The Silal Market, Oman’s largest wholesale hub for fruits and vegetables, opened near Barka in September 2024.
Serving both national and international trade, it supports local farmers and agricultural companies by providing a modern platform for marketing and exporting fresh produce. Phase 1 spans 412,000 sqm, with 89,000 sqm of built-up space, including wholesale and retail areas, cold storage, offices, a mosque, and more.
INTERVIEW
HE Fatma Mohammed Rajab Ambassador, Embassy of the United Republic of Tanzania to the Sultanate of Oman
In Oman 2024
Accelerating Towards Net Zero 2050
EDITORIAL
Editor-in-chief
Said Masoud Almashani
Executive Vice President and Group Editor Mayank Singh
Editor Oommen John P
DESIGN
Director Production – Print & Digital
Ramesh Govindaraj
Chief Photographer
Rajesh Rajan
Cover concept
Rakesh Radhakrishnan
MARKETING
Associate Advertising Director
Shivkumar Gaitonde
Business Manager
Dhanish Pillai
CORPORATE
Chief Executive Officer
Atulya Sharma
Distribution United Media Services LLC
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Brand integrity
In recent years, the relationship between consumers and companies has shifted significantly, resulting in a widening trust gap. This trend poses serious challenges for businesses as customer loyalty wanes and expectations evolve. A survey of 4,000 U.S. consumers by SAP Emarsys revealed a decline in brand loyalty. Seven in 10 customers say they are loyal to certain brands, retailers, and stores, consistent with 2023 levels but down from 4 in 5 in 2022.
Consumers also see businesses playing a vital role in ensuring the responsible and ethical use of the technology. The 2024 KPMG Generative AI Consumer Trust Survey captured insights from 1,000 college-educated and informed consumers across the United States on their perceptions and trustworthiness of GenAI. 42 per cent of consumers believe GenAI has a significant impact on their personal lives now. 60 per cent indicated it will have a significant impact on their personal lives in two years. Fifty-eight per cent of consumers said GenAI has a significant impact on their professional lives now, and 77 per cent believe it will have a significant impact on their professional lives in two years. Consumers trust the use of GenAI across various applications, with the highest levels of trust associated with using it for: education resource (56 per cent), personalised recommendations (54 per cent), customer service (50 per cent) and business uses (50 per cent).
OER’s Most Trusted Brands 2024 survey brings readers a compilation of the brands, which have earned a high level of trust in the market. These brands are preferred by customers for their exceptional quality, service and delivery. Read our cover story for the month, which explores these cutting-edge brands and brands that have secured top spots in consumer trust. We hope you find the survey both informative and insightful.
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Oommen John
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UMPTEEN OPPORTUNITIES
OER’s cover story on Energy Transition initiatives made for an interesting read. As part of its energy transition, Oman aims to boost renewable energy’s share to 30 per cent by 2030, 70 per cent by 2040, and 100per cent by 2050. The strategy also includes the goal of 100 per cent of new car sales being zero-emission vehicles by 2050. Oman has set ambitious green hydrogen production goals, aiming for 1 million tonnes by 2030, 3.5 million tonnes by 2040, and 8 million tonnes by 2050.
The Sultanate is committed to supporting global efforts to reduce carbon emissions and mitigate climate change, with investments exceeding $190 billion by 2050 for energy transition and decarbonisation. Further, Oman is rapidly advancing towards becoming one of the largest exporters of low-carbon hydrogen by 2030. I am sure Oman’s visionary plans for a green hydrogen economy and the associated infrastructure will enable various industries to shift toward sustainable production methods.
FOSTERING INNOVATION
The recent launch of OIFC’s (Khedmah) new mobile application, Khedmah Delivery, is a significant step that reflects the company’s commitment to innovation and its responsiveness to the evolving needs of consumers in our rapidly changing market.
I am confident that Khedmah Delivery will enhance the customer experience, providing a valuable service that meets the demands of our community. This initiative has the potential to set a benchmark in the Omani market, and I eagerly anticipate how it will evolve in the coming months. Such initiatives are crucial for fostering a culture of innovation and enhancing the overall quality of life in Oman.
Turn your everyday drive into a more comfortable and exciting experience. XFORCE ignites your sense of adventure and brings fresh excitement to the entire family, like never before.
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INTERVIEW PROMISING PROSPECTS
HE Fatma Mohammed Rajab, Ambassador, Embassy of the United Republic of Tanzania to the Sultanate of Oman is confident that TanzaniaOman bilateral economic ties are poised for significant growth in future
54 ENERGY PIONEERING TRANSITION
PDO advances Oman’s Renewable Energy Future by awarding three IPP Projects
Oman and Belgium strengthen Green Hydrogen partnership with new landmark agreement
The MOU, signed between Hydrogen Oman (Hydrom) and the Belgian Hydrogen Council (BHC), sets the stage for enhanced cooperation across the hydrogen value chain
New invention harvests Lithium from Salt Water
Scientists from the University of California, Berkeley, and Nanjing University have designed a solar-powered device that can extract lithium from salty water with minimal environmental impact
Emerging markets and renewables – The twin engines of energy growth for 2025
EIA’s latest energy forecast, highlights trends in oil, natural gas, and production shaping 2024–2025
Bank Nizwa wins strongest Islamic Retail Bank in Oman 2024 award
Enhancing its prominent leadership as the most-trusted Islamic banking partner, Bank Nizwa, the leading Islamic bank in the Sultanate of Oman, was recently titled ‘Strongest Islamic Retail Bank in Oman 2024’ at the Islamic Retail Banking Awards (IRBA). This prestigious accolade highlights Bank Nizwa’s commitment to providing innovative Shariacompliant banking solutions, underpinned by a profound understanding of its customers’ evolving needs and a steadfast dedication to service excellence. The award was graciously
accepted by Talib Al Yarubi, Head of Branches of Bank Nizwa, on behalf of the bank.
