GCC countries strategic hub for global investment, trade integration: Nahyan bin Mubarak
Dubai: Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence, inaugurated the "LIBF GCC Calling 2025" conference organised by the Lohana International Business Forum (LIBF), held at the Movenpick Hotel in Dubai.
The event witnessed the participation of over 1000 business leaders, decision-makers, and professional community representatives from more than 37 countries.
In his keynote address, Sheikh Nahyan expressed his delight in attending this prominent gathering, affirming that the conference serves as a purposeful global platform that brings together a distinguished group of leaders from the Lohana community, known for their economic dynamism and contributions to trade, industry, and community service.
He stated that the hosting of this conference in Dubai reflects the depth of friendship and mutual trust between the UAE and India, which have flourished over many decades.
He added, "The LIBF GCC Calling aligns fully with the priorities of the UAE and other GCC countries -- particularly in the areas of sustainable entrepreneurship, economic cooperation, and the promotion of ethical values in business."
Sheikh Nahyan emphasised that the conference goes beyond strengthening bilateral relations. It also reflects the vital role the UAE plays -- under the leadership of President Sheikh Mohamed bin Zayed Al Nahyan -- in advancing the principles of sustainable development, knowledge-based economy, innovation, and economic diversification. He also praised Dubai's rise as a global financial hub under the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.
Commending the pivotal role played by the Indian community, particularly the Lohana group, Sheikh Nahyan said, "You are known as astute traders, successful entrepreneurs, and distinguished professionals across various sectors. In the UAE, we welcome the continued expansion of this positive influence within our diverse and open economic environment."
He invited participants to seize the opportunity of this event to exchange ideas and pose the right questions that will help shape practical strategies to reinforce the Gulf's position as a global economic hub.
Following Sheikh Nahyan's remarks, Sanjay Sudhir, Ambassador of the Republic of India to the UAE, delivered a heartfelt speech emphasising the strength of India's ties with the GCC countries, especially the prominent role the Indian communities play in enhancing both economic and cultural relations.
He commended the initiatives of the Lohana International Business Forum (LIBF) in empowering business communities to build cross-border partnerships founded on cooperation, credibility, and innovation, noting that the conference serves as "a strategic platform for the future of India-Gulf collaboration."
In a pivotal moment during the event, Sheikh Nahyan and Ambassador Sudhir jointly announced the launch of "LIBF Expo 2026," which will be held in India and is expected to host delegations from over 30 countries. This upcoming expo represents the global ambition of the initiative to drive investment, enhance trade integration, and build sustainable communities and advanced cross-border economies.
The conference drew an elite group of business leaders, innovators, investors, and members of both the Indian and Gulf communities. Through its various sessions, the forum addressed opportunities for commercial expansion, global supply chain challenges, digital transformation solutions, and principles of ethical leadership in emerging markets.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Observer
10 hours ago
- Observer
Majlis Ash'shura to host commerce minister on Wednesday
MUSCAT: Majlis Ash'shura will host Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, on Wednesday and Thursday, to deliver his ministry's statement in a public session. This was stated by Shaikh Ahmed bin Mohammed al Nadabi, Secretary-General of Majlis Ash'shura. He said: 'The council will discuss the statement of the Ministry of Commerce, Industry and Investment Promotion at its 13th and 14th regular sessions. The ministry's statement will address six main topics, the two sectors' contribution to the gross domestic product (GDP), the ministry's vision for the future of the industrial sector, the ministry's projects for the 2020-2023 period, an evaluation of free trade agreements, Nazdahir programme and the foreign direct investment (FDI) inflows.' The statement will elaborate on the efforts being made by the ministry to develop digital platforms and national initiatives such as Invest in Oman and evaluate the results of economic agreements signed with GCC countries and other countries, Al Nadabi said. Meanwhile, the Youth and Human Resources Committee of the Majlis Ash'shura on Sunday hosted Mohsin bin Hamad al Hadhrami, Under-Secretary of the Ministry of Energy and Minerals and a number of specialists from the ministry, to discuss the ministry's efforts to empower and develop the national workforce in the energy and minerals sectors. The meeting was chaired by Younis bin Ali al Mandhari, Chairman of the Youth and Human Resources Committee. The Under-Secretary of the Ministry of Energy and Minerals provided an elaborate explanation of the Ministry's role in supporting and developing employment policies, highlighting the most prominent obstacles facing institutions and companies operating in the oil sector and the innovative solutions required for the next phase to enhance employment and Omanisation opportunities in the oil and gas sectors The Committee members were briefed, through a visual presentation by a specialist from the ministry, on the ministry's efforts to enhance Omanisation in companies operating in the oil and gas sector as well as contracting and service companies. The visual presentation also provided an overview of the Energy Sector Human Resources Forum, an important platform for exchanging ideas and experiences and enhancing national competencies.
