Oman to ban import of plastic bags from 2023

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The Ministry of Commerce, Industry and Investment promotion has issued a ministerial decision that bans imports of plastic bags with effect from January 2023. The decision comes in line with the ministry’s plan to regulate market activities pertaining to the import of products that damage the environment, according to Sami Salim Al Sahib, Director General of the Industry, as reported by Oman News Agency (ONA).

The decision, issued in coordination with the Environment Authority, will support Omani factories by limiting unfair competition from imported products that do not meet environment standards, he explained.

“Eliminating plastic bags is one of the challenges that the ministry seeks to overcome in cooperation with the concerned authorities and find specifications for manufacturers and suppliers to ensure the correct transition to alternatives to plastic bags that harm the environment,” said Sahib, as reported by local news.

An administrative fine of OMR1,000 will be imposed on anyone importing plastic bags, the fine will be doubled if the violation is repeated.

In cooperation with the Environment Authority, the ministry seeks to shift to environment-friendly industries, however, it was noted that the decision will not affect local plastic production facilities. The decision intends to help local plastic production factories to augment sales and production to meet local market demands.

To ensure a proper shift to plastic alternatives, as well as, raise social awareness about the negative impacts of plastic, the ministry will be working in cooperation with concerned departments to develop specifications and instructions. The decision is set to come into effect by January 1, 2023.

SOurce:https://www.arabianbusiness.com/politics-economics/oman-to-ban-import-of-plastic-bags-from-2023

Hegaz Development invests EGP 1.2bn in 1st phase of Sokhna Hills Project

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Chairperson of Hegaz Development Ibrahim Ahmed Al-Zawawi said that the company is developing the Sokhna Hills Project in Ain Sokhna on an area of ​​100 feddans and that it will be developed over three phases.

Al-Zawawi explained that the project includes residential units, a hotel, a commercial mall, and an athletic area, pointing out that the total investments of the first phase amounted to EGP 1.2bn.

He added that the first phase of the project includes 600 different units ranging from chalets, villas, and townhouses, noting that the completion rate of the first phase is approximately 50%.

Al-Zawawi also disclosed that it the company plans to deliver 90 fully finished units in the project within three months and 75 units within a year, in addition to delivering the rest of the units within two years, revealing that the company aims to bring in EGP 200m in sales by the end of this year.

For his part, Mohamed Makkawi — Marketing and Sales Manager of Sokhna Hills — said that the community is designed on a modern basis, and that the company provides various solutions and facilities in payment plans for clients.

The second phase of the project is scheduled to be delivered by the end of 2023, and the third phase in 2024.

In 1988, Hegaz Development started its work in the real estate market in Ain Sokhna and the Gulf of Suez. The company has developed a number of high-profile projects, including Hegaz Oasis and Dolphin Beach.

SOurce:https://dailynewsegypt.com/2022/07/25/hegaz-development-invests-egp-1-2bn-in-1st-phase-of-sokhna-hills-project/

US$85 Million For A New Industry Development Fund To Promote Investments And Exports

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The World Bank has approved US$85 million in financing for the Jordan Support for Industry Development Fund Project, which aims to promote investments and exports in the manufacturing sector through the operationalization of a new Industry Development Fund. The fund is one of the commitments Jordan has made under its Economic Priority Plan 2021–2023.

Jordan urgently needs to create inclusive and broad-based job opportunities to promote resilient recovery from the COVID-19 crisis, requiring a shift towards a resource-efficient, export- and investment-driven growth model. Manufacturing, among the largest employers in Jordan’s economy, suffered acute shortages of cash during the COVID-19 pandemic. To diversify and expand their exports, and generate more jobs, companies now need to move out of survival mode to a new level of competitiveness.

The Government of Jordan is establishing the Industry Development Fund to put its development policies and programs on manufacturing into practice. The government asked for the World Bank’s support in designing and operationalizing the fund as an efficient, transparent, and effective delivery platform for support for firms, and as a key financial enabler for industrial transformation. Its focus will be upgrading and modernizing industries; export development and promotion; and incentivizing companies toward high performance in areas critical to the sector reaching its full potential, such as increased climate-responsiveness and female employment.