The Islamic Retail Banking Awards 2024, now in its 10th edition, convened a distinguished assembly of industry luminaries, C-suite executives, and leaders from across the region. The awards celebrated 50 top-performing entities in the Islamic retail financial services sector from the GCC, the Far East, Africa, Asia, and the Western Hemisphere, based on a global ranking of Islamic banks conducted
by the Cambridge Institute of Islamic Finance. Bank Nizwa’s recognition on this prestigious international platform underscores its leadership in the Islamic finance sector. Reflecting on this honour, Mohamed Al Ghassani, Chief Retail Banking officer at Bank Nizwa, commented, “We are immensely proud to be recognised at the IRBA as the Strongest Islamic Retail Bank in Oman, as this accolade not only shines the spotlight on our expertise in Islamic banking but also solidifies our position at the forefront of the sector. Furthermore, this award inspires us to persist in our journey of innovation and excellence, delivering groundbreaking Islamic banking solutions.”
The retail banking division at Bank Nizwa offers a comprehensive suite of personal banking solutions, including savings and current accounts, alongside customized auto, home, and personal finance offerings designed to meet the diverse needs of its retail customers. This array of services is further enhanced by the bank’s userfriendly digital banking channels, including a robust mobile banking app, internet banking services, and a digital branch, all of which significantly improve accessibility and convenience for all customers.
Sohar International wins ‘Best Government Banking in Oman 2024’ at International Business Magazine Awards
Sohar International, Oman’s best bank, has been honoured with the title of ‘Best Government Banking in Oman 2024’ by International Business Magazine. This prestigious accolade underscores the bank’s pivotal role in the government banking sector, showcasing its comprehensive suite of tailored financial products and services designed to meet the unique needs of government entities. As a key enabler of national mega projects, Sohar International has positioned itself as a catalyst for propelling the Sultanate’s economic growth.
The award was presented at a grand ceremony held at Atlantis, The Palm in Dubai which was attended by Khalil Salim Al Hedaifi, Chief Government and Private Banking Officer, and Mazin Mahmood Al Raisi, Chief Marketing Officer, along with representatives from prominent regional and international financial institutions. Commenting on the award, Khalil Salim Al Hedaifi, stated, “Being awarded such a coveted title is not just a reflection of our leadership in the sector, but a direct
endorsement of the trust and confidence placed in us by the institutions that drive national progress. At Sohar International, we go beyond being a traditional service provider—we are a strategic partner to the government, helping navigate the complexities of public sector financing. Our approach is anchored in delivering bespoke, forward-thinking solutions that align with Oman’s Vision 2040, supporting the country’s efforts to diversify and grow its economy. On the other hand, our
dedication to innovation and the seamless integration of modern financial technologies has enabled us to enhance the efficiency of government operations, streamline financing for critical projects, and facilitate large-scale investments. The continued confidence from government entities reflects the stability, credibility, and depth of expertise that Sohar International has cultivated over the years. This recognition further underscores our unwavering commitment to Oman’s economic agenda.”
Bank Muscat acknowledged amongst Top 10 Performing Companies in MSX
In recognition of its pioneering roles in delivering the best banking services and products for individual and corporate customers, Bank Muscat, the leading financial services provider in the Sultanate of Oman, was recently honoured with The Top Performing Company Award in large capital segment at the Oman Economic Review (OER) Corporate Excellence Awards ceremony held recently at the Sheraton Oman Hotel. The event was organised under the patronage of H.E. Faisal Abdullah Al Rawas, Chairman of Oman Chamber of Commerce and Industry. Prominent business figures and public company officials also attended the ceremony. The award was received by Khalifa Abdullah Al Hatmi, Deputy General Manager - Investment Banking and Capital Markets at Bank Muscat.
Bank Muscat was awarded based on a survey conducted by Moore in collaboration with OER about top performing companies listed on the Muscat Securities Exchange MSX. The Bank met the eligibility criteria, including strong financial performance, strategic growth, innovation, corporate social responsibility, and its significant contributions to the development of Oman’s banking sector. The recognition
represents another milestone in the Bank’s impressive achievements and successes over its more than 40-year history, reaffirming its leading position in the banking sector in the Sultanate and its excellence in providing the best banking services to individual and corporate customers in the region.
Speaking on the occasion, Khalifa Abdullah Al Hatmi, Deputy General Manager - Investment Banking and Capital Markets at Bank Muscat, said, “We are immensely pleased about
ahlibank empowers SMEs to thrive through ahli Expo 2024
ahlibank successfully concluded “ahli Expo 2024,” the first of its kind exhibition organised by the bank, receiving wide acclaim from entrepreneurs and experts. This innovative initiative aimed to support small and medium enterprises, enhance communication and collaboration among them, and provide an opportunity to showcase their services. The event was held at ahlibank’s headquarters in Wattaya on December 11 and 12, 2024, featuring an array of interactive workshops and meaningful group discussions.
A main feature of the expo was the exhibition of Omani SMEs, offering attendees, including industry experts, a chance to explore the capabilities of these emerging businesses and their innovative offerings. The event also included thought-provoking
discussion sessions on topics such as “The Future Growth of SMEs in the Era of Artificial Intelligence and Advanced Technologies” and “Fostering Creativity in Business Environments – Innovation in the Face of Challenges.” These distinguished discussion panels centered on various themes designed to empower SMEs to achieve growth and long-term success.
ahli Expo 2024 witnessed the launch of the ahlibank POS Financing program, a program that targets SMEs who are willing to use ahlibank’s POS machines. The program is designed to grant short/medium term loans against POS receivables of the company for operating and capital expenditures as per the credit parameters set in the approved product document. Key features to note about the POS Financing program is the loan amount
having Bank Muscat included amongst the top performing companies in the large capital segment. This recognition reflects the Bank’s commitment to sustainable growth, innovation, and contribution to the economic development of the country. It also highlights the Bank’s significant role in various fields, including offering innovative digital banking solutions and facilities for customers, focusing on expanding the customer base and enhancing customers’ banking experience.
which is capped at RO150K for up to 36 months. In addition, corporate credit cards as a combined solution are provided for up to 15 per cent of the financing limits, which is capped at RO10K. The daily repayment is tied to POS transactions, and customers should note that the approval and disbursement processes are quick and hassle-free. It is a flexible and simple solution set to empower SMEs with the needed financial support to grow their businesses.
