Latest news with #RO1.49bn
Muscat Daily
14-06-2025
- Business
- Muscat Daily
Oman's industrial exports rise 8.6% to over RO1.6bn in Q1
Muscat – Oman's industrial exports rose sharply by 8.6% during the first quarter of 2025, reaching RO1.618bn, compared to RO1.49bn during the same period in 2024, according to the latest statistics released by the National Centre for Statistics and Information (NCSI). The NCSI data indicated that Omani industrial exports have experienced significant expansion across several regional markets, reflecting the growing presence of Oman's industrial sector on the regional trade map. Saudi Arabia recorded a robust 28.3% increase in its imports of Omani industrial products, reaching RO259mn – highlighting the strong economic ties between the two countries and the increasing demand for Omani goods in the Saudi market. In a statement to the Oman News Agency, Mazin bin Humaid al Siyabi, Assistant Director General of the Directorate General of Industry at the Ministry of Commerce, Industry and Investment Promotion, explained that the rapid growth in Omani industrial exports in recent months represents tangible evidence of the success of the ministry's industrial policies. 'These policies focus on diversifying export markets, improving production efficiency, enhancing the competitiveness of Omani products, achieving economic diversification goals, and building a resilient industrial base capable of adapting to global changes,' he said. Commenting on the growing trade between Oman and Saudi Arabia, Nasra bint Sultan al Habsi, Director General of Trade at the Ministry of Commerce, Industry and Investment Promotion, stated that the rise in trade between the two countries is a direct result of sustained bilateral cooperation and reflects the increasing economic integration across various sectors. She explained that the Economy, Trade and Industry Committee, an offshoot of the Omani-Saudi Coordination Council, has been committed, since its inception, to addressing trade-related challenges, standardising customs procedures, facilitating land transit at border crossings, and electronically linking the trade systems of both countries. 'These efforts have significantly contributed to improving the flow of goods and services and boosting commercial traffic through the Rub' al-Khali border crossing, which has become one of the key emerging arteries of trade between the two nations.' Nasra added that Saudi Arabia has become Oman's second-largest trading partner in the Gulf, amid rising aspirations for deeper industrial and commercial integration in the near future. She noted that Oman welcomes increased Saudi investment, particularly in special economic zones and free zones, which offer advanced infrastructure and competitive investment incentives. This is in line with the alignment of the strategic objectives of Oman Vision 2040 and Saudi Vision 2030. Siyabi highlighted that recent months have seen increased momentum in coordination and engagement between industrial sector officials in both countries. This has been reflected in a series of meetings, mutual visits, specialised workshops, and networking events for investors and entrepreneurs. He added that these initiatives have directly contributed to expanding areas of industrial cooperation, particularly in priority sectors such as manufacturing, advanced technologies, and supply chains. He pointed out that this new dynamism in industrial relations reflects the alignment of strategic visions between Oman and Saudi Arabia, adding that the shared emphasis on developing the industrial sector as a cornerstone of economic diversification is a promising strategy – one whose results are already evident in the growth of Omani industrial exports to Saudi Arabia and other regional markets.
Muscat Daily
02-06-2025
- Business
- Muscat Daily
Oman's industrial exports rise 8.6% to RO1.6bn in Q1
Muscat – Oman's industrial sector exports recorded a notable increase of 8.6% in the first quarter of 2025, reaching RO1.618bn, compared to RO1.49bn during the same period in 2024, according to data released by the National Centre for Statistics and Information (NCSI). Industrial exports accounted for 28% of Oman's total exports, indicating the growing contribution of the industrial sector to the national economy and its role in promoting economic diversification. This growth is attributed to strong performances across several industrial segments, particularly the electrical machinery and equipment manufacturing sector, which posted an exceptional 141% increase in export value. Exports from this sector rose to RO128mn, compared to RO53mn in Q1 2024, the NCSI data showed. This was followed by metal products, with exports increasing by 14.1% to RO462mn, supported by growing international demand for high-quality Omani goods. In a statement to the Oman News Agency, Eng Khalid bin Salim al Qassabi, Director General of Industry at the Ministry of Commerce, Industry and Investment Promotion, said that the positive results reflect the strength and diversity of Oman's industrial base. He noted that the ministry continues to implement integrated industrial policies aimed at enhancing the competitiveness of Omani products in regional and international markets, while driving export growth. 'The electrical machinery and equipment sector is experiencing rapid growth, spurred by rising demand locally and regionally, and linked to the expansion of infrastructure projects, including electricity networks, public utilities, and the development of new cities. This growth is also supported by increased investment in industries related to renewable energy,' said Qassabi. He emphasised that the sector is a priority under Oman's Industrial Strategy 2040, due to its role in developing supply chains, enhancing the added value of the national economy, supporting entrepreneurship, and facilitating the localisation of advanced technologies. Eng Jassim bin Saif al Jadidi, Technical Director at the Office of the Undersecretary of the Ministry of Commerce, Industry and Investment Promotion for Commerce and Industry, stressed the continuation of efforts to expand the presence of Omani products in both regional and global markets. This goal is central to the Industrial Strategy and a key pillar of Oman Vision 2040. He explained that these efforts involve launching a series of qualitative initiatives aimed at improving the efficiency and quality of national products. This includes supporting local manufacturers in meeting the highest technical standards and international specifications, thereby enhancing competitiveness and consumer confidence in Omani goods. He added that the ministry, in coordination with relevant authorities, is working to open new markets for Omani exports by activating regional and international trade agreements, participating in exhibitions and trade missions, and providing incentives and support for Omani exporters. The ministry is also encouraging the growth of knowledge-based industries and the adoption of advanced technologies, including artificial intelligence and Fourth Industrial Revolution tools. These technologies play a crucial role in improving product quality, reducing costs, and ensuring sustainable industrial growth. They also contribute significantly to supporting the national economy, creating quality employment opportunities for Omani nationals, and reinforcing the sultanate's position as a promising industrial and logistics hub in the region.