“The Industry Development Fund is a key instrument in our Economic Priority Plan 2021–2023 to help firms in the industrial sector recover and build back better following the COVID-19 crisis,” said H.E. Nasser Shraideh, Minister of Planning and International Cooperation of Jordan. “It will serve as a stimulus to promote private sector-led investment, as well as modernization, upgrading, and export development, which are key engines of growth for the Jordanian economy.”

The project aims to support more than 500 export-oriented firms directly through the fund’s programs and to mobilize at least US$17 million in additional private capital. It will also support the building of effective delivery mechanisms and a robust governance and operational capacity, enabling the fund to support the transformation of the industrial sector in the longer term.

“Jordan’s recovery from the COVID-19 pandemic has been broad-based, but many sub-sectors are operating below their pre-pandemic level and external shocks have led to higher unemployment, especially for women and the youth,” said Saroj Kumar Jha, Mashreq Regional Director, World Bank Group. “This project will complement the integrated package of support for private sector development that the Bank and the Government of Jordan are implementing to foster enhanced public-private partnerships for inclusive and resilient recovery and growth.”

The main activities financed by the Fund will include: (i) Industry upgrading and export development programs; (ii) Outcome-based incentives program; and (iii) Easing access to export credit insurance and to new supply chain finance products.

The project prioritizes gender balance and includes measures to ensure the inclusion of women business leaders/owners and employees, and of various vulnerable groups in the fund’s programs.

Source:https://indiaeducationdiary.in/jordan-us85-million-for-a-new-industry-development-fund-to-promote-investments-and-exports/

Saudi stocks start the week on a positive note

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Saudi stock markets opened higher in early morning trade, as oil prices fluctuated steadily.

Oil prices rose on Friday, with Brent crude exiting the week at $119.72 and US West Texas Intermediate settling at $$118.87.

The main index, TASI, opened 0.18 percent higher at 12,627, while the parallel market, Nomu, started 0.08 higher at 22,861 as of 10:07 a.m. Saudi time.

Saudi Public Transport Co. climbed 4.46 percent, leading the gainers; Saudi Printing and Packaging Co. slipped 2.05 percent, leading the market fallers.

Among the fallers on the list, Amana Cooperative Insurance Co. lost 1.17 percent and Saudi Tadawul Group Holding Co. declined 1.42 percent.

Among the gainers on the list, Tabuk Agricultural Development Co. gained 2.21 percent, and Arab National Bank edged up 2.64 percent

In the pharma sector, Aldawaa Medical Services Co. shed 0.13 percent and Nahdi Medical Co. rose 0.75 percent

In the financial sector, the Kingdom’s largest valued bank Al Rajhi gained 0.10 percent, while Alinma Bank slid 0.27 percent.

The shares of both telecom giants stc and Zain KSA started the day flat

Saudi Aramco, the largest player on the Saudi oil market, opened today’s trading up 0.75 percent.

https://www.arabnews.com/node/2096941/business-economy

$1bn sustainable city project to be built in Muscat, set for 2025 completion

Diamond Developers, in partnership with the Oman Tourism Development Company (OMRAN Group), has announced the launch of The Sustainable City – Yiti in Muscat, Oman.

With an investment value of nearly $1 billion, the city will be built over an area of 1 million square metres and will be developed within the phase one of the Yiti Integrated Tourism Development Masterplan.

With sustainable innovation at its heart, the project will feature 1,657 residential units including 300 eco-friendly and energy-efficient villas in car-free districts.

The city is designed to produce 100 percent of its energy requirements from renewables which include solar panels and biogas. It will also recycle all its water and waste and use it for irrigation.

The city also aims to grow its own food through productive farm areas and greenhouses and will adopt clean mobility solutions like autonomous shuttles and electric cars, and by deploying EV charging stations.

A sustainable school that will teach important concepts of sustainability through the school curriculum while the city will also feature a number of sports facilities which include jogging and cycling tracks, an equestrian club, and a horse track.

A four-star hotel with 197 rooms, a five-star resort with 170 rooms and a range of restaurants, numerous leisure facilities, and beachfront access will also be included while the resort will also manage 132 luxury serviced apartments.

