Category: News

Green Tech Mining & Services LLC, a joint venture between Oman Mining Company and Austria-based BPG Precious Metal Storage Plc (BPG), has achieved a significant milestone in its journey towards environmentally responsible mining practices. BPG, the parent company, has been awarded the prestigious Austrian Ecolabel by Austria’s Federal Ministry for Climate Protection, Environment, Energy, Mobility, Infrastructure, and Technology (BMK). This recognition sets Green Tech Mining & Services position as a pioneer in aligning its mine tailings remediation project in Oman with global ecological and social sustainability standards.

The Austrian Ecolabel for Sustainable Financial Products validates the company’s integration of ecological and social considerations in its operations, in line with the United Nations Sustainable Development Goals (SDGs). This certification guarantees adherence to rigorous standards for projects financed through Green Bonds, with independent audits reinforcing a commitment to transparency and accountability.

Adding to this momentum, BPG Precious Metal Storage Plc, a company with their focus in sustainable practices within the mining industry, has announced the issuance of a Green Bond aimed at fully financing their Oman project that aligns with its environmental and sustainability goals. Known for its innovative approaches to tailings remediation, sustainable resource recovery, and the rehabilitation of legacy mining sites, BPG remains persistent in its commitment to responsible mining and adherence to global environmental standards.

The Green Bond, developed under the guidelines of the Green Bond Principles (GBP) by the International Capital Market Association (ICMA), reflects BPG’s dedication to transparency, accountability, and ecological stewardship. The bond aligns with the EU Taxonomy’s environmental objectives and Paris Climate Agreement goals, targeting key impact areas such as pollution prevention, sustainable water management, climate change adaptation, and environmentally sound resource management.

“We are honoured to lead the way in sustainability as the first Company in the GCC to achieve this prestigious recognition,” said Ernst Grissemann, Chairman of Green Tech Mining & Services LLC. “This award highlights our dedication to responsible financial investment through Green Bonds, marking the world’s first one-of-a-kind mining remediation project to leverage such funding while prioritizing social well-being and environmental preservation.”

As a key player to support Oman’s mining industry, Green Tech Mining & Services is setting new benchmarks in resource recovery with sustainability at its core. The company is set to launch the first phase of its remediation and copper cathode production in January 2025, using advanced technologies to recover valuable resources from historical mine tailings while minimizing environmental impact.

The Austrian Ecolabel certification not only highlights Green Tech Mining & Services’ leadership in sustainable mining but also sets a benchmark for advancing sustainability in Oman’s mining sector. By adhering to global best practices, the company along with its stakeholders fosters ecological responsibility while contributing to the nation’s broader development goals.

Source:https://www.zawya.com/en/economy/gcc/oman-green-tech-mining-and-services-llc-achieves-sustainability-milestone-with-austrian-ecolabel-certification-t1kvha8p

The Ministry of Finance has launched a robust package of initiatives aimed at strengthening Oman’s private sector, empowering small and medium enterprises (SMEs), and advancing sustainable economic growth in line with Oman Vision 2040.

As part of this ambitious strategy, RO 10 million from the 2024 development budget has been earmarked to support programmes designed to integrate job-seekers into the private sector. Additionally, 10 per cent of the value of procurement invoices from the oil and gas sectors will be allocated to initiatives that stimulate private enterprise, emphasising the vital role of the private sector in driving Oman’s economic progress.

To further uplift SMEs, the Ministry has committed to reserving 17 per cent of all open government contracts for these enterprises while waiving registration fees for the Tender Board. These measures are expected to ease financial burdens on SMEs and enhance their ability to compete in an increasingly dynamic market.

In a move to prioritise local industries, the Ministry has implemented a mandatory procurement list to ensure public entities source goods and services from domestic manufacturers and suppliers. Complementing this effort, the Authority for Small and Medium Enterprises Development has allocated RO 25 million in financing to foster innovation and growth among local entrepreneurs.

The Ministry of Finance’s comprehensive plan is structured around the following objectives: Strengthening the economic contribution of SMEs; Creating meaningful employment opportunities for Omani nationals; Advancing innovation and enhancing local industrial capabilities; Reducing dependency on imports while boosting export potential; and diversifying Oman’s economy to improve the trade balance.

To further promote entrepreneurship, the government has raised the financial ceiling for tenders allocated to SMEs, particularly those with the Entrepreneurship Card. This initiative aligns with a broader national effort to prioritise local content, reduce reliance on imports and improve the operational efficiency of the private sector.

