Latest from Times of Oman
Times of Oman
an hour ago
- Business
- Times of Oman
Commerce Ministry takes action against companies engaged in hidden trade
Muscat: Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, met on Tuesday at the Ministry's headquarters with a number of entrepreneurs working in the vehicle repair and maintenance sector. This meeting is part of a series of direct engagements conducted by the Ministry to enhance communication with small and medium enterprise (SME) owners, in line with its efforts to empower entrepreneurs and strengthen the business environment in the Sultanate of Oman. The initiative is carried out in collaboration with partners, including the SMEs Development Authority (Riyada), Oman Chamber of Commerce and Industry, and Khazaen Economic City. The meeting addressed key challenges facing workshop owners and businesses in this vital sector, including unfair competition under the guise of concealed trade. The Ministry confirmed that it has taken several legal measures against violating companies by implementing the first phase of Ministerial Decision No. 412/2023 on combating hidden trade, which covered three governorates (Muscat, Dhofar, and North Al Batinah). The second phase of the decision will be rolled out in the coming period. The discussion also touched on challenges related to obtaining land usufruct rights for conducting economic activities in vehicle repair and maintenance, as well as financing difficulties for projects in this sector, including personal and housing loans for entrepreneurs. The importance of digitizing all government services was also highlighted. For his part, Mubarak Mohammed Al Dohani, Director General of Planning at the Ministry of Commerce, Industry, and Investment Promotion, emphasized that this meeting aligns with the Ministry's policy of opening direct dialogue channels with economic activity owners. A series of meetings will be held in the coming period with entrepreneurs from various sectors to understand their challenges and proposals for developing and enhancing the national economy. He noted that the vehicle repair and maintenance sector represents a key link in the value chain of Oman's automotive market, offering vast opportunities for entrepreneurship and self-employment. He added that the Ministry is keen on activating the business environment and improving the competitiveness of service activities, including vehicle repair, in which citizens account for over 93% of participation. The Ministry, in coordination with its partners in industrial cities such as Khazaen, is working to facilitate the transition to organized and sustainable work environments that enable SMEs to grow and thrive. Entrepreneur Nasser Nasrallah Al Fahdi presented a working paper detailing his personal experience in establishing and managing a vehicle repair workshop, along with the challenges he faced since starting in 2016. He also shared his success story and continuous efforts to develop his workshop to keep pace with market advancements, despite financial and regulatory hurdles. Additionally, representatives of Khazaen Economic City delivered a visual presentation highlighting investment opportunities available in the Khazaen Market for vehicle spare parts, repair, and maintenance. This integrated project aims to regulate the sector, provide an ideal and safe environment for workshops and craftsmen, and link services with modern logistical facilities. The presentation also noted the market's comprehensive infrastructure, which includes dedicated auto repair units, spare parts showrooms, and support services, all within a regulatory framework that accounts for population and urban growth in South Al Batinah Governorate and neighboring areas. Data released by the Information and Statistics Department at the Ministry of Commerce, Industry, and Investment Promotion indicates that the number of licensed companies in vehicle repair and maintenance activities exceeded 13,500 by June 2025, distributed across various governorates of Oman. Muscat Governorate leads with 3,690 establishments, followed by North Al Batinah (2,226 establishments) and Dhofar (1,941 establishments). The data also reveals that the most common activities are vehicle electrical repair (3,651 establishments), vehicle mechanics (2,363 establishments), and oil change services (1,441 establishments). Meanwhile, full Omani ownership accounts for over 95% in most of these activities.
