Cooperatives poised to transform Dhofar's economic landscape
Published: 03:12 PM,Dec 19,2023 | EDITED : 07:12 PM,Dec 19,2023
OCCI’s Dhofar branch holding discussions on the growth of cooperative societies in Dhofar.
SALALAH, DEC 19
Oman Chamber of Commerce and Industry's Dhofar branch hosted on Tuesday, December 19, 2023, a gathering of experts and intellectuals to discuss the potential role of consumer cooperative societies in fuelling Dhofar's economic growth.
Shura Council members, Municipal Council representatives, and business leaders deliberated on cooperative societies can become pillars of local prosperity.
Shaikh Nayef bin Hamid Fadel, Head of OCCI’s Dhofar branch, set the tone with a clear vision. He outlined the potential of these cooperatives to not only offer affordable essentials and generate jobs, but also weave themselves into the very fabric of Dhofar's economic resilience. The Chamber, he pledged, would offer unwavering support—financial and strategic—to pave the way for this national project.
Muhammad al Ansi, a Shura Council member representing Salalah, envisioned these societies as agents of transformation, not just for the economy, but also for Dhofar's cultural identity, championing local produce and the families who cultivate it. Pointing to successful cooperative models in neighboring Gulf states and the supportive framework provided by Ministerial Resolution No. (265/2023), he emphasised the fertile ground for these societies to flourish.
The ensuing discussion explored various facets of this potential:
• Growth Harmony: How consumer cooperatives can orchestrate a symphony of local economic growth and sustainable development.
• Operational Efficiency: Optimising the functioning of these societies for maximum impact.
• Navigating Challenges: Proactively identifying and addressing potential roadblocks to ensure progress.
Following these discussions, a joint committee was established with a mandate to craft a comprehensive action plan to integrate consumer cooperative societies into the heart of Dhofar's economy. Their vision: a future where Dhofar thrives, powered by the collective strength of community and cooperation.
Earlier during the year, the Ministry of Commerce, Industry and Investment Promotion (MTIIP) has issued new regulations for consumer cooperatives in Oman (Ministerial Resolution 265/2023). Cooperatives are obliged to provide goods at reasonable prices to members and society, as well as prioritize Omani agricultural and industrial products.
Operating under three-year licenses (renewable), cooperatives must be set up as closed joint-stock companies with a suitably qualified Omani as its director.
Oman Chamber of Commerce and Industry's Dhofar branch hosted on Tuesday, December 19, 2023, a gathering of experts and intellectuals to discuss the potential role of consumer cooperative societies in fuelling Dhofar's economic growth.
Shura Council members, Municipal Council representatives, and business leaders deliberated on cooperative societies can become pillars of local prosperity.
Shaikh Nayef bin Hamid Fadel, Head of OCCI’s Dhofar branch, set the tone with a clear vision. He outlined the potential of these cooperatives to not only offer affordable essentials and generate jobs, but also weave themselves into the very fabric of Dhofar's economic resilience. The Chamber, he pledged, would offer unwavering support—financial and strategic—to pave the way for this national project.
Muhammad al Ansi, a Shura Council member representing Salalah, envisioned these societies as agents of transformation, not just for the economy, but also for Dhofar's cultural identity, championing local produce and the families who cultivate it. Pointing to successful cooperative models in neighboring Gulf states and the supportive framework provided by Ministerial Resolution No. (265/2023), he emphasised the fertile ground for these societies to flourish.
The ensuing discussion explored various facets of this potential:
• Growth Harmony: How consumer cooperatives can orchestrate a symphony of local economic growth and sustainable development.
• Operational Efficiency: Optimising the functioning of these societies for maximum impact.
• Navigating Challenges: Proactively identifying and addressing potential roadblocks to ensure progress.
Following these discussions, a joint committee was established with a mandate to craft a comprehensive action plan to integrate consumer cooperative societies into the heart of Dhofar's economy. Their vision: a future where Dhofar thrives, powered by the collective strength of community and cooperation.
Earlier during the year, the Ministry of Commerce, Industry and Investment Promotion (MTIIP) has issued new regulations for consumer cooperatives in Oman (Ministerial Resolution 265/2023). Cooperatives are obliged to provide goods at reasonable prices to members and society, as well as prioritize Omani agricultural and industrial products.
Operating under three-year licenses (renewable), cooperatives must be set up as closed joint-stock companies with a suitably qualified Omani as its director.