Latest news with #SalehbinSaeedMasan
Muscat Daily
3 days ago
- Business
- Muscat Daily
Oman's first copper recycling facility costing RO41mn launched
Muscat – Ministry of Commerce, Industry and Investment Promotion (MoCIIP) officially inaugurated Oman's first facility dedicated to recycling copper from mining waste on Monday, marking a significant development in the sultanate's green industrial efforts. The RO41mn plant is located in Suhar. Developed by Green Tech Mining and Services, the facility uses sustainable technologies to process legacy mining waste into copper cathodes. It is the first of its kind in Oman and aims to support the sultanate's transition towards a green economy. The opening was held under the patronage of H E Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, and attended by senior officials and industry representatives. The project forms part of wider goals under Oman Vision 2040 and the Oman Industrial Strategy 2040, which aim to increase the added value of local resources, localise industries and enhance competitiveness of the sultanate's industrial base. The integrated complex was developed through a partnership between BPG Group and Oman Mining Company, with direct support from MoCIIP. Production is scheduled to be-gin in June 2025, with an initial output of 60 tonnes of copper cathodes per year. The capacity is expected to increase to 12,000 tonnes annually by December 2026, making Oman a regional player in sustainable mining. H E Dr Saleh bin Saeed Masan, Undersecretary for Commerce and Industry in MoCIIP, said the facility represents a 'qualitative leap' in building an innovation-led and sustainable industrial sector. 'This project is a practical example of clean technology in action, and a testament to the government's commitment to integrating sustainability into industrial development,' he said. Khalid bin Salim al Qasabi, Director General of Industry in MoCIIP, stated that the facility supports the ministry's aim to promote industrial projects that meet global environmental and technical standards. Imran Shaikh, Managing Director of Green Tech Mining and Services, said the project is the result of a long-term partnership that began in 2018. 'Launching the first phase of production using renewable energy is a strong reflection of our commitment to sustainability and Oman's green economy.'
Observer
4 days ago
- Business
- Observer
Oman-Iran agreement to boost trade and investment
MUSCAT: A new Trade Preferences Agreement between the Sultanate of Oman and the Islamic Republic of Iran is set to enhance economic cooperation and deepen the commercial partnership between the two countries. The agreement aims to facilitate the flow of goods by reducing or eliminating customs duties on a number of agreed-upon products, while also simplifying trade procedures. This is expected to stimulate industrial activity, expand investment opportunities, and increase the overall volume of bilateral trade. Dr Saleh bin Saeed Masan, Under-Secretary for Commerce and Industry at the Ministry of Commerce, Industry and Investment Promotion, described the agreement as the result of a lengthy process of coordination and negotiation guided by the directives of His Majesty Sultan Haitham bin Tarik. He emphasised that the agreement reflects a careful balancing of national interests and provides a supportive environment for trade growth. Dr Masan noted that it is expected to contribute significantly to the growth of national exports, strengthen supply chains, and provide competitive production inputs to local industries. Supporting this view, Khamis bin Abdullah al Farsi, Advisor for Legal Affairs at the Ministry, confirmed that the agreement was drafted in alignment with both domestic legislation and international treaties to which Oman is a party. He stressed that the agreement does not conflict with the Gulf Cooperation Council (GCC) Economic Agreement and was designed to safeguard national security and economic interests. Al Farsi explained that the drafting process involved extensive coordination with various government agencies, including the Ministry of Foreign Affairs, the Ministry of Finance, the Ministry of Economy, and the Royal Oman Police's Directorate General of Customs. The final agreement includes provisions for the reduction of customs tariffs on a broad range of goods, along with mechanisms to ensure fair competition and resolve any disputes that may arise. The agreement is expected to open new avenues for businesses and investors in both countries, support the diversification of Oman's trade partners, and enhance access to markets across the region. — ONA
Observer
03-05-2025
- Business
- Observer
Oman emerges as regional hub for renewable energy equipment manufacturing
