Latest news with #non-Omanis
Observer
2 days ago
- Entertainment
- Observer
Ministry hosts discussion on 2025 Tawasul Award for Short Films
MUSCAT: The Ministry of Culture, Sports and Youth organised a discussion session today at the Oman Film Society focused on the 2025 Tawasul Award for Short Films. Hamad bin Khalfan al Harrasi, Head of the Youth Awareness and Education Department at the Ministry's General Directorate of Youth, explained that the award, now in its third edition, aims to provide participants with an opportunity to explore themes central to the national dialogue. The award encourages films that reflect the individual's relationship with themselves, their community and the surrounding environment. Al Harrasi noted that the award is open exclusively to Omani filmmakers, while allowing non-Omanis to participate as actors. The Ministry has set technical requirements for submissions, accepting all film formats including narrative, documentary, 3D and digital. Films must be between one and 45 minutes in length and must not have been previously shown or published on any social media platform. The deadline for submissions is November 15. The session also featured a dialogue with the award's jury panel, chaired by Abdullah Habib and including members Mazna al Musafir, Laura al Siyabi and Qaisar al Hanai. During the session, the jury addressed questions from attendees and prospective participants, providing guidance on the award criteria and process. The Ministry continues to encourage Omani filmmakers to engage with this prestigious platform to highlight important societal themes through their creative work. — ONA
Saba Yemen
5 days ago
- Business
- Saba Yemen
Muscat stock exchange closes lower, trading volume rises
Muscat – Saba: The Muscat Stock Exchange (MSX) 30 Index closed down today, Wednesday, at 4,809.44 points, a decrease of 7.6 points or 0.16% from its last trading session. Despite the index's decline, the total value of trading surged by 20.1% to 28.21 million Omani Rials, up from 23.48 million Rials in the previous session. The daily report from the MSX also noted a slight decrease in market capitalization, which fell by 0.110% to approximately 29.27 billion Omani Rials. Foreign investment activity showed a net outflow, with non-Omanis selling 1.63 million Rials worth of shares while purchasing 926,000 Rials, resulting in a net foreign investment decrease of 703,000 Omani Rials, or 2.49% of the total trading value. Whatsapp Telegram Email Print
Saba Yemen
26-06-2025
- Business
- Saba Yemen
Muscat stock exchange index closes 0.15% lower
Muscat – Saba: The Muscat Stock Exchange "30" index closed today at 4,507.03 points, down by 6.9 points (0.15%) compared to the last trading session, which stood at 4,513.93 points. The trading value reached OMR 13,046,465, marking a 16.1% increase compared to the previous session's OMR 11,238,468. A report issued by the Muscat Stock Exchange indicated that the market capitalization decreased by 0.081% from the last trading day, reaching approximately OMR 28.27 billion. The value of shares purchased by non-Omanis in the exchange amounted to OMR 531,000, representing 4.07% of total trading, while the value of shares sold by non-Omanis reached OMR 730,000 (5.59%). Consequently, the net investment by non-Omanis declined by OMR 199,000 (1.52%). Whatsapp Telegram Email Print
Observer
18-06-2025
- Business
- Observer
Freehold ownership to drive SEZ investment
MUSCAT, JUNE 18 The opportunity for foreigners to own residential property on a freehold basis in Oman's Special Economic Zones (SEZs) and Free Zones is expected to significantly enhance the investment appeal of the Sultanate's expanding portfolio of industrial and economic hubs. This provision is a key feature of the Law of Special Economic Zones and Free Zones, promulgated under Royal Decree 38/2025 on April 7, 2025, and effective from April 14, 2025. Article 42 of the law, titled Land Allocation and Freehold Sale of Units, states: 'A real estate developer may sell the units of these projects to non-Omanis—whether they are natural or legal persons—as freehold, in the manner specified by the regulation.' An explanatory note published by the Public Authority for Special Economic Zones and Free Zones (OPAZ) clarifies that land for real estate development projects within SEZs is allocated through usufruct rights. However, under the new law, developers may sell residential units within these projects to non-Omanis on a freehold basis. 'It permits real estate developers to sell project units to non-Omanis under the freehold system, a legal framework that allows buyers to fully and permanently own property without restrictions on the ownership period. In other words, individuals possess absolute ownership of the property and may dispose of it in accordance with the regulations set forth by the Authority,' OPAZ stated. 