These measures reinforce Oman’s commitment to fostering a competitive and resilient economy by enhancing the capacity of SMEs and incentivising local production.

The Ministry’s forward-thinking initiatives underscore its dedication to economic resilience, inclusivity and innovation. By empowering SMEs and promoting local industries, Oman is laying the foundation for achieving Vision 2040’s ambitious objectives. The Ministry of Finance is driving efforts to position Oman as a global leader in sustainable development, entrepreneurship and industrial growth.

Source:https://www.zawya.com/en/economy/gcc/oman-launches-bold-measures-to-boost-smes-r67frqry

Muscat Stock Exchange (MSX) and Muscat Clearing and Depository (MCD) announced the issuance of new regulations governing Bilateral Securities Lending and Borrowing (SLB) activities, as well as Covered Short Selling (CSS).

These regulations are designed to enhance market efficiency and improve liquidity, providing market makers, liquidity providers, and liquidity funds with new tools that will bolster trading stability and open up new investment opportunities.

The issuance of these regulations is part of ongoing efforts to enhance and update capital market systems and legislation, keeping in pace with global developments while addressing the local market needs.
Under the new regulatory framework, CSS will be subject to the MSX regulations outlined in Decision No. 143 of 2024. Additionally, Bilateral SLB activities will be governed by Decision No. 2 of 2024, along with the procedural rules and guidelines issued by MCD.

In this regard, Haitham Al-Salmi, CEO of MSX, explained that issuance of these regulations will reshape investment strategies by providing innovative methods for market makers and liquidity funds to diversify their portfolios and effectively manage risks. This will contribute to enhancing liquidity and provide all market participants with a more dynamic trading environment, while complying with regulatory requirements to ensure greater security. These activities will create new opportunities, enabling the implementation of hedging strategies and benefiting from market efficiencies, ultimately boosting investor confidence and supporting the sustainability of the market.

Regarding Bilateral SLB regulations, Mohammad Al-Abri, CEO of Muscat Clearing & Depository, emphasized that these regulations are a strategic step towards improving market efficiency, increasing liquidity, and enhancing flexibility. This feature is envisaged to be a key tool in supporting market stability and providing investors with additional opportunities to maximize their returns. Our role at MCD is to ensure the smooth and transparent execution of lending and borrowing operations, fully adhering to the highest standards of safety and compliance with applicable regulations. Through this activity, we affirm our commitment to providing innovative solutions that meet investors’ needs and enhance their trust in the Omani market.

The importance of these new regulations lies in their potential to elevate MSX from a Frontier Market to an Emerging Market status. By issuing new financial services activities, these regulations aim to increase the size and scope of financial companies’ operations, enhancing their ability to offer diverse investment alternatives. This, in turn, will promote the trading of otherwise dormant securities and help boost overall trading volumes. Both SLB, as well as CSS, will offer investors new tools to manage their investments, positioning MSX among advanced markets and attracting global institutions and investors looking for a diversified investment environment.

In terms of Bilateral SLB, the regulations allow borrowers to temporarily transfer or buy securities outside the market on a deferred payment basis, with a commitment to return or repurchase the securities at the lender’s request during the agreed period. This activity is intended to increase market liquidity, improve efficiency through continuous buy and sell offers, and provide market makers with an emergency reserve of securities when their holdings are depleted.
MCD plays a central role in ensuring the smooth and transparent operation of these lending and borrowing activities. It is responsible for managing the collateral and overseeing the transfer of securities between lenders and borrowers. MCD will also publish periodic reports detailing the total amount of borrowed securities from each issuer, which will be made available on MCD’s official website.

Licensed entities, such as SLB agents, will facilitate the transactions between borrowers and lenders. This process ensures transparency, governance, and compliance with applicable regulations. Furthermore, a contract must be signed between the lender and borrower, outlining the rights and obligations of both parties.

As regards the eligibility, lending is open to state institutions, licensed financial institutions, insurance and reinsurance companies and investment funds with assets exceeding 1 million Omani Rials (1,000,000 OMR), or individuals whose personal assets, or those held jointly with their spouses and minor children, exceeding 500,000 Omani Rials (500,000 OMR) or its equivalent in foreign currencies, excluding the value of the individual’s primary residence. This feature provides institutional investors with additional ways to diversify their portfolios while improving market liquidity.

