Latest news with #sustainablegrowth
Zawya
3 days ago
- Business
- Zawya
World Bank support focused on enhancing Oman's investment climate
MUSCAT: The World Bank's contribution to advancing Oman's ambitious Vision 2040—a long-term strategy for economic diversification, sustainability, and global integration—has been spotlighted in a recent article on the official blogging platform of the World Bank Group. Titled 'Oman Vision 2040: A Blueprint for Sustainable Growth and Global Integration,' the article is co-authored by Dr Khamis bin Saif Al Jabri, Chairman of the Oman Vision 2040 Implementation Follow-up Unit, and Ousmane Dione, Vice President for the Middle East and North Africa at the World Bank. According to the article, a decades-long partnership between Oman and the World Bank has made the institution a key ally in supporting the country's shift from an oil-reliant economy to a knowledge-based, globally competitive nation. The Bank's support aligns with strategic national goals outlined in Vision 2040, spanning multiple sectors. A central pillar of this collaboration is improving the investment climate to foster private sector-led growth. To that end, the World Bank has worked closely with Omani authorities to introduce global best practices in business environment reform, adapted to local needs. These efforts are producing results: foreign direct investment is on the rise, and the regulatory framework has improved. A notable milestone is the 2020 Foreign Capital Investment Law, which eliminated minimum capital requirements and opened numerous sectors to full foreign ownership. In parallel, the World Bank Group's private sector arm—the International Finance Corporation (IFC)—has expanded its engagement in Oman by promoting sustainable finance and supporting private sector development. The Multilateral Investment Guarantee Agency (MIGA), another World Bank Group institution, played a key role in mobilizing $1.2 billion in commercial financing for infrastructure projects in the Duqm Special Economic Zone—a lynchpin in Oman's logistics and industrial diversification strategy. The partnership also extends to human capital development, a core objective of Vision 2040. The World Bank has supported education reform, helping Oman align its curriculum with future labor market demands. Investments in STEM education, vocational training, and research are aimed at boosting Oman's global education rankings, with goals to reach the top 20 by 2030 and top 10 by 2040. Sustainable development is another area of impactful collaboration. In the fisheries sector, the World Bank has helped craft a national strategy to modernize the industry from traditional fishing to a high-tech, export-driven model. This transformation is already delivering results, with the sector growing by 7.5 per cent in the first three quarters of 2024 and targeting 10 per cent annual growth, significantly contributing to Oman's non-oil GDP. The World Bank is also supporting Oman's efforts to build an entrepreneurial ecosystem that empowers youth. Initiatives such as innovation hubs, startup incubators, and public-private partnerships are helping unlock the potential of the nation's young population—64 per cent of whom are under 30. Targeted support for tech startups and workforce reforms are seen as vital steps toward leveraging this demographic advantage. Looking ahead, the road to 2040 presents both opportunities and challenges. The authors emphasize that realizing Vision 2040 will require sustained commitment, adaptability, and continued engagement with international partners. Oman's journey can serve as a model for other nations seeking to navigate uncertainty while pursuing economic diversification, sustainability, and global integration, the authors stressed. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Khaleej Times
3 days ago
- Business
- Khaleej Times
Dubai Investments marks three decades of progress, contributing to the making of the modern UAE
Dubai Investments has grown in tandem with the UAE's own remarkable evolution since its founding in 1995. What began as a bold initiative to diversify the nation's economy beyond oil has today become a reflection of the country's aspirations; dynamic, diversified, and future-facing. As the Group marks its 30th anniversary this year, it does so not with fanfare, but with a sense of purpose. Three decades on, the company's journey is as much about impact as it is about endurance; navigating shifting economic tides, investing in communities, and building platforms for sustainable growth. A legacy of diversification and vision In the mid-1990s, the UAE's economy was already on the cusp of change. Dubai Investments entered the scene