The Authority has distributed various projects under different financing programs, such as the In-Country Value Programme, Industrial Projects Financing Programme, Service Projects, Working Capital Financing Programme, Incubated Institutions and Business Accelerators Financing Programme, Handicraft Products Financing Programme, Home and Production Works, Street Vendor Works, mobile commercial activities, contract financing program, and financing for small and medium enterprises awarded contracts by companies affiliated with Oman Investment Authority.

Out of the 244 projects, 161 were industrial, commercial, and service projects, and 44 were contract projects.

The contract financing program specializes in financing contracts (tenders or purchases) based on the work award letter from the awarding entity.

Meanwhile, 29 projects were working capital financing projects, which cover the daily needs of an organization’s operational expenses.

This includes costs such as purchasing raw materials, semi-manufactured goods, merchandise, warehouses, spare parts, salaries and wages, transportation expenses, and other costs necessary to maintain the continuity of the production process from purchasing raw materials to selling the product.

Most of the funded projects were in Muscat Governorate, with 108 projects worth more than OMR 10 million.

This was followed by North Al Batinah Governorate, which financed 31 projects worth more than OMR 3 million, and South Al Batinah Governorate, which financed 19 projects with a total value exceeding OMR 1 million.

The Dhofar Governorate had 19 funded SME projects, South Al Sharqiyah Governorate had 15, Al Dhahirah Governorate had 18, Al Dakhiliyah Governorate had 13, North Al Sharqiyah, Al Wusta, and Buraimi Governorates had six projects each, and Musandam Governorate had three projects.

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Jubail, a member of UNESCO’s Global Network of Learning Cities in Saudi Arabia, is set to host the sixth International Conference on Learning Cities from December 3rd to 5th. 

During the announcement on Thursday, Isabell Kempf, the director of the UNESCO Institute for Lifelong Learning, emphasized the unique position of UNESCO learning cities to instill climate consciousness and equip local residents with the necessary green skills for a sustainable society. 

The event will take place at the offices of the Royal Commission for Jubail and Yanbu in the Jubail Industrial City, which is preparing to celebrate its 50th anniversary. 

King Salman will be the patron of the conference, in keeping with his views on the importance of international cooperation in efforts to confront global challenges and achieve sustainable development through education. 

The conference provides an opportunity to exchange experiences and ideas with cities around the world and develop joint action plans to enhance the role of learning cities in facing global challenges, especially climate change. 

Jubail was chosen to host the conference in recognition of its commitment to the event, the initiatives it has developed to enhance lifelong learning opportunities for all, and its active participation in the network since joining in 2020. 

In 2021, Jubail Industrial City received the UNESCO Learning Cities Award for its efforts to enhance sustainable development, boost entrepreneurship, and improve skills, in keeping with the spirit of the network. 

The theme of the conference will be “Learning Cities at the Forefront of Climate Action,” which aligns with the aims of the Saudi and UNESCO’s commitment to sustainable development. Middle East Green Initiatives launched in 2021 by Crown Prince Mohammed bin Salman, chairman of the Supreme Committee for Green Saudi Arabia.  

“The UNESCO Learning City pointed to national programs launched as part of the Saudi Vision 2030, such as the Human Capability Development Program, aimed at building a national strategy for the development of citizens’ capabilities,” the Institute for Lifelong Learning said.  

“Adopting a lifelong-learning perspective and involving the participation of government agencies, the private sector and the non-profit sector, this strategy stretches from early childhood through to general education, The upcoming conference in December will bring together municipal officials, people interested in the field of learning and education, and representatives of the UNESCO Global Network of Learning Cities. The goal of the conference is to exchange information, ideas, solutions, and best practices that promote lifelong learning, which includes university education, technical and vocational training, and continuous training.  

The UNESCO Global Network of Learning Cities is composed of 356 cities in 79 countries that promote learning within families and communities, facilitate learning in the workplace through modern technologies, and foster a culture of lifelong learning among member cities. This helps promote individual empowerment, social inclusion, economic development, cultural prosperity, and sustainable development.  

