Latest news with #QaisbinMohammedalYousef
Observer
16-07-2025
- Automotive
- Observer
Several legal measures taken against hidden trade
MUSCAT: Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, met on Tuesday at the Ministry's headquarters with a number of entrepreneurs working in the vehicle repair and maintenance sector. The meeting addressed key challenges facing workshop owners and businesses in this vital sector, including unfair competition under the guise of concealed trade. The ministry confirmed that it has taken several legal measures against violating companies by implementing the first phase of Ministerial Decision No 412/2023 on combating concealed trade, which covered the governorates of Muscat, Dhofar and Al Batinah North. The second phase of the decision will be rolled out in the coming period. The discussion also touched on challenges related to obtaining land usufruct rights for conducting economic activities in vehicle repair and maintenance, as well as financing difficulties for projects in this sector, including personal and housing loans for entrepreneurs. The importance of digitising all government services was also highlighted. Mubarak bin Mohammed al Dohani, Director-General of Planning at the Ministry of Commerce, Industry and Investment Promotion, emphasised that the meeting aligns with the ministry's policy of opening direct dialogue channels with economic activity owners. He noted that the vehicle repair and maintenance sector represents a key link in the value chain of Oman's automotive market, offering vast opportunities for entrepreneurship and self-employment. Data released by the Information and Statistics Department at the Ministry of Commerce, Industry and Investment Promotion indicates that the number of licensed companies in vehicle repair and maintenance activities exceeded 13,500 by June 2025, distributed across various governorates of Oman. Muscat Governorate leads with 3,690 establishments, followed by Al Batinah North (2,226 establishments) and Dhofar (1,941 establishments). The data also reveals that the most common activities are vehicle electrical repair (3,651 establishments), vehicle mechanics (2,363 establishments) and oil change services (1,441 establishments). Meanwhile, full Omani ownership accounts for over 95% in most of these activities. This meeting is part of the ministry's ongoing efforts to support entrepreneurs and foster a flexible, fair business environment that keeps pace with market developments and supports the commercial aspirations of Omani citizens.
Observer
09-07-2025
- Business
- Observer
The pros and cons of foreign investment
Some economic reports reveal several violations occurring through foreign investments in countries seeking to expand their economic activities and boost economic growth. We have recently read about some foreign countries hacking into their local systems by collecting important information about various situations, institutions, and individuals, including their contact numbers, private messages, and other matters, and providing it to hostile countries. This information can be exploited in the event of wars and military and economic skirmishes. This does not mean that countries should stop attracting foreign investments, but they must monitor these institutions and their employees, especially those that attempt to exclude national cadres from employment. We have recently witnessed this with the insistence of some countries on excluding national competencies from working in the institutions they establish through foreign investments, which gives them the opportunity to manipulate the data of these companies and avoid oversight from the relevant authorities. This is something we must be careful about and avoid underestimating during the coming period. The value of foreign investment in Oman currently stands at approximately RO 30 billion. This has been achieved as a result of the efforts made by relevant authorities in the country over the past decades to transform the national economy into a competitive one based on industry, investment, and innovation, rather than relying on traditional activities. This was highlighted by Qais bin Mohammed al Yousef, Minister of Commerce, Industry, and Investment Promotion, in his recent statement to members of the Shura Council. As is well known, foreign investment in any country plays a pivotal role in supporting economic development, but it also carries with it some challenges and risks. The positives of foreign investment include the transfer of technology and expertise, that benefit the local market, contribute to the development of the technical skills of the national workforce, and create job opportunities through the launch of new projects. This increases national income, improves project infrastructure, encourages competition, and improves the quality of local products and services. However, foreign investment also has numerous negatives, including the potential for economic exploitation, as some exploit the natural resources of these countries or exploit cheap labour without providing fair returns to the state. Today, they exist in some African countries, where rare minerals are extracted to generate huge profits in exchange for nominal royalties to governments. Some companies also influence national sovereignty by imposing conditions and offering special privileges, along with occasional political interference. Some companies transfer significant amounts of their annual profits abroad, reducing the net positive impact on the local economy. Meanwhile, foreign companies possess capital and technology that make it difficult for local companies to compete with them, while others work to weaken environmental or labour laws. In general, some foreign companies have the ability to violate laws in several ways, including through the complicity of local officials, weak oversight, bribery to obtain contracts or legal exemptions, corruption, tax evasion through accounting manipulation or transferring profits to low-tax countries, and violations of environmental laws and the exploitation of workers, who are forced to work for low wages or in inhumane conditions. Finally, foreign investment is a double-edged sword, requiring careful regulation and oversight. Furthermore, it poses a threat if tolerated without strict laws or transparency. This prompts host countries to establish clear and robust legal frameworks that protect their sovereignty and citizens, and ensure a balance between attracting investment and their economic and social interests. HAIDER AL LAWATI The writer is a Muscat-based economic analyst who previously worked for CBO and OCCI.