With a steadfast dedication to empowering businesses, and as a true ‘Partner in Excellence,’ ahlibank offers tailored financial solutions designed to help SMEs achieve their full potential. ahli Expo exemplified the Bank’s pursuit towards simplifying banking for businesses whilst simultaneously furthering innovation and entrepreneurship.
PROMISING PROSPECTS
HE Fatma Mohammed Rajab, Ambassador, Embassy of the United Republic of Tanzania to the Sultanate of Oman is confident that Tanzania-Oman bilateral economic ties are poised for significant growth in future. An exclusive interview with Mayank Singh
Can you share the key developments in the bilateral relations between Oman and Tanzania?
In 2024, the relationship between Oman and Tanzania has seen remarkable progress across various sectors, reflecting our shared historical and cultural ties. Key developments include enhanced bilateral cooperation in trade, tourism and investment. A significant milestone was the signing of seven Memorandums of Understanding (MoUs) during the Oman-Tanzania Business Forum in Muscat. These agreements aim to strengthen economic ties and foster collaboration in areas like agriculture, energy, logistics and manufacturing. Additionally, both nations have focused on cultural exchange programs and mutual support in international platforms, further solidifying our partnership.
Can you share the volume of bilateral trade between Tanzania and Oman in 2024 and has there been an increase in the number of Tanzanian companies registered in Oman?
The total trade volume of trade between Oman and Tanzania in 2024 reached an impressive figure of $16.27mn with Oman importing significant amounts of Tanzanian products, such as spices, tea, coffee, and agricultural goods.
Additionally, the number of Tanzania based companies registered in Oman increased by 23.8 per cent, demonstrating growing confidence in the Oman market. This upward trend highlights the positive impact of our bilateral agreements and the favourable business environment, which Oman offers to entrepreneurs from Tanzania.
Oman and Tanzania recently signed seven Memorandum of Understanding (MoUs) at the OmanTanzania Business Forum in Muscat. Are the Oman- Tanzania Business Forum meetings fostering broader B2B partnership?
Absolutely, the Oman-Tanzania Business Forum has proven to be a pivotal platform for fostering broader business- to business (B2B) partnerships. The seven MoUs signed at the recent forum cover diverse sectors, encouraging private sector collaboration and opening new opportunities for both nations. These agreements are designed to facilitate join investment, technology transfer and skill development, which are critical for enhancing economic ties. The forum also allows business leaders from both countries to network, share insights, and explore innovative ways to strengthen trade and investment partnerships.
What are the bilateral trade prospects in 2025 and are there any upcoming joint ventures between the two countries?
The prospects for bilateral in 2025 are very promising, with both nations committed to building on the momentum of 2024. Key areas of focus will include renewable energy, infrastructure development, tourism, and agro- industries. Several joint ventures are already in the pipeline, particularly in sectors like energy, logistics, and manufacturing.
These ventures aim to leverage the comparative advantages of each country, creating mutually beneficial outcomes. We anticipate that with the continued implementation for recent MoUs and growing private sector engagement, the trade volume and overall cooperation between Oman and Tanzania will reach new heights in the coming year.
We expect to sign MOU on Mutual Investment Fund as agreed during the State visit of HE Dr. Samia Suluhu Hassan, The President of the United Republic of Tanzania to Sultanate of Oman in June 2022.
TRANSFORMATIVE GROWTH
Hazem Abdul Karim, Partner and Managing Director, F&M Middle East, shares insights on the company’s dynamic growth, impactful projects, and alignment with Oman Vision 2040, in an exclusive interview with OER
Can you provide an overview of F&M Middle East and its operations in Oman and internationally?
F&M Middle East, part of the globally renowned F&M Group founded in Venice, Italy, in 1978, has been a trusted name in the Sultanate of Oman since 2009. Initially established as a branch office in Muscat, the company became an Limited Liability Company (LLC) in 2014, reinforcing its commitment to Oman’s growth.
With 15 years of experience in Oman, F&M specialises in architectural, engineering, and design consultancy for the construction and real estate sectors. Globally, F&M Group operates across Europe and the Middle East, with offices in Venice, Milan, Rome, Paris, London, Germany, and Eastern Europe. This extensive network enables us to blend global expertise with a deep understanding of Oman’s unique market needs.
How has the company evolved since we last sat down together in 2022, particularly in light of post-COVID challenges?
The past two years have been a period of significant growth and adaptation. In 2022, as the world emerged from
the pandemic, many projects were rescheduled or restructured. However, our dual presence – global expertise combined with a strong local footprint in Oman – allowed us to pivot effectively.
Moreover, the government made strategic moves during this time, prioritising logistics, industrial, and food security sectors. This focus aligned perfectly with our capabilities, enabling us to contribute meaningfully. And by this year [2024], we had successfully delivered key projects initiated in 2022, particularly in these critical areas, showcasing our ability to navigate challenges while driving impact.
Can you elaborate on some of the key projects F&M Middle East has delivered since 2022?
Over the past two years, F&M Middle East has delivered projects exceeding RO300 million in value, contributing significantly to the country’s development. Notable among these is the New Fruit and Vegetable Market in Khazaen Economic City, launched in 2022 despite COVID-19 challenges. Worth RO40 million, we managed its master plan, detailed designs and contractor selection and construction
supervision. It is now fully operational and fully booked, the market is already planning expansions.