'This type of ownership presents an attractive option for investors and buyers seeking long-term stability and permanent property ownership,' the Authority emphasized. Until now, freehold property ownership for foreigners was limited to Integrated Tourism Complexes (ITCs)—zones designated by the Ministry of Heritage and Tourism. As of mid-2023, around 19 ITCs were operational or under development across Oman, offering thousands of residential units for foreign investment. In March 2025, the Ministry announced that 13 additional ITCs are under development, with a further 12 in the pipeline, as part of efforts to strengthen investment in Oman's growing tourism sector. With the extension of freehold ownership rights to SEZs and Free Zones, Oman is poised for a surge in foreign investment in residential real estate, particularly in high-growth industrial and logistics hubs. OPAZ currently manages an extensive portfolio of 23 investment zones, comprising SEZs, free zones, industrial cities, economic cities, an airport free zone, and a dedicated IT park. Several more developments are in early planning or construction stages, aligning with Oman's national drive for economic diversification, industrial resilience, job creation, and foreign direct investment (FDI) attraction. As of end-2024, the total volume of investments in OPAZ-managed assets rose by 10% to approximately RO 21 billion. The Special Economic Zone at Duqm (SEZAD) accounted for RO 6.3 billion, while free zones collectively attracted RO 6.6 billion. Meanwhile, industrial cities saw cumulative investments reaching RO 7.6 billion.
Observer
25-05-2025
- Business
- Observer
Oman signs RO 56 million pacts to boost tourism
MUSCAT: The Ministry of Heritage and Tourism has signed three significant usufruct agreements valued at over RO 56 million to develop integrated tourism projects in the wilayats of Khasab, Nakhal and Sur. The agreements, signed on Sunday, May 25, by Salim bin Mohammed al Mahrouqi, Minister of Heritage and Tourism, mark a major step in Oman's strategy to enhance its tourism sector and diversify the national economy. The first agreement, signed with Omran Group and represented by its CEO Hashel bin Obaid al Mahrouqi, covers the development of Wadi Shab, Wilayat of Sur in Al Sharqiyah South Governorate. This project seeks to position Wadi Shab as a year-round eco-adventure destination, attracting both domestic and international tourists. The planned development will include an adventure park featuring a zipline, mountain climbing trails, suspension bridges, walking paths, and designated swimming areas for both children and adults. The site will also offer restaurants and cafes, all designed to blend with the valley's rich biodiversity, geological features and natural attractions such as clear water pools, caves and waterfalls. With an investment of RO 2 million, the project is expected to be completed within 18 months from the date the agreement is activated. It will also open new opportunities for small and medium enterprises (SMEs) in the area. The second agreement was signed with Khasab Development and Investment Company, represented by its Managing Director Hilal bin Nasser al Harthy, to develop an integrated tourism complex named 'Sandan – The Pearl of Khasab". Located on a 43,658-square-metre plot of government land, the project is strategically situated near key attractions such as Khasab Fort and the Atana Musandam Hotel. It will feature a four-star hotel with 200 rooms, along with 450 residential units available for purchase by Omanis and non-Omanis alike. Complementing these will be a traditional-style market, retail outlets, diverse dining options, and various recreational and service facilities. With an investment cost estimated at RO 17 million, the project is expected to create between 250 and 300 jobs and will be completed within a seven-year period. The third and largest agreement involves Hamyan Investment and Project Development Company, represented by Managing Director Saud bin Hamad al Taie. The company will develop 'Hamyan Village", an integrated tourism complex in the Wilayat of Nakhal, Al Batinah South Governorate. Spanning 201,031 square metres of government land, the project will include a four-star hotel with 156 rooms and 535 residential units comprising villas and apartments, all available for local and foreign ownership. The development will also include a market, various restaurants, a water park, and a range of recreational and service amenities. With a total investment of RO 38 million, the project is expected to be completed within three years and will create between 300 and 350 job opportunities. Commenting on the projects, Dr Rashid bin Saleh al Hinai, Director-General of Planning at the Ministry of Heritage and Tourism, noted that these developments reflect Oman's commitment to sustainable tourism and economic diversification. He highlighted the expected positive impact on local communities through job creation and support for SMEs, while also enhancing Oman's appeal as a leading destination for nature, heritage and adventure tourism. — ONA
