Times of Oman - December 8, 2016

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THURSDAY December 8, 2016 8 Rabi Al Awal 1438 AH

FROM THE WORDS OF HIS MAJESTY THE SULTAN

On the occasion of celebrations marking the 50th anniversary of the foundation of the Arab League, 1995

‘His Majesty’s Wisdom’ We must, therefore, work together today, more than ever, with total abrogation and sincerity so as to achieve Arab solidarity and improve the role, activities and Charter of the Arab League. In this way, we can take care of all the requirements of our present and future at all levels using all the available means

Founded 1975 . Volume 41 No. 239 | 36 Pages . Baisas 200 . Subscription OMR63 | ISO 9001:2008 Certified Company | Chairman/Editor-in-Chief: Mohamed Issa Al Zadjali | Printed & Published by Muscat Media Group

AUSTRIAN REPUBLIC

HM sends greetings

37TH GCC SUMMIT

GCC-UK Strategic Partnership to foster closer relations MANAMA: Theresa May, Prime Minister of the United Kingdom and heads of State of the Gulf Cooperation Council (GCC) met in Bahrain to reaffirm and deepen the strong partnership and cooperation between the GCC and the UK. The leaders agreed to launch the GCC-UK Strategic Partnership to foster closer relations in all fields, including political, defence, security, and trade, as well as enhancing people-to-people contact, and developing collective approaches to regional issues to advance their shared interest in stability and prosperity, according to Bahrain News Agency (BNA) The GCC and UK have a strong

MUSCAT: His Majesty Sultan Qaboos bin Said has sent a cable of congratulations to Dr. Alexander Van der Bellen, PresidentElect for the Austrian Republic. In his cable, His Majesty the Sultan has expressed his sincere congratulations along with his best wishes of success to President Bellen in leading the people of Austria towards further progress and prosperity, and further progress to the relations between the two countries. -ONA HM confers Order >A6

ENDURING TIES: UK PM Theresa May with the GCC leaders at the 37th GCC Summit in Bahrain. – ONA

history in using all means at their disposal to secure their core interests in the Gulf region, including to tackle regional threats and threats to their security. The GCC and UK partners share a deep interest in supporting the political independence and territorial integrity of GCC member states. The UK remains committed to working with GCC states to deter external aggression and interference in their internal affairs contrary to international law and the UN Charter, just as it did during the Gulf War and on other occasions. >A6 Fahd meets Theresa >A6

‘PEOPLE ARE USING THEIR CARS AS WEAPONS ON THE ROAD’ SHRUTHI NAIR

shruthi@timesofoman.com

Oman International Motor Show provided platform to promote road safety

M E T E O R O L O G Y D E PA R T M E N T

Rain falls in Dhofar region

MUSCAT: “I can openly say that we have more respect for fellow contestants on a racetrack when we are competing for a podium position than what I just experienced while driving to this exhibition today.” This was Oman’s top racing driver, Ahmad Al Harthy, speaking at the grand opening of the Oman International Motor Show, which became a platform for social good. Al Harthy said people should stop using their cars as “weapons” on Oman’s roads and treat other drivers with respect. His views were echoed by HH Sayyid Tarik bin Shabib

WATCH THE VIDEO @ timesofoman.com

Al Said, a member of the royal family who was there to officially open the prestigious motor show. Sayyid Tarik told TimesTV that there was a need to consider introducing average speed cameras besides educating drivers. Sayyid Tarik added: “A lot of people don’t realise that they are acting irresponsibly. For example, travelling with

H AY G R O U P PAY N E T D ATA

PLUG THE DEFICIT

SALARY INCREASE (%) Salary hike for 2017 compared to

2016 Forecast

predictions made at this time last year regarding 2016. Salaries in Oman grew by 4% in 2016 but after adjusting for inflation, it rose by 3.1

Times News Service

2017

Speed-up

Inflation

Slowdown

Oman plans sale of bonds worth $2b

Deflation

Real

Jordan Lebanon

Jordan and Lebanon are to see the highest real wage increases in the region

India China

US

11.5 10.3

Times News Service

10.0

10

9.3

MUSCAT: Rain fell along the northern Dhofar coast and in many parts of the interior region, according to the Oman’s meteorology department report. “Condensation clouds in the northern and southern parts as well as interior regions have brought rains to Dhofar,” the department tweeted. Sea conditions will be medium to harsh on the Dhofar and Wusta coasts.

