japan, South Korea, and Denmark, which is partnering with Oman on the $6 billion Amnah Green Hydrogen project. Oman's economic diversification is further bolstered by the Oman Industrial Strategy 2040, which aims to double the manufacturing sector's contribution to RO 10.8 billion and attract annual investments exceeding RO 1.9 billion. The industrial sector alone recorded GDP of RO 3.8 billion in 2023, while FDI in this sector surpassed RO 2.2 billion in early 2024. Ibtisam bint Ahmed al Farooji, Under-Secretary for Investment Promotion. The logistics and transport sector is a major growth driver. Key projects—like the Oman-Etihad Rail, Khazaen Economic City, and air/sea connectivity expansions—leveraged Oman's strategic location to boost GDP contributions to RO 1.7 billion in the first nine months of 2024. By 2040, this is expected to rise to RO 13.8 billion, creating around 300,000 jobs. Reforms such as a new maritime law and the adoption of smart systems like the Port Community System have dramatically cut shipment processing times. Meanwhile, Oman is advancing toward food security. By 2040, the goal is full self-sufficiency, with strong performance already in fish (162%), fresh milk (97%), and eggs (92%). The agriculture and fisheries sectors now employ over 139,000 people and are tapping into 1.4 million hectares of land using smart technologies and integrated approaches. The mining sector is also gaining momentum, with GDP reaching RO 229.3 million in 2023 and mineral exports rising by 71 per cent. Oman is developing high-value projects such as a titanium dioxide plant and an aluminum wheel factory, while opening 110 new mining blocks. The sector benefits from robust legislation and infrastructure, encouraging both local and foreign investment. Tourism, another pillar of diversification, recorded a 12 per cent increase in visitors in Q1 2024 compared to 2023. Oman aims to welcome 11 million annual visitors by 2040 through expanded visa access, strategic partnerships (e.g., with Saudi Arabia), and investment in ecotourism, culinary experiences, and heritage development—including plans to open 25 heritage sites for investment by 2025. Urban development complements tourism growth. Oman's real estate and city planning strategies include 18 initiatives tied to 16 priorities and 32 indicators. These aim to build sustainable, digitally integrated urban spaces that cater to rising populations and modern lifestyles. While oil remains a vital part of the economy—contributing RO 7.2 billion to GDP in Q2 2024—Oman is investing heavily in renewable energy. Through Hydrom, the country targets green hydrogen production of 1 million tons by 2030, scaling up to 8.5 million tons by 2050. This output is equivalent to 80% of Oman's current LNG exports. Finally, digital transformation is a cornerstone of Oman's future. With significant progress in 5G, cloud computing, and data infrastructure, Oman is positioning itself as a regional tech hub. These advancements support the digital economy's growing contribution to GDP and align with Vision 2040's broader goal of sustainable, innovation-led growth. — ONA
Zawya
29-04-2025
- Business
- Zawya
GCC Accreditation Centre opens first branch in Oman
MUSCAT: The Ministry of Commerce, Industry, and Investment Promotion officially launched the first regional branch of the GCC Accreditation Centre (GAC) in Muscat on Sunday, April 27, 2025. The launch was followed by the unveiling of the logo of the Omani Accreditation Centre. The ceremony, which took place at the JW Marriott Hotel, was presided over by Jasem Mohamed al Budaiwi, Secretary-General of the Gulf Cooperation Council, and attended by Qais bin Mohammed al Yousef, Minister of Commerce, Industry, and Investment Promotion, and senior public and private sector officials. This move is consistent with Oman Vision 2040 and will further enhance the Sultanate's accreditation and quality systems. The new office will provide internationally recognized accreditation services, promote product and service conformity, and enhance regional trade integration. Eng Mut'ib bin Saeed al Mizani, Director General of the GCC Accreditation Center, said: "In a move which reinforces its steadfast commitment towards enhancing Gulf cooperation, the Sultanate of Oman has formally inaugurated a branch of the Gulf Accreditation Center in Muscat. The establishment of this center is a testament to Oman's central contribution and strong support for common Gulf endeavours.' Eng Al Mizani added, "The center will oversee the issuance of accreditation certificates to all types of goods to ensure they meet regional and international standards. The drive is expected to establish a strong foundation to increase the quality and competitiveness of Omani products and create a proper environment for the goods to enter regional and international markets." He added. Emad bin Khamis al Shukaili, Director General for Standards and Metrology of Oman's Ministry of Commerce, Industry, and Investment Promotion, commented: "We are celebrating today the official inauguration of the first branch of the Gulf Accreditation Center at the regional level of GCC countries in the Sultanate of Oman. This parallels the launching of our temporary programme, supplementing the Tenth Five-Year Plan by introducing the Omani Accreditation Center." "The importance of operating both the Gulf and Omani centers simultaneously is to achieve two primary objectives: First, to provide accreditation services, which have not been available in the Omani market for a very long time; Second, to enable the Omani National Accreditation Center to obtain international acceptance during this period and the future period, God willing," he further noted. The Ministry further initiated the "Omani Competencies Programme," which is designed to train a new generation of quality and accreditation professionals, thus furthering the nation's quest for a knowledge-based economy. The ceremony concluded with the signing of a second agreement of cooperation between the Ministry and GAC, paving the way for more accreditation services and eventual international recognition for the Omani Accreditation Centre. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
