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

Ticker Price Volume
QNBK 123.30 103,897
SABIC 100.87 2,504,855
EEC 17.29 463,643
BURUJ 34.50 110,831
SIPCHEM 15.72 1,068,963
PETRORABIGH 13.85 2,037,712
TAWUNIYA 95.40 17,663
Saudi Domestic Sukuk: Indication of Financial Solidity

21/09/2017

The Saudi Finance Ministry announced on Monday that the third domestic sukuk issuance reached 350 percent in a record rate, while the first issuance was at 297 percent and the second at 300 percent.

Asharq Al Awsat

Islamic banking products ‘losing appeal in UAE’

21/09/2017

The number of UAE consumers applying for Islamic banking products has declined since last year, according to a new study from yallacompare, a leading comparison site in the Middle East.

By

Trade Arabia

Size of GCC asset management market to double by 2020

21/09/2017

Assets under management are forecast to more than double in 2020 from 2016 levels in the Arabian Gulf region as Sharia-compliant investments continue to rise and an expanding middle class presents mo

The National

Concept developed for new water and wastewater sector structure

21/09/2017

A multinational team of advisers has helped develop a concept for a new operational structure through which water and wastewater infrastructure and services will be delivered throughout Oman, accordi

Oman Daily Observer

Siege countries failed to harm Qatari economy

21/09/2017

Qatari investors and members of the business community, including the Qatar Chamber (QC), the country’s oldest and largest private industry representative body, said that the blockading countries hav

The Peninsula