And on regard CSS activity, it will allow Sophisticated investors to sell borrowed securities, with the obligation to settle the transaction by the settlement date. Regulations require these transactions to be executed at or above the last traded price, with additional restrictions if the price drops by 5% from the previous closing price. In such cases, the transaction will be suspended for two trading days.

To engage in CSS, Sophisticated investors must obtain approval from MSX and demonstrate their technical, administrative, and financial capabilities. They must also show that they have systems in place to manage and segregate orders for CSS and submit reports regarding their internal control and compliance systems.
MSX & MCD encourage all interested parties to review the detailed regulations and procedures for Bilateral Securities Lending & Borrowing and Covered Short Selling on the official websites of MSX (www.msx.om) and MCD (www.mcd.om).

Source:https://timesofoman.com/article/153748-regulations-for-covered-short-selling-and-slb-activities-launched

End Market Opportunities and Growth Dynamics

The construction market intelligence underscores the multifaceted growth opportunities existing within Oman’s building and infrastructure sectors. It incorporates an extensive range of KPIs, elucidating growth dynamics, sectoral analyses, and the cost structure inherent to the industry. The databook provides a granular analysis that encompasses the value and volume of the construction market, including detailed assessments of residential, commercial, institutional, industrial, and infrastructure projects across Oman.

Residential and Commercial Development Outlook

Offering a comprehensive outlook, the report covers the residential sector’s growth, segmented by construction type, development stages, and key cities. Similarly, the commercial sector’s development is analyzed, delineating forecasted value and volume across a spectrum of establishments including office spaces, retail areas, hospitality buildings, and more, signifying healthy diversification and expansion across Oman’s urban landscapes.

Institutional and Industrial Project Insights

The report also offers a forecast within the scope of institutional and industrial construction projects. Industrial development encompasses manufacturing plants and facilities, whereas institutional construction spans healthcare and education facilities, among others. Such developmental strategies exhibit Oman’s dedication to enhancing its industrial capabilities and social infrastructure.

Infrastructure Development Trajectory

The compilation of market data highlights Oman’s infrastructure segment, which is segmented further into marine, inland water, utility systems, and a variety of transportation infrastructure projects. Planned development stages include new constructions as well as re-developments and maintenance efforts that will bolster the nation’s connectivity and utility networks.

Cost Structure and Economic Indicators

An in-depth analysis of the construction cost structure is provided, covering material, labor, equipment, and other expenditures. This aids in understanding the financial dynamics crucial to stakeholders and policymakers involved in the construction industry. Additionally, economic indicators and city-level analyses contribute to a comprehensive understanding of the regional construction landscape and potential investment zones within Oman.

The findings presented in this intelligence report are indicative of an optimistic growth pattern for Oman’s construction industry, guided by well-structured investments and strategic development programs. The construction industry’s continuous expansion signals a robust economic environment and underscores Oman’s growing reputation as a key market for infrastructure development in the region.

Source:https://www.businesswire.com/news/home/20240704795028/en/Oman-Construction-Industry-Poised-for-Steady-Growth-in-2024-with-a-Positive-Outlook-Through-2028

The current phase involves evaluating 10 factories against the Smart Industry Readiness Index, which encompasses three main pillars and 16 dimensions to provide a detailed analysis of their preparedness.

Eng. Idris bin Hassan Al Sinan, Head of the Knowledge-Based Industries Department at MoCIIP, emphasized that the project targets transforming 30% of Oman’s factories into smart facilities by 2026. A specialized team, including experts from GOIC and the International Center for Industrial Transformation, is conducting field visits to assess the factories’ current capabilities and identify development opportunities.

Eng. Al Sinan emphasized that the evaluations analyze readiness and also offer actionable recommendations to enhance performance, improve productivity, and reduce operational costs. He added that these efforts align with the Ministry’s vision of creating competitive, technology-driven industries that generate quality jobs suited to modern educational outcomes.

The Ministry has called on all factories aspiring to digitally transform to join the initiative, highlighting the opportunities for enhanced efficiency and market competitiveness.

Source:https://www.thearabianstories.com/2025/01/04/oman-accelerates-industrial-revolution-with-launch-of-smart-production-factories-project/

Saudi Arabia has achieved a significant milestone in public financial management by successfully transitioning to International Public Sector Accounting Standards on an accrual basis.

