Latest news with #SultanalHabsi
Observer
02-08-2025
- Business
- Observer
OIA injects RO 7 bn into state budget
BUSINESS REPORTER MUSCAT, AUG 2 The Oman Investment Authority (OIA) has pumped over RO 7 billion into the state budget to continue the role initiated by the State General Reserve Fund since 2016. Other contributions include enhancing investor confidence, improving the investment climate in Oman, and reducing companies' debt by 47% by the end of 2024. Details about OIA's major contributions to the national economy over the past five years have been highlighted in an interview by Sultan al Habsi, Chairman of OIA's Board, in the latest edition of Enjaz & Eejaz, OIA's quarterly bulletin. Al Habsi also discussed the dual financial and economic impact of the National Development Fund (NDF), which spent over RO 8.8 billion since its establishment. Its financial importance lies in enhancing financial stability, reducing the state's budgetary burden, and stimulating national economic activity. Economically, it is strategically aligned with Oman Vision 2040 as these projects focus on high-impact sectors, helping diversify the productive base, generate local employment, and strengthen supply chains. In the same interview, Al Habsi clarified the Board's role in steering investment decisions and ensuring long-term financial sustainability. The Board is tasked with approving OIA's vision and strategy, overseeing major investment decisions, asset allocation, policy approval, and its companies' governance, ensuring, as he described, that OIA remains 'a trusted custodian of Oman's wealth, investing for present and future generations in alignment with Oman's national interests.' Recognising its national responsibility to contribute to development and achieve the goals of Oman Vision 2040, OIA highlighted its 'National Agenda', a set of development-oriented commitments including attracting foreign investment, reducing its companies' debt, developing human capital, maximising local content, and supporting the national digital transformation journey. OIA has made tangible progress toward these goals. In 2024 alone, the NDF and FFO attracted more than RO 3.3 billion in foreign investments, while the divestment programme drew over RO 1.5 billion. OIA also cut debt by more than RO 2.5 billion by the end of 2024. It prioritised human capital development through initiatives like the 'Nomou' and 'Mu'tamad' programmes, positioning people as drivers of growth. It also focused on maximising local content, issuing policies and guiding its companies to adopt and enhance local content practices. Programmes like the 'Vendor Development Program' helped develop 58 small and medium enterprises (SMEs) between 2023 and 2024, in addition to initiatives such as the 'Mandatory list', 'Ring Fencing', and the 'Qimam' Hackathon. These efforts led to an increase in SME spending to RO 265.5 million in 2024. On the digital transformation front, OIA aligned its internal digital strategy with the national plan under Oman Vision 2040.
Observer
20-04-2025
- Science
- Observer
Science festival to raise awareness of agriculture importance
Muscat, April 20 The 13th Scientific Agricultural Science Festival, organised by the Agricultural and Marine Sciences Group at the College of Agricultural and Marine Sciences at Sultan Qaboos University, kicked off in the university's Grand Hall on Sunday. The opening ceremony was held under the auspices of Her Highness Sayyidah Dr Mona bint Fahd al Said, Assistant Vice-Chancellor for International Cooperation at SQU. The festival will run until Tuesday, April 23. This year's festival is held under the theme "Mada: From the Depths of Roots to the Horizons", reflecting a renewed vision based on sustainability, innovation and a deep connection with nature and society. The festival is considered by students a prominent scientific and cultural platform aimed at raising awareness of the importance of the agricultural and marine sectors and their role in achieving the goals of Oman Vision 2040. Festival activities include scientific exhibitions, workshops and various interactive stations that merge science and art, presenting agricultural and environmental information in an engaging manner using visual, auditory and olfactory elements inspired by the Omani environment. This edition focuses on key themes that represent priorities in the agricultural and marine sectors, including food security, agricultural sustainability, modern agricultural technologies and biodiversity. These themes were carefully selected to address current environmental and economic challenges and highlight innovative and smart solutions that align with Oman's path toward sustainable development, emphasising the role of agriculture and the sea in balancing production with natural resource preservation. More than 120 students and researchers are participating this year across 25 teams representing school students, university students and postgraduate researchers. They are presenting in exhibition booths and competing in a scientific research competition aimed at discovering student talent and honouring the best projects that offer innovative and practical solutions in areas like food security, smart agriculture, biodiversity and the marine environment. The organising committee emphasised that the festival is open to the public, welcoming school and university students as well as anyone interested in agriculture, the environment and the sea. They noted that the primary goal of the festival is to simplify scientific concepts, connect them to real-life experiences, and present agriculture as a living science and a source of hope for a sustainable future. Engineer Sultan al Habsi, a participant in a project on agricultural tourism, stated that the festival is a valuable opportunity for entrepreneurs to showcase their ideas and initiatives to interested and specialised audiences. It also offers a chance to explore other projects and experiences that enrich knowledge and open doors for future collaboration. He added that his participation led to discovering several inspiring projects with which he hopes to collaborate in the future to expand his initiative. Al Habsi also highlighted the educational and interactive significance of such festivals for school and university students, as they allow close engagement with the concepts of agriculture, environment and sustainability. These experiences encourage students to present their ideas and develop their scientific and research skills, contributing to shaping their personalities and preparing them to play active roles in the future of Oman's agricultural and environmental sectors.