with a clear intent: to become a vehicle for value-added investments that could power long-term development across key sectors from real estate and industry to healthcare, education and financial services. That vision quickly took root. In 1997, the Group launched what would become one of its most defining projects; Dubai Investments Park (DIP). Strategically located and master-planned to support industrial, commercial, and residential functions, DIP grew into a micro-city of its own, attracting thousands of businesses and playing a pivotal role in Dubai's industrial strategy. This integrated, mixed-use approach became the Group's hallmark - a model it would replicate in the years to come. Resilience through transformation Like any legacy institution, Dubai Investments has been tested by time. The early 2000s property boom, the 2008 global financial crisis, and the more recent pandemic all presented periods of uncertainty. Yet, through each cycle, the company found ways to pivot, embracing a measured strategy of reinvestment and diversification. The Group has maintained a strong governance culture while evolving with the times, introducing digital transformation, ESG practices, and a selective divestment approach that continues to unlock long-term shareholder value. Bin Kalban said: "Dubai Investments has emerged as a dynamic engine of economic growth, successfully earning the reputation of being a stable organisation, fueling the region's economic performance and diversification strategies." "We align our strategies and initiatives with the UAE Vision 2031, Dubai Vision 2030, GRI, and DFM indicators, ensuring our commitment to ESG principles," he added. Danah Bay: A symbol of what's next Among its newest real estate projects is Danah Bay, a premium beachfront development on Al Marjan Island in Ras Al Khaimah. With Phase 1 nearing completion, the community features 189 villas, 143 apartments, and a five-star hotel, designed to meet the growing demand for lifestyle-led, nature-integrated living. But Danah Bay is more than a luxury address. It's emblematic of Dubai Investments ' ability to spot and respond to emerging trends, in this case, the Northern Emirates' growing appeal as a residential, tourism, and investment destination. The project has already generated robust investor interest, reaffirming confidence in both the Group's brand and its read on market direction. Growth beyond borders Dubai Investments has a portfolio worth approx Dh2 billion ($544 million) in building materials and construction sector with plans to add Dh1 billion to the portfolio this year as it plans expansion in Abu Dhabi, Dubai and Saudi Arabia, according to Kalban. In the real estate sector, it has assets worth more than Dh15 billion with projects in Dubai and Ras Al Khaimah and its financial portfolio is valued at about Dh5 billion with investments in bonds and equities and private and listed companies. New projects are underway in Mirdif Hills, Jumeirah Village Circle (JVC), Meydan, and even international markets like Angola. Each is crafted with the Group's core values in mind including sustainability, community integration, and investor value. Beyond real estate, the company continues to strengthen its position across education, healthcare, and manufacturing beside aligning with national agendas like UAE Vision 2031, Made in UAE, and green economy goals. "As a group, we are focused on maintaining momentum and delivering consistent performance and our aim is to continue this phenomenal journey by embarking upon new ideas and innovations as the driving force behind emerging as a leading investment company across the region and beyond," adds Bin Kalban. "Dubai Investments is committed to consistently accelerate the transformation of the Group's strategy focused on its people and culture by building a strong and diverse workforce along with continued efforts towards enhancing sustainability and digitisation efforts." Three decades of trust At its core, the story of Dubai Investments is one of trust, earned over 30 years through consistent delivery, transparent governance, and partnerships that stand the test of time. Its growth has not only expanded its shareholder base but also supported the UAE's ambition of becoming a regional hub for business, tourism, and innovation. From shaping large-scale industrial parks to redefining lifestyle experiences with projects like Danah Bay, Dubai Investments has continually evolved without losing sight of its founding mission: to enable inclusive, future-ready development that benefits all stakeholders. As the company enters its fourth decade, it does so with the confidence of experience and the clarity of a vision still unfolding.
