Latest news with #SaidbinMohammedalSaqri
Observer
16-07-2025
- Business
- Observer
Vibrant Al Ashkharah welcomes visitors
Muscat, July 16 Under the auspices of Dr Said bin Mohammed al Saqri, Minister of Economy, the third edition of the Ajwa'a al Ashkharah (Al Ashkharah Summer Extravaganza) festival was officially inaugurated on Wednesday, in the seaside town of Al Ashkharah, located in the Wilayat of Jaalan Bani Bu Ali, Al Sharqiyah South Governorate. The festival, which continues until August 9, offers a wide array of daily activities including cultural performances, musical evenings, poetry recitals, family events, interactive competitions and heritage showcases — positioning Al Ashkharah as a unique summer destination on the national tourism map. The opening highlighted several community-based initiatives and interactive programmes aimed at engaging diverse age groups while showcasing the cultural and economic potential. Guests were treated to a documentary-style presentation introducing the vision and objectives of the festival, followed by a musical performance by a local scout band. Dr Yahya bin Badr al Maawali, Governor of Al Sharqiyah South, stated that the festival has evolved into a practical model for sustainable local development, underlining the importance of seasonal tourism in stimulating the local economy and fostering community engagement. 'The real value of this festival lies not only in its programme lineup but in its ability to create meaningful partnerships between the public sector, private businesses and the local community,' he said. 'It's about activating a local ecosystem where everyone has a role — whether through small enterprises, cultural contributions, or social innovation. This edition has been particularly expansive and well- coordinated, building on the success of previous years,' he added. He emphasised that tourism must be rooted in community involvement and local potential: 'We are committed to developing a comprehensive and sustainable model for domestic tourism — one that is grounded in creativity, interaction and continuous improvement. Our aim is to align these efforts with Oman Vision 2040, ensuring that festivals like this serve as platforms for dialogue, innovation and long-term development.' Mohammed bin Humaid al Ghabshi, Wali of Jaalan Bani Bu Ali, noted that the third edition of the festival demonstrates the community's growing capacity to design and execute high-impact events. 'This year's festival has expanded its reach to include not only traditional and recreational offerings but also modern tools for economic empowerment. Youth and women are actively engaged through SMEs displays, family-run businesses and creative platforms.' The Wali added that this year's programme was carefully curated to include activities for children, families and entrepreneurs alike, turning the festival into a space that blends entertainment with education and enterprise.
Observer
02-07-2025
- Business
- Observer
Oman celebrates International Seafarers
MUSCAT, JULY 2 The Ministry of Transport, Communications and Information Technology (MoTCIT) celebrated the International Day of the Seafarer here on July 2, 2025, under the auspices of Dr Said bin Mohammed al Saqri, Minister of Economy. In his keynote address, Capt Mazin bin Hamad al Rashidi, Director of Maritime Transport at the Ministry, underscored the significant role seafarers play in the global economy. 'Our celebration of the International Day of the Seafarer is a reminder of their central and indispensable role in the international economic system, despite the significant challenges and sacrifices they endure to ensure the steady flow of goods and maintain the continuity of the global economy. We reaffirm our deep appreciation for the pivotal role our esteemed seafarers play in sustaining supply chains and global trade, and for their essential contributions to maritime safety and security—benefiting all nations and strengthening the global economy,' he stated. According to the Director, the maritime sector has witnessed notable progress over the past year. 'The Ministry has worked on developing the Maritime Law by adding modern investment-related provisions in alignment with Oman Vision 2040 and in harmony with international maritime conventions, with the aim of keeping pace with global maritime transport developments and enhancing the business environment in the Sultanate,' he said. The official added that Ministry has also accomplished significant strides in digital transformation. 'In the realm of digital transformation, the Ministry has provided over 95% of seafarer services electronically, enabling seafarers and relevant entities to complete transactions and verify certificates and competencies efficiently and with high quality.' The Ministry has also signed various international agreements, 'On the international cooperation front, the Ministry signed 9 agreements and memoranda of cooperation in the field of maritime transport, along with 16 memoranda of understanding for the mutual recognition of seafarer certificates, and 10 agreements with international classification societies, all of which enhance Oman's competitiveness and credibility within the international maritime community,' he said. In terms of regulatory operations, the Ministry inspected 74 foreign ships at Omani ports, in addition to issuing over 100 navigation permits for vessels operating within the Sultanate's waters during the first quarter of 2025. Moreover, the Ministry delivered 9,950 maritime services through its ship registration departments across various regions, alongside issuing 315 maritime activity permits and 188 sailing certificates. The Ministry also launched the Seafarer Complaints Service, which aims to protect the rights of seafarers and ensure secure and fair working conditions. The one-day event included various panel discussion and working papers, in addition to a parallel exhibition and a maritime life and activities photography competition.
