Special focus on expanding industrial sector


09/02/2014 10:23 AST

Oman Industry Day is celebrated every year on February 9 to commemorate His Majesty Sultan Qaboos bin Said's visit to the Rusayl Industrial Estate on February 9, 1991.

The Ministry of Commerce and Industry has been keen on celebrating Industry Day by organising an annual meeting, which will be held on Sunday at the Crowne Plaza Muscat . The meeting brings together H E Eng Ali al Sunaidy, Minister of Commerce and Industry, Omani industrialists and people interested in industry.

Nahla bint Abdulwahab al Hamdi, director general of industry, said that the meeting will review the latest developments relevant to industry in the sultanate and listen to the opinions of industrialists about the most important challenges that stand in the way of Oman’s industry, as well as solutions and possible suggestions to develop the sector. She added that the meeting will try to address important problems and issues that come in the way of investors and development in the sector.

The meeting will try to solve these issues by answering queries that are within the ministry’s remit, while refering other enquiries to the relevant parties. She also said that one of the positive results of such meetings is finding an atmosphere of trust, constructive cooperation and transparency between the private sector and government officials for the benefit of the industrial sector and its investors.

In reference to the most important strategic industrial foundations of this vital sector, the director general of industry said that the Ministry of Commerce and Industry will update, in the coming period, the future strategy for industry in coordination with the Supreme Council for Planning.

A committee of competent entities has been set up to deal with this issue. As for the contribution of the industrial sector to the gross domestic product (GDP), she said that according to the economic indicators of the industrial sector, the sector has enjoyed continuous progress in terms of its contribution to the GDP that reached 12 per cent, adding that under the Vision 2020 for the economy, the contribution of the industrial sector to the GDP would be 15 per cent. She added that the manufacturing sector added US$3.04bn to the economy in 2012, compared with US$2.96bn in 2011, a growth of 2.5 per cent.

She added that based on data provided by the National Center for Statistics and Information (NCSI), the value of non-oil industrial exports stood at RO2.3bn till August 2013, saying that those exports included mineral products, chemical products, construction material and electrical products.

The value of foreign direct investment in the manufacturing industrial sector stood at RO13.42bn in 2012 with a 18.3 per cent contribution to the total value of foreign investments, registering a 24.3 per cent rise from 2011. The volume of Omani industrial exports for the same year stood at RO3.59bn, with a growth rate of 18.5 per cent in 2011.

For more on this Click Here

Muscat Daily
Economic and Business News
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | News Archive
Most Viewed Companies
Ticker Price Volume
QNBK 127 470,450
ETISALAT 17.15 1,265,926
GFH 0.6
EMIRATESNBD 8 953,900
DAMAC 3.04 4,480,836
DANA 0.67 63,659,571
SABIC 102.33 6,566,984
Recent News

Maaden announces new Vice Chairman
The Saudi Arabian Mining Company (Maaden) announces the Board of Directors decision on June 21, 2017 of appointing H.E. Sulaiman Bin Abdulrahman Al-Gwaiz (non-executive member) as the Vice Chairman f

QNB sees minimal impact from standoff
Qatar National Bank said it expects to meet its earnings targets as the ongoing Saudi-led campaign to ‘isolate’ the country has minimal impact on its operations.

The Middle East’s largest le

Egypt seeks FDI boost as its economy struggles
Egypt’s investment ministry has finalised a much-anticipated set of regulations outlining incentives that it hopes will lure back badly needed foreign investors, Investment Minister Sahar Nasr told R

Qatar bourse says Gulf institutions dumped Qatari shares
The Qatar Stock Exchange on Wednesday said it believed some institutional investors from Saudi Arabia, the UAE and Bahrain dumped shares to drive down the Qatari stock market in the wake of the diplo

UAE banks clear $175bn cheques in 5 months
A total of 12.922 million cheques worth Dh643.7 billion ($175 billion) were handled by the UAE Clearing Cheque System during the first five months of 2017, according to the UAE Central Bank data.

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Looking ahead, what change you are more likely to make in investing in your domestic stock market?