Times of Oman
an hour ago
- Business
- Times of Oman
Young Omanis lead nation in savings, reveals survey
MUSCAT: Young Omanis are leading the country in personal financial discipline, with 75 percent of individuals aged between 18 and 29 saying they save part of their income regularly, according to a survey by the National Centre for Statistics and Information (NCSI) in collaboration with the Financial Services Authority. The 2024 survey explored attitudes toward saving and investment among citizens and found that young adults were significantly more likely to save than older age groups. The savings rate drops to 58 percent among those aged between 30 and 40, and falls further to 42 percent for individuals aged over 50. Overall, the survey found that 59 percent of Omanis save some portion of their monthly income. Of these savers, 81 percent keep their money in bank accounts — both Islamic and conventional — making it the most preferred method of saving. While the youth demographic showed the strongest saving behaviour, women outperformed men, with 74 percent of Omani women saving regularly compared to 56 percent of men. Higher education levels were associated with stronger saving habits, with 73 percent of those holding qualifications above the general diploma level saving, versus 49 percent among diploma holders and just 33 percent among those with less than a diploma. Income and employment also play a clear role. Among employed Omanis, 64 percent save, while only 49 percent of job seekers and 39 percent of those outside the labour force do the same. Those earning above OMR600 per month recorded a 69 percent savings rate, compared to just 33 percent for those earning below OMR300. The top reason cited for saving was to prepare for emergencies and future needs, followed by housing and investment goals. The findings reflect a growing culture of financial awareness among young Omanis and are expected to guide national policies focused on improving saving behaviour across the Sultanate.
Times of Oman
2 hours ago
- Sport
- Times of Oman
Oman appoints Portuguese Queiroz as new head coach ahead of fourth round World Cup Qualifiers
MUSCAT: The Oman Football Association (OFA) on Tuesday appointed the highly experienced Portuguese coach Carlos Queiroz as the new head coach of the national football team. The strategic decision comes ahead of the AFC fourth and final round of qualifiers for the 2026 FIFA World Cup, with the draw scheduled in Kuala Lumpur for July 17. Oman will compete in a high-stakes tournament hosted by Saudi Arabia and Qatar, vying for a place at football's most prestigious event. Queiroz boasts a distinguished international coaching career, having managed top national teams including Portugal, Iran, South Africa, Colombia, Egypt, and Qatar. He is famed for leading Iran to three consecutive FIFA World Cups (2014, 2018, and 2022) and for his two spells as assistant coach at Manchester United under Sir Alex Ferguson. He was also the coach of Spanish giants Real Madrid from 2003-2004. Queiroz's wealth of tactical expertise and experience will be pivotal as Oman competes against Asia's elite for a historic World Cup berth. The Asian Football Confederation (AFC) confirmed that Saudi Arabia and Qatar will jointly host the fourth round of Asia's 2026 FIFA World Cup qualifiers in October 2025. This stage features six teams that finished third and fourth in their respective third-round groups. The teams drawn on July 17 will be split into two groups of three nations each. Oman will join Saudi Arabia, Qatar, Iraq, Indonesia, and the United Arab Emirates in this final qualifying phase. Matches will be played over three matchdays, from October 8 to 14, in a centralised format. The winners of each group will earn direct qualification to the newly expanded 48-team World Cup finals. Meanwhile, the runners-up from each group will face off in a playoff scheduled for November. The victor of that playoff will advance to an intercontinental playoff tournament in March 2026, with the chance to claim one of the last two World Cup spots available. The AFC's eight World Cup slots (expanded from five in previous tournaments) have been claimed by Japan, Australia, Iran, Uzbekistan, South Korea, and Jordan, who secured their spots by finishing in the top two of their respective groups during the third round. Oman now has the challenging task of navigating the fourth round to join these established teams on the global stage. In a message on X, the OFA expressed deep appreciation for the former head coach Rasheed Jaber, whose leadership was instrumental in guiding Oman to this crucial qualification phase. Jaber's tenure laid the groundwork for the team's current competitive position, which Queiroz now aims to build upon. In addition to Queiroz's appointment, Hamad Al Azzani has been named technical director for Oman's youth national teams and will temporarily serve as assistant coach for the senior team during the qualifiers, ensuring a seamless transition and focus on long-term development. The OFA's board, chaired by Sayyid Sulaiman Al Busaidi, endorsed the decision to appoint Queiroz, reflecting a commitment to get the best results at the top level.