The Institute for Lifelong Learning said that during the conference, participants, including policymakers, learning city mayors, lifelong learning and sustainability experts, private-sector representatives, NGOs, civil society, researchers, educators, and United Nations entities, will work together to identify and strengthen lifelong learning policies for climate action, resilience, and the establishment of sustainable cities. 

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Muscat International Airport has been awarded the title of the best airport in the customer experience category for the Middle East region in 2023, for the 15-20 million passengers category. 

Meanwhile, Salalah Airport has won the award for the best airport in the Middle East region in customer experience for 2023, for the two million passengers category. 

These awards were presented by the Airports Council International (ACI) in partnership with Amadeus, a leading technology company providing software solutions for the global travel and tourism industry. 

Salalah Airport also won several other awards, including the award for the most dedicated airport employees in the Middle East in all categories, the award for the smoothest airport procedures in the Middle East for all categories, the award for the best pleasant airports in the Middle East, and the award for the best airports in the level of cleanliness, for all categories in the Middle East. The ACI’s performance measurement program is considered one of the most reliable programs in the world and relies on directly measuring the experience of airport customers on the same day of travel. 

This achievement reflects the efforts of Oman Airports to integrate with the endeavors being made by the government of the Sultanate of Oman under the leadership of His Majesty Sultan Haitham bin Tarik for the air transport sector. 

This is one of the goals of Oman Vision 2040 and is in light of the unlimited support provided over the past years in strengthening the infrastructure of air transportation to and from the Sultanate of Oman, given its strategic location among the countries of the world. 

Muscat International Airport and Salalah Airport’s achievement comes after an evaluation by travelers of the best airports in terms of customer experience within the Airport Service Quality (ASQ) awards. This year, the program highlights the number of airports participating in it, which exceeds 400 airports in the world. 

The same program is characterized by its unwavering commitment to a rigorous and scientific methodology based on direct research conducted through opinion polls administered directly to travelers at the airport, capturing their satisfaction levels on the same day of travel. 

ASQ surveys cover more than 30 performance indicators across key elements of the passenger airport experience, giving the most complete picture of the passenger experience journey. 

This methodology is known for its robustness, allowing for meaningful statistical inference and providing unparalleled insights into the passenger experience. 

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According to an analysis of General Authority for Statistics data by the Ministry of Economy and Planning, non-oil activities in Saudi Arabia reached a milestone, achieving a 50% share of the country’s real GDP in 2023, the highest level ever recorded. 

This translates to a non-oil economy worth SAR1.7 trillion (approximately $453 billion) at constant prices, powered by consistent growth in investment, consumer spending, and exports. 

The significant contribution from non-oil sectors is attributed to a surge in private-sector investment over the past two years, with a growth rate of 57%. 

The report states that this growth pushed private investment to a record high of SAR959 billion ($254 billion) in 2023, with arts and entertainment activities leading the pack with an exceptional 106% growth between 2021 and 2022. 

Other sectors such as accommodation, food services, transportation, and storage also witnessed robust growth, expanding by 77% and 29%, respectively. 

The ministry stated in its report that “the growth in non-oil activities during 2023 is noteworthy for its diversity and momentum across various sectors. 

Social services, including healthcare, education, and entertainment, saw a 10.8% increase, followed by transportation and communication (3.7%) and trade, restaurants, and hotels (7%).” 

Real service exports, primarily driven by tourist spending, have skyrocketed over the past two years, experiencing a growth rate of 319%. 

This reflects the significant impact of Saudi Arabia’s transformation into a global tourism and entertainment destination, further propelling economic diversification and growth engines. 

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The Dubai International Financial Centre (DIFC) has announced new changes to the Employment Law that mandate contributions to a savings scheme for Gulf nationals employed at the financial hub.

These changes have been made after a period of public consultation in 2023. Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, has promulgated these updates to ensure that the DIFC’s laws meet global best practices.

Under these changes, DIFC companies are required to make top-up payments into a Qualifying Scheme, which includes the DIFC Employee Workplace Savings plan (DEWS) for employed GCC nationals. Additionally, companies have to make contributions to the workers’ General Pension and Social Security Authority (GPSSA).