Times of Oman
4 days ago
- Business
- Times of Oman
Omran Group reports strong financials with OMR25mn net profit in 2024
Muscat: Oman Tourism Development Company (Omran Group) announced robust financial and operational results for 2024, reaffirming its central role in advancing tourism development and sustainable economic growth in the Sultanate of Oman. The Group achieved a net profit of OMR25.2 million with revenues surpassing OMR58.3 million, reflecting its operational efficiency and institutional excellence. During its recent meeting, Omran Group's Board of Directors reviewed these accomplishments and discussed ongoing financial and operational developments. The Board emphasised the Group's continued commitment to supporting economic diversification efforts and enhancing quality tourism investments across Oman. The financial results demonstrate Omran Group's success in attracting strategic investments, including foreign direct investment exceeding OMR156 million in 2024. This achievement aligns with Oman Vision 2040's objectives to increase foreign investment inflows and expand various economic sectors' contributions to GDP. In the hospitality sector, Omran Group strengthened its operational performance by welcoming 820,365 guests across its hotel properties in 2024, representing 6% growth compared to the previous year. The Group achieved an average occupancy rate of 45%, marking a 2.6% year-on-year increase. The year also saw the official opening of JW Marriott Hotel Muscat, which has become a distinguished addition to Oman's luxury hospitality landscape. As part of its strategy to position Oman as a premier global tourism destination and attract world-class hospitality brands, Omran Group announced several landmark projects. These include a partnership to develop the Middle East's first Club Med resort and a strategic collaboration with Santani Wellness Resorts to enhance medical tourism in Al Dakhiliyah Governorate. Demonstrating its commitment to sustainability and local value creation, Omran Group achieved a 40% local value-added index. The Group allocated over OMR19 million to support small and medium enterprises, which accounted for 34.7% of total expenditure. Omran Group's nationalisation efforts resulted in 370 new job opportunities for Omani talent, with Omanisation rates reaching 94% in the parent company and 53% across subsidiaries. The Group further strengthened its corporate governance practices by launching its Environmental, Social, and Governance (ESG) Framework in 2024. This initiative institutionalizes sustainability principles and enhances transparency while adhering to global best practices across all operations and projects. These positive results underscore Omran Group's continued leadership as the primary driver of tourism sector development in Oman, achieved through close collaboration with relevant authorities including the Ministry of Heritage and Tourism.
Arabian Business
4 days ago
- Automotive
- Arabian Business
ADNOC Distribution launches nationwide availability of Voyager in Egypt
ADNOC Distribution launched its acclaimed ADNOC Voyager lubricants across Egypt, making it available at third-party points of sale in the country for the first time. ADNOC Voyager products were currently available at select points of sale in Greater Cairo and the Nile Delta, as well as on Amazon and noon e-commerce platforms. It aims to reach 3,000 points of sale nationwide by the end of 2026. The launch is in partnership with TotalEnergies Marketing Egypt (TEME), which is 50 per cent owned by ADNOC Distribution, having acquired half its stake in 2023. Selected Voyager products are being produced at a TEME blending facility in Borg El Arab, thus combining local manufacturing with expanded distribution capabilities. This also contributes to Egypt's broader economic strategy of boosting domestic production and attracting foreign investment into the industrial sector. The facility has helped create skilled job opportunities, strengthened local supply chains, and reduced dependence on imports. Bader Saeed Al Lamki, CEO of ADNOC Distribution, commented: 'The national launch of ADNOC Voyager lubricants in Egypt marks a key milestone in our strategy to expand the reach of ADNOC's trusted, high-performance lubricants across Egypt and North Africa. 'The roll-out builds on ADNOC Distribution and TotalEnergies' shared commitment to sustainable growth and innovation, while deepening our collaboration, expanding ADNOC's regional footprint, and building future-ready capabilities that serve national priorities and regional markets alike.' The nationwide rollout in Egypt is a continuation of ADNOC Distribution's international growth strategy as it expands its footprint beyond the UAE and Saudi Arabia into North Africa. Egypt's high-potential fuel retail and mobility market gives ADNOC Distribution access to North Africa's largest customer base. The company aims to become a leading regional mobility player as part of its five-year growth strategy. ADNOC Voyager offers a wide range of high-performance products for automotive, industrial, and marine applications. With over 180 international OEM approvals and certifications from API and JASO, ADNOC Voyager is trusted in more than 47 countries worldwide and is the leading lubricant brand in the UAE. Thomas Strauss, Managing Director & Country Chair of TotalEnergies Marketing Egypt, added: 'Launching ADNOC Voyager lubricants in Egypt is a proud achievement for TEME and a reflection of the strength of our partnership. 'By manufacturing locally in Borg El Arab, we are ensuring accessibility, reliability, and top-tier performance for our customers. TotalEnergies Marketing Egypt represents a unique collaboration, proving that the two energy majors – TotalEnergies and ADNOC Distribution – can come together to drive innovation and elevate industry standards. By leveraging our combined expertise, we are crafting an efficient, sustainable supply chain that benefits the local market.'
