National Finance Company joins hands with Dar Al Atta'a for Udhiyah coupons
Muscat: National Finance Company, a leading firm in Oman in the field of finance, has joined hands with Dar Al Atta'a Association, through its Himmah Volunteer Team for organising a campaign for dispersing coupons of the Udhiyah 'the ritual sacrifice of sheep' in the Muscat Governorate.
The initiative aims to disperse gift coupons of Udhiya for the needy families in areas, including Muttrah, Al Amerat and Seeb.
The National Finance company continues with its corporate responsibility to boost the initiatives aimed at improving the lives of the individuals and to disseminate the spirit of solidarity and social coherence among the members of society.
Tariq bin Sulaiman Al Farsi, Chief Executive Officer of the National Finance, said that the company believes in the significance of contributions for decent life for all members of society through such initiatives.
He also reiterated the company's mission and message not just as a finance corporation but also as a social establishment supportive to society during each event.
With our support to the families during Eid Al Adha, we seek to further cement the culture of mercy, compassion and social responsibility as to make a positive impact on the community ties and to further cement the culture of the company, he added.
Himmah Volunteer Team of the company has always been a motivating factor for change, he said, adding that the team works on motivating the employees and all stakeholders to achieve sustainable results with impact on society.
In 2024, the team expanded its activities to include a number of community initiatives such as social care, education and environment preservation, he added.
The recent cooperation with Dar Al Atta'a represents a solid partnership established on common values and vision for responsible citizenship.
The two parties continue with bridging the gaps and preserving dignity and enhancement of equal opportunities among the various sectors of society.
Such initiatives are taken at large for the public interest.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Times of Oman
5 hours ago
- Times of Oman
World Bank report lauds Oman's strong economic performance
Muscat — The World Bank's 2024 Gulf Economic Update report highlighted that the Sultanate of Oman has achieved significant positive fiscal and economic results despite regional and global challenges. The report affirmed that Oman's economic performance reflects the success of its fiscal and economic policies amid global changes, aligning with the priorities of economic diversification and financial sustainability under "Oman Vision 2040." It noted that Oman has recorded fiscal surpluses in recent years due to government measures to improve financial performance, as well as a current account surplus driven by growth in non-oil exports and services exports, strengthening its external position. The report praised Oman's reduction of public debt from 68% to 35% of GDP, demonstrating its commitment to fiscal sustainability, along with its credit rating upgrade to an investment-grade level (BBB-) by S&P in 2024. Additionally, Oman maintained low inflation at 0.6% in 2024, compared to the GCC average of 2%. Looking ahead, the report projected continued current account surpluses and growth in non-oil exports, supported by fiscal discipline and economic diversification efforts. For the broader GCC, the report forecasted economic growth of 3.2% in 2025 and 4.5% in 2026, with the oil sector expected to grow by 5.7% and the non-oil sector by 4.9% in the medium term, while inflation remains low.
Times of Oman
5 hours ago
- Times of Oman
Oman, Algeria explore means of boosting economic and investment ties
Algiers — Qais Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, met today with several Algerian ministers and senior officials to discuss means of enhancing economic, trade and investment cooperation between the Sultanate of Oman and the People's Democratic Republic of Algeria. The meetings took place on the sidelines of Oman's participation as the guest of honor at the Algiers International Fair. Al Yousef held separate discussions with Saïd Grib, Algeria's Minister of Industry, Kamel Rezig, Minister of Foreign Trade and Export Promotion, Tayeb Zitouni, Minister of Domestic Trade and Market Regulation and Omar Rekkache, Director General of the Algerian Investment Promotion Agency. The meetings focused on expanding cooperation and partnerships in industry, trade and investment by activating existing agreements and memoranda of understanding between the two countries. Discussions also covered means of facilitating joint projects, increasing trade volumes, and boosting bilateral investments. Key investment opportunities in manufacturing, food processing, and real estate sectors were explored, along with incentives and facilities offered to investors in both countries. Al Yousef emphasized that these meetings reflect the joint communique issued during the historic state visit of His Majesty Sultan Haitham bin Tarik to Algeria last May, which laid the foundation for a new phase of multifaceted cooperation. He affirmed both nations' commitment to strengthening industrial, commercial, and investment partnerships, noting Algeria's keen interest in creating broader opportunities for Omani business leaders and investors across economic sectors. As part of the visit, Al Yousef conducted a field tour of the Rouiba Industrial Zone and the National Company for General Industries, which specializes in energy and petroleum equipment, as well as companies in dairy and sugar production. The Omani delegation comprised Saif Nasser Al Badai, Oman's Ambassador to Algeria, Faisal Abdullah Al Rowas, Chairman of Oman Chamber of Commerce and Industry, Eng. Dawood Salim Al Haddabi, CEO of Madayn (Public Establishment for Industrial Estates), representatives from government and private sectors, as well as business leaders.