Another project we are proud of is the RO30 million Tuna and Sardine Cannery in Duqm, one of the Middle East’s largest fish processing facilities. We provided end-to-end services, including master planning, detailed design, contractor selection, and supervision, reinforcing the country’s food security. Meanwhile, in Al Dhahirah, our team completed Phase One of an Industrial City near the Saudi border, spanning 3 million square meters and already hosting manufacturing units. In Musandam, we collaborated with Madayn to design, supervise, and implement a vital Mahas Industrial City for the government of Musandam.
Our other landmark projects include the Olympic Shooting Complex in Ansab for the Ministry of Defense and Phase One of Ring Road project for the Technopolis – Knowledge Oasis Muscat.
How does F&M Middle East approach government partnerships, particularly in strategic projects? Our work in Oman is driven by a
genuine belief in the country’s potential and a commitment to its development. This goes beyond delivering projects – it’s about building capacity, empowering the local workforce, and creating lasting partnerships with key government entities.
Collaborating with organisations like Madayn, the Ministry of Housing and Urban Planning, and the Oman Investment Authority, we’ve blended global expertise with local needs. As a European firm with a strong Middle Eastern presence, we bridge cultural and professional divides, fostering trust and collaboration. For transformative projects like the Downtown Al Khuwair redevelopment and Salalah Smart City, we brought top-tier consultants from Europe, including working with Zaha Hadid for the Downtown Al Khuwair concept. These efforts not only elevate the quality of our projects but also highlight Oman’s stability and potential to the world.
Our philosophy is simple: we see ourselves as ambassadors for Oman, showcasing its beauty, resilience, and opportunities to international stakeholders. For us, it’s about creating partnerships that benefit everyone – Oman, our collaborators, and the communities we serve.
Resilience has been a recurring theme in your operations. How do you balance resilience with scalability, particularly given your rapid growth in Oman?
You’re right – resilience is at the core of who we are. As part of a diversified group, we have the flexibility to adapt quickly to shifting markets, which has been a key strength during challenging times.
Our growth in Oman has been remarkable. When I started the company here, it was just me. Now, we’re a team of 130 professionals, up from 40 to 50 just three years ago. Scaling this quickly meant reorganising internally, creating new verticals, and
refining our structure to handle the added complexity effectively.
Despite our rapid expansion, we’ve remained true to our identity as a midsized company. This allows us to stay agile and responsive – qualities that are essential for thriving in a dynamic market like Oman.
Last time, we touched on several key aspects of your work. Reflecting on that, how do feasibility studies fit into your approach to managing groundbreaking projects? Do you foresee many of them coming to fruition?
In our last discussion, the focus was on “implementation” – transforming plans on paper into tangible outcomes. This process requires structured leadership, which Oman exemplifies through its strategic policies. However, globally, having a vision isn’t enough; success depends on establishing frameworks and resources to execute it effectively.
Feasibility studies are essential to this process. They go beyond project viability, aligning initiatives with market needs, sustainability goals, and socio-economic impacts. By analysing demographics, consumer demands, environmental factors, and financial viability, they ensure informed decision-making and efficient resource allocation.
A supportive ecosystem is equally critical, encompassing policies that aid developers, mechanisms to ensure market stability, and enduser satisfaction. Robust financial infrastructure, tailored credit lines, tax incentives, streamlined approvals, and FDI-friendly policies are key enablers. Together, these elements can create a secure and competitive environment, driving projects from vision to reality with confidence.
You mentioned the importance of credit accessibility for expats. How do you see this enhancing the real estate sector, and what steps can be taken to further unlock this potential?
I truly believe that improving credit accessibility for expats could be a
game-changer for Oman’s real estate sector. Expats have played a huge role in the country’s growth, and making it easier for them to own property is a natural next step.
By opening up ownership options to a broader, more diverse group of buyers, we can create a more dynamic and resilient market. This shift wouldn’t just benefit real estate; it would ripple through sectors like construction, retail, and services, boosting the economy. The answer lies in striking the right collaboration between banks, policymakers, and industry leaders, I’m confident we can make this a reality.
The construction and real estate sectors are major contributors to Oman’s economy. How do you see their role evolving in the coming years?
Construction and real estate have always been at the heart of this nation’s economy, driving jobs, infrastructure, and growth. But as we look to the future, their role is evolving. With Oman Vision 2040, these sectors are no longer just economic pillars – they’re becoming enablers of a more diverse and sustainable economy.
Take Muscat, for example. The Greater Muscat Structure Plan envisions the city’s population nearly doubling to 2.7 million by 2040. This isn’t just about building more; it’s about creating balanced urban spaces that attract high-income expats, boost tourism, and open new investment opportunities in hospitality.
What’s exciting is the shift toward sustainability and innovation. We’re seeing more focus on eco-friendly practices, smart technologies, and developments designed to improve quality of life. I’d say that even with growth in the horizon, it’s about building a better, more inclusive future for everyone.
What industry trends have you noticed in Oman recently, and how do they influence your work? One of the key trends we’re seeing around the world right now is the rise of branded developments. These
projects, backed by globally recognised architects, developers, or operators, add prestige and reliability that attract both local and international buyers.
This is especially true in hospitality and luxury real estate, where international operators are entering Oman, bringing investment, expertise, and higher standards. Their presence pushes local developers to innovate and match global benchmarks.
For us, this trend is exciting. It’s an opportunity to collaborate with top-tier professionals to create iconic projects that enhance Oman’s reputation as a premier investment destination, aligning with the nation’s vision for excellence in real estate. The government is working hard to achieve this trend.
