Oman’s inflation rate hits 2.4% in August

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The inflation rate of the Consumers Price Index (CPI) in the Sultanate of Oman stood at 2.4 per cent in August 2022, according to the latest data issued by the National Centre for Statistics and Information (NCSI).

The data indicated a rise in the prices of main groups in August 2022 compared to August 2021, such as education by 5.1 per cent, food and non-alcoholic beverages by 4.9 per cent, health by 3.5 per cent, transport by 3.1 per cent, restaurants and hotels by 2.1 per cent, miscellaneous goods and services by 1.5 per cent, recreation and culture by 1.4 per cent, furniture, household equipment and routine household maintenance by 1.2 per cent, clothing and footwear by 0.9 per cent and housing, water, electricity, gas and other fuels by 0.6 per cent.

Meanwhile, the prices of some main groups remained unchanged, such as tobacco and communications.

Prices also went up for oils and fats by 19.2 per cent, meats by 8.8 per cent, fruits by 7.5 per cent, non-alcoholic beverages by 4.4 per cent, bread and cereals by 4.1 per cent, milk, cheese and eggs by 3.2 per cent, sugar, jam, honey and sweets by 2.3 per cent, other foodstuff by 1.9 per cent and fish and seafood by 1.7 per cent. Prices declined for vegetables by 2.9 per cent.

As far as governorates are concerned, Al Buraimi recorded the highest inflation rate of 4.3 per cent, followed by Al Dakhiliyah by 2.9 per cent, Dhofar by 2.7 per cent, Al Dhahirah by 2.6 per cent, North Al Batinah by 2.4 per cent, North Al Sharqiyah and South Al Sharqiyah by 2.3 per cent, while the Governorate of Muscat recorded the lowest inflation rate of 2.1 per cent.

Source:https://timesofoman.com/article/121511-omans-inflation-rate-hits-24-in-august

Union Minister Piyush Goyal meets with UAE counterpart on sidelines of G20 ministerial meet

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Union Minister for Commerce Piyush Goyal Thursday met with the UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi and held discussions to bolster the trade and investment ties between the two countries.

The meeting occurred on the sidelines of the Group of 20 (G20) nations’ trade, investment, and industry ministerial meeting.

In a tweet, Goyal wrote, “Delighted to meet UAE Minister of State for Foreign Trade
Thani bin Ahmed Al Zeyoudi at G20, Indonesia. Took stock of the progress under the India-UAE Comprehensive Economic Partnership Agreement and discussed further strengthening of our trade and investment ties.”

Piyush Goyal also held a meeting with the Saudi Arabia Minister of Commerce Majid Alkassabi and held talks to strengthen economic ties between India and Saudi Arabia.

“Met H.E.Majid Alkassabi, Minister of Commerce, Saudi Arabia at G20IndonesiaI. Deliberated on ways to attract greater investment & strengthen bilateral trade to further bolster economic ties between India and Saudi Arabia,” wrote Piyush Goyal.

Earlier, Piyush Goyal met with the US trade representative Katherine Tai and held discussions on World Trade Organization Dispute Settlement Reforms and exchanged ideas on ways to strengthen the mechanism making it more efficient.

The meeting came ahead of the G20 Summit which will be hosted by Indonesia in Bali in the month of November.

India’s G-20 Presidency next year will be a golden chance for the country to correct the long-standing anomalies that go against the developing countries, especially in the domain of agriculture and food subsidies, SBI.

Research said in its latest report. India is going to hold the G20 presidency from December 1, 2022, to November 30, 2023. Piyush Goyal also held a meeting with the Executive Vice President of the European Commission Valdis Dombrovskis and discussed on expediting Free Trade Agreement negotiations which will benefit both sides.

“Met Executive Vice President of the European Commission Valdis Dombrovskis on the sidelines of G20 Indonesia. Both sides are keen to expedite FTA negotiations with mutually beneficial results,” he added.

