Oman: OCCI forum highlights role of financial policies in underpinning economic growth
MUSCAT: The Oman Chamber of Commerce and Industry (OCCI) held on Monday, March 17, 2025, an insightful discussion on the role of financial policies in supporting sustainable economic growth and enhancing the business environment.
The event, held as part of the Chamber's Ramadhan Evening series, was titled 'Taxes and Their Impact on Economic Development.' It was attended by a host of prominent figures, including Dr Said bin Mohammed al Saqri, Minister of Economy, Shaikh Faisal bin Abdullah al Rawas, Chairman of Oman Chamber of Commerce and Industry (OCCI).
Shaikh Faisal began the evening with a keynote address, emphasising the importance of taxes as a key financial tool for financing public expenditure. He explained that taxes are not merely a source of revenue but are also pivotal in driving economic development and guiding the economy towards growth and stability.
He emphasised that directing tax revenues to infrastructure and services would boost the business environment, living standards and investment. However, he warned that imbalanced tax policies could reduce incentives for work and investment, leading to capital flight and economic slowdown. Over-taxation could also drive investments to countries with lower rates, while tax evasion would hinder development project financing.
Shaikh Faisal further highlighted that fair and equitable tax policies encourage compliance and enhance the business climate, which is crucial for sustainable economic growth.
HH Dr Adham bin Turki al Said, Chairman of the Chamber's Economic Committee, presented a paper on the impact of financial and tax policies in Oman.
HH Dr Adham outlined the country's financial policy framework, which includes development and industrial strategies. These strategies have seen the government invest in infrastructure, establish free zones to attract foreign investment and promote non-oil sectors, all while controlling public spending.
HH Dr Adham discussed the impact of tax policies on economic growth and investment, noting increased foreign investment and diversification. However, he highlighted challenges like global oil price fluctuations, which make growth fragile. He called for a clear, balanced financial and tax policy that considers both economic and financial dynamics.
2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sharjah 24
4 days ago
- Sharjah 24
SCCI finalizes preparations for 4th Mango Festival 2025
Organized by SCCI in collaboration with the Municipal Council of Khorfakkan and Khorfakkan City Municipality, the festival features extensive participation from local farmers, agricultural companies, and productive families from across the UAE. Held under the theme "Mango: Our Fruit, Our Wealth', this year's festival aims to promote the Eastern Region as a distinguished agri-tourism destination. It seeks to support the local economy by empowering farmers and productive families and enhancing the quality and sustainability of domestic agricultural products. The festival also contributes to preserving the UAE's rich cultural heritage and advancing the goals of the National Food Security Strategy 2051. The 3-day extravaganza will include a display of more than 150 premium local mango varieties. It will also feature a series of specialized competitions with valuable prizes, in addition to cultural and heritage-themed activities. A range of educational programs will be held to improve local agricultural output and facilitate the exchange of expertise between farmers and industry professionals. In his remarks, Khalil Al Mansouri, Director of Government Relations at SCCI, said that the Mango Festival is a strategic addition to the Chamber's portfolio of heritage and agricultural events in the Eastern Region. It supports agriculture as a key economic pillar, reinforcing its contribution to food security and local economic growth. He emphasized that the festival not only offers a comprehensive platform to showcase the quality and diversity of local produce but also fosters partnerships between farmers, traders, and agribusinesses, thereby promoting the emirate's sustainable development goals. Among key highlights of this year's edition is the 'Mango Mazayna' Competition (a mango beauty contest) which is set to be held on the festival's first day. Participants must submit locally grown mangoes, sourced from their own farms or home gardens, along with proof of property ownership. Each entry must include only one mango variety, free of defects and infections, with a consistent and suitable size, packed in cardboard boxes weighing no less than 4 kg. All winning entries will undergo on-site inspection by the judging panel. On the second day, the festival will feature a competition for the most beautifully arranged mango basket 'Best Mango Basket" for families. Entries must be handmade, modestly decorated, and contain at least 4 kg of mangoes in a single basket. Only one basket per family is allowed. The final day of the festival will feature the 'Best Agriculture-themed Video' contest, designed for children aged 7 to 12. Each child must submit one video not exceeding one minute, along with a copy of the UAE ID. Only one entry per child is permitted. The Organizing Committee of the Mango Festival has set June 27 as the deadline for submissions. Entries must be sent via WhatsApp, accompanied by a copy of the child's ID, to the following number: 0566240434. Other highlights include the 'Best Farmer's Booth' competition which will run across all days of the festival. Displayed produce must be locally sourced and each booth must feature no fewer than five mango varieties. Participants must be present at their booth for the duration of the event. The evaluation will be based on a public voting survey. These competitions aim to promote excellence and innovation among farmers, enhance marketing techniques, and support a more engaging visitor experience, while promoting broader awareness of the agricultural sector's value. Open to the public daily from 4:30 pm to 10:00 pm, the festival will offer a rich program of interactive activities and live cultural performances. Emirati folk groups will present traditional shows that reflect the local cultural heritage. Daily raffles with a variety of prizes will be also held, further enhancing visitor engagement and creating a vibrant festival atmosphere. Additionally, the Mango festival 2025 will host a series of educational workshops held in collaboration with agricultural experts, offering simplified yet in-depth insights into mango tree care and modern techniques in irrigation, fertilization, pruning, and pest control. These sessions aim to raise awareness among visitors and farmers alike, encouraging the adoption of smart agriculture practices to improve both production efficiency and quality. The festival will also feature a dedicated family activity zone, where visitors of all ages can take part in educational and hands-on experiences tailored especially for children.