Looking ahead to 2025, what challenges and growth opportunities do you foresee for Oman’s real estate and construction sectors?
The biggest challenge right now is building an ecosystem where financial systems, policies, and market dynamics work seamlessly together. Developers need access to flexible financing, and buyers – whether local or expat – should have inclusive, competitive credit options. Striking this balance is key to sustaining growth.
That said, I’m optimistic about what lies ahead. This country has laid a strong foundation with its infrastructure, governance, policies and strategic vision, making it an attractive destination for high-value investments. By focusing on integrated developments, innovative financing, and inclusivity, the sector has immense growth potential.
Looking toward 2025 and beyond, the aim is to position Oman as a leader in visionary, sustainable real estate. This means delivering world-class projects while fostering innovation and sustainability to set Oman apart globally. With the right strategies, I’m confident the sector will thrive and continue driving the country’s broader economic ambitions.
Grow
IS YOUR BRAND GETTING HONEST FEEDBACK?
NAVIGATING CHANGING PREFERENCES
Evolving consumer choice is disrupting the automotive industry and this finds a reflection in consumer preferences
The automotive industry is currently experiencing a period of significant transformation, driven by shifting customer preferences and intensified market competition. With new players offering high-value, cost-effective options, traditional automotive brands are facing increasing pressure to rethink their strategies. Factors like price sensitivity, durability, and the rising popularity of second-hand cars, partly due to supply chain challenges, are reshaping the competitive landscape. This disruption is forcing
legacy brands to adapt, while also highlighting the growing prominence of newer entrants like Jetour, Changan and MG Motors, who are successfully capturing consumer attention with their affordable and reliable offerings.
As competition intensifies, brands must re-evaluate their positioning and product offerings to remain relevant and maintain their share in this rapidly evolving market.
TOP BRANDS AND PREFERENCES
The top 10 listing is in alphabetical order of first name
EXCELLENCE AND EVOLUTION
Brands which combine luxury, performance and sustainability dominate the segment
The premium automotive segment is defined by a discerning customer base that expects nothing less than perfection in terms of engineering, design, luxury, and performance. For high-networth individuals, brand reputation, heritage, and exclusivity are critical factors in making purchasing decisions. This elite category of vehicles is characterised by a commitment to excellence, with brands delivering exceptional road-test performance, reliability, owner satisfaction, and safety. The most trusted names in this space—Audi, BMW, Land Rover, Lexus, Mercedes and Porsche—continue to dominate, reflecting the consistent appeal across both male and
female consumers. Rolls Royce is a notable addition to the list. These brands have built their status through decades of tradition and a proven ability to meet the desires of affluent buyers.
As the automotive industry evolves, government regulations and increasing environmental awareness are driving a shift towards eco-friendly alternatives. The growing demand for electric vehicles (EVs) reflects this shift. This transition marks a new era in the premium automotive sector, as consumers embrace vehicles that are not only high performing but also have a lower environmental footprint.
TOP BRANDS AND PREFERENCES
The top 10 listing is in alphabetical order of first name
BANKS
INNOVATIVE STRIDES
The Most Trusted Banks exhibit reliability and consistency of service as core values
The banking sector in Oman stands as a pillar of stability, with several reputable institutions earning the trust of their customers over the years. The banks featured in OER’s Most Trusted Brands Survey share key characteristics that set them apart from their competitors.
These banks are known for their transparency, ensuring that they do not hide critical information behind complex fine print. They also prioritise customer satisfaction, offering prompt, reliable service and a range of competitive rates. In addition to this, these institutions provide unique products and
services that enrich the customer experience.
A key factor contributing to the strength of the banking sector in Oman is its well-regulated environment, governed by the Central Bank of Oman (CBO). The CBO has implemented stringent regulations to ensure the safe and sound operation of banks, helping maintain the stability of the financial system. Its efforts to promote financial inclusion, such as the expansion of mobile banking and branch networks into underserved areas, have also played a significant role in benefiting all banks and fostering a more inclusive financial landscape.
TOP BRANDS AND PREFERENCES
BEVERAGES (GENERAL)
UNMATCHED MARKET INSIGHTS
Changing consumer preferences finds a strong reflection on the charts
In the highly competitive beverages industry, gaining and maintaining customer trust is essential for success. The brands that have earned the title of “Most Trusted” have done so by consistently understanding and meeting customer needs over time. A crucial first step for companies in this sector is to gain profound market knowledge—regularly conducting market research and analysis to stay ahead of trends and identify emerging demands. This allows them to recognise market gaps and make informed decisions. Additionally, keeping an eye on competitors’ offerings, strengths, and weaknesses is vital for differentiation. Tailoring products, services and marketing strategies to match customer preferences gives brands a competitive edge. The next critical factor
is embracing innovation. By leveraging new ideas, technologies, and processes, successful beverage brands can improve operational efficiency, product quality, and overall performance. The Most Trusted Brands have utilised strategic differentiation not only to enhance their value propositions but also to elevate their brand image. The entry of brands such as Al Rawabi, A’Safwah and Kinza is a strong reflection of the prevailing cross currents in the market. Finally, sustainability and social responsibility are increasingly integral to building long-term trust and loyalty. By investing in sustainable practices, companies strengthen their reputation among customers, stakeholders, and society, solidifying their place as trusted leaders in the industry.
TOP BRANDS AND PREFERENCES
The top 10 listing is in alphabetical order of first name
CONSTRUCTION COMPANIES
RISING TIDE
A strong mix of legacy and emerging companies is driving the construction sector in Oman
Oman’s construction industry is experiencing a robust recovery, reflecting a dynamic blend of established and companies of recent vintage. After facing a series of challenges in recent years, the sector is on an upward trajectory, with promising growth forecasts. Projects such as Sultan Haitham City, The Sustainability City –Yiti, Yenaier Luxury properties accounts for this buoyancy.