This move highlights the Kingdom’s commitment to modernizing its public sector financial practices as part of its Vision 2030 agenda.

The adoption of these global standards underscores Saudi Arabia’s efforts to enhance transparency, accountability, and decision-making within its government operations. The announcement was made during the Saudi Public Sector Accounting Forum, held on Dec. 8 in Riyadh, under the patronage of Finance Minister Mohammed Al-Jadaan.

Speaking at the event, Abdulaziz Al-Furaih, chairman of the steering committee at the Ministry of Finance, said: “Today marks a significant milestone, made possible by the unwavering support of our visionary leadership, which has fully backed this strategic national project.”

The forum highlighted Saudi Arabia’s transition to accrual-based accounting and its adoption of IPSAS.

Ian Carruthers, chairman of the International Public Sector Accounting Standards Board, emphasized that the Kingdom’s success was driven by Vision 2030 and the strong leadership of the Ministry of Finance.

Abdullah Al-Mehthil, assistant deputy minister of finance for policies and governance, explained: “Accrual accounting enhances the Kingdom’s ability to make strategic decisions by providing detailed insights into long-term financial obligations and improving the overall quality of financial reporting.”

A key focus of the forum was the cultural transformation needed within the public sector to sustain these changes. Mohammed Al-Nwaiser, assistant deputy minister for financial affairs and accounts at the Ministry of Finance, stressed the importance of evolving financial practices to ensure long-term sustainability following the transition.

Abdullah Majrashi, CEO of the Financial Skills Center, emphasized the center’s role in improving financial literacy and building capacity within the public sector workforce. Ross Smith, program leader and technical director at IPSASB, noted that while resistance to such transitions often stems from knowledge gaps, Saudi Arabia has made remarkable progress through its well-structured approach.

Hamad Al-Kanhal, deputy minister of finance for financial affairs and accounts, discussed the broader significance of the transformation, stating, “This is not just the implementation of an accounting standard; it is a comprehensive change management process that requires continuous commitment and collaboration across all relevant entities.”

He further emphasized that the shift would enable the government to manage its financial resources more efficiently and achieve its strategic objectives.

At the forum’s conclusion, several government entities were honored through the “Pioneers of Accrual Accounting” award program.

The Ministry of Communications and Information Technology, King Saud University, and the Saudi Water Authority received the Diamond Award for their excellence in business continuity following the transition and for issuing interim financial statements.

Other awards included recognition for governance and project management to the Digital Government Authority, innovative solutions to the National Center for Waste Management, and technological enablement to the Ministry of Environment, Water, and Agriculture.

The forum, which coincided with Saudi Arabia’s hosting of the IPSASB meetings, attracted over 600 attendees, including local and international experts, standard-setting legislators, and leaders from various Saudi government entities.

https://arab.news/82hnx

Arab media professionals attending the Noor Riyadh festival have highlighted the significant artistic activity in Saudi Arabia, noting that the movement drives creativity and innovation in the Kingdom’s contemporary arts scene.

Noor Riyadh serves as a platform for cultural exchange, aligning with Riyadh Art’s goal of nurturing local talent and boosting the capital’s cultural economy.

The festival, held under the theme “Light Years Apart” until Dec. 14, features artworks by over 60 artists across three hubs: King Abdulaziz Historical Center, Wadi Hanifa, and JAX District.

Some 43 international artists from countries including Australia, France, Germany, Hungary, Italy, Japan, Montenegro, the Netherlands, Poland, Russia, Slovenia, South Korea, Spain, Turkiye, the UK, the UAE, and the US are showcasing their work, in addition to 18 Saudi artists.

Sara Al-Abri, a journalist at Oman’s newspaper Al Roya, told Arab News that the festival stood out for its diverse artworks, with the use of modern technologies like digital lighting and interactive art creating a unique experience.

She said: “What particularly caught my attention was the innovative integration of art and technology, adding depth and beauty to the venue.”

She added that the event also embodied Saudi Vision 2030, which promotes culture and the arts.

“I noticed a growing interest in contemporary and digital arts in Saudi Arabia, alongside traditional arts,” she said.

Mohammed Alafthan, TRT World correspondent in the GCC (Gulf Cooperation Council), said contemporary arts in the Kingdom were making enormous strides and almost racing against time to keep up with global advancements, adding: “Saudi society, in all its segments, has a deep appreciation for creativity and visual arts.

Source:https://arab.news/6rjq5