Minister Piyush Goyal on Tuesday said the UK is keen to stick to the Diwali deadline for India-UK free trade agreement and both countries are working towards it. He referred to the passing away of Queen Elizabeth II and said “as we are expanding our engagements, the UK is at a cusp”.

“Two days ago, I received a letter from the UK again reiterating that they want to stick to the Diwali deadline (for the India-UK Free Trade Agreement),” Goyal said at an event here.

Speaking of India’s engagements and the quest to become self-reliant, Goyal said, “If we don’t engage with the international market, we are the losers…Today the whole world is talking of Atmanirbhar…There is no power that can stop us from becoming a developed nation in the next 25 years…The world wants to engage with us, the world has more confidence in us than we have.”

Earlier, in the day, British High Commissioner to India, Alex Ellis said that India and the United Kingdom have the high ambition of completing the Free Trade Agreement (FTA) by Diwali this year.

Source:https://timesofoman.com/article/121549-union-minister-piyush-goyal-meets-with-uae-counterpart-on-sidelines-of-g20-ministerial-meet

Petrofac, Oman Hydrogen to collaborate to strengthen renewable energy sector

Petrofac, a leading provider of services to the global energy industry, has signed a Memorandum of Understanding (MOU) with Oman Hydrogen Centre (OHC) to collaborate in building capabilities for Oman’s renewable energy sector, the company announced on Wednesday.

The agreement aims to strengthen the sector, particularly in green hydrogen.

The partnership “will bring considerable benefits to the efficient implementation of green hydrogen projects and help accelerate the Sultanate’s energy transition,” the statement said.

Oman reveals plan to become global hydrogen player

Additionally, the collaboration will help in the development of Omani talent.

Petrofac recently completed front-end engineering design (FEED), for green hydrogen production facilities followed by studies for small-scale industrial globally.

The building company will provide technical expertise, design experience, project management and execution, and building capacity through knowledge transfer, the statement said.

“Green hydrogen provides an opportunity to help accelerate the energy transition in Oman through the decarbonisation of many parts of our industries,” Petrofac Oman’s country manager Dr Khalid Al Jahwari said.

Al Jahwari said the partnership with OHC “is designed to meet the needs of new complex energy assets,” adding it will focus on engineering excellence and a skilled workforce.

“With our combined knowledge, experience and capabilities, we are here to support this transition,” he said.

In June this year, the Sultanate’s Ministry of Energy and Minerals was in the process of appointing a think tank to promote Oman as a hub for production and export of green hydrogen.

Oman aims to be at the forefront of green hydrogen production, especially as key resources such as solar and wind energy and adequate lands will play a pivotal role in achieving this target.

The government also aims to attract foreign direct investments in the green hydrogen sector, as “there is a good demand for investments,” according to Ministry of Energy and Minerals’ director-general of renewable energy and hydrogen, Abdulaziz Said Al Shedhani.

“Remarkable efforts from governmental units, industries, and scientists take place towards accelerating the energy transition and green economy,” Oman Hydrogen Centre’s director Dr. Sausan Al Riyami said, adding “this will enable the building of our Omani talents in energy sector.”

Source:https://www.arabianbusiness.com/industries/energy/petrofac-oman-hydrogen-to-collaborate-to-strengthen-renewable-energy-sector

UAE’s Prime Healthcare wants to make a breakthrough into halal pharmaceuticals

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Halal medicines as a category within the wide universe of pharmaceuticals?

Dubai’s Prime Healthcare is definitely hoping this breakthrough happens in the UAE and Gulf markets – and at some point in the near future itself. “Worldwide, halal pharmaceuticals make up 7 per cent of the global pharma market, but many still remain unaware of such options,” said Dr. Jamil Ahmed, Managing Director at Prime, which operates healthcare facilities and pharmacies in the UAE.

“Compare that with halal food, which is already a $1 trillion plus global market and expected to see growth of 17 per cent in the next four years to be $3 trillion. Clearly, there is a lot of awareness that needs to created around halal pharmaceuticals.”