Times of Oman
2 hours ago
- Business
- Times of Oman
National Defence College celebrates graduation of 12th cohort
Muscat: The Academy for Strategic and Defence Studies on Tuesday celebrated the graduation of the 12th cohort of the National Defence College. The cohort included senior officers from the Sultan's Armed Forces (SAF) and other military and security units, alongside officials from various ministries, authorities, government institutions, and civil entities. The ceremony was held under the patronage of Dr. Said Mohammed Al Saqri, Minister of Economy, and was attended by Major General Hamid Ahmed Sakroon, Chairman of the Academy for Strategic and Defence Studies. During the event, a visual presentation highlighted the course's comprehensive curriculum, practical applications, relevant study visits, and lectures and seminars delivered by specialists and decision-makers. Following the presentation, the Minister of Economy distributed certificates to the graduating participants. The graduation ceremony saw the attendance of several official, commanders of the Sultan's Armed Forces and military and security units, members of the State Council, senior officers from the Sultan's Armed Forces and other military and security units, a gathering of retired senior officers, and members of the college's steering committee.
Times of Oman
3 hours ago
- Automotive
- Times of Oman
Commerce Minister meets entrepreneurs in vehicle repair, maintenance sector
Muscat: Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, met on Tuesday at the Ministry's headquarters with a number of entrepreneurs working in the vehicle repair and maintenance sector. This meeting is part of a series of direct engagements conducted by the Ministry to enhance communication with small and medium enterprise (SME) owners, in line with its efforts to empower entrepreneurs and strengthen the business environment in the Sultanate of Oman. The initiative is carried out in collaboration with partners, including the SMEs Development Authority (Riyada), Oman Chamber of Commerce and Industry, and Khazaen Economic City. The meeting addressed key challenges facing workshop owners and businesses in this vital sector, including unfair competition under the guise of concealed trade. The Ministry confirmed that it has taken several legal measures against violating companies by implementing the first phase of Ministerial Decision No. 412/2023 on combating concealed trade, which covered three governorates (Muscat, Dhofar, and North Al Batinah). The second phase of the decision will be rolled out in the coming period. The discussion also touched on challenges related to obtaining land usufruct rights for conducting economic activities in vehicle repair and maintenance, as well as financing difficulties for projects in this sector, including personal and housing loans for entrepreneurs. The importance of digitizing all government services was also highlighted. For his part, Mubarak Mohammed Al Dohani, Director General of Planning at the Ministry of Commerce, Industry, and Investment Promotion, emphasized that this meeting aligns with the Ministry's policy of opening direct dialogue channels with economic activity owners. A series of meetings will be held in the coming period with entrepreneurs from various sectors to understand their challenges and proposals for developing and enhancing the national economy. He noted that the vehicle repair and maintenance sector represents a key link in the value chain of Oman's automotive market, offering vast opportunities for entrepreneurship and self-employment. He added that the Ministry is keen on activating the business environment and improving the competitiveness of service activities, including vehicle repair, in which citizens account for over 93% of participation. The Ministry, in coordination with its partners in industrial cities such as Khazaen, is working to facilitate the transition to organized and sustainable work environments that enable SMEs to grow and thrive. Entrepreneur Nasser Nasrallah Al Fahdi presented a working paper detailing his personal experience in establishing and managing a vehicle repair workshop, along with the challenges he faced since starting in 2016. He also shared his success story and continuous efforts to develop his workshop to keep pace with market advancements, despite financial and regulatory hurdles. Additionally, representatives of Khazaen Economic City delivered a visual presentation highlighting investment opportunities available in the Khazaen Market for vehicle spare parts, repair, and maintenance. This integrated project aims to regulate the sector, provide an ideal and safe environment for workshops and craftsmen, and link services with modern logistical facilities. The presentation also noted the market's comprehensive infrastructure, which includes dedicated auto repair units, spare parts showrooms, and support services, all within a regulatory framework that accounts for population and urban growth in South Al Batinah Governorate and neighboring areas. Data released by the Information and Statistics Department at the Ministry of Commerce, Industry, and Investment Promotion indicates that the number of licensed companies in vehicle repair and maintenance activities exceeded 13,500 by June 2025, distributed across various governorates of Oman. Muscat Governorate leads with 3,690 establishments, followed by North Al Batinah (2,226 establishments) and Dhofar (1,941 establishments). The data also reveals that the most common activities are vehicle electrical repair (3,651 establishments), vehicle mechanics (2,363 establishments), and oil change services (1,441 establishments). Meanwhile, full Omani ownership accounts for over 95% in most of these activities.