Muscat Daily
02-07-2025
- Business
- Muscat Daily
Seafarers' Day marked with focus on maritime growth and reforms
Muscat – Oman observed International Day of the Seafarer with a ceremony on Wednesday recognising the vital role of maritime professionals and reaffirming the sultanate's commitment to expanding its shipping and logistics capabilities. Held under the patronage of H E Dr Said bin Mohammed al Saqri, Minister of Economy, the event was organised by Ministry of Transport, Communications and Information Technology (MTCIT). Speaking at the ceremony, H E Khamis bin Mohammed al Shamakhi, Undersecretary for Transport, said Oman's ports continue to serve as strategic trade gateways along the nation's coastline. 'Our logistics infrastructure remains resilient despite regional challenges.' H E Shamakhi added that over 1,000 Omani seafarers are currently employed across national ferries, commercial ships and fishing vessels, with many in leadership roles. The logistics sector contributes more than 6% of Oman's GDP, driven largely by maritime operations. Mazen bin Hamad al Rashidi, Director of Maritime Transport at MTCIT, said the ministry has recently introduced a series of reforms including updates to the Maritime Law, which now features investor-friendly provisions aligned with Oman Vision 2040. These reforms are compliant with international maritime conventions. Oman has signed 16 mutual recognition agreements for seafarer certificates and ten cooperation agreements with international classification societies. It has also joined the International Association of Marine Aids to Navigation and Lighthouse Authorities further cementing its global maritime ties. According to Rashidi, over 95% of seafarer-related services are now offered digitally, allowing faster certification processes and improved verification. MTCIT issued 188 seafarer certificates, 315 maritime activity licences and processed 950 services through ship registration offices in Q1 2025. As part of inspection and compliance efforts, 74 foreign ships were checked at Omani ports during the same period. The ministry also issued more than 100 navigation permits for vessels operating in domestic waters. To protect workers' rights, a new grievance mechanism has been introduced for seafarers. In a regional first, Oman has launched a bunkering service using ma- ss flow meters to improve transparency in marine fuel supply. The celebration highlighted Oman's broader strategy to develop local talent, attract international investment, and position the sultanate as a competitive hub in maritime trade and logistics.
Observer
23-06-2025
- Business
- Observer
PIT to ensure sustainable financing for development
MUSCAT: The Ministry of Economy affirmed that the implementation of the Personal Income Tax (PIT), set to take effect at the beginning of 2028, represents a crucial step towards enhancing financial stability and completing the fiscal sustainability framework. This measure aims to ensure sustainable financing for development across various sectors. Dr Said bin Mohammed al Saqri, Minister of Economy, stated: 'The tax serves as a new revenue stream to diversify public income sources and mitigate risks associated with reliance on oil as the primary revenue source. It will help maintain current levels of social and service spending while preserving Oman's achievements in financial and economic stability under Oman Vision 2040 and its first executive phase, the Tenth Five-Year Plan (2021-2025)." He explained that the (PIT) is a fiscal tool adopted by most countries worldwide as a key revenue source to fund state-provided services. Over 190 countries impose this tax, and in many, income taxes constitute the largest component of total tax revenues at federal and local levels, financing public goods and services. He noted that implementing the tax in Oman will yield significant economic benefits, supporting income diversification strategies and long-term fiscal stability as a pillar of economic growth. It, he added, will also sustain government revenues, strengthen the state's financial position, maintain credit ratings and boost spending power for beneficiaries — directly stimulating aggregate demand and economic growth. He highlighted that oil and gas revenues account for 68 per cent to 85 per cent of Oman's total public income, depending on global energy prices. While oil prices have stabilised at favourable levels in recent years, they remain volatile. Oman has effectively managed additional oil revenues by reducing public debt to safe GDP ratios, increasing investment and social spending, and subsidising essential goods and services, he further noted. Dr Said bin Mohammed al Saqri, Minister of Economy He affirmed that government policies and initiatives have successfully shifted Oman's fiscal and economic trajectory towards sustainability and stability. Public debt has sharply declined, credit ratings have consistently improved to investment-grade levels, and Oman's standing in global competitiveness indices has risen. The Tenth Five-Year Plan sustained GDP growth near target rates, while economic diversification policies attracted quality investments and drove non-oil sector growth beyond expectations, the minister said. He added: 'As the Tenth Plan nears completion, Oman has advanced significantly in economic diversification and fiscal sustainability. The (PIT) will further prioritise financial stability by diversifying revenue sources — a strategic necessity to ensure equitable wealth