Faris Saeed, chairman of Diamond Developers, the company behind Dubai Sustainable City, said: “The Sustainable City – Yiti is not only a benchmark for sustainable urban development, it is a working model for future cities. It is a thriving community made up of thousands of residents, visitors, students, researchers, and entrepreneurs.”

He added that the project, scheduled for completion in 2025, is expected to be one of the region’s most sustainable cities and, by adopting the latest solutions in energy production, vertical farming, humidity harvesting and autonomous transportation, it aims to be net zero carbon by 2040.

Mohammed Salim Al Busaidi, chairman of OMRAN Group, said: “Our partnership with Diamond Developers is a unique milestone in our journey as we continue to invest, develop, and maximise the limitless potential of Oman’s tourism sector.

“Yiti will open avenues for numerous lucrative investment opportunities for both local and international investors in line with the directions of Oman Investment Authority.”

Source:https://www.arabianbusiness.com/industries/construction/1bn-sustainable-city-project-to-be-built-in-muscat-set-for-2025-completion

New initiative unveiled to examine key issues shaping Oman’s business landscape

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Tejarah Talks, a new initiative launched by the Ministry of Commerce, Industry & Investment Promotion (MoCIIP) will hold its first event on February 23 at the Civil Aviation Authority Training Centre in Al Hail North.

Supported by Sohar Port & Freezone, HSBC and Oman Business Forum, over the coming year Tejarah Talks will bring together panels of experts, business and thought leaders in a series of seven interactive and informal discussion-led evening sessions to examine key issues shaping Oman’s business landscape, influencing the sultanate’s socio-economic environment, impacting investment and driving non-oil exports.

Thanking Sohar Port & Freezone, HSBC and Oman Business Forum for their support of Tejarah Talks, Maymuna Al Adawi, MoCIIP Director and Tejarah Talks organiser said, “Through this inspiring initiative, we look forward to showcasing the dynamism of business and industry in Oman and highlighting how under the wise guidance of His Majesty Sultan Haitham bin Tarik, Oman Vision 2040 is creating the conditions where more than ever investors in our country can grow, succeed and thrive.”

Tackling topics directly relevant to business, industry and investment in Oman, economic diversification and job creation as well as pressing global issues, Tejarah Talks will explore post-COVID company culture, the evolving world of manufacturing, cracking export markets, the green transition, creative industries and Gen Z, and marketing in the new data-led world. The first Tejarah Talks session will examine the role of sustainability in enhancing competitiveness, attracting investment and unlocking new opportunities.

Al Adawi added, “I am delighted to share that Sustainability: A Nice-to-have or a Need-to-have? will be the focus of our first Tejarah Talks. Of extreme importance and highly topical as the world works towards meeting the climate targets set by the Paris Agreement, this is a central pillar of Oman Vision 2040 and something many Omani companies are building their strategies and future success around. Amongst them is Sohar Port & Freezone with its plans to create a hub for lower-cost hydrogen and develop a 3.5GW solar power capacity. Another standout project is the green hydrogen plant spearheaded by OQ on the Special Economic Zone Duqm. In fact, attendees will hear from a panel of local and international businesses committed to innovative thinking to reverse climate change, lower Oman’s CO2 emissions, improve sustainability and lead the transition to renewables.”

Starting at 7:30pm, the talks will be moderated by His Highness Sayyid Dr Adham Al Said, Founder, The Firm, the evening’s panellists are Mazin Al Saadi, HSSE Manager, Mazoon Dairy; Mark Geilenkirchen, CEO, Sohar Port & Freezone; Dr Firas Al Abduwani, VP, Clean Energy OQ Alternative Energy; Simon Adcock, Head, Commercial Banking, HSBC; and Dr Michael Tsang, Founder, Three Pillars Consulting.

Designed to educate, inspire and entertain, Tejarah Talks are open to the general public and live-streamed to the world via MoCIIP’s Twitter feed to both share discussion outputs and the strength and possibilities of Oman’s competitive offer with as wide an audience as possible.

Source:https://timesofoman.com/article/113495-new-initiative-unveiled-to-examine-key-issues-shaping-omans-business-landscape