MUSCAT: Oman is making strategic strides in positioning itself as a regional hub for renewable energy equipment manufacturing, aligning with the goals of Oman Vision 2040 to build a diversified, technology-driven, and sustainable economy. Dr Saleh bin Saeed Masan, Under-Secretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, highlighted the importance of industries such as solar panels, wind turbines, energy storage systems, and green hydrogen electrolyzers in the Sultanate of Oman's 2040 Industrial Strategy. These sectors are seen as essential to Oman's transformation toward innovation-led and low-carbon industrial development. He noted that the government is implementing specific initiatives to establish integrated industrial complexes for renewable energy, backed by dedicated programs and strong inter-agency cooperation. Among the key developments is a renewable energy industrial complex being set up in the Sohar Free Zone, with support from the ministry and other stakeholders. This initiative is already attracting high-value precision industries. Engineer Khalid bin Salim al Qasabi, Director General of Industry at the ministry, said this transformation strengthens Oman's global standing in renewable energy manufacturing. He revealed that the Sohar Free Zone has attracted three major solar energy projects worth over one billion Omani rials. One of the landmark projects is being developed by United Solar, which is building the Middle East's first polysilicon production facility. The factory, with an investment of approximately $1.35 billion, was 80% complete as of April. Polysilicon is the key raw material used in solar cell manufacturing, and the plant will have an annual output capacity of 100,000 metric tons, significantly reducing the need for imported raw materials and enhancing value-added manufacturing. In November 2024, Chinese firm Jitai Solar signed an agreement to lease land in Sohar Free Zone for a high-tech solar panel factory with a capacity of 5 gigawatts per year. The panels will primarily serve markets in the Gulf and Africa. JA Solar, a global leader in solar cell manufacturing, also announced plans to establish a facility in Sohar with a production capacity exceeding 40 gigawatts annually. The RO 217 million (US$564 million) investment will benefit from Sohar's robust infrastructure and the strategic location of the Port of Sohar, offering direct access to Europe, Asia, the GCC, and Africa. Engineer Jassim bin Saif al Jadidi, Technical Director at the Ministry, described these developments as a qualitative leap for Oman's industrial sector. He said the creation of a fully integrated solar energy manufacturing complex—from raw materials to finished panels—marks an unprecedented level of industrial integration in the region. This strategic clustering of renewable energy industries is expected to reduce production costs by up to 20%, stabilize supply chains amid global disruptions, and transform Oman into a reliable exporter of clean energy technologies. The projects will also boost the industrial sector's contribution to GDP and generate over 3,000 direct and indirect jobs. Additionally, they are set to attract complementary investments in related fields such as pure silicon, glass, transformers, and batteries, further strengthening Oman's green supply chain capabilities. With the completion of these projects, Oman is poised to become a regional center for green manufacturing and a global supplier of renewable energy technologies. — ONA
Zawya
01-05-2025
- Business
- Zawya
GCC ministers launch Unified Investor Engagement Platform
KUWAIT:In a significant step to enhance communication between governments and the private sector, Gulf Cooperation Council (GCC) member states officially launched the Tawasul initiative during a series of ministerial meetings held in Kuwait on Tuesday. The new platform aims to facilitate real-time engagement between investors and government bodies across the region, creating a unified and transparent interface to support trade and investment. The Sultanate of Oman participated in the meetings with a high-level delegation led by Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion. The delegation also included Dr Saleh bin Saeed Masan, Under-Secretary for Commerce and Industry, alongside officials from the SME Development Authority, Consumer Protection Authority, and Oman's diplomatic mission in Kuwait. Launched during the 13th Consultative Meeting between GCC Ministers of Commerce and Industry and the heads of chambers and business federations, Tawasul is designed to close long-standing communication gaps and promote better coordination on economic policy. Officials described the platform as an important policy innovation that positions the private sector as a partner in shaping the region's economic future. Through a shared mechanism and interactive digital tool, Tawasul will enable fast responses to investor concerns and help uncover market opportunities across Gulf economies. GCC ministers launch Unified Investor Engagement Platform The platform's launch came amid broader discussions on regional integration, trade facilitation, and economic equity. Ministers warned against unilateral measures taken by some GCC countries that could hinder private sector participation and undermine efforts to establish a level playing field for Gulf investors. They stressed the need to uphold decisions of the GCC Supreme Council and ensure equal treatment of citizens across all member states. In parallel, the 68th meeting of the GCC Commercial Cooperation Committee addressed several key policy areas, including the adoption of a unified methodology for drafting commercial legislation, updates on national trade laws, the development of the GCC Commercial Arbitration Center, and funding strategies for SME and entrepreneurship programmes. The committee also reviewed progress in ongoing free trade negotiations with international partners. The 54th meeting of the GCC Industrial Cooperation Committee focused on issues related to industrial development and self-sufficiency. Ministers examined the implementation of a unified framework for defining 'national products,' penalties for non-compliance, and