An Omani official on Tuesday said Muscat can become a leading player in sustainable and green financing in the Gulf, as the country continues to make reforms as part of its Vision 2040 agenda.
Mahmood Al Aweini, Oman's Secretary General of the Ministry of Finance, said the country could become a leading player in the region because of actions it has already undertaken.
“We have the infrastructure and the potential, either from the talents or the regulation system, that could support that,” Mr Al Aweini said during a discussion at the Arab Gulf States Institute in Washington.
Oman launched its sustainable finance framework this year as it looks to support the economy by reducing reliance on fossil fuels and attracting foreign investment.
Mr Al Aweini said Oman so far has built about eight concession areas for hydrogen production and is attracting a “number of energy giants globally, not only in the region”.
He said the companies would soon make a final investment decision, “which will make a big difference if it happens”.
The Oman Investment Authority this year also launched a 2 billion Omani rial ($5.1 million) fund to spur investments in small and medium-sized enterprises, and in the private sector.
“That was very important sector for us, a very important sector for economic diversification,” Mr Al Aweini said.
He said the sultanate has worked to update the regulation framework, with a court system that would be an important change in attracting foreign direct investment.
Mr Al Aweini said Oman also wants to attract more innovation in the financial technology sector.
“The banking system and central bank of Oman has a huge mandate to drive that stability within the financial sector, but also to put it into international standards that can attract important players from the market overall,” he said.
“We try to widen the level … of service these financial institutions can offer to the international players, so it can become easier for them to get in, as well as to improve the competitiveness of the sector itself. Because to make it sustainable, it has to be very competitive.”
Mr Al Aweini also said regional tension has added a new degree of difficulty in convincing potential investors of Oman's stability.
Oman counts neighbouring countries the UAE and Saudi Arabia as two of its largest export partners, while tension remains high in Yemen.
He said the current regional crisis could provide some opportunities for Oman to emerge as a stable source of foreign direct investment due to limited options globally and in the region.
Oman's economy is projected to grow 0.9 per cent this year, the International Monetary Fund reported in May, before increasing to 4.1 per cent in 2025. The IMF expects reforms made under Vision 2040, as well as a surge in oil prices, to contribute to boosting Muscat's gross domestic product.
Non-hydrocarbon-related growth is projected to increase to 2.6 per cent in 2024 and 3.2 per cent in 2025, while headline inflation decelerated, the IMF said.
The fund said geopolitical risks, an abrupt global slowdown and higher-for-longer global interest rates remain downside risks.
Our Time Has Come
Alyssa Ayres, Oxford University Press
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
How Islam's view of posthumous transplant surgery changed
Transplants from the deceased have been carried out in hospitals across the globe for decades, but in some countries in the Middle East, including the UAE, the practise was banned until relatively recently.
Opinion has been divided as to whether organ donations from a deceased person is permissible in Islam.
The body is viewed as sacred, during and after death, thus prohibiting cremation and tattoos.
One school of thought viewed the removal of organs after death as equally impermissible.
That view has largely changed, and among scholars and indeed many in society, to be seen as permissible to save another life.
Your rights as an employee
The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.
The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.
If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.
Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.
The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
UAE currency: the story behind the money in your pockets
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If you go
The flights
Etihad (etihad.com) flies from Abu Dhabi to Luang Prabang via Bangkok, with a return flight from Chiang Rai via Bangkok for about Dh3,000, including taxes. Emirates and Thai Airways cover the same route, also via Bangkok in both directions, from about Dh2,700.
The cruise
The Gypsy by Mekong Kingdoms has two cruising options: a three-night, four-day trip upstream cruise or a two-night, three-day downstream journey, from US$5,940 (Dh21,814), including meals, selected drinks, excursions and transfers.
The hotels
Accommodation is available in Luang Prabang at the Avani, from $290 (Dh1,065) per night, and at Anantara Golden Triangle Elephant Camp and Resort from $1,080 (Dh3,967) per night, including meals, an activity and transfers.
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
UAE currency: the story behind the money in your pockets
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