distribution, enhance public services, strengthen social protection systems, and mitigate risks from global energy market fluctuations and other economic variables.' He emphasised that accelerating Oman Vision 2040 and its economic diversification strategy — transitioning to a knowledge- and technology-driven economy — requires sustainable funding for long-term planning. The vision targets strategic investments in education, human capital, advanced infrastructure, innovation and diversified sectors, alongside essential services and social protection. He pointed out that the 2025 budget allocates over RO 5 billion (39 per cent to education, 24 per cent to health, 28 per cent to social protection) to these sectors, with the Social Protection Fund benefiting over 2 million people monthly as a key mechanism for household financial stability. As for the potential economic impacts, the minister noted that the tax study assessed effects on GDP and 18 economic sectors, concluding minimal impact (under 1 per cent) due to high exemption and low tax rates. Foreign investment is expected to remain unaffected, as the tax applies to individuals — not corporate entities — and Oman's rates remain competitive globally, the minister concluded. - ONA
Observer
17-06-2025
- Business
- Observer
MoCIIP signs agreements to boost industrial workforce
MUSCAT: The Ministry of Commerce, Industry and Investment Promotion (MoCIIP) signed a series of strategic agreements for building national capabilities in the Sultanate of Oman's industrial sector. The agreements were inked on Monday in the presence of several high-ranking officials, including Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, and Dr Said bin Mohammed al Saqri, Minister of Economy. The MoUs, with private and public sector organisations, are part of broader efforts to implement the Industrial Strategy 2040. The national strategy is designed to create a knowledge-based, diversified industrial base and increase the contribution of Omani talent to the sector. One of the key initiatives includes the establishment of an industrial training centre in Al Batinah North Governorate through a memorandum of understanding between the ministry, the Governor's Office, and Jindal Steel. The centre will be used to impart specialised training to enhance the employment opportunities for Omani youth. Eng Sami bin Salim al Sahib, Corporate Strategist at Jindal Steel, commented on the occasion, "In alignment with the endeavours towards realising the goals of Oman Vision 2040 and the national Industrial Strategy, a new specialised training centre will be established to aid in capacity building in the industrial sector." The project falls within the third pillar of the strategy — developing national capabilities — and will offer high-level technical training based on industry needs. The centre will be built to the highest standards, and all costs will be incurred by Jindal Steel. Eng Al Sahib added, "In its first phase, the centre will focus on training and qualifying job seekers for employment in the sector. In the second phase, the programme will be expanded to upskilling and professional development of current industrial staff, strengthening the national workforce and long-term industrial development." Another milestone agreement was with Daleel Petroleum to fund the creation of "Tasneea," an e-platform linking industrial procurement and contracts with local manufacturers, fostering local content and improving supply chain efficiencies. Oman Cables Industry also launched its training programmes, as a model for effective industrial training and reaffirming the ministry's emphasis on human capital development. Oman Cables Chief Operating Officer, Mohannad al Lawati, detailed the scope and range of the programmes, saying that, "Over 400 employees have been registered in technical and professional development programmes, while over 33 have been enrolled in leadership training programmes." "A specially designed programme for science and mathematics graduate females has also benefited over 60 with specialist skill development. These programmes serve to bridge the gap between academic study and the practical needs of the labour market," Al Lawati said. For her part, Nasra bint Saif al Habsiyah, Director-General of Commerce, MoCIIP, stated that a cooperation programme has been signed with Al Alamiya Retail Company. The programme involves the provision of 300 opportunities for qualification, training, and employment for the national workforce —100 direct placements with training and 200 training opportunities with future employment. Eng Khalid bin Salim al Qasabi, Director-General of Industry, said, "The agreements will help to build national capacities in the industrial sector by developing qualified local talent, increasing local content, and realising greater added value in the supply chain. These are designed to improve the competitiveness of Omani products and their promotion in foreign markets." Eng Al Qasabi also stated, "The initiative falls under the ministry's general industrial strategy, which includes a package of targeted programmes for improving sector performance, expanding job opportunities for Omanis and coupling national development with the goals of Oman Vision 2040." The ministry reaffirmed its priority for the establishment of an enabling legislative and industrial environment, local and foreign investment promotion, and high value-added industries as its long-term focus for sustainable economic growth.
