More than 18,000 Omanis employed to the private sector

A picture of Omani capital of Muscat's coast. (Shutterstock)
Updated 21 March 2018
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More than 18,000 Omanis employed to the private sector

DUBAI: Oman’s Ministry of Manpower announced that 18,344 citizens have been employed in various private sector institutions across several governates in the Sultanate, national daily Times of Oman reported.
The appointments came during the period between December 2017 and March 2018 as the government continues its push to provide job opportunities for Omani nationals.
Of those employed were 12,277 men and 6,067 women, with construction, wholesale and retail trade, and manufacturing sectors witnessing the highest recruitment level.
Construction hired 32.8 percent of those employed, wholesale and retail trade accounted for 14.3 percent while manufacturing hired 13.3 percent.


Abu Dhabi, Shanghai plan exchange focusing on China trade

Updated 3 min 29 sec ago
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Abu Dhabi, Shanghai plan exchange focusing on China trade

DUBAI: The emirate’s international financial center, has agreed in principle with the Shanghai Stock Exchange to cooperate in establishing an exchange focusing on China’s foreign trade and investment, ADGM said on Monday.
The partners signed a memorandum of understanding to develop the exchange in Abu Dhabi. It would cater to companies and investors involved in China’s Belt and Road initiative, a Beijing-backed drive to win trade and investment deals along routes linking China to Europe.
“At ADGM, we have the international platform to serve different kinds of enterprises and investors — global, regional and local — seeking exposure to the Middle East and North Africa and Belt and Road projects,” said Richard Teng, chief executive of ADGM’s Financial Services Regulatory Authority.
Teng said he could not give specifics of which instruments the new exchange would trade or when it might open, saying this would depend on demand among stakeholders in both ADGM and Shanghai.
Chinese financial institutions have approached ADGM to discuss the financial environment in Abu Dhabi and their development needs in the six-nation Gulf Cooperation Council (GCC), he added.
Trade and investment ties between China and the GCC have been growing rapidly. The region is a big oil supplier to China, and Sino-United Arab Emirates trade exceeded $46 billion in 2016, according to Beijing’s official Xinhua news agency.
Ultimately, the new exchange will support not only the Belt and Road initiative but also the internationalization of the Chinese yuan in the region, Teng said.
Abu Dhabi is trying to build up ADGM, which opened in October 2015 and is smaller than the international financial center in neighboring Dubai, as part of a drive to develop its economy beyond oil exports.