Observer
08-07-2025
- Business
- Observer
Forum highlights equal employment opportunities for persons with disabilities
Muscat: Under the auspice of Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, the Oman Human Rights Commission, in cooperation with the United Nations Working Group on Business and Human Rights, on Tuesday kicked off the Business and Human Rights Forum from July 8 to 9 seeking to enable persons with disabilities to access employment opportunities in private sector institutions and to establish the principle of equal opportunity and non-discrimination in employment. The initiative also seeks to link the forum's outcomes to practical approaches that contribute to supporting the rights of persons with disabilities within the labour market and help achieve the national target for the inclusion of persons with disabilities in employment. The forum was organised as part of national efforts to consolidate the principles of justice and transparency in the workplace and promote a culture of human rights within business policies and practices. This is in line with the United Nations Guiding Principles on Business and Human Rights and is consistent with the Oman Vision 2040, which places increasing importance on building a sustainable economy based on empowerment, participation and responsibility. Dr Rashid bin Hamad al Balushi, Chairman of the Oman Human Rights Commission, said, "Holding such forum is a practical translation of the Oman Human Rights Commission's mandate to raise awareness, educate, provide advice and monitor the implementation of relevant international agreements. It also falls within the framework of consolidating a culture of human rights in the business environment and opening windows for constructive dialogue between the public and private sectors, civil society institutions, academic institutions and international organisations." The forum's objectives included promoting multilateral dialogue among stakeholders in the business environment, expanding awareness of international human rights principles, and sharing national and regional best practices in this field. It also aimed to discuss emerging challenges facing the integration of human rights into business policies. Successful institutional experiences were also reviewed, and effective ways to address challenges and align local legislation with international standards were proposed. This was in addition to highlighting the role of judicial institutions, legislative initiatives and civil society initiatives in supporting this trend. Eng Faisal bin Abdulaziz al Shanfari, a member of the Labour Market Committee, stated that the Oman Chamber of Commerce and Industry seeks to align with Oman's long-term approach to cooperating with regional and international partners to protect and promote human rights in line with international obligations. In a statement to the Observer, Dr Jamal bin Eid al Khadouri, a member of the Oman Human Rights Commission and representative of the Ministry of Health, said: "The forum is an important initiative to focus on business and human rights in various institutions, with regard to preserving the rights of companies, individuals, society and the environment. The importance of the forum reflects Oman's interest in individuals, especially people with disabilities, in the workplace. Damilola Olawuyi on behalf of the United Nations Working Group on Business and Human Rights, stated: 'We are pleased to see that through this forum, Oman is starting an important conversation in this regard. Given Oman's climate leadership and prominence as one of the first countries in the Arab region to ratify the Paris Agreement; one of the first to adopt a Net-Zero Strategy; and a strategic hub for entrepreneurship, technology and innovation, we are convinced that if Oman leads in this area, other countries in the region and beyond will draw lessons and follow suit.' The forum's activities are divided into five main sessions held over two days, during which sixteen scientific papers will be presented, covering various topics, including national legislation, the role of the judiciary, business policies, and field experiences from a number of companies and academic institutions.
