News

Oman and Cyprus strengthen maritime cooperation

Oman and the Republic of Cyprus have signed two Memoranda of Understanding (MoUs) to enhance maritime collaboration. The agreements, aimed at fostering closer ties in the maritime sector, were formalised in a ceremony attended by key officials from both nations.

Consequently, the first MoU focuses on bolstering cooperation in maritime affairs, which are administered under the [Ministry of Transport,...

11/02/25

Oman-Qatar strategic relations strengthening economic prosperity

Oman and Qatar are continually working to enhance their bilateral ties, with a focus on mutual economic growth and regional cooperation. The ongoing development of their relationship reflects both countries' shared commitment to expanding partnerships across diverse sectors. Such progress encourages increased robust trade and investment cooperation.

As a result, the Omani-Qatari Joint Committee,...

28/01/25

Oman’s 2025 budget balances social welfare and economic growth

Oman’s 2025 budget focuses on strategic balance, emphasising social welfare support while advancing fiscal responsibility. Most importantly, it demonstrates the government's commitment to reducing public debt costs by restructuring loans to more cost-effective terms, while also boosting economic resilience.

According to the Oman News Agency,...

14/01/25

Oman hosts business forum 2024 to forge global partnerships

Oman recently hosted The Asian Arab Business Forum 2024 at the College of Banking and Financial Studies (CBFS) in Muscat.

The event was set a significant milestone in strengthening economic ties between Asia, the Arab world and other regions. Organised by the Asian Arab Chamber of Commerce the event highlighted Oman’s strategic role as a global hub for fostering...

31/12/24

Oman’s Sustainable Yiti City infrastructure near completion

Oman’s flagship sustainable development, The Sustainable City – Yiti, is on track to become the region’s first net-zero emissions city by 2040.

With 96% of its infrastructure works completed, this eco-friendly community is progressing towards its goal of housing approximately 10,000 residents by 2026. The city aims to set a new benchmark for sustainable urban living,...

17/12/24

Oman’s economy grows amid reform progress: IMF

Oman’s economy is demonstrating steady growth, supported by significant reforms under Oman Vision 2040, according to the International Monetary Fund (IMF).

In its End-of-Mission report following the 2024 Article IV consultation in Muscat, the International Monetary Fund highlighted the country's successful progress in economic diversification,...

02/12/24

Omans Chamber Commerce signs MOUs to empower SMEs

Omans Chamber of Commerce and Industry (OCCI) recently signed three key memoranda of understanding (MOUs) in a strategic move to support the growth and sustainability of small and medium enterprises (SMES).

The agreements, made with Sharakah (Youth Projects Development Fund), Ooredoo Oman and Al Wadiah Business Company, aim to drive economic diversification and innovation...

19/11/24

Oman unveils shore power investment opportunities

Omans Sohar Port and Freezone recently revealed a strategic investment opportunity focused on the development of shore power infrastructure.

The Sohar Port and Freezones power project aims to mitigate emissions and also positions Sohar as a leading hub for innovation and growth in the region. The initiative offers a valuable avenue for companies seeking...

05/11/24

Oman's Progress on Free Trade Agreement with Singapore

Oman has made significant strides in expanding its trade relationship with Singapore, increasing its exported products from 51 in 2000 to 135 in 2018. This growth underscores Oman’s commitment to becoming an open trading system and its active participation in global economic integration.

Since the inception of Oman Vision 2040, the country has focused...

22/10/24

Oman’s SME sector growing with strong government support

Oman’s small and medium enterprise (SME) sector is experiencing significant growth with 141,126 registered SMEs at Q2 2024, as reported by the Authority for Small and Medium Enterprises Development.

This total comprises over 120,000 small enterprises, approximately 19,000 micro-enterprises, and more than 1,100 medium enterprises, highlighting a vibrant entrepreneurial landscape in the Sultanate.

[Omans...

08/10/24