These top-up payments are required if the amount of GPSSA contributions made by employees is less than the monthly end-of-service contributions under the Employment Law that they would have received if they were not GCC nationals.

This ensures that GCC nationals in DIFC are not disadvantaged and receive benefits similar to other employees.

Other changes have been made to ensure that Qualifying Schemes do not receive contributions from companies or workers subject to sanctions. The DIFC has also updated Trust Law, Foundations Law and Operating Law to comply with the latest regulations.

The Dubai International Financial Centre (DIFC) is a special economic zone in Dubai that was established in 2004 as a financial hub for companies operating in the Middle East, Africa, and South Asia (MEASA) markets. The zone spans 110 hectares, or 272 acres.

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The Abu Dhabi Projects and Infrastructure Centre (ADPIC) has approved a budget of AED 66 billion (USD 17.96 billion) for 2024.

The budget will be utilized across 144 projects in various sectors, including housing, education, tourism, natural resources, and quality of life.

The Abu Dhabi Media Office announced that over AED 59 billion has been assigned for housing and public facilities, including the development of communities.

AED 4 billion has been allocated to education and human capital, and over AED 1.1 billion has been designated for boosting tourism.

Additionally, AED 50 million will be used for projects focused on enhancing the emirate’s natural resources.

According to ADPIC, nearly 13,000 housing units will be developed for UAE citizens in Abu Dhabi, Al Ain and Al Dhafra.

The investments will also focus on developing social spaces, such as mosques, community and sports centers, retail offerings, police and civil defense facilities, parks, public spaces, walk lanes, playgrounds, and specialized cycle tracks.

ADPIC has also announced investments in the vocational training and education sectors, including capacity expansions of schools and training centers, renovations, and launching projects that support early childhood learning and human capital development.

The budget also includes allocations for creating and maintaining cultural destinations and buildings to support the emirate’s tourism sector.

To strengthen food security, a series of investments in diverse aquaculture farms, including breeding, raising, and harvesting fish and shellfish, has also been planned.

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The Ministry of Water and Irrigation has signed an agreement for the Deir Alla and Karameh water networks rehabilitation project in Balqa. 

The sixth phase of this project aims to drill 16 wells in the Abu Zyghan area, with a value of 97.24 million euros. 

The funding for this project comes from a loan provided by the European Investment Bank (EIB) as well as self-finance, while the studies, design, and supervision aspects were secured through a grant from USAID. 

The project’s goal is to improve the water supply across 17 areas in Deir Alla and Karameh districts through seven different packages. 

By adopting natural flow pumping techniques, the scheme aims to extend the operational longevity of water networks, enhance service efficiency, and promote equitable water distribution. 

Minister of Water and Irrigation Raed Abul Saud emphasized the ministry’s dedication to speeding up the deployment of these new networks to deal with the increasing pressures of demand. 

He also reaffirmed the ministry’s commitment to addressing the challenges posed by surging water demand across the Kingdom. 

The drilling of the 16 wells in Abu Zayghan, costing $13.550 million, includes an exploratory well designed to bolster water availability in Deir Alla and Karameh. 

Expressing gratitude for the international support received, the minister referred to the role of the European Union, particularly the EIB and USAID, in facilitating the financial funds necessary to implement projects to face challenges of the water sector in light of increasing demand. 

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The Saudi Tourism Authority (STA) has signed an MoU with Switzerland Tourism to bolster collaboration in the tourism sector.

According to SPA, a first-of-its-kind Memorandum of Understanding (MoU) has been signed between the tourism entities of Saudi Arabia and Switzerland. The objective of this agreement is to promote the development of the tourism industry, facilitate mutual promotion, and enable collaborative tourism projects between the two countries.

This agreement sets a new precedent for international tourism cooperation.
The report emphasizes that particular tourism sectors like marine activities, culture and heritage, and rural tourism will receive special attention. This will be done through combined marketing efforts to attract travelers who are seeking unique experiences.

This will be achieved through amplified cooperation between local tourism agencies and operators, providing opportunities for further partnerships and value between Saudi Arabia and Switzerland.

