MoL launches strategy for National Occupational Standards
MUSCAT: The Ministry of Labour (MoL) on Monday launched a strategy for National Occupational Standards (NOS), an initiative aimed to establish an integrated professional system for the development of competencies and the promotion of a labour-market-oriented culture of work and productivity.
The ceremony was held under the auspices of Dr Mahad bin Said Baowain, Minister of Labour.
The strategy aims to align the outcomes of education and training with labour market requirements, enhance the quality of vocational training and achieve sustainable growth in various economic sectors. It also lays grounds for a free labour market to be run by skilled national manpower.
The strategy's approach (to develop a highly qualified national workforce) aligns with the goals of Oman Vision 2040. - ONA
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Observer
9 hours ago
- Observer
Oman's fiscal consolidation a model of economic reform: World Bank
MUSCAT, JUNE 20 Oman's fiscal consolidation journey has been hailed by the World Bank as a notable example of effective economic reform and responsible fiscal management. In its latest Gulf Economic Update, published by the Economic Policy Unit of the World Bank Group for the MENA region, the multilateral institution highlights the measures implemented by the Omani government to restore fiscal balance following the twin shocks of the 2014 oil price collapse and the Covid-19 pandemic. 'Oman has made substantial progress in enhancing its economic resilience and building a foundation for sustainable growth,' the report stated. 'Like other GCC countries, it has grappled with the challenge of reducing dependence on oil revenues while managing public finances amid volatile global oil prices. During previous periods of low oil prices, Oman experienced twin deficits and relied heavily on borrowing to cover fiscal gaps. In recent years, however, it has undertaken significant steps to reduce its reliance on oil and strengthen fiscal sustainability.' The report cited major reforms introduced under Oman Vision 2040 and the 2020–2024 Medium-Term Fiscal Plan (MTFP) as critical to achieving this progress. These initiatives helped diversify revenue streams, improve public spending efficiency, and manage oil windfalls more prudently. 'These reforms have delivered tangible results,' the report emphasised. 'Since 2022, Oman has markedly improved its fiscal position, notably by reducing public debt through the strategic deployment of oil windfalls. This has expanded fiscal space and enhanced the country's capacity to withstand external shocks. Oman's experience stands out as a model of effective fiscal consolidation and economic reform.' The World Bank also noted Oman's gradual progress in economic diversification. While the hydrocarbon sector continues to dominate, its share of GDP has steadily declined over the past two decades in favour of services, albeit at a modest pace. Within the services sector, wholesale and retail trade, public administration, and defence remain dominant, while sectors like tourism and ICT have yet to significantly expand their economic footprint. Manufacturing has grown in importance but remains concentrated, with nearly 40 per cent of output derived from chemicals and related products. A particularly positive development is the growth of non-hydrocarbon exports, which now account for roughly one-third of total exports, compared to just 12 per cent in the early 2010s. 'Key non-oil exports include chemicals, base metals (especially aluminium), plastics, and mineral products,' the report noted. 'Re-exports — mainly vehicles, electricals, and machinery — have declined in share over the past decade. Oman's key export destinations include the UAE, Saudi Arabia, the US, and India. As for oil exports, China remains the dominant market, receiving nearly 94 per cent of Oman's crude exports.' The report also credited the MTFP with delivering successive fiscal surpluses since 2022 and significantly reducing public debt. 'MTFP targets for fiscal balance were met — and even exceeded,' the report stated. 'Public spending was significantly curtailed, dropping by around 16 per cent of GDP during the five-year period. Public debt declined sharply from approximately 68 per cent of GDP in 2020 to an estimated 35 per cent in 2024, reflecting prudent fiscal management and accelerated debt repayments.' To sustain momentum, the report recommended further domestic revenue mobilisation, with measures already underway — such as the draft Personal Income Tax (PIT) bill currently under consideration. 'Despite the progress made, Oman's economy remains sensitive to global oil prices and demand,' the report cautioned. 'Further efforts to broaden non-oil revenues and continue rationalising public spending — while improving its efficiency and equity — will require a balanced approach that ensures societal buy-in. Strengthening institutional capacity, enhancing governance, and fostering a culture of fiscal responsibility are also essential to create additional fiscal space for growth-enhancing investments and ensure long-term fiscal sustainability.' According to the World Bank, Oman's economic growth is projected to gradually accelerate, rising from 1.7 per cent in 2024 to 3 per cent in 2025, 3.7 per cent in 2026, and 4 per cent in 2027. The rebound will be driven by a 2.1 per cent increase in oil GDP in 2025 and 3.4 per cent growth in non-oil sectors, particularly in construction, manufacturing and services.