According to a Mordor Intelligence report, the Oman Construction Market size is estimated at US$6.82 billion in 2024, and is expected to reach US$8.02bn by 2029. Overall, the sector is poised to grow at a CAGR
of 3.30 per cent during the forecast period (20242029). This positive outlook signals a strong recovery, with construction playing a vital role in Oman’s GDP, thanks to its multiplier effect across various sectors. The real estate market has also witnessed steady growth, driven by an increase in the expatriate population and strategic investments in the economy.
Notable new entrants to this year’s Most Trusted Brands list include Al Adrak Trading and Contracting, Sarooj Construction Company and Towell Engineering highlighting the evolving and competitive landscape of the sector.
TOP BRANDS AND PREFERENCES
Al Adrak Trading and Contracting
Al Arkan Construction
Al Tasnim Enterprises
Atlantic Construction
Bahwan Engineering Company
Galfar Engineering and Contracting
Larsen & Toubro
Sarooj Construction Company
The Oman Construction Company
Towell Engineering
Al Tasnim Enterprises
Bahwan Engineering Company
Galfar Engineering and Contracting
Larsen & Toubro
The Oman Construction Company
Al Tasnim Enterprises
Bahwan Engineering Company
Galfar Engineering and Contracting
Larsen & Toubro
The Oman Construction Company
Al Tasnim Enterprises
Bahwan Engineering Company
Galfar Engineering and Contracting
Larsen & Toubro
The Oman Construction Company
Al Tasnim Enterprises
Bahwan Engineering Company
Galfar Engineering and Contracting
Larsen & Toubro
The Oman Construction Company
CONSUMER ELECTRONICS (BRANDS)
Staying ahead of the curve differentiates the winners in the consumer electronics category
Oman’s consumer electronics market is thriving, fueled by rising disposable incomes, tech-savvy population, and a strong appetite for the latest gadgets. Smartphones, laptops, and smart home devices are at the forefront of this demand, with successful brands in these categories dominating the Most Trusted Brands (MTB) list. Huawei and Lenovo make it to the list this year, reflecting their strength in the market.
The leading companies in this space are highly adept at keeping pace with rapid technological advancements. Innovations such as 5G technology,
smart speakers, and streaming services are growing in popularity, while sustainability and eco-friendly products are becoming increasingly important to consumers. A key driver of this market is the young, digitally native demographic who has grown up surrounded by technology.
The MTB list is largely populated by global players, whose groundbreaking products and influential presence have shaped the consumer electronics industry. These brands have not only become household names but continue to set the standard for excellence and technological progress.
TOP BRANDS AND PREFERENCES
The top 10 listing is in alphabetical order of first name
SHAPING OMAN’S FUTURE WORKFORCE
Centres
of excellence in the higher education sector are paving the way for a knowledge-based economy
Higher education institutions in Oman are playing a crucial role in shaping the nation’s future workforce, particularly as the country focuses on advancing its knowledge-based economy. Under the leadership of His Majesty Sultan Haitham bin Tarik, education has become a cornerstone of Oman’s development, aligned with the goals of Oman Vision 2040.
Globally, the importance of education in driving economic growth is well-recognised, and Oman is embracing this perspective. Oman has consistently allocated a large proportion of its annual budget
towards education, reflecting its strong commitment to enhancing the quality of education and ensuring that its youth are well equipped for the future.
As part of Oman Vision 2040, the country’s strategic focus on education aims to develop human resources, fostering a highly skilled workforce that will drive economic sustainability and innovation. The Most Trusted higher education institutions are key players in this effort, providing the foundation for the nation’s progress in the years ahead.
TOP BRANDS AND PREFERENCES
College of Banking and Financial Studies
German University of Technology
Majan University College
Middle East College
Modern College of Business and Science
Muscat University
National University of Science &Technology
Sohar University
Sultan Qaboos University
University of Technology and Applied Sciences
German University of Technology
Majan University College
National University of Science &Technology
Sultan Qaboos University
University of Technology and Applied Sciences
Majan University College
Muscat University
National University of Science &Technology
Sultan Qaboos University
University of Technology and Applied Sciences
German University of Technology
Majan University College
Middle East College
Sultan Qaboos University
University of Technology and Applied Sciences
German University of Technology
Majan University College
Muscat University
National University of Science &Technology
Sultan Qaboos University
ADVANCING SUSTAINABILITY
Leading brands are at the forefront of Oman’s transition to a net zero future
Under the visionary leadership of His Majesty Sultan Haitham bin Tarik, Oman is committed to achieving Net-Zero Emissions by 2050, aligning with global efforts such as the Paris Agreement. This ambitious goal marks a pivotal step toward a greener, more sustainable future for the Sultanate.
Oman’s transition to sustainability is driven by a comprehensive approach that integrates innovative technologies and a strategic focus on renewable energy. Energy companies on the MTB 2024 list are the ones who are playing an essential role in this
direction. These industry-leading players are shifting their attention towards cleaner energy alternatives, helping the country reduce its carbon footprint.
With abundant renewable energy potential, particularly in solar and wind resources, Oman is well positioned to become a leader in the green hydrogen sector. Investing in renewable energy is central to the nation’s Net-Zero strategy, not only helping to lower greenhouse gas emissions but also driving economic growth by creating new job opportunities and attracting investments in the green energy market.
TOP BRANDS AND PREFERENCES
SOARING HIGH
The most trusted GCC airlines are setting new benchmarks in the global aviation industry
The Gulf Cooperation Council (GCC) region has emerged as a powerful force in the global aviation industry, with its airlines setting new standards for service excellence, strategic innovation, and resilience. Operating within a dynamic landscape shaped by both external pressures and internal organisational shifts, GCC airlines have demonstrated an exceptional ability to navigate challenges and transform them into growth opportunities.
