Times of Oman - July 13, 2016

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WEDNESDAY July 13, 2016 8 Shawwal 1437 AH

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FROM THE WORDS OF HIS MAJESTY THE SULTAN

To Senior State Officials, 1978

‘His Majesty’s Wisdom’ We will accept no excuse from anyone who is remiss in carrying out the duties he is required to perform in the service of this country and its citizens, and he will be punished for his failings in whatever manner we see fit.

Founded 1975 . Volume 41 No. 119 | 40 Pages . Baisas 200 . Subscription OMR63 | ISO 9001:2008 Certified Company | Chairman/Editor-in-Chief: Mohamed Issa Al Zadjali | Printed & Published by Muscat Media Group

$2.5 billion Omagine project set for 2017

MEGA PROJECT: The Omagine Project will have three hotels, a boutique mall, an open air amphitheatre, exhibition venues, a harbour and marina area, offices and more than 2,000 residences.

1,000

Located in Seeb, the project will have 7 pearl shaped buildings, each with a different theme

RAHUL DAS

rahuldas@timesofoman.com MUSCAT: Construction work on the multi-billion dollar Omagine Project is scheduled to begin in 2017 and should be complete by 2024, according to the Ministry of Tourism (MoT).

Located in Seeb, the project features seven pearl-shaped buildings which will host hotels, offices, residences and entertainment venues on one million square metres of land, the MoT said. The project is expected to create more than 1,000 jobs for nationals when it is completed in seven

jobs are expected to be created for nationals when it is completed in seven years

year’s time. The slump in global oil prices has meant project managers have been seeking further funding globally, according to Omagine chairman Frank J. Drohan. Speaking to Times of Oman, Drohan said that they are in ad-

vanced discussions with several institutional and private entities in the United States, Europe and China to finance the project as a quite rational response to the present regional banking environment. “Other companies and

NCSI

hassan@timesofoman.com MUSCAT: Almost half of Omanis said the increase in petrol prices has “significantly affected them”, the National Centre for Statistics and Information (NCSI) revealed. In June, a whopping 45 per cent of Omani nationals said the rise in fuel price has “significantly affected them and their families” compared to 24 per cent last May, according to the NCSI. Cutting on use of cars Underprivileged families in Oman are travelling less in their cars, following the rise in petrol prices, an activist working with a local volunteer group said. “Some have replaced their 4X4 vehicles with cheaper V4 sedans to save money,” Khalid Al Syiabi told the Times of Oman. Al Syiabi said that families supported by taxi drivers are the worst affected as their profession

cial banking institutions began to crowd out commercial borrowing capacity of private companies. The largest banks of course weathered this storm more handily than the mid-size or smaller banks,” the statement said. Drohan said that the longer term project finance is needed only after the detailed master planning and architectural design is completed. “And that is the reason we are working hard on many fronts with Consolidated Contractors Co (CCC) and other investors in Oman and the GCC, Europe, the US and China to make that happen,” he said. >A6

ACCIDENT

Man run over by police vehicle, dies

Fuel price hike affects almost 50 per cent Omanis: Survey HASAN SHABAN AL LAWATI

governments regionally are quite rationally also reaching out to the international financial markets,” he said. In a quarterly report submitted to the US Securities and Exchange Commission (SEC) in March 2016, Omagine LLC, reported that “with the sudden fall in deposits from oil sales, bank liquidity at local banking institutions in the GCC came under immense pressure as deposits fell dramatically while simultaneously governments became large borrowers (where they were not before). “Such sudden and large government borrowings from commer-

SURVEY Impact of rise in fuel prices on consumers. Not affected

March June

31%

17% 38%

Slightly affected

45%

Significantly affected

24%

Source: NCSI

45%

Graphics

depends highly on fuel price fluctuations. The data also showed that 38 per cent of locals were slightly affected by the increase, while the remaining 17 per cent said they have not been affected. This jump in prices has led to

more people selling their vehicles and changing their driving habits as 44 per cent of Omanis have already changed, or are thinking of changing the fuel type they use for their cars. Moreover, 34 per cent of Omanis believe that altering the petrol price has had a negative impact on the country’s economy. Al Syiabi further said that many families may not even be able to drive all the way to Salalah to enjoy the Khareef (monsoon) season. NCSI said around seven out of 10 Omanis know that petrol prices in the Sultanate are being altered every month. High fuel and other product prices are driving young, aspiring people to sell their vehicles to make some extra cash during these difficult times. Yaqoob Al Suleimi, an Omani national, said fuel prices are the number one reason why he has placed his car for sale in public. >A6 TOP THREE INSIDE STORIES

OMAN

Wadis not meant for dumping garbage

1

Rubbish being thrown at Wadi Hoqain was highlighted recently. >A4

WORLD

Sanders endorses Hillary Clinton

2

Democrat Bernie Sanders endorsed former rival Hillary Clinton. >A15

MARKET

Highest number of loans to Dhofar 20 killed, dozens injured as trains collide in Italy

A16 3

ODB said that Dhofar came first in number of loans provided. >B1

Staff Reporter

MORNING MINUTE

MUSCAT: A senior citizen died after he was knocked down by a police patrol car yesterday. The 69-yearold man died in hospital after a Royal Oman Police (ROP) patrol vehicle accidentally ran over him. According to reports, the man was in a hurry to cross the road and the patrol vehicle did not have

time to stop which resulted in the man being run over. He was admitted to Al Khaboura health centre and later shifted to Sohar Hospital where he died of his injuries. “We confirm that the patrol did run over the elderly citizen after trying to avoid the man while on duty,” said the ROP tweet. “We offer our sincere condolences to the family,” added the tweet.


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