MONDAY November 14, 2016 14 Safar 1438 AH
6 085010 120010 FROM THE WORDS OF HIS MAJESTY THE SULTAN
On the occasion of the Graduation of the 1st group of students from the Sultan Qaboos University, 1990
‘His Majesty’s Wisdom’ Our dear country has witnessed a number of mighty achievements, but we still have a long, hard road ahead of us which will require much sincere and disinterested effort, determination and self-sacrifice. Our target is not personal reward, but the progress and welfare of our country and the raising of its status among the nations.
Founded 1975 . Volume 41 No. 220 | 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
COULD TRUMP BE GOOD FOR THE GULF? Rial’s peg to dollar has led to financial stability in Oman and stronger US currency will augur well for the economy
A E JAMES
businesseditor@timesofoman.com MUSCAT: Donald Trump’s surprising elevation to US president won’t see Oman abandoning its dollar peg, say economists and analysts, with some debating
TOP THREE INSIDE STORIES
OMAN
‘Autistic children need more facilities’
that his election might even be good for the Gulf. “The Omani rial’s peg to the US dollar is one of the pillars of economic and financial stability in the Sultanate. So, I don’t expect any change (in the policy) any time,” said Fabio Scacciavillani, chief economist, Oman Investment Fund. He was talking to Times of Oman, in the aftermath of Donald Trump’s surprise election victory last week. Echoing a similar view, Loai B. Bataineh, general manager and head of investment banking group at the Oman Arab Bank, said: “Oman will benefit from a strong dollar if Trump manages to attract the US companies to invest within the country.” This is important since oil is priced in dollar terms and the Oman government depends on
CLUTTONS
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OMAN
Council, Shura review financial situation
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In implementation of the directives of His Majesty the Sultan to promote communication between state institutions and to reach a common vision on all the national courses of action, a meeting was held to address the decline in oil prices on the national economy. >A6
SHOWS
Residential rents dip by 8% in 2016 SYED HAITHAM HASAN
Autistic children in Oman need additional facilities to assist in their development, if they are to be integrated into society. Institutions that are trying to do something for autistic children are private and very expensive, so many parents cannot afford their services, said an expert. >A5
more than 60 per cent of its revenue from crude oil resources. Hamoud Sangour Al Zadjali, executive president of the Central Bank of Oman, last February said that the Sultanate remains committed to the peg of its rial currency against the US dollar. He was unavailable for comment on the Sultanate’s foreign exchange policy on Sunday. Although the US dollar depreciated immediately after the election result was announced, it recovered on the same day. Since the Omani rial is pegged to the US dollar, any appreciation in dollar value is directly reflected on the local currency. Elaborating on the implications of the victory of Donald Trump in the recent US election, Scacciavillani said that it will exert its influence through three transmission mechanisms. >A6
haitham@timesofoman.com MUSCAT: Rents in Oman have fallen more than eight per cent this year, according to a newly released data. While some sought after areas in the capital, such as Shatti Al Qurum, saw rents dropping by more than 20 per cent, areas such as Bausher and Al Mouj were able to buck the trend, according to a report by real estate services agency Cluttons.
Owners say they have been drastically reducing rents, while local business owners have welcomed the drop in the hope that residents will have more disposable income to spend. “In the residential market, average rental rates fell by a further 2.3 per cent during Q3, bringing the total decline for 2016 to 8.1 per cent. On an annual basis, the weakest performing residential submarket was Shatti Al Qurum, where rents fell 21.1 per cent, followed by Sur Al Hadid at 20.8 per
cent and Qurum at 17.9 per cent. On a more positive note, during the third quarter, rents remained unchanged in two submarkets, Bausher and Sur Al Hadid,” according to a report by Cluttons. Faisal Durrani, Head of Research at Cluttons, noted, “The prospects for an immediate turnaround in the residential market remain unlikely and, given the country’s reliance on the oil and gas sector, the outlook for the residential market remains weak.” >A6
All decked up for National Day
HASAN SHABAN AL LAWATI
hassan@timesofoman.com MUSCAT: People in Oman will be able to witness the annual fireworks display on the 46th National Day at three different locations in Muscat, said the officials. The shows are scheduled for November 18 at 8pm in the wilayats of Al Amerat, Al Seeb and Salalah. The fireworks in Al Amerat will be organised at the Al Amerat Heights, in Al Seeb at Wadi Al Khoudh and at the Municipal Entertainment Centre in Salalah.
MARKET
‘New technology key to boost businesses’
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Corporate sector can leverage new technology solutions to boost growth prospects and better manage their working capital during challenging times in their corporate journey, according to a Daniel Felton, general manager and head of Commercial Banking at HSBC Bank Oman. >B1
A4 REFUTES REPORT
No cameras in prayer and rest rooms: Haya Water Times News Service
MORNING MINUTE
National Day fireworks at three places
MUSCAT: Haya Water has emphasised that the news recently spread through various social media channels about the presence of surveillance cameras in the prayer room and rest rooms are untrue. The cameras are only installed in open offices, corridors and other facilities in order to maintain the security of the company and its personnel. Khalid bin Ali bin Moham-
med Al Salami, Head of Security Department in Haya Water confirmed that the presence of cameras in the offices and sensitive facilities is necessary for security reasons in case there is any need for checking of recordings. This is so important because Haya Water is an industrial facility that specialises in environmental aspect. The rumours that there are cameras in the prayer room and rest rooms are not true and completely unacceptable and
illegal, the statement said. Security room The staff were informed last June that cameras will be installed in offices, corridors and other facilities and they will be connected to the security room. In fact, everyone can visit the security room to check how these cameras, which are connected to screens, work. Some authorities have already explored and investigated these
places and it was proved that there is no contradiction with the law. Regarding the strike that was recently carried out by some of the staff, the company confirms that this strike is contrary to the laws in force in the Sultanate, and this was confirmed during the meeting that was held on the first day of the strike on November 6, 2016 between Ministry of Manpower represented by. Undersecretary of Labour Affairs and the Executive Management of Haya Water rep-
resented by the CEO and the Administrative Board of Haya Water Labour Union and with the presence of representatives from General Federation of Oman Trade Unions and Oman Chamber of Commerce and Industry. According to Ministerial Decisions No. ( 294/2006) , ( 17/2007) and (575/2013), the strike is considered unacceptable and illegal because the company is classified among the companies in which the strike is prohibited. >A5