His Majesty meets private business owners
His Majesty Sultan Haitham bin Tarik Al Said met at Al Baraka Palace with business owners and representatives from small and medium enterprises (SMEs) and startups.
His Majesty opened the meeting with expressions of gratitude to the Almighty for Oman’s abundant blessings, growth and stability, praying that these blessings continue for the nation and its people and that all good efforts achieve success.
His Majesty began the discussion by reviewing the state’s financial and economic performance and highlighting the positive outcomes achieved through active government-private sector partnerships, reflected in the growth of gross domestic product (GDP) and the continued improvement of Oman’s credit rating.
These factors have helped build confidence among business people and investors, creating an attractive investment environment that supports economic growth.
Reaffirming his commitment to strengthening partnerships between the Government and the private sector, His Majesty emphasised the importance of ongoing dialogue with the private sector and engaging with business people to explore proposals and address challenges. This, he noted, is essential to fostering a supportive environment for investments and local economic growth.
His Majesty highlighted the increased synergy observed between the public and private sectors, commending the efforts of the Financial and Economic Committee of the Council of Ministers, the Ministry of Commerce, Industry, and Investment Promotion, and the Small and Medium Enterprises Development Authority.
These entities hold regular meetings with business people and investors in coordination with the Oman Chamber of Commerce and Industry to address challenges and find practical solutions for businesses, SMEs and investors.
His Majesty also affirmed that creating employment opportunities for job seekers is a top government priority.
He underscored the private sector’s role in this responsibility, working alongside the Government to create job opportunities and support training initiatives by leveraging economic incentives and programmes introduced to support the private sector.
On the banking sector, His Majesty emphasised its importance as a cornerstone of modern economies and a key player in fostering economic growth and shaping the business environment.
He urged Omani banks to stay attuned to global developments in banking and financial policies, aiming to support business growth and stimulate economic activity in the coming period.
After highlighting the adoption of the national policy on local content, which aims to enhance the competitiveness and growth of Oman’s economy, His Majesty stressed the need for the private sector to help advance this policy.
This can be achieved by localising industries and prioritising locally produced goods in procurement and tenders, which in turn creates employment opportunities, reduces dependency on imports, boosts exports and increases GDP.
His Majesty further encouraged the private sector to modernise and enhance the quality of local products, making them a preferred choice for consumers and competitive in global markets.
This is an unofficial English version of an Arabic report. To view the official Arabic text, click here.