The strategic promotion aims to showcase KSA and Switzerland as leading destinations for tourism that cater to every tourist.
Additionally, Switzerland Tourism and STA will collaborate to leverage alternative technology in the industry and provide visitors with a more seamless travel experience.

Livio Goetz, lead of management of gulf countries in ST said “Saudi Arabia holds great importance as a key market for ST, being the largest market within the GCC. Notably, 40% of all overnight stays in the GCC are generated from Saudi Arabia”.

“Last year, the number of visits from Switzerland to Saudi Arabia increased by 84%. This new agreement will build on that progress with increased collaboration that unlocks valuable growth opportunities for both countries,” he noted.

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Saudi authorities have announced that the Principality of Eastern Region has signed an agreement with one of the subsidiaries of the Saudi sovereign wealth fund PIF to develop a project called THE RIG.

The investment agreement includes the construction, development, operation, and maintenance of a tourist and visitor station, a marina for yachts and seaplanes, helipads, and other supporting activities to serve the project.

This information was reported by SPA.

The deal was signed in the presence of Governor of the Eastern Region, Prince Saud bin Naif bin Abdulaziz, at a ceremony in Dammam.

The project aims to invest in marine activities and develop unique tourism and entertainment destinations.

This announcement follows the launch of a package of investment projects worth SAR18 billion ($4.8 billion) by Prince Saud.

THE RIG will include several key projects such as hotels, amusement parks, water sports facilities, as well as other adventures and stations with facilities to serve visitors and tourists.

The platform will also feature three hotels and eleven restaurants. It is considered the first tourist destination in the world inspired by offshore oil platforms in the Arabian Gulf, making it unique on a global scale.

According to officials, the project includes an offshore platform in the middle of the Arabian Gulf and stations on Dammam Corniche, the Cultural Center, and Jubail Corniche.

The main project is a platform in the middle of the Arabian Gulf near Al Juraid Island. The project aims to represent a leap in entertainment, tourism, marine activities, and means of transportation, supporting elements of quality of life.

The agreement contributes to achieving the goals of Saudi Vision 2030, which is to raise the quality of life and develop economic diversification, according to the SPA report.

The Eastern Region had recently attracted significant investment capital and ranked first in attracting foreign investment, it added.

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Investopia 2024, the third edition of the two-day investment event, was recently held in Abu Dhabi. It provided a new investment roadmap for business communities, investors, decision-makers, and global financial institutions, particularly in the new economic sectors. 

The event discussed key themes surrounding sustainable economic development and helped strengthen dialogue between the private and government sectors to find solutions to the current global economic challenges. 

The fourth edition is scheduled for February 26 and 27, 2025.  

Investopia 2024 focused on exploiting capital flows in emerging industries in promising markets, directing global investment flows to sectors like human capital, infrastructure, fintech, clean energy, circular and creative economies, health sector and AI. 

Economic diversification acceleration and the development of legislation and policies that support the flexibility and competitiveness of economies worldwide were also discussed. 

Over 2,700 participants from different corners of the world attended Investopia 2024, where more than 80 speakers addressed investment trends, opportunities, and challenges in future economic sectors. 

The event hosted more than 40 panel discussions and roundtables, bringing together leaders, ministers, decision-makers, major investors, entrepreneurs, and economists to contribute to shaping the future of the global investment landscape. 

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Investopia 2024 signed more than 15 agreements and MoUs with national and global institutions and companies with the aim of exchanging experiences and best practices in innovative and creative fields and enhancing cooperation for Investopia 2025.  

The second edition of the Future 100 initiative was launched during the event, a joint initiative by the Ministry of Economy and Government Development and the Future Office. 

The initiative aims to foster businesses operating in future economic sectors. Investopia 2024 offered the Future 100 participants an ideal platform to connect with global investors and learn about the latest investment trends.

 Mubadala Investment Company, ADQ, Crypto.com, Standard Chartered, Citibank, First Abu Dhabi Bank, Emirates Development Bank, the Global Forum for Entrepreneurship and Investment SALT, and the iConnections platform cooperated in organizing the third edition of Investopia. 

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