Observer
05-07-2025
- Business
- Observer
Oman, Saudi fast-track industrial integration
RIYADH: The second phase of industrial integration initiatives between Oman and Saudi Arabia (KSA) was launched in Al Riyadh as part of the work of the Economy, Trade, and Industry Committee of the Omani-Saudi Coordination Council, on Saturday. The launch ceremony was held under the auspices of Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, in the presence of Bandar bin Ibrahim al Khorayef, Minister of Industry and Mineral Resources of Saudi Arabia. The event was attended by Sayyid Najib bin Hilal bin Saud al Busaidy, the Sultanate of Oman's Ambassador to the Kingdom of Saudi Arabia, its Permanent Representative to the Organisation of Islamic Cooperation and its Permanent Representative to the Digital Cooperation Organisation in Al Riyadh, and a number of officials representing both countries. A visual presentation was staged highlighting the most prominent existing industrial initiatives between the two countries and future plans in certain sectors within the paths of joint industrial integration. A number of future initiatives aimed at enhancing industrial cooperation, expanding the scope of mutual investments, and supporting supply chains and manufacturing between the two countries, were discussed. Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, met with HH Prince Sultan bin Khalid al Saud, CEO of the Saudi Industrial Development Fund (SIDF). During the meeting, they discussed financing opportunities and financial support for joint industrial projects, as well as ways to exchange expertise in the areas of industrial zone development and financing infrastructure supporting the industrial sector. The launch of the initiatives is a step forward in the industrial partnership between the countries. It aims to enhance industrial integration, spur joint investments and foster cooperation in value chains and trade exchange. The second phase involves a package of qualitative initiatives, including the inclusion of Omani products on the list of approved industrial capabilities in Saudi Arabia, the implementation of national rules of origin to ensure equal treatment between Omani and Saudi companies in government tenders and procurement, facilitating procedures for registering industrial products with the relevant regulatory authorities in both countries, launching a fast track for conformity procedures for industrial products, exchanging investment opportunities in promising industrial sectors and enhancing integration in supply chains linked to free trade agreements and regional markets particularly in Africa. The meeting also reviewed the most prominent results achieved during the first phase of the industrial integration initiatives. These included a project to link industrial zones in the two countries, integration in the value chains of several strategic industries, exchange of industrial databases, establishment of technical working groups and activating joint coordination at international exhibitions and conferences. Al Yousef emphasised that the launch of the second phase of the industrial integration initiatives and the signing of bilateral agreements affirm the shared will of Oman and Saudi Arabia to enhance economic cooperation and industrial integration between the two countries. He noted that these initiatives are a translation of the vision of the leaderships of the two brotherly countries to establish strategic partnerships based on integration and equality, contributing to enhancing local added value, expanding the industrial production base, raising the level of trade and investment exchange, and providing a competitive business environment that supports private sector growth. — ONA
Observer
28-06-2025
- Business
- Observer
Oman concludes guest of honour role at Algiers Fair
ALGIERS: The Sultanate of Oman has concluded its prominent role as Guest of Honour at the 56th Algiers International Fair, which commenced on 23 June. Oman's delegation was led by Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, and included Faisal bin Abdullah Al Rawas, Chairman of the Oman Chamber of Commerce and Industry, alongside officials from government and private sectors. Oman's national pavilion showcased 60 government and private companies and institutions operating across various economic and service sectors. It also featured small and medium-sized enterprises (SMEs) and traditional craftspeople, offering a rich blend of innovation and heritage. On the sidelines of the fair, the Omani-Algerian Businessmen Forum was held, spotlighting investment prospects in logistics, manufacturing, and real estate development. The forum facilitated bilateral meetings between Omani and Algerian entrepreneurs, paving the way for collaborative ventures. Mohammed bin Khalaf al Hamdani from Oman Exports highlighted that Oman's pavilion enabled visitors to gain first-hand insight into the nation's industrial capabilities, heritage, and investment potential. He noted that some participating companies successfully signed export agreements with Algerian buyers, while others are in negotiations to establish joint commercial partnerships aimed at expanding their distribution across North Africa. Dr Saif bin Khamis al Maamari, Head of the OPEX Operations Team, remarked that Oman's role as Guest of Honour was supported by a series of events designed to boost investment and export opportunities. These initiatives helped strengthen economic ties in sectors including urban planning, manufacturing, and logistics. Algerian visitors expressed strong interest in Omani products, praising their quality and competitive pricing. According to al Maamari, this has led to discussions about distribution agreements in sectors such as plastics, agriculture, electricity, and food production. Dr Rashid bin Hamad al Alawi, Director of the Investment Department at Madayn, underscored the agency's aim to promote Oman's industrial cities and attract Algerian investment. Meetings were held with several Algerian firms interested in the incentives available in Oman's industrial estates. Ibrahim bin Sulaiman al Hinai, a specialist at the Authority for SME Development, reaffirmed the commitment to supporting local entrepreneurs by facilitating their participation in international events. Meanwhile, Ibrahim bin Saud al Balushi, Director at Al Madina Logistics Services, noted the company's role in ensuring smooth transport of Omani goods and supporting exporters interested in the Algerian market. Overall, Oman's participation not only elevated its profile in North Africa but also opened avenues for increased trade and collaboration with Algeria. — ONA