Observer
10 hours ago
- Observer
Editorial - Income tax to diversify economy, shore up social protection
Oman is on the cusp of a significant shift in its tax landscape with the introduction of a personal income tax (PIT). This move, a first for the Gulf Cooperation Council (GCC) region, aims to diversify the country's revenue streams and reduce its reliance on oil revenues. The introduction of personal income tax in Oman is a strategic move to diversify revenue streams and address economic challenges. While it may present some challenges, it also reflects Oman's commitment to aligning its tax regime with global standards and fostering economic growth. The Personal Income Tax Law, as per Royal Decree No 56/2025, consisting of 76 articles distributed across 16 chapters, stipulates a 5 per cent tax on the taxable income of natural persons whose gross annual income exceeds RO 42,000, derived from specific income types as defined by the law. The law also includes deductions and exemptions accounting for social considerations in the Sultanate of Oman, such as education, healthcare, inheritance, zakat, donations, primary housing and other factors. The Tax Authority said that the Personal Income Tax Law complements the tax system in line with Oman's economic and social conditions and aligns with the role assigned to the Tax Authority. It also contributes to the objectives of 'Oman Vision 2040' by diversifying income sources and reducing reliance on oil revenues, with targets of 15 per cent of GDP by 2030 and 18 per cent by 2040. Additionally, the tax aims to promote wealth redistribution among societal segments, enhancing social justice, while supporting the state budget and specifically financing part of the social protection system. The implementation follows an in-depth study assessing its economic and social impact, with approximately 99 per cent of Oman's population expected to be exempt. The executive regulations of the law will be issued within a year of its publication in the Official Gazette. An electronic system has been developed to promote voluntary compliance, linked with relevant departments for accurate income calculation and verification. The initial plans for an income tax were announced in 2020. The draft proposals suggested a tax rate ranging from 5 per cent to 9 per cent for Omani citizens and expatriates. However, the implementation date has been repeatedly postponed. With all necessary preparations and requirements for implementing the tax completed, the executive regulations of the law will be issued within one year of its publication in the Official Gazette. An electronic system has been developed by the Tax Authority to promote voluntary compliance and has been linked with the departments concerned to ensure accurate income calculation and verification of tax declarations. The Tax Authority has also strengthened its workforce through specialised training programmes in line with the tax implementation requirements. Additionally, guidance manuals for natural and legal persons will be published according to a predetermined schedule. Oman's move to introduce a personal income tax sets it apart from other GCC countries, which currently do not have a personal income tax. While Oman is introducing a personal income tax, it already has a corporate tax framework in place. The standard income tax rate for businesses is 15 per cent. However, small and medium enterprises (SMEs) meeting specific criteria can benefit from a reduced tax rate of 3 per cent. Special provisions apply to the petroleum sector, with a tax rate of 55 per cent.
Observer
12 hours ago
- Observer
Income tax to diversify economy, shore up social protection
Oman is on the cusp of a significant shift in its tax landscape with the introduction of a personal income tax (PIT). This move, a first for the Gulf Cooperation Council (GCC) region, aims to diversify the country's revenue streams and reduce its reliance on oil revenues. The introduction of personal income tax in Oman is a strategic move to diversify revenue streams and address economic challenges. While it may present some challenges, it also reflects Oman's commitment to aligning its tax regime with global standards and fostering economic growth. The Personal Income Tax Law, as per Royal Decree No 56/2025, consisting of 76 articles distributed across 16 chapters, stipulates a 5 per cent tax on the taxable income of natural persons whose gross annual income exceeds RO 42,000, derived from specific income types as defined by the law. The law also includes deductions and exemptions accounting for social considerations in the Sultanate of Oman, such as education, healthcare, inheritance, zakat, donations, primary housing and other factors. The Tax Authority said that the Personal Income Tax Law complements the tax system in line with Oman's economic and social conditions and aligns with the role assigned to the Tax Authority. It also contributes to the objectives of 'Oman Vision 2040' by diversifying income sources and reducing reliance on oil revenues, with targets of 15 per cent of GDP by 2030 and 18 per cent by 2040. Additionally, the tax aims to promote wealth redistribution among societal segments, enhancing social justice, while supporting the state budget and specifically financing part of the social protection system. The implementation follows an in-depth study assessing its economic and social impact, with approximately 99 per cent of Oman's population expected to be exempt. The executive regulations of the law will be issued within a year of its publication in the Official Gazette. An electronic system has been developed to promote voluntary compliance, linked with relevant departments for accurate income calculation and verification. The initial plans for an income tax were announced in 2020. The draft proposals suggested a tax rate ranging from 5 per cent to 9 per cent for Omani citizens and expatriates. However, the implementation date has been repeatedly postponed. With all necessary preparations and requirements for implementing the tax completed, the executive regulations of the law will be issued within one year of its publication in the Official Gazette. An electronic system has been developed by the Tax Authority to promote voluntary compliance and has been linked with the departments concerned to ensure accurate income calculation and verification of tax declarations. The Tax Authority has also strengthened its workforce through specialised training programmes in line with the tax implementation requirements. Additionally, guidance manuals for natural and legal persons will be published according to a predetermined schedule. Oman's move to introduce a personal income tax sets it apart from other GCC countries, which currently do not have a personal income tax. While Oman is introducing a personal income tax, it already has a corporate tax framework in place. The standard income tax rate for businesses is 15 per cent. However, small and medium enterprises (SMEs) meeting specific criteria can benefit from a reduced tax rate of 3 per cent. Special provisions apply to the petroleum sector, with a tax rate of 55 per cent.
