Latest news with #RamadhanEvening
Zawya
19-03-2025
- Business
- Zawya
Oman: OCCI forum highlights role of financial policies in underpinning economic growth
MUSCAT: The Oman Chamber of Commerce and Industry (OCCI) held on Monday, March 17, 2025, an insightful discussion on the role of financial policies in supporting sustainable economic growth and enhancing the business environment. The event, held as part of the Chamber's Ramadhan Evening series, was titled 'Taxes and Their Impact on Economic Development.' It was attended by a host of prominent figures, including Dr Said bin Mohammed al Saqri, Minister of Economy, Shaikh Faisal bin Abdullah al Rawas, Chairman of Oman Chamber of Commerce and Industry (OCCI). Shaikh Faisal began the evening with a keynote address, emphasising the importance of taxes as a key financial tool for financing public expenditure. He explained that taxes are not merely a source of revenue but are also pivotal in driving economic development and guiding the economy towards growth and stability. He emphasised that directing tax revenues to infrastructure and services would boost the business environment, living standards and investment. However, he warned that imbalanced tax policies could reduce incentives for work and investment, leading to capital flight and economic slowdown. Over-taxation could also drive investments to countries with lower rates, while tax evasion would hinder development project financing. Shaikh Faisal further highlighted that fair and equitable tax policies encourage compliance and enhance the business climate, which is crucial for sustainable economic growth. HH Dr Adham bin Turki al Said, Chairman of the Chamber's Economic Committee, presented a paper on the impact of financial and tax policies in Oman. HH Dr Adham outlined the country's financial policy framework, which includes development and industrial strategies. These strategies have seen the government invest in infrastructure, establish free zones to attract foreign investment and promote non-oil sectors, all while controlling public spending. HH Dr Adham discussed the impact of tax policies on economic growth and investment, noting increased foreign investment and diversification. However, he highlighted challenges like global oil price fluctuations, which make growth fragile. He called for a clear, balanced financial and tax policy that considers both economic and financial dynamics. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Observer
18-03-2025
- Business
- Observer
OCCI forum highlights role of financial policies in underpinning economic growth
MUSCAT: The Oman Chamber of Commerce and Industry (OCCI) held on Monday, March 17, 2025, an insightful discussion on the role of financial policies in supporting sustainable economic growth and enhancing the business environment. The event, held as part of the Chamber's Ramadhan Evening series, was titled 'Taxes and Their Impact on Economic Development.' It was attended by a host of prominent figures, including Dr Said bin Mohammed al Saqri, Minister of Economy, Shaikh Faisal bin Abdullah al Rawas, Chairman of Oman Chamber of Commerce and Industry (OCCI). Shaikh Faisal began the evening with a keynote address, emphasising the importance of taxes as a key financial tool for financing public expenditure. He explained that taxes are not merely a source of revenue but are also pivotal in driving economic development and guiding the economy towards growth and stability. He emphasised that directing tax revenues to infrastructure and services would boost the business environment, living standards and investment. However, he warned that imbalanced tax policies could reduce incentives for work and investment, leading to capital flight and economic slowdown. Over-taxation could also drive investments to countries with lower rates, while tax evasion would hinder development project financing. Shaikh Faisal further highlighted that fair and equitable tax policies encourage compliance and enhance the business climate, which is crucial for sustainable economic growth. HH Dr Adham bin Turki al Said, Chairman of the Chamber's Economic Committee, presented a paper on the impact of financial and tax policies in Oman. HH Dr Adham outlined the country's financial policy framework, which includes development and industrial strategies. These strategies have seen the government invest in infrastructure, establish free zones to attract foreign investment and promote non-oil sectors, all while controlling public spending. HH Dr Adham discussed the impact of tax policies on economic growth and investment, noting increased foreign investment and diversification. However, he highlighted challenges like global oil price fluctuations, which make growth fragile. He called for a clear, balanced financial and tax policy that considers both economic and financial dynamics.
