OIA accelerates Oman Vision 2040 development hiring and training
MUSCAT: In line with Oman Vision 2040 human capital growth goals, Oman Investment Authority (OIA) created 1,393 new jobs for Omani nationals during 2024, driving the Omanisation rate among its related entities to a high 77.7 per cent.
The significant contribution to national employment generation was one of the highlights of OIA's operational performance during 2024, showcased at a press conference held on Sunday, June 22, 2025.
Al Mutasim bin Saeed al Sariri, Director General In-Country Value, OIA, said, "Omanisation continues to be a key objective within many industries in the Sultanate, and the Oman Investment Authority's unrelenting commitment is a testament to its active drive towards advancing the human capital development goals included within Oman Vision 2040."
The move showcases OIA's leadership role in building a sustainable knowledge economy for the future by investing in local talent and strengthening employment bridges for citizens. Vision 2040, the nation's long-term development plan, revolves around human capital and aims to build a competitive workforce capable of addressing the evolving needs of an advanced economy.
Aside from its strategy to create jobs, OIA has also launched various training and upskilling schemes including Nomou, Eidaad, and Mu'tamad. These initiatives seek to prepare young Omanis with the competencies needed for the labor market through formal education, mentorship, and exposure to industries.
Its nucleus is Jadarah, an online site with the purpose of connecting graduates with job and training opportunities. By bridging the gap between education and employment, Jadarah promotes Vision 2040's immediate call to undertake greater integration between school output and the needs of the labour market.
Parallel to this, OIA has increased its support for scholarships, summer internships and joint programmes with higher education institutions. The initiatives give Oman youth practical experience and technical skills to enhance their career preparedness and long-term employability.
OIA's strategy shows the capability of public investment organizations to drive socio-economic transformation by connecting operational goals to national goals. Its consistent focus on localisation, people development, and innovation is positioning it at the core driver of the Vision 2040 ambitions.
With the Sultanate of Oman shifting towards a diversified and sustainable economy, initiatives like those pursued by OIA will be at the heart of releasing the potential of its human assets and driving inclusive and sustainable growth.
Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
2 hours ago
- The National
Oman to impose Gulf's first income tax on high earners to 'help economic goals'
Oman's move to introduce personal income tax from 2028 is a significant milestone in the sultanate's push to achieve its economic diversification goals, although the tax ratio remains low to reduce burden on the population, analysts have said. On Sunday, Oman issued the Personal Income Tax Law through royal decree, which imposes a 5 per cent tax on annual income exceeding 42,000 Omani rials ($109,236), Oman News Agency said, citing the country's tax authority. The law, which will come into effect at the beginning of 2028, will levy tax on income derived from 'specific income types as defined by the law', the news agency said. The Tax Authority said that the new law was in line with Oman's economic and social conditions and contributes to the objectives of Oman Vision 2040 to cut reliance on revenue generated from the sale of hydrocarbons. 'The introduction of income tax is another signal that a country has achieved a mature economic position,' David Daly, partner at Gulf Tax Accounting Group, told The National. 'That the rate is competitive internationally will ensure that Oman remains a country of choice for international professionals.' Careful study Oman, which has been in the process of drafting the personal income tax framework since 2022, said the move to finally implement the tax law follows an in-depth study that assessed the economic and social impact, based on income data from a number of government entities. The study has established a 'carefully considered exemption threshold', which means 99 per cent of Oman's population will not be taxed. 'The law is a precedent, setting Oman as the first GCC country to impose income taxes on its citizens,' EFG Hermes analyst Mohamed Abu Basha said in a research note on Monday. 