BUSINESS REPORTER –
MUSCAT, MAY 7 –
Ominvest Chairman Shaikh Khalid Muhammad al Zubair while addressing an elite audience of an event organised by Al Roya Economic Forum said, as technology is set to displace traditional low-skill jobs, it will create many-fold more high-skill jobs — such as programmers, data scientists and computer engineers. Therefore, we need extraordinary efforts — well coordinated between the public and private sectors — to transform our schools and colleges and provide world’s finest education to our youth in the areas of Science, Technology, Engineering and Math (STEM) fields. This will enable our youth to take-up the challenges of the fast-changing economy and seize high potential job opportunities and engage in hi-tech entrepreneurial activities.
Stressing on innovative approach to education he said, “It is quite well known that if we teach today as we taught yesterday, we will rob our children of tomorrow.” The Chairman added, “Through a major revamp in the curriculum, testing methods, and overall education standards we need to equip our youth with the vital skills and education required to avail the opportunities emerging in the Digital Economy.”
Such an initiative will ensure that our youth will be able to manage and lead all mega investments and projects launched by the public and private sector in critical sectors of the economy.
Constantly adapting technology and its changes to investments is a must and not an option. Today disruptive technology is as much a stark reality as an excellent opportunity, he added
Whilst we have noted illustrative examples of specific sector’s efficiencies, we can imagine the combined effect they can have on competitiveness of Oman. It is important for us to nurture an innovative culture so as to ride on technology. This alone can propel return on investments, and help managing risks contributing to consistent superior growth, he said.
“In particular, the benefits of utilising advanced technologies in major sectors will also spill-over to other sectors of our economy and lead to all round improvements, resulting in a highly-connected and productive digital economy. Such a transformation will attract global investors, which coupled with highly skilled talent, will gather momentum to accelerate our progress into an advanced economy, such as Singapore and South Korea.”
Ominivest Chairman welcomed all stakeholders in joining hands with the company to participate in investment opportunities in the Sultanate together.
On the investment front, he said major government projects — the new Muscat International Airport and the Khazzan Gas Field — are major accomplishments and a huge step forward. The new Airport has a capacity to handle around 12 million passengers a year. The capacity will rise to 24 million after completion of Phase-2 and to 48 million after the completion of Phase-4. The new airport is set to boost Oman’s logistics and tourism sectors.
Khazzan Gas Field is unique because it’s one of the few fields outside the US that uses latest fracking technology, which was commercialised during the US Shale Boom. Khazzan’s gas production is expected to rise from 1.0 billion cubic feet of gas per day to 1.5 billion cubic feet in Phase-2, he added.
BUSINESS REPORTER –