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6 085010 120010 FROM THE WORDS OF HIS MAJESTY THE SULTAN
On the occasion of the inauguration of the Sultan Qaboos Grand Mosque, 2001
‘His Majesty’s Wisdom’ Mosques are houses of God, in which He has declared that His Name should be raised to honour and proclaimed. It is in them that the Prayer is performed, which is the pillar of the Faith. The verses of the Holy Book are recited there, as are the sayings of the Messenger. Useful knowledge is imparted in them, containing lessons which guide people to the truth and the straight path.
MONDAY, January 18, 2016 / 8 Rabi Al Thani 1437 AH
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Oman to take part in Davos meeting MUSCAT: Assigned by His Majesty Sultan Qaboos bin Said, Dr Salim bin Nasser Al Isma’eeli, Chairman of the Public Authority for Investment Promotion and Export Development (Ithraa), will take part in the 46th edition of the World Economic Forum (WEF), due to commence in Davos, Switzerland, on Wednesday. The four-day event will discuss the progress witnessed in information technologies, digital technology, innovation and the contribution of this progress in upgrading the lives of communities and human development, in addition to meeting the global challenges, such as healthcare and food security.
FALL IN MSM 30 INDEX
(in per cent) 2015
Sunday
Between January 1 and 17
TOP THREE INSIDE STORIES
DECLINE IN MARKET CAPITALISATION Excluding closely-held companies. (in million Omani rials) 2015
2016
Sunday
120 -675 -250 Between January 1 and 17
The market capitalisation increased in 2015 due to additional bond / sukuk issues Sources: Muscat Securities Market Gulf Baader Capital Markets
OMAN
European tourist rescued after fall
1
A European tourist fell off Jebel Shams mountain in Al Khatim area on Sunday morning, said the Public Authority of Civil Defence and Ambulance (PACDA). The woman was rushed to the nearest hospital. >A2
OMAN Yesterday saw Muscat Securities Market shares lose OMR250m in value; so far in 2016 values have declined by OMR675m
A. E. JAMES
businesseditor@timesofoman.com MUSCAT: Oman’s stock market has suffered its worst start in years with investors seeing an estimated OMR675m wiped off their shares in just 11 days of trading. Yesterday (Sunday) was the most painful of 2016 as share prices on the Muscat Securities Market (MSM) hit a sevenyear low, knocking off around OMR250 million in share values in a single day. The MSM 30 Index – barom-
eter of the market trend – shed 164.08 points or 3.21 per cent to slump below a psychological level of 5,000-mark to close at 4,948.44 points amid global crude prices touching a 12-year low, which triggered fears of further economic slowdown. This is the biggest loss on the local bourse on a single day in the past year, after a 4.2 per cent plunge on December 11, 2014. “It is a kind of weakness which is seen in all regional markets due to a steep fall in crude oil prices,” said Kanaga Sundar,
head of research at Gulf Baader Capital Markets. “It was more of a panic selling across all regional markets with negative sentiments dominating,” added Sundar. The local and foreign investors have lost OMR250 million in terms of market capitalisation, which is the total value of all shares traded on the bourse (excluding closely-held firms), with the market capitalisation touching OMR9.7 billion. Investors are not able to take decisions on the basis of fundamentals of the company, said Tariq Abdul Razeq, deputy general manager at the United Securities. “They do not know where the market is bottoming out. Investors are not able to anticipate what will happen with the current oil price and austerity measures in the budget,” added Abdul Razeq. Stocks across the Middle East
AMENDMENTS
also tumbled as the easing of sanctions against Iran raised the prospects of a surge in oil supplies to a market already reeling from the lowest prices in more than a decade. Other regional bourses lost substantially, with Saudi Arabia leading the plunge with over 7 per cent fall, followed by Qatar (5.79 per cent), Dubai (4.92 per cent), Abu Dhabi (3.98 per cent), Kuwait (3.18 per cent) and Bahrain (0.37 per cent). Iran, home to almost 10 per cent of the world’s proven oil reserves, is starting preparations to boost exports after the United Nation’s nuclear agency on Saturday said the country has complied with the terms of an international agreement to curb its nuclear programme. That threatens to put further pressure on prices, hurting the oil-dependent economies of the six-nation Gulf Cooperation Council. >A6
Hiring firms hit by housemaid racket
2
Manpower recruitment offices now fiercely compete with a thriving racket run by people looking to make quick money from families by offering to bring housemaids in Oman. >A3
OMAN
Alawi: Iran decision will boost security
3
Yousuf bin Alawi bin Abdullah, Minister Responsible for Foreign Affairs, said the lifting of sanctions on Tehran by the major countries and the UN was done to ensure stability and security of the region. >A6
SANCTIONS LIFTED
HM’s wisdom, role led to Iran nuclear deal: Tehran envoy
Investment law to boost Oman growth Al Balushi, chairman of Anvwar Asian Investment Group, said. Further, the Ministry of Commerce and Industry has announced amendments to the draft foreign investment law, including revocation of the mandatory registration licence, the requirements for general local ownership, and a requirement for a minimum investment of OMR150,000. The ministry said that the bill clarifies organisational responsibilities regarding foreign investments and provides further openness for investment. >A5