A sort of a fist step has been with Prime signing up with one of the leading names in the business, Pharmaniaga Partners of Malaysia. The deal encompasses the right to register, import, market, sell and distribute pharmaceutical products from the Pharmaniaga-owned entity, PMB. On whether the deal also includes rights to manufacture these generic drugs locally, Dr. Ahmed said that would depend on how fast the local market adapts to this line.

Still ‘complex’
Getting the regulatory approvals are “more complex” on halal medicines, said Dr. Ahmed. “Once those established processes are there, clearing approvals will be easier,” he added. “Right now, the market is too narrow, and there is also resistance at the moment from some of the established pharma makers.

South Asia could lead the way
From its still limited size of 7 per cent of the global market, halal pharmaceuticals could grow to be around $200 billion by 2024, according to the Prime chief. Key markets fuelling that growth would be Malaysia and Indonesia. Dr. Ahmed that global growth will pave possibilities in the Gulf and wider region.

“Dubai will be our base to bring our products to other countries in the Middle East, Africa and even Europe,” said Datuk Zulkarnain Md Eusope, Pharmaniaga Group’s Managing Director. “PMB is certified as a halal manufacturing plant by the Department of Islamic Development Malaysia.”

The facility manufactures more than 120 pharmaceutical products, and more than 95 of them have been certified halal, while the rest are on the way to receiving the same.

SOurce:https://gulfnews.com/business/uaes-prime-healthcare-wants-to-make-a-breakthrough-into-halal-pharmaceuticals-1.87211872

Dubai-Doha fares to skyrocket in five-fold increase for FIFA World Cup in Qatar

Direct one way flights from Dubai to Doha, Qatar on November 20 cost $1,089, nearly five times the current airfare of $217

Flights from Dubai to Doha are set to witness a record upsurge in ticket prices, as the state of Qatar prepares to host the FIFA World Cup 2022 in November.

Direct one way flights from Dubai to Doha on 20 November cost $1,089 (AED4000) nearly five times the current airfare of $217 (AED800).

The price rise comes as the country gears up for the football mega-event set to take place between 21 November and 18 December.

Qatari flag carrier Qatar Airways has ramped up recruitment efforts to meet the anticipated surge in market demand ahead of the tournament. In addition, the airline has expanded its international network and stepped up efforts to restore pre-COVID-19 capacity.

Ticket applications for the FIFA World Cup opened in late January. Prices for a seat for a group-stage match starts at QAR250 for international visitors, although Qatar residents will get discounts to bring the cost down as low as QAR40. Ticket sales are ongoing and will end February 8.

The event, which was rescheduled to November to avoid the heat, is forecasted to host 1.2 million visitors from across the globe, and has raised hopes for significant economic growth and accelerated sector recovery.

Qatar has invested hundreds of billions of dollars in developing infrastructure and building stadiums to host the event. One key organiser estimated that the event could spur a $20 billion boost to the economy, Bloomberg previously reported, but risks of new coronavirus variants could upset projections.

The Qatari government has also set maximum rates for hotel rentals during the World Cup in a bid to counter potential price-gouging. In addition, Qatar Tourism has announced a simplified process to issue holiday homes licences for residential property owners to list their units for short-term rentals ahead the FIFA World Cup.

The entity is working with popular international websites such as Airbnb, Booking.com, Holidayhomes.com and Vrbo after receiving a growing number of inquiries on the licensing process from citizens and investors through its website.

“The spirit of hospitality is a distinct feature of Qatari tradition. As we prepare to host visitors from every corner of the world for the FIFA World Cup Qatar 2022, it is our chance to showcase our true essence,” Mohamed Al Ansari, director of tourism licensing, said at the time.

Source:https://www.arabianbusiness.com/industries/transport/dubai-doha-fares-to-skyrocket-in-five-fold-increase-for-fifa-world-cup-in-qatar