Latest news with #privateSector
Zawya
7 hours ago
- Business
- Zawya
Dubai Chamber of Commerce explores avenues to drive private sector growth during second quarterly meeting of Business Groups and Councils for 2025
Maha Al Gargawi: 'Strengthening the voice of private sector stakeholders through our Business Groups and Councils remains central to enhancing Dubai's business landscape and fostering sustainable economic growth across all sectors.' Dubai Chamber of Commerce reviewed 10 laws and draft laws in collaboration with Business Groups during Q1 2025, with the private sector's recommendations achieved an adoption rate of 55%. Dubai, UAE – Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has successfully hosted the second quarterly roundtable meeting for Business Groups and Business Councils of 2025. The event brought together members of the sector-specific Business Groups and country-specific Business Councils overseen by the chamber, representing a broad spectrum of private sector enterprises from Dubai's business community. The meeting provided a strategic platform to discuss opportunities for economic growth and highlight key developments shaping the local business environment. Attendees were updated on the latest initiatives, programmes, and future plans aimed at promoting private sector success and creating a supportive ecosystem for sustainable business expansion. The dialogue focused on enhancing the competitiveness of local companies in alignment with emerging economic trends. During the first quarter of 2025, Dubai Chamber of Commerce facilitated 55 meetings with Business Groups and Business Councils, marking a significant 166% increase compared to the same period last year. The chamber also established two new Business Councils, the Indonesian Business Council and the Hungarian Business Council, strengthening engagement with companies and investors from both markets. Dubai Chamber of Commerce reviewed 10 laws and draft laws in collaboration with Business Groups during Q1 2025. The private sector's recommendations achieved an adoption rate of 55%, demonstrating the continuing influence of business advocacy on policymaking. The chamber also coordinated four joint meetings between Business Groups, Business Councils, and key government stakeholders during the first quarter to address sector-specific challenges and foster collaborative solutions. Maha Al Gargawi, Vice President of Business Advocacy at Dubai Chambers, commented: 'Strengthening the voice of private sector stakeholders through our Business Groups and Councils remains central to enhancing Dubai's business landscape and fostering sustainable economic growth across all sectors. We remain dedicated to providing platforms that enable businesses to engage directly with policymakers, share insights, and shape a regulatory environment that supports their growth and competitiveness.' The Business Groups and Business Councils operating under the umbrella of Dubai Chamber of Commerce ensure the representation of diverse industries and serve as a bridge between the business community and key government entities. Through their activities, these influential bodies work to enhance Dubai's dynamic business environment, promote public-private partnerships, and drive the success of businesses in the emirate. About Dubai Chamber of Commerce: Established in 1965, Dubai Chamber of Commerce continues to represent, support, and protect the interests of the business community in Dubai, create a stimulating business environment, and promote the emirate as a global business hub. The chamber is one of three chambers operating under the umbrella of Dubai Chambers, which was restructured under a decree issued by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
Zawya
7 hours ago
- Business
- Zawya
Annual Meetings 2025: African private-sector players and African Development Bank officials discuss business opportunities
On the fourth day of the African Development Bank Group's ( Annual Meetings in Abidjan ( a seminar on business opportunities with the Group brought together private-sector players from 40 African countries and led to constructive exchanges with Bank officials. "Africa will not develop without a robust private sector. This seminar should give you a better understanding of how the Bank operates and how to work with us," Gauthier Boulard, Senior Director of Resource Mobilization and Partners at the African Development Bank, told participants. During the seminar, the Bank provided updated information on its procurement plan and contractual policies, as well as on procedures for accessing business opportunities for companies or projects. Information was also shared on procurement rules, integrity and corruption. "With regard to our Ten-Year Strategy 2024-2033 ( we expect to have to finance more transformative projects, i.e. projects that bring about change in the market in which they take place.... We are ready to support the private sector," said Ronald Rateiwa, Senior Strategy, Policy and Infrastructure Officer at the African Development Bank. Cheikh Ibra Faye, Director of Faye Groupe Services, a company active in Senegal, Mali and Côte d'Ivoire, commented: "I have just learned important information that I've been looking for for a year. I have a plan to replace West Africa's urban vehicle fleet with vehicles powered by renewable energy, and I'd like to know what support is available from the African Development Bank," he said. Aude Apetey-Kacou, Manager of Private Sector Operations for West Africa at the Bank, responded: "The Bank finances urban transport. So the fleet project meets one of our criteria. We would then need to discuss the project in a different setting, to find out more about its structure, the current state of financing and the progress of the studies already carried out, so that we can make a decision." The creation of characteristically African social media, setting up biometric laboratories to combat cervical cancer, satellite imagery and the financing of small and medium-sized enterprises were just some of the projects brought to the attention of the Bank's management by private-sector players. "Health is a key sector that the Bank intends to support and is already involved in. There are other sectors that are just as important, and we'll have the opportunity to talk about them again," confirmed Boris Honkpehedji, Senior Manager of Private Sector Operations at the African Development Bank. As of 31 December 2024, the African Development Bank Group's investment portfolio had devoted 46% of its financing to the financial sector, 16% to energy, 15% to industry, 9% to transport, 9% to agriculture and social affairs, and 5% to multi-sector projects. Distributed by APO Group on behalf of African Development Bank Group (AfDB).