Times of Oman
17 hours ago
- Times of Oman
Personal Income Tax: A key step for revenue diversification, sustainable growth
Muscat: The Ministry of Economy affirmed that the implementation of the Personal Income Tax (PIT), set to take effect at the beginning of 2028, represents a crucial step toward enhancing financial stability and completing the fiscal sustainability framework. This measure aims to ensure sustainable financing for development across various sectors. Dr. Said Mohammed Al Saqri, Minister of Economy, stated: 'The tax serves as a new revenue stream to diversify public income sources and mitigate risks associated with reliance on oil as the primary revenue source. It will help maintain current levels of social and service spending while preserving Oman's achievements in financial and economic stability under 'Oman Vision 2040' and its first executive phase, the Tenth Five-Year Plan (2021-2025)." He explained that the (PIT) is a fiscal tool adopted by most countries worldwide as a key revenue source to fund state-provided services. Over 190 countries impose this tax, and in many, income taxes constitute the largest component of total tax revenues at federal and local levels, financing public goods and services. He noted that implementing the tax in Oman will yield significant economic benefits, supporting income diversification strategies and long-term fiscal stability as a pillar of economic growth. It, he added, will also sustain government revenues, strengthen the state's financial position, maintain credit ratings, and boost spending power for beneficiaries—directly stimulating aggregate demand and economic growth. He highlighted that oil and gas revenues account for 68% to 85% of Oman's total public income, depending on global energy prices. While oil prices have stabilised at favorable levels in recent years, they remain volatile. Oman has effectively managed additional oil revenues by reducing public debt to safe GDP ratios, increasing investment and social spending, and subsidizing essential goods and services, he further noted. He affirmed that government policies and initiatives have successfully shifted Oman's fiscal and economic trajectory toward sustainability and stability. Public debt has sharply declined, credit ratings have consistently improved to investment-grade levels, and Oman's standing in global competitiveness indices has risen. The Tenth Five-Year Plan sustained GDP growth near target rates, while economic diversification policies attracted quality investments and drove non-oil sector growth beyond expectations, the minister said. He added: 'As the Tenth Plan nears completion, Oman has advanced significantly in economic diversification and fiscal sustainability. The (PIT) will further prioritise financial stability by diversifying revenue sources—a strategic necessity to ensure equitable wealth distribution, enhance public services, strengthen social protection systems, and mitigate risks from global energy market fluctuations and other economic variables.' He emphasised that accelerating "Oman Vision 2040" and its economic diversification strategy—transitioning to a knowledge- and technology-driven economy—requires sustainable funding for long-term planning. The Vision targets strategic investments in education, human capital, advanced infrastructure, innovation, and diversified sectors, alongside essential services and social protection. He pointed out that the 2025 budget allocates over OMR5 billion (39% to education, 24% to health, 28% to social protection) to these sectors, with the Social Protection Fund benefiting over 2 million people monthly as a key mechanism for household financial stability. As for the potential economic impacts, He noted that the tax study assessed effects on GDP and 18 economic sectors, concluding minimal impact (under 1%) due to high exemption and low tax rates. Foreign investment is expected to remain unaffected, as the tax applies to individuals—not corporate entities—and Oman's rates remain competitive globally, the minister concluded.