updates on exempted product lists. They also reviewed the Gulf Organization for Industrial Consulting's (GOIC) efforts to update the Unified Industrial Development Strategy and enhance data-sharing through a regional electronic platform. A special report was presented on the potential impacts of US tariffs on Gulf exports. Separately, the 9th session of the Ministerial Committee for Standardization saw the adoption of new technical regulations, approval of the final accounts of the Gulf Standardization Organization for 2024, and discussions on improving the regulatory status of the GCC Accreditation Center. These efforts are intended to harmonize standards and promote greater integration of Gulf markets. The meetings concluded with a strong call to reinforce the role of the private sector in regional development, supported by practical steps such as streamlining customs procedures and prioritizing GCC-certified firms in cross-border trade. The Tawasul initiative, in particular, is expected to act as a strategic bridge, ensuring that private investors are included in the region's long-term economic vision. The sessions were attended by Jassim Mohammed al Budaiwi, Secretary-General of the GCC, ministers of commerce and industry from all member states, senior government officials, and representatives of Gulf business chambers and federations. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Observer
30-04-2025
- Business
- Observer
GCC ministers launch Unified Investor Engagement Platform
KUWAIT:In a significant step to enhance communication between governments and the private sector, Gulf Cooperation Council (GCC) member states officially launched the Tawasul initiative during a series of ministerial meetings held in Kuwait on Tuesday. The new platform aims to facilitate real-time engagement between investors and government bodies across the region, creating a unified and transparent interface to support trade and investment. The Sultanate of Oman participated in the meetings with a high-level delegation led by Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion. The delegation also included Dr Saleh bin Saeed Masan, Under-Secretary for Commerce and Industry, alongside officials from the SME Development Authority, Consumer Protection Authority, and Oman's diplomatic mission in Kuwait. Launched during the 13th Consultative Meeting between GCC Ministers of Commerce and Industry and the heads of chambers and business federations, Tawasul is designed to close long-standing communication gaps and promote better coordination on economic policy. Officials described the platform as an important policy innovation that positions the private sector as a partner in shaping the region's economic future. Through a shared mechanism and interactive digital tool, Tawasul will enable fast responses to investor concerns and help uncover market opportunities across Gulf economies. GCC ministers launch Unified Investor Engagement Platform The platform's launch came amid broader discussions on regional integration, trade facilitation, and economic equity. Ministers warned against unilateral measures taken by some GCC countries that could hinder private sector participation and undermine efforts to establish a level playing field for Gulf investors. They stressed the need to uphold decisions of the GCC Supreme Council and ensure equal treatment of citizens across all member states. In parallel, the 68th meeting of the GCC Commercial Cooperation Committee addressed several key policy areas, including the adoption of a unified methodology for drafting commercial legislation, updates on national trade laws, the development of the GCC Commercial Arbitration Center, and funding strategies for SME and entrepreneurship programmes. The committee also reviewed progress in ongoing free trade negotiations with international partners. The 54th meeting of the GCC Industrial Cooperation Committee focused on issues related to industrial development and self-sufficiency. Ministers examined the implementation of a unified framework for defining 'national products,' penalties for non-compliance, and updates on exempted product lists. They also reviewed the Gulf Organization for Industrial Consulting's (GOIC) efforts to update the Unified Industrial Development Strategy and enhance data-sharing through a regional electronic platform. A special report was presented on the potential impacts of US tariffs on Gulf exports. Separately, the 9th session of the Ministerial Committee for Standardization saw the adoption of new technical regulations, approval of the final accounts of the Gulf Standardization Organization for 2024, and discussions on improving the regulatory status of the GCC Accreditation Center. These efforts are intended to harmonize standards and promote greater integration of Gulf markets. The meetings concluded with a strong call to reinforce the role of the private sector in regional development, supported by practical steps such as streamlining customs procedures and prioritizing GCC-certified firms in cross-border trade. The Tawasul initiative, in particular, is expected to act as a strategic bridge, ensuring that private investors are included in the region's long-term economic vision. The sessions were attended by Jassim Mohammed al Budaiwi, Secretary-General of the GCC, ministers of commerce and industry from all member states, senior government officials, and representatives of Gulf business chambers and federations.