Saudi Qatar OMAN Bahrain Kuwait Arabia 5.0

5.0

5

4.5

5.0 5.0

5.0

8.0

UAE 5.0

3.0 3.1

2.9 2.1

5.5

6.1 5.1

3.0 2.6

2.7 1.8

6.3

Inflation in Middle East tempers real wage increases

1.8 1.6

0

0.8

0.8 0.9

6.3

5.3

5.0 5.0

4.1

4.0

0.5

Source: 2017 Salary Forecast: Wage Increases Slow Globally, Korn Ferry Hay Group

6.1 5

4.7

4.8

4.0 3.0

3.0

2.7 1.9 0 Graphics

TOP THREE INSIDE STORIES

OMAN

Free Thai tourist visa for Oman residents

1

Residents in Oman can now avail free of cost Thai tourist visa until February end. >A3

PAKISTAN

40 feared dead in Pakistan plane crash

2

A jet carrying about 40 people crashed on a mountain in Pakistan. >A9

MARKET

Air Arabia plans more flight services

3

Air Arabia is planning to expand its operations to Oman. >B1

3% pay rise expected in 2017 Staff Reporter MUSCAT: Salaries in Oman are expected to rise by three per cent in 2017, according to a survey. Data from Hay Group Paynet reveals that salaries in Oman grew by four per cent in 2016. Though 2017 may witness a slowdown, salaries are still expected to rise. In 2016, after adjusting for inflation, salaries grew by 3.1 per cent and will rise in 2017 by 1.8 per cent. Wages are adjusted for inflation by subtracting percentage salary increase with inflation in that particular year. The data is collected from more than 20 million job holders in 25,000 organisations across 110 countries. The UAE is set to see the slowest real wage growth of 0.5 percent, followed by Saudi Arabia and Kuwait at 0.8 per cent each, Oman and Bahrain both at 1.8 percent while Qatar will perform the

children who are unrestrained in the car. Whenever I see that, I feel if people knew the consequences, they wouldn’t be doing that.” The 18th Oman International Motor Show at the new Oman Convention & Exhibition Centre was officially inaugurated yesterday by Sayyid Tarik with Al Harthy as the guest of honour. Some of the world’s biggest brands unveiled new cars. There were some classic cars on display as well as road safety products and tips. The show will run until Saturday. Al Harthy also announced that he intends to raise road safety awareness among the public and schoolchildren as part of his 2017 racing programme. >A4

best in the GCC with 2.1 per cent real increase in salary. Job market has suffered in the GCC region with oil prices falling sharply since 2014. A recent survey by Monster showed a steep decline in job postings. According to a report for job listings in October, Oman posted its first decline in job postings in six months. According to an HR manager in a leading firm in Oman, job market certainly witnessed a slump with lesser government projects than usual. “There has been significant restructuring in companies in Oman and that has led to a lot of people losing their jobs. Some people are offered new contracts with lower salaries to increase revenue while retaining manpower. I don’t think such a survey has taken into account decrease in salaries, else it would have been hard to register a four per cent increase in 2016,” he said. Officials from an HR company

said they did not agree with the survey as they haven’t seen any such rise in salaries. Mohammed Shafiqul Islam Bhuiyan, the general manager of a private company in Muscat, said a lot of companies are finding it tough to pay salaries on time. “But with oil prices going up, there is hope that salaries will increase,” he said. A managing director of a construction company said there was little likelihood of salaries going up in 2017. “Many projects are on hold and we don’t know if the situation will continue for long. Sooner or later, the impact will be felt by all the players in the market. Taking this into account, I doubt that companies will afford offering a raise to their employees in 2017,” he said. “The first quarter of 2017 is very important to Oman. If there is dramatic improvement in the first quarter, then there is a chance,” they admitted.

MUSCAT: Oman plans to sell between $1.5 billion to $2 billion of bonds internationally in 2017 to plug the deficit caused by low crude prices. “There’s still an appetite and I think even when interest rates are raised, there will still be appetite,” Ali Hamdan Al Raisi, vicepresident for banking oversight at the Central Bank of Oman, said in Abu Dhabi on Wednesday. The size and exact timing has not yet been finalised, he said. The Sultanate sold $2.5 billion worth of bonds in June in the first such sale since 1997 and tapped the bonds for an additional $1.5 billion in September. The country also raised $1 billion from the international loan market in January to help bolster its finances. The country’s central bank

executive president, Hamoud Sangour Al Zadjali, said in October that Oman plans to borrow as much as $10 billion from overseas markets in the next four years to meet budget deficit in the aftermath of a severe fall in oil revenue. These borrowings, until 2020, will be in the form of euro bonds, deposits from international institutions and bonds. Al Zadjali said that as much as 60-70 per cent of the deficit will be met by way of external borrowings, while drawings from State General Reserve Fund will help cut deficit. There are several favourable factors for Oman to borrow money from overseas markets, which include low interest rates, appetite among foreign lenders to park their funds in Oman and reputation of the government among overseas lenders. >A5

Dar Al Atta’a gets award for humanitarian services

A5


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