'In that sense, while partially symbolic in nature – given the limited base of citizens to be impacted by the law (only 1 per cent of the population as per official estimates) – the move is still significant, considering the precedent it sets.' The law not only sets a higher personal income threshold and a low tax ratio, it also includes deductions and exemptions accounting for social considerations in the sultanate, such as education, health care, inheritance, zakat, donations, primary housing and other factors, according to the ONA report. Oman's plans to levy income tax on high earners was first mentioned in a bond prospectus published by the Finance Ministry in 2020 when the sultanate raised $2 billion in external financing. At the drafting stage, the expected reported tax rates ranged between 5 per cent and 9 per cent for foreign nationals, with a flat rate of 5 per cent for Omanis. ONA on Sunday did not disclose details on whether there are separate tax brackets for expatriates and Omani nationals. Oman, like its peers in the Gulf, is trying to diversify its economy away from oil. Tourism and agriculture are among sources of economic activity outside of the oil and gas sector, which accounts for about 70 per cent of the government revenue. Under its economic and social reforms programme, the sultanate aims to reduce its dependence on oil income by 15 per of its gross domestic product by 2030 and further reduce it by 18 per cent by 2040. Oman's economy is set to expand at a faster pace over the medium term, with overall GDP growth projected at 2.4 per cent in 2025 and 3.7 per cent in 2026, according to the International Monetary Fund. The country's real GDP strengthened to 1.7 per cent in 2024, an increase from 1.2 per cent in 2023, boosted by robust non-hydrocarbon activity, notably in manufacturing and services sectors of the sultanate, the IMF said earlier this month. Systems in place Oman on Sunday said the new tax not only aims to promote wealth redistribution among societal segments, it will also support 'the state budget, and specifically, financing part of the social protection system'. 'Given the tax-free allowance and structure of the Omani economy, I don't see any material economic impact in the near to medium term. Indeed, it should allow for government investment in their society to the benefit of all,' Mr Daly said. When implemented, personal income tax will be a first in the Gulf region and is likely impact only the high-earning foreign workers and wealthy Omani citizens. All necessary preparations and requirements for implementing the tax have been completed, said Karima Al Saadi, director of the Personal Income Tax Project at the Tax Authority. 'The executive regulations of the law will be issued within one year of its publication in the Official Gazette,' she added. 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, she told the news agency. 'Guidance manuals for natural and legal persons will be published according to a predetermined schedule,' she said.
The National
2 hours ago
- The National
Oman's personal income tax starting 2028 'to help achieve economic goals'
Oman's move to introduce personal income tax from 2028 is a significant milestone in the sultanate's push to achieve its economic diversification goals, although the tax ratio remains low to reduce burden on the population, analysts have said. On Sunday, Oman issued the Personal Income Tax Law through royal decree, which imposes a 5 per cent tax on annual income exceeding 42,000 Omani rials ($109,236), Oman News Agency said, citing the country's tax authority. The law, which will come into effect at the beginning of 2028, will levy tax on income derived from 'specific income types as defined by the law', the news agency said. The Tax Authority said that the new law was in line with Oman's economic and social conditions and contributes to the objectives of Oman Vision 2040 to cut reliance on revenue generated from the sale of hydrocarbons. 'The introduction of income tax is another signal that a country has achieved a mature economic position,' David Daly, partner at Gulf Tax Accounting Group, told The National. 'That the rate is competitive internationally will ensure that Oman remains a country of choice for international professionals.' Careful study Oman, which has been in the process of drafting the personal income tax framework since 2022, said the move to finally implement the tax law follows an in-depth study that assessed the economic and social impact, based on income data from a number of government entities. The study has established a 'carefully considered exemption threshold', which means 99 per cent of Oman's population will not be taxed. 'The law is a precedent, setting Oman as the first GCC country to impose income taxes on its citizens,' EFG Hermes analyst Mohamed Abu Basha said in a research note on Monday. 'In that sense, while partially symbolic in nature – given the limited base of citizens to be impacted by the law (only 1 per cent of the population as per official estimates) – the move is still significant, considering the precedent it sets.' The law not only sets a higher personal income threshold and a low tax ratio, it also includes deductions and exemptions accounting for social considerations in the sultanate, such as education, health care, inheritance, zakat, donations, primary housing and other factors, according to the ONA report. Oman's plans to levy income tax on high earners was first mentioned in a bond prospectus published by the Finance Ministry in 2020 when the sultanate raised $2 billion in external financing. At the drafting stage, the expected reported tax rates ranged between 5 per cent and 9 per cent for foreign nationals, with a flat rate of 5 per cent for Omanis. ONA on Sunday did not disclose details on whether there are separate tax brackets for expatriates and Omani nationals. Oman, like its peers in the Gulf, is trying to diversify its economy away from oil. Tourism and agriculture are among sources of economic activity outside of the oil and gas sector, which accounts for about 70 