The region’s robust economic foundations, paired with its political stability, have fostered an environment where airlines not only survive but also thrive,
continuously pushing the boundaries of service and operational efficiency. Oman, a rising star in this aviation hub, exemplifies the strategic foresight driving the region’s success. As Oman positions itself as a global aviation leader, its national carriers, including Oman Air and Salam Air, are placing a significant emphasis on customer centricity.
In addition, they have aligned their vision with the broader Oman Vision 2040 goals of promoting the tourism sector and positioning the country as a destination of choice for travelers.
TOP BRANDS AND PREFERENCES
SETTING STANDARDS
The growth in hotel capacity is expected to boost tourism and contribute to Oman’s overall development
Oman’s hospitality sector is seeing growth in luxury resorts, with a focus on sustainable tourism and traditional Omani architecture. The sector is undergoing remarkable expansion with the introduction of several high-profile hotels, significantly enhancing its appeal to both business travellers and tourists. Revenue from 3 to 5-star hotels in Oman reached approximately $387.7mn by August 2024, marking a 7.8 per cent increase from about $359.3mn the previous year, bolstered by an 8.4 per cent rise in guest numbers, totalling around 1.4 million. Hotel occupancy rates also improved, rising by 2.3 per cent. Among the latest additions is the Mercure Muscat, the first hotel in Oman under the Mercure
TOP BRANDS AND PREFERENCES
brand. The opening of the Mandarin Oriental in Muscat marks the brand’s debut in Oman, setting a new benchmark for luxury. Another recent development is the St. Regis Al Mouj Muscat Resort, located at the Al Mouj waterfront, a premier district for lifestyle and leisure in Muscat.According to the Ministry of Tourism, Oman currently boasts 34,660 hotel rooms nationwide, reflecting substantial investment in the hospitality sector. Looking ahead, the market is expected to show an annual growth rate (CAGR 2024-2029) of 3.52 per cent, leading to a projected market volume of $237.90m by 2029. Grand Millenium, Intercity Hotel and W Muscat are the new additions to the list of trusted brands. Male
Al Bustan PalaceRitz-Carlton
Crowne Plaza
Shangri-La Barr Al Jissah
Sheraton Oman
W Muscat
Al Bustan PalaceRitz-Carlton
Crowne Plaza
InterContinental
Shangri-La Barr Al Jissah
W Muscat
Al Bustan PalaceRitz-Carlton
Crowne Plaza
InterContinental
Shangri-La Barr Al Jissah
W Muscat
Al Bustan PalaceRitz-Carlton
Crowne Plaza
Shangri-La Barr Al Jissah
Sheraton Oman
W Muscat
HYPERMARKETS / SUPERMARKETS
Retail industry is experiencing a transformation, with competitive advancements in both offline and online channels shaping market dynamics
Retail sector sales in Oman are projected to grow by over six percent annually in the coming years, primarily fuelled by increased tourism, rising per capita income, and a growing population. According to Alpen Capital, a regional investment banking advisory firm, the retail industry is experiencing a transformation, with competitive advancements in both offline and online channels shaping market dynamics. The anticipated growth in the retail sector until 2026 is driven by the opening of new stores, acquisitions, and a surge in e-commerce. Further, robust merger and acquisition activity, along with
the expansion of distribution channels, will benefit companies in the Omani retail market.
The leading brands in the Hypermarkets and Supermarkets category include Al Fair, Al Karama Hypermarket, Al Meera, Carrefour, KM Trading, Lulu Hypermarket, Makkah Hypermarket, Nesto, Noor Shopping, and Sultan Center. Noor Shopping is a new addition to the list of trusted brands. While e-commerce is still in its early stages, it is expected to achieve a compound annual growth rate (CAGR) of over 20 percent from 2023 to 2028.
TOP BRANDS AND PREFERENCES
Oman’s health insurance market is projected to reach a market size of $319m in 2024
Oman’s gross written premium is expected to grow annually at a rate of 6.39 per cent (CAGR 2024-2029), resulting in a market volume of $434.80m by 2029. Gross direct premiums of Oman’s insurance sector rose by 4.5 per cent to RO565.512mn at the end of 2023 compared to RO541.326mn of 2022, according to published data of the Financial Services Authority (FSA), the regulator of the insurance sector in Oman. Gross direct premiums for health insurance increased by 12.9 per cent to RO216.213mn in 2023, up from RO191.517mn in 2022. In the general insurance segment, gross direct premiums dipped 0.2 per cent to RO 281.882 in 2023 compared to RO282.538mn in 2022. It rose 0.2 per cent to RO67.418mn for Life & Saving insurance, compared to RO67.271mn in 2022.
Further, total claims paid out in 2023 increased by 1.8 per cent to RO322.806mn in 2023, up from RO317.035mn in 2022. According to the FSA, the audited financial statements of insurance companies indicate a decrease in the total claims paid for the general insurance business by 9.8 per cent to RO123.880mn in 2023. Claims paid for the Life & Saving insurance business have decreased by 17 per cent in 2023, while the health insurance segment saw a 17 per cent jump in claims to RO171.434mn.
Gross claims paid by the national insurance companies have increased by 5.9 per cent in 2023. Arabia Falcon and Liva Insurance are new additions to the list of trusted brands.
TOP BRANDS AND PREFERENCES
MOST TRUSTED OMANI BRAND (MANUFACTURING)
BUILDING RESILIENCE
The manufacturing sector is vital for increasing domestic production, creating jobs, improving Oman’s trade balance, and diversifying income sources beyond oil
Oman’s manufacturing sector has showed the highest performance among key sectors targeted for economic diversification during the first quarter of 2024. The sector grew by more than 10 per cent in the first half of 2024 compared to the same period last year, according to data from the National Centre for Statistics and Information. The sector’s output at fixed prices rose to RO1.868bn with much of the expansion in oil refining, petrochemicals and basic chemicals. The sector’s expansion supports the development of other industries by generating demand for raw materials, logistics, technical services
and infrastructure. This expansion also encourages investment in research, development and innovation.