Times of Oman
11 hours ago
- Business
- Times of Oman
Oman Tender Board mandates Omanisation compliance for contracts
Muscat: The Sultanate of Oman's Tender Board has issued Circular No. 2025/2, directing all the ministries and government units under the Tender Law to stop awarding contracts to private sector companies that do not meet the approved Omanisation rates. The General Secretariat of the Tender Board would like to inform all entities subject to the provisions of the Tender Law to take action regarding the complete non-contracting of private sector companies that do not comply with the Omanisation rates approved by the government, by doing the following: 1. Include the clause related to compliance with Omanisation requirements and the employment of the national workforce, according to the attached format, in the tender documents before the tender is issued. 2. Verify that companies meet Omanisation requirements through the data available in the electronic tendering system (Esnad), based on direct connection with the Ministry of Labor, before awarding the tender. 3. Compliance with Omanisation provisions for international companies and institutions not registered in the Sultanate of Oman will be monitored when participating in international tenders after the award and during contract implementation, as part of the local content plan.
Zawya
12 hours ago
- Business
- Zawya
220,000 new Omani jobs required by 2030 to meet growth targets: IMF
MUSCAT: The Omani economy must generate over 220 thousand jobs for its national workforce by 2032 to meet the country's national growth demands, according to the International Monetary Fund (IMF). The figure is based on projections that 550,000 nationals will enter working age within the next year, with participation rates expected to remain around 67%. Published in the IMF's Selected Issues Paper, 'Labour Market Dynamics in Oman,' April 2025, the report underscores that relying on the public sector as the primary source of employment is no longer feasible amidst efforts to ensure medium-term fiscal sustainability and reducing reliance on hydrocarbon revenues. According to the report, while 56% of the Omani workforce is in the private sector, the public sector remains a favorable destination for Omanis due to job security, higher compensation, and more relaxed work arrangement. The private sector, however, remains dominated by expatriates, which make up 86% of the workforce with wages significantly lower on average, particularly in low- and medium-skilled jobs, creating a wage disparity that deters private firms from hiring nationals without government intervention. Furthermore, the IMF notes that Oman's education system, despite improvements, is not sufficiently aligned with the needs of a diversifying economy, causing a discrepancy in the skills required by the private sector and those available in the labour market. According to the report, a large share of educational paths chosen by Omanis are still tilted towards humanities and business administration rather than science, engineering, and technology fields. Additionally, enrollment rates in vocational education represents less than 2% of enrollment in higher education. Another identified challenge is the female labour participation rate which stands at 32%, in comparison to 89% for men. Omani women hold fewer senior and managerial roles, which could discourage them further from entering the labor market, despite higher academic performance among women, the report notes. Finally, another key restraint to the labour market is limited mobility, especially for expatriate workers. Until recently, labour regulations required expatriates to remain with their initial employer for 12 months before qualifying for an unconditional job transfer. This restriction indirectly encouraged firms to favour expatriates over nationals, as their limited bargaining power contributed to lower wage expectations. In turn, this dynamic reduced the attractiveness of private sector roles for low-skilled Omanis. The IMF hailed the new Social Protection and Labour Laws as a step in the right direction toward addressing longstanding challenges in the Omani labour market, while also recommending complementary policies to amplify their impact. These include strengthening and scaling up active labor market programmes to reduce the skill mismatch with private sector needs, as well as adopting dual-education systems that integrate vocational training with on-site experience. The Fund also calls for accelerating efforts to increase the participation of women in the workforce. In addition, aligning wages in the public and private sectors more closely with productivity is seen as a key measure to enhance the appeal of private sector employment for nationals. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Reuters
16 hours ago
- Business
- Reuters
Japan's factory decline slows, but tariff worries persist
Japan's factory activity shrank at the slowest pace in five months in May as the decline in new orders eased, but worries over U.S. tariffs have dampened the recovery from an almost year-long contraction, a private-sector survey showed on Monday. Julian Satterthwaite reports.
