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.
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
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Where to donate in the UAE
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
Our family matters legal consultant
Name: Hassan Mohsen Elhais
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The specs
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What is double taxation?
- Americans living abroad file taxes with the Internal Revenue Service, which can cost hundreds of dollars to complete even though about 60 per cent do not owe taxes, according to the Taxpayer Advocate Service
- Those obligations apply to millions of Americans residing overseas – estimates range from 3.9 million to 5.5 million – including so-called "accidental Americans" who are unaware they hold dual citizenship
- The double taxation policy has been a contentious issue for decades, with many overseas Americans feeling that it punishes them for pursuing opportunities abroad
- Unlike most countries, the US follows a citizenship-based taxation system, meaning that Americans must file taxes annually, even if they do not earn any income in the US.
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Business Insights
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6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m; Winner: Mujeeb, Richard Mullen, Salem Al Ketbi
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2nd ODI - February 22, Bridgetown
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4th ODI - February 27, St George's
5th ODI - March 2, Gros Islet
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Previous men's records
- 2:01:39: Eliud Kipchoge (KEN) on 16/9/19 in Berlin
- 2:02:57: Dennis Kimetto (KEN) on 28/09/2014 in Berlin
- 2:03:23: Wilson Kipsang (KEN) on 29/09/2013 in Berlin
- 2:03:38: Patrick Makau (KEN) on 25/09/2011 in Berlin
- 2:03:59: Haile Gebreselassie (ETH) on 28/09/2008 in Berlin
- 2:04:26: Haile Gebreselassie (ETH) on 30/09/2007 in Berlin
- 2:04:55: Paul Tergat (KEN) on 28/09/2003 in Berlin
- 2:05:38: Khalid Khannouchi (USA) 14/04/2002 in London
- 2:05:42: Khalid Khannouchi (USA) 24/10/1999 in Chicago
- 2:06:05: Ronaldo da Costa (BRA) 20/09/1998 in Berlin
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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