Observer
11-03-2025
- Business
- Observer
OCCI's first Ramadhan Evening highlights Oman's presence at ‘2025 Japan Expo'
MUSCAT, MARCH 11 The Oman Chamber of Commerce and Industry (OCCI) launched its first Ramadhan Evening on Monday, on the theme, 'The Importance of 2025 Japan Expo for the Private Sector'. Held under the auspices of Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, the event explored the benefits of participating in world expos and how the Omani private sector can leverage these events. The session also reviewed the goals of Oman's pavilion at 2025 Japan Expo and the activities and programmes it will feature. Shaikh Faisal bin Abdullah al Rawas, Chairman of Oman Chamber of Commerce and Industry, emphasised that Oman's participation in 2025 Japan Expo reflects the country's national identity and rich heritage while showcasing its modern achievements and sustainable development. He noted that engaging with major economies at the Expo will open new avenues for the Omani private sector to expand investments, establish international partnerships and explore the latest innovations in various industries. He further stated, 'We believe that Oman's private sector plays a fundamental role in showcasing the country's economic identity globally. Oman's long-standing history in trade and openness to the world makes its participation in 2025 Japan Expo particularly significant. We encourage entrepreneurs to seize this golden opportunity to expand into international markets, explore new avenues for growth and innovation and enhance Oman's economic competitiveness by attracting investments and fostering trade and industrial cooperation. Since 2025 Japan Expo focuses on AI, sustainability, digital transformation and future technologies, the Omani private sector has a unique chance to engage with cutting-edge developments and position itself as a leader in multiple sectors.' Zakaria bin Abdullah al Saadi, CEO of OCCI, stated that the Ramadhan Evenings are a key annual initiative aimed at fostering dialogue among various sectors to address critical economic issues and business challenges in Oman. 'These evenings serve as a dynamic platform to exchange insights and ideas, strengthen public-private partnerships and support Oman Vision 2040's goals of improving the business environment, attracting investments, diversifying the economy and enhancing economic competitiveness for sustainable development and national prosperity.' He also emphasised that these efforts align with His Majesty Sultan Haitham bin Tarik's vision to empower the private sector and enhance its role in driving development, improving investment conditions, and leveraging innovation and technology for a diversified and sustainable economy. Al Saadi noted that this year's Ramadhan Evenings align with the current interests of the business community, covering topics such as the importance of 2025 Japan Expo for the private sector — highlighting Oman's preparations for 2025 Japan Expo in Osaka, which will run from April 13 to October 13 2025, under the theme 'Designing Future Society for Our Lives.' Other evenings will discuss labour market regulation and employment — exploring the significance of a well-organised job market for business stability and economic growth. Additionally, a session on taxes and their impact on economic development will examine taxation as a financial policy tool, its effects on national development projects and Oman's tax policies and incentives. The final evening will cover the economic importance of local content, exploring Oman's national strategy for local content and its role in strengthening the economy. Dr Khalid bin Abdulwahab al Balushi, Head of the University Students' Participation Programme at 2025 Japan Expo, presented a paper outlining the vision of Oman's Pavilion, which revolves around harmonious coexistence between (Humans), (Earth) and (Water). The pavilion will consist of three main sections: an outdoor space designed for relaxation, play and social interaction, inspired by Oman's diverse landscapes; a central corridor incorporating water elements in its architectural design; and an indoor exhibition area featuring Oman's economic and cultural story, an information centre, a meeting hall and a VIP reception area. Al Balushi highlighted that Oman's message for 2025 Japan Expo, 'Enduring Connections,' aligns with the expo's overall theme. Oman has historically served as a global link between civilisations, exporting not just goods but also culture, arts and traditions. Imad bin Khamis al Shukaili, Director General of Standards and Metrology at the Ministry of Commerce, Industry and Investment Promotion (MoCIIP), discussed how 2025 Japan Expo presents an unprecedented opportunity to showcase Oman's investment and trade potential. He stated that Oman's participation will reinforce Oman's global position as a leading investment destination, highlight economic diversification efforts and sustainable industrial development, feature investment incentives and opportunities in sectors such as logistics, industry and renewable energy, present success stories of Omani enterprises and facilitate direct engagement between investors and industry leaders, and serve as a dynamic platform for international networking, fostering long-term strategic partnerships. Saeed bin Saif al Hasani, Operations and Marketing Director at YouVerse, discussed the role of advanced digital technologies in expanding the reach of Oman's participation in 2025 Japan Expo. The Digital Pavilion Initiative will provide an interactive platform featuring virtual and AI-powered experiences to showcase Omani culture, heritage and business opportunities. It will also offer marketing opportunities for over 300 Omani companies exporting globally, customised product recommendations based on visitor interests and a mobile-friendly platform for seamless interaction and engagement.