Times of Oman
2 days ago
- Times of Oman
CBO joins network for greening the financial system
Muscat: The Central Bank of Oman (CBO) has officially announced its membership in the Network for Greening the Financial System (NGFS), a global alliance of central banks and supervisory authorities aimed at enhancing the financial sector's resilience to climate-related and environmental risks. Launched during the "One Planet Summit" in Paris in December 2017 with eight founding members, the NGFS has since expanded into a worldwide network comprising over 160 central banks and regulatory bodies. The initiative seeks to collaborate with members in transforming the financial and banking systems into environmentally friendly and sustainable models. This is achieved through knowledge-sharing, cooperation, and the adoption of international best practices in developing regulatory frameworks to promote sustainability. The CBO's membership underscores its steadfast commitment to building a resilient, sustainable, and forward-looking financial system. This move aligns with Oman Vision 2040, the Sultanate of Oman's national strategy for a structured transition toward net-zero emissions, as well as the launch of the National Environmental Policy for Energy. As part of its strategic climate initiatives, the CBO has introduced a comprehensive regulatory framework and roadmap designed to advance sustainable and green finance in line with international standards and Oman's goal of achievingcarbon neutrality by 2050. These efforts include phased disclosure requirements for licensed financial institutions, alongside active participation in global climate initiatives, such as those led by the G20. Through this membership, the CBO joins a collaborative international effort to promote sustainable finance and strengthen the financial sector's readiness in addressing escalating challenges posed by climate change and ecosystem degradation. —— Ends/AH
Times of Oman
2 days ago
- Times of Oman
Five Omani higher education institutions make mark in 2026 QS World Rankings
Muscat: The 2026 QS World University Rankings have recognised five Omani higher education institutions, including Sultan Qaboos University, University of Nizwa, Dhofar University, Sohar University, and the German University of Technology in Oman (GUtech). Sultan Qaboos University achieved significant progress, climbing 28 spots to secure the 334th position globally. The University of Nizwa ranked within the 770–761 bracket, while Dhofar University was placed in the 900–851 range. Sohar University entered the rankings within the 1000–951 category, and GUtech was positioned between 1200–1001. This performance reflects the steady advancement of Oman's academic and research infrastructure, as reported by Quacquarelli Symonds (QS), the UK-based global higher education analyst, on its official 2026 rankings website. Dr. Maryam Bil'arab Al Nabhani, Director General of Private Universities and Colleges at the Ministry of Higher Education, Research and Innovation, stated that the QS rankings are among the most prestigious global benchmarks for higher education institutions. She noted that Oman Vision 2040 includes a strategic objective for national universities to break into the global academic elite, with an emphasis on placing four Omani universities among the world's top 500 in QS rankings. She explained that the QS methodology evaluates universities based on key indicators, including academic reputation (assessed through expert surveys on teaching and research quality), employer reputation (measuring graduate employability), and faculty-to-student ratios (reflecting educational quality). Research impact is gauged through citation metrics, while international faculty and student ratios demonstrate institutional diversity and global appeal. Additional metrics encompass sustainability performance, contributions to the UN Sustainable Development Goals (SDGs), graduate employment outcomes, and international research collaboration networks. Dr. Al Nabhani emphasised that these results reflect Oman's national efforts to enhance academic competitiveness in line with Oman Vision 2040. They also underscore the continuous progress of Omani higher education institutions in elevating academic standards and strengthening their global presence.