Zawya
5 days ago
- Business
- Zawya
Oman launches national company to regulate mineral exports and boost revenues
MUSCAT: In a significant move to optimise the economic potential of its mineral wealth, the Ministry of Energy and Minerals has announced the establishment of Oman Minerals Trading Company as the central authority to oversee the marketing and export of mineral resources from the Sultanate of Oman. The initiative is formalised through Ministerial Resolution No 18/2025, issued by Eng Salim bin Nasser al Aufi, Minister of Energy and Minerals. The resolution marks a key step in reforming the mineral management system and aligns with Oman Vision 2040's goal of sustainable, diversified economic growth. It aims to address existing structural challenges in the mineral sector — such as fragmented marketing, price instability and the dominance of intermediaries — by centralising export control under a national entity. KEY PROVISIONS FOR TRANSPARENCY AND MARKET STABILITY Under the new regulation, gypsum and chrome ore exports will be strictly monitored. Export of raw chrome ore will require a minimum concentration of 36%, while processed ore can be exported at any concentration upon Ministry approval. Local market needs will be prioritised before exports are approved, a policy that supports domestic manufacturing and ensures stability in local supply chains. The regulation also seeks to standardise contracts, enhance negotiation leverage with international buyers and improve pricing transparency for Omani ores — factors that have historically impacted competitiveness despite strong production levels. In 2024 alone, Oman produced about 14 million tons of gypsum across 15 licensed sites and 300,000 tonnes of chrome ore from 29 licensees. However, revenue gains have been diluted by inconsistent marketing and a lack of pricing discipline. STRATEGIC ROLE OF OMAN MINERALS TRADING COMPANY As a subsidiary of Minerals Development Oman, the new trading firm will manage exports, unify contract terms, enforce quality specifications and negotiate international sales. This professionalised approach is expected to lift the average price of Omani minerals and boost national income. Dr Salah bin Hafiz al Dhahab, Director General of Investments at the Ministry, described the move as a 'pivotal milestone,' adding that it enables the government to streamline the export process, reduce price manipulation and better monitor sectoral returns. The decision is also designed to: a. Improve the efficiency of logistics and export operations. b. Increase transparency and curb rent-seeking behaviour. c. Support SMEs involved in supply chains. d. Create more jobs and promote local content through in-country value (ICV) initiatives. The resolution falls under the Ministry's broader 'Majd' initiative, which aims to evaluate and enhance local content across the energy and minerals sectors. Companies will be required to submit ICV plans and support domestic manufacturing activities that add value to raw mineral exports. ONE-YEAR TRANSITION PERIOD To ensure a smooth shift, a one-year transitional period has been granted. During this time, companies can conclude existing contracts and adapt to the new system. The Ministry also plans to conduct orientation and training workshops to support stakeholders and build internal capacity. Dr Al Dhahab emphasised that the transformation reflects the Ministry's broader institutional reform following the merger of energy and minerals portfolios. 'With clearer policies, enhanced geological databases and improved investor privileges, we are creating a transparent and regulated business environment that meets the goals of Oman Vision 2040,' he noted. By streamlining mineral exports and empowering a centralised entity, Oman aims to attract more reliable investments, strengthen national industries and secure better returns from its abundant mineral resources. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