per cent of the government revenue. Under its economic and social reforms programme, the sultanate aims to reduce its dependence on oil income by 15 per of its gross domestic product by 2030 and further reduce it by 18 per cent by 2040. Oman's economy is set to expand at a faster pace over the medium term, with overall GDP growth projected at 2.4 per cent in 2025 and 3.7 per cent in 2026, according to the International Monetary Fund. The country's real GDP strengthened to 1.7 per cent in 2024, an increase from 1.2 per cent in 2023, boosted by robust non-hydrocarbon activity, notably in manufacturing and services sectors of the sultanate, the IMF said earlier this month. Systems in place Oman on Sunday said the new tax not only aims to promote wealth redistribution among societal segments, it will also support 'the state budget, and specifically, financing part of the social protection system'. 'Given the tax-free allowance and structure of the Omani economy, I don't see any material economic impact in the near to medium term. Indeed, it should allow for government investment in their society to the benefit of all,' Mr Daly said. When implemented, personal income tax will be a first in the Gulf region and is likely impact only the high-earning foreign workers and wealthy Omani citizens. All necessary preparations and requirements for implementing the tax have been completed, said Karima Al Saadi, director of the Personal Income Tax Project at the Tax Authority. 'The executive regulations of the law will be issued within one year of its publication in the Official Gazette,' she added. 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, she told the news agency. 'Guidance manuals for natural and legal persons will be published according to a predetermined schedule,' she said.
Zawya
3 hours ago
- Zawya
National Finance introduces device E-Financing via Thawani Store in collaboration with Thawani
Muscat: Driven by its commitment to delivering seamless and customer-centric financing solutions, National Finance, the Sultanate of Oman's leading finance company, has recently launched a new e-financing service for mobile phones and electronic devices via the Thawani Store, a newly introduced digital marketplace integrated within the Thawani mobile application. This strategic initiative is the result of a collaboration with digital payments platform Thawani. The launch marks a key milestone in National Finance's ongoing mission to offer simple, affordable, and accessible financing solutions that empower customers to enhance their lifestyles with confidence and financial ease. In commemoration of the launch, a special promotional offer was introduced, featuring discounts of up to 15% on mobile phones, available from 22 to 28 June, giving customers an added incentive to explore the new financing experience. Through this collaboration, National Finance will provide flexible monthly installment plans via e-financing for a wide range of smart phones and electronic devices available on the Thawani Store, making cutting-edge technology more accessible and affordable for a wider audience. Customers can take advantage of financing tenures of up to 24 months, making monthly payments more affordable and manageable. Adding to the convenience, devices purchased through the Thawani store are delivered directly to customers' doorsteps, enhancing ease and enriching the overall digital shopping experience. In its initial phase, the Thawani Store will feature a curated range of mobile devices, with National Finance's financing options seamlessly embedded within the app's checkout process. This fully digital, streamlined experience aligns with the growing demand for convenient payment solutions and supports Oman's broader push toward financial inclusion and digital transformation. Commenting on the launch, Mr. Tariq Sulaiman Al Farsi, Chief Executive Officer at National Finance, remarked: "At National Finance, we take pride in our deep understanding of our customers' aspirations and their pursuit of a better quality of life. This understanding inspires us to continuously innovate and deliver financing solutions tailored to our customers' financial plans. With our flexible installment plans, customers can now enjoy the latest technology through affordable monthly payments empowering them to upgrade with confidence. This partnership with Thawani allows us to engage a new generation of tech-savvy consumers who value convenience, flexibility, and accessibility when purchasing essential devices.' National Finance's Consumer Durables Financing solutions play a vital role in advancing financial inclusion across diverse communities, making everyday luxuries more attainable for individuals from all walks of life through tailored installment plans. This strategic partnership further enhances the digital marketplace by expanding access to credit via seamless digital channels reaffirming the company's commitment to delivering fast, easy, and flexible financing experiences. Promoting a culture of responsible borrowing, while empowering customers to realize their lifestyle aspirations through its wide range of Consumer Durables Finance options, National Finance continues to lead as the preferred financing provider across the nation, reinforcing its position as a Partner for Growth for all.
