Latest news with #RO5mn
Muscat Daily
03-06-2025
- Business
- Muscat Daily
Oman, Turkey announce RO5mn venture to boost marine industry
Muscat – Musandam International Investment Company, in partnership with Turkish investors, has signed binding commercial terms and a shareholders' agreement to establish the Musandam Drydock and Marine Industries Company. The venture, based in Musandam governorate, will see an initial investment of over RO5mn in its first phase. The signing ceremony was attended by H E Dr Saud bin Hamoud al Habsi, Minister of Agriculture, Fisheries and Water Resources, and Sayyid Ibrahim bin Said al Busaidi, Governor of Musandam. The company will offer a range of marine services including construction and maintenance of fish farming cages, coastal and commercial fishing vessels, marine tugs, service vessels, and transport vessels up to 35 metres in length. The facility is intended to cater to Oman's domestic market as well as regional demand. The project aims to enhance industrial integration in the marine and fisheries sector, supporting national goals for food security and sustainable economic growth. It forms part of Musandam International Investment Company's wider strategy to build an integrated local ecosystem and promote development in Musandam, aligned with Oman Vision 2040.
Muscat Daily
25-05-2025
- Business
- Muscat Daily
Oman's Dhahirah signs pact for RO5mn public park in Ibri
Muscat – Dhahirah governorate signed an agreement on Sunday with a group of leading oil and gas companies to build a public park in Ibri, a project valued at more than RO5mn. Construction of the Ibri Public Park is expected to take 20 months. The initiative forms part of the government's wider efforts to enhance urban living and develop sustainable civic infrastructure. Designed to serve as a recreational and social space, the park will include a lake, decorative fountains, landscaped gardens, and modern restroom facilities. It aims to promote physical activity and community engagement through wellness trails, open spaces, and dedicated areas for cultural and seasonal events. Commercial areas within the park will house restaurants and retail outlets, while an open-air theatre is planned for cultural programmes. Other features include administrative and service buildings, prayer areas, and children's play zones. Officials expect the project to support small and medium enterprises, create jobs, and attract investment, in line with national efforts to promote sustainable urban development. 'This project supports the government's strategic direction towards humanising cities and creating a sustainable urban environment that enhances social interaction and economic development,' said Najib bin Ali al Rawas, Governor of Dhahirah. The initiative reflects the increasing role of public-private partnerships in Oman.
Muscat Daily
27-04-2025
- Health
- Muscat Daily
Oman's organ donation law to combat illegal trade, reward donors
Muscat – The new law 'Regulating Transfer and Transplantation of Human Organs and Tissues', promulgated by a Royal Decree (No 44/2025), establishes comprehensive regulations for the transfer and transplantation of human organs and tissues. A key feature of the legislation is the introduction of a prestigious medal to honour organ donors. The medal, details of which will be outlined in a future Royal Decree, will be awarded to living donors. In cases where the donation is from a deceased individual, the medal will be presented posthumously to the donor's next of kin or spouse in recognition of their life-saving contribution. The law is structured into five chapters with 36 articles, outlining procedures for both living and deceased organ donations. A National Committee will be established within the Ministry of Health to oversee policy implementation, licensing, and medical standards related to organ donations. The committee will also be responsible for promoting public awareness and ensuring ethical practices in the field. A prominent aspect of the law is its firm stance against the illegal trade of human organs. Article 7 explicitly prohibits the sale or purchase of organs and human tissues, with severe penalties for those found guilty of coercion, fraud, or illegal transactions. Offenders may face imprisonment and significant fines. Strict conditions have also been established for living organ donations. Donors must provide voluntary written consent, and the recipient must be a close relative or spouse. In certain cases, donations from non-relatives may be permitted, but only with specific approval. The sale or coercion of donations, particularly involving vulnerable individuals such as children or incapacitated persons, is strictly prohibited. Medical institutions involved in organ transplants are required to be properly licensed and adhere to strict ethical and medical standards. Accredited facilities must have ethics and medical committees to ensure that all procedures are conducted in line with scientific and moral principles. To protect both donors and recipients, the law grants donors the right to withdraw their consent at any point before the transplant procedure begins. Any agreement contradicting this right will be deemed invalid. The law also offers lifelong incentives to citizens who donate organs, encouraging this selfless act. Penalties for violations are severe, with prison sentences of up to ten years and fines of up to RO100,000 for offenders. Entities found guilty of participating in illegal organ trade may face fines of up to RO5mn and the suspension or closure of their operations. Additionally, the law encourages the reporting of illegal activities, offering whistleblowers exemption from penalties if they prevent crimes before they occur.
Muscat Daily
15-02-2025
- Business
- Muscat Daily
Development Bank signs financing agreements for projects in Musandam
Khasab – The Development Bank has signed two agreements and two memoranda of cooperation (MoCs) to provide development financing for projects in the fisheries and tourism sectors and to launch the Economic Horticulture Initiative. This initiative aims to promote entrepreneurship in various economic activities and support accommodation facilities as part of the bank's efforts to boost economic development in Musandam Governorate and encourage investment in both productive and service sectors. The first MoC, signed between the Development Bank, the Office of the Governor of Musandam, Omran Group, and Oman Tourism College, focuses on financing the establishment of eco-lodges on existing farms in Musandam to enhance the hospitality sector in the governorate. The memorandum was signed by H E Ibrahim bin Said al Busaidi, Governor of Musandam, and Mahmood bin Abdullah al Aweini, Chairman of the Development Bank. The second MoC, signed between the Development Bank, the Oman Chamber of Commerce and Industry's Musandam branch, and a local investment company, aims to implement the Economic Horticulture Initiative. This initiative is designed to stimulate local economic growth by supporting and developing medium-sized enterprises across the tourism, fisheries, agriculture, manufacturing, and logistics sectors. The memorandum was signed by Hussein bin Ali al Lawati, CEO of the Development Bank; Raed bin Mohammed al Shehhi, Chairman of the Oman Chamber of Commerce and Industry in Musandam; and Abdulrazzaq bin Abdulwahid al Balushi, CEO of Musandam Global Investment Company. The first financing agreement, signed between the Development Bank and an aquaculture company, involves financing a RO4mn project to establish a fish farming facility with an annual production capacity of 7,000 metric tonnes at the maritime port of Khasab. The agreement was signed by Lawati, on behalf of the Development Bank, and Balushi on behalf of Musandam Global Investment Company. The second agreement, signed between the Development Bank and Ras Al Amoud Company, involves financing the construction of a luxury tourist resort in Khasab valued at RO5mn. The resort will feature 32 private villas built to seven-star standards, along with a health club, contributing to the growth of Musandam's tourism sector. The agreement was signed by Lawati and Saleh bin Abdullah al Dhahouri, representing Ras Al Amoud Company. H E Ibrahim al Busaidi, Governor of Musandam, commended the Development Bank's efforts in financing development projects across Oman, particularly in Musandam Governorate, to support economic diversification policies in line with Oman Vision 2040. He emphasised the importance of investing in key economic sectors that contribute to local content enrichment, self-sufficiency, and the localisation of national industries.