Hi Dubai
6 days ago
- Hi Dubai
Dubai Chamber Reports AED 85.9 Billion in Q1 Exports as GCC Leads Trade Destinations
Dubai Chamber of Commerce members recorded AED 85.9 billion in exports and re-exports in the first quarter of 2025, marking a 16.8% year-over-year increase, with Gulf Cooperation Council (GCC) markets emerging as the top trade destination. According to the Chamber's latest data, GCC countries accounted for nearly half of total exports, with a combined value of AED 40.5 billion or 47.2% of the total. This reinforces the region's role as a cornerstone of Dubai's trade landscape. Middle Eastern markets outside the GCC secured the second-largest share, receiving AED 25 billion worth of goods, representing 29.1% of the total. Africa followed with AED 9.1 billion in exports and re-exports, accounting for 10.6%. The Asia-Pacific region contributed AED 8 billion, or 9.4% of the total, while Europe received AED 2.4 billion, making up 2.8%. North American and Latin American markets saw lower volumes, with AED 460 million (0.5%) and AED 315 million (0.4%) respectively. The strong first-quarter performance highlights Dubai's expanding trade reach and the Chamber's role in supporting members across key global markets. The GCC's continued dominance underscores the strategic importance of regional ties, even as Dubai businesses steadily grow their global footprint. News Source: Dubai Media Office
Zawya
6 days ago
- Zawya
Oman: Forum discusses strategic foresight culture amid economic, technological transformations
Muscat: The "Future Foresight Forum" kicked off on Monday at Oman Chamber of Commerce and Industry (OCCI), discussing strategic foresight culture in light of economic and technological transformations. The three-day event is organised by the Global Development Academy for Training and the Al-Marji' Academy for Consultancy and Administrative Development, in collaboration with the Ministry of Labour and the OCCI. The opening ceremony was held under the patronage of Eng. Hamoud Salim Al-Saadi, Second Deputy Chairman of the OCCI Board of Directors and Chairman of the Chamber's branch in South Al Batinah Governorate, with the participation of several specialists and speakers from eight countries. The forum examined the role of institutions in developing effective strategies by fostering a culture of strategic foresight, empowering national competencies, and enhancing business readiness to address rapid economic and technological shifts. The event aims to strengthen the business environment, stimulate innovation, attract investments, and build effective public-private partnerships. Abdullah Mohammed Al-Saidi, CEO of the Global Development Academy for Training, emphasised that rapid technological and economic developments require a shift from reactive to proactive approaches, adopting an institutional framework based on analysis, innovation, and strategic decision-making. Meanwhile, Dr. Abdulsalam Yahya, an economic expert at the OCCI discussed Oman's economic outlook amid global economic and geopolitical fluctuations. He highlighted that effectively navigating these changes demands long-term strategic vision and continuous updates to economic policies to ensure resilience and adaptability to regional and global developments. The first day of the forum featured specialised panel discussions on key themes, including economic trends amid geopolitical shifts, artificial intelligence as a tool for future foresight, institutional governance, and the digital economy. On its second day, the forum will explore leveraging technology to enhance institutional effectiveness and drive innovation, the role of foresight leadership in shaping economic development pathways, and Oman Vision 2040 in future foresight processes. The final day will address strategies for building a digital economy, foresight horizons and leadership dialogue. © Muscat Media Group Provided by SyndiGate Media Inc. (