ELHAM POURMOHAMMADI
elham@timesofoman.com
Served Oman with great pride: Ex-pilot
A6
B E WA R E O F O N L I N E S TA L K E R S
Monitor children on social media, parents told Times News Service MUSCAT: A warning has been sent to the public by the Royal Oman Police (ROP), urging parents to monitor their children’s activities on social media. Last year, the ROP received “many complaints” of exploitation of Omani youths using social media, an ROP official told the Times of Oman. On its official Twitter account, the ROP tweeted: “Dear parents: Pay attention to your children! Be aware of their exploitation through any social media channels.” “We have a major problem. Some girls like to approach young men, send them pictures, and engage in illegal activities. This is a crime which threatens the morale and integrity of society”, the official said. Rumaitha Al Busaidi, an Omani blogger and radio presenter,earlier told the Times of Oman that online stalking is
2016
-14.77 -8.50 -3.21
Vital meeting In a statement, Dr. Al Isma’eeli said: “In light of the rapid growth witnessed by the world at various levels, this annual gathering is very important to contribute in upgrading the lives of individuals and communities as it gathers dominant figures who will discuss the political, economic, social and technological issues.” He wished that the discussions would contribute in promoting ideas to face the future challenges. >A5
MUSCAT: Amendments put forward in the foreign investment law will boost investment opportunities and act as a catalyst for the Sultanate’s economy, according to businessmen and officials. “If the government is going to ease the foreign investment law, it would be a boon for investors. Now, we face many hurdles, especially in finalising investment procedures. If the ministry of commerce and industry is going to have the final say, then half of our work will be done,” Anvwar
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Stock market blues hit Oman traders
ASSIGNED BY HM
Staff Reporter
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“quite a big issue” and “not only targeted against women”. Commenting on parental supervision of children, Al Busaidi said that parents should not ‘police’ children, but educate them about values. Further, Hashar Al Mandhari, chief executive officer of Alamah Marketing, said parents should educate their children about us-
ing social media platforms. “Parents should not close the doors. If you close a door, they will break it. You should open the door and show them the right path”, Al Mandhari remarked. Also, by imposing guidelines, groups on social media platforms can block stalkers. Nicholla Henderson-Hall, founder of a Facebook group and a social media coach, said she re-
sponds to complaints from female users who are receiving friend requests from strange men, or rude and inappropriate messages. “Any person who is found harassing or bullying others, or posting inappropriate messages, will be removed from a group”, she said. Meanwhile, the ROP official said that during 2014 and 2015 many complaints were received by the ROP, but in recent months complaints were “rarely reported”. He added that despite increasing awareness by youths about social media among the public, the ROP sends out such messages to remind parents and the public. “We fight against anyone who infiltrates your family life, takes your money or forces you into illegal activities through the Internet”, he said. He noted that victims are sometimes afraid to report this crime, though the police are there to help.
MUSCAT: Oman’s peace-loving nature and the wisdom of His Majesty Sultan Qaboos bin Said are manifested in the Iran nuclear deal, the Iranian ambassador to the Sultanate has said. Oman, under the leadership of His Majesty the Sultan, has always played a constructive and peacemaking role in the region, said Ali Akbar Sibeveih, following the announcement of the ‘implementation day’ of the nuclear agreement reached between Iran and global powers. “Oman’s stance manifested itself in Iran’s nuclear issue,” the ambassador told the Times of Oman in an exclusive interview. He said the agreement was a great achievement for Iran as it managed to get the sanctions lifted and at the same time enabled the country to continue its peaceful nuclear activities, despite the efforts of certain countries such as Israel to thwart this deal. However, the main credit should go to Oman, and His Majesty the Sultan in particular, as they brought Iran and the P5+1 group (the United States, Britain, France, China, Russia and Germany) to the negotiating table and continued playing a constructive role throughout the process, Sibeveih noted. ‘Blessing’ for the region According to the ambassador, His Majesty Sultan Qaboos bin Said is not only a ‘blessing’ for Oman but also for the whole region as he helped prevent many crises in this part of the world and has also been trying to bring peace to
His Majesty brought Iran and the P5+1 group to the negotiating table and continued playing a constructive role Ali Akbar Sibeveih Iranian ambassador
crisis-hit countries in this region. Iran holds Oman in great respect and hopes that other regional countries would adopt the same approach as the Sultanate as it would contribute to the peaceful resolution of all the issues in this area, he said. Sibeveih noted that Iran’s nuclear activities are meant for peaceful purposes such as progress in various areas such as medicine and industry. >A6