Local content is a fundamental pillar for strengthening Oman’s economy by supporting the private sector, increasing employment opportunities and improving supply chains. This approach fosters the growth of local small and medium enterprises (SMEs), particularly in oil and gas, aiding sustainable development and reducing import dependence thereby enhancing Oman’s economic resilience and providing future investment prospects.
TOP BRANDS AND PREFERENCES
Oman Cables
Amouage
Oman Cables
Oman Cement
Amouage
Companies are geared towards robust business growth and profitability besides improvement in operational efficiency
Asyad, Awasr, Bank Muscat, Bima, Mwasalat, Oman Air, Omantel, OQ, Otaxi, and TM Done feature among the top 10 in the category of Corporate Omani brands. Bima, Otaxi, and TM Done are new additions to the list from the previous survey.
The total net profits of listed companies in Oman experienced a slight decline of 0.9 per cent year-onyear, reaching $506.4 million in Q2 2024, down from $511.2 million in the same quarter of 2023, according to a report by Kuwait-based Kamco Investment. For the first half of 2024, the total net earnings of companies listed on the Muscat Stock Exchange
remained stable at $1.0bn, the report said. Growth in net earnings was primarily driven by the banking and commercial and professional services sectors, with six out of the fourteen sectors on the Omani bourse reporting year-on-year profit growth during Q2 2024.Among the most trusted and preferred Omani brands across various industry segments—such as energy, banking, telecom, and manufacturing—these companies boast strong brand identities and are focused on achieving significant business growth and profitability, improving operational efficiency, and enhancing customer experience.
TOP BRANDS AND PREFERENCES
PRIVATE HOSPITALS & CLINICS
ENHANCING SERVICE EFFICIENCY
Oman is focusing on modernising health infrastructure and fostering innovation in medical technologies
Abeer Hospital, Apollo Hospital, Aster Al Raffah Hospital, Badr Al Sama Hospitals, Burjeel Hospital, KIMS Hospital, Muscat Private Hospital, NMC Healthcare, Oman International Hospital, and Shifa Hospital are among the top brands in the Hospitals and Clinics category. Abeer Hospital and Shifa Hospital are additions to the list from the previous survey.
The Ministry of Health in Oman has reported a substantial investment in the healthcare sector for 2023, with expenditures surpassing RO1bn. This
represents a 24.6 per cent increase from the previous year, underscoring the government’s commitment to improving healthcare infrastructure and services across the Sultanate, according to the Ministry’s annual health report 2023.
The country is also investing in medical tourism, which is expected to create new opportunities for healthcare facilities. This initiative aims to drive innovation in medical technology and attract further investments.
TOP BRANDS AND PREFERENCES
Aster Al Raffah Hospital
Badr Al Sama Hospitals
Burjeel Hospital
Muscat Private Hospital
Healthcare
Aster Al Raffah Hospital
Badr Al Sama Hospitals
Burjeel Hospital
Muscat Private Hospital
Oman International Hospital
Al Raffah Hospital
Badr Al Sama Hospitals
Burjeel Hospital
Muscat Private Hospital
NMC Healthcare
Aster Al Raffah Hospital
Badr Al Sama Hospitals
Burjeel Hospital
KIMS Hospital
NMC Healthcare
Aster
ROBUST GROWTH
Several renewable projects are being lined up in the country, which is expected to drive the power generation and distribution market
The Oman power market size is estimated at 15.67 gigawatt in 2024, and is expected to reach 19.40 gigawatt by 2029, growing at a CAGR of 4.40 per cent during the forecast period (2024-2029).
New renewable projects such as the expansion of transmission and distribution projects, are expected to drive the market studied during the forecast period.
The government is looking to expand its electricitygeneration capacities through renewable independent power projects (IPP), with plans to derive at least 30
percent of electricity from renewables by 2030.
Al Batinah Power, Al Rusail Power Company, Al Suwadi Power Company, Barka Water and Power Company, Rural Areas Electricity Company, Sembcorp, SMN Barka, Sohar Power Company, and United Power Company are among the top power generation companies.
Al Ghubra Power, Al Suwaidi Power, Barka Water & Power and Rural Areas Electricity Company are additions to the list from the previous survey.
TOP BRANDS AND PREFERENCES
Al Batinah Power
Al Ghoubrah Power and Desalination Company
Al Suwadi Power Company
Sembcorp
United Power Company
Al Batinah Power
Al Ghoubrah Power and Desalination Company
Al Suwadi Power Company
Barka Water and Power Company
SMN Barka
Al Rusail Power Company
Al Suwadi Power Company
Barka Water and Power Company
Sembcorp SMN Barka
Al Batinah Power
Al Ghoubrah Power and Desalination Company
Al Suwadi Power Company
Sembcorp
United Power Company
REAL ESTATE DEVELOPERS AND FACILITIES MANAGEMENT
SHIFTING CHOICES
Oman’s real estate market growth is driven by rising demand for modern luxury properties, emergence of mixed-use developments and government initiatives to attract investment
The real estate market in Oman is projected to reach a value of $298.60 billion in 2024, driven by a growing demand for luxury waterfront properties. Residential real estate is the leading segment, with an expected market volume of $214.40bn for the same year. This sector is anticipated to grow at an annual rate of 3.70 per cent from 2024 to 2029, potentially reaching a market volume of $358bn by 2029. Among the top
TOP BRANDS AND PREFERENCES
Al Habib
Al Mouj Muscat
Al Osool Group
International
Business
Tibiaan Properties
brands are Al Habib, Al Mouj Muscat, Al Osool Group, Hamptons International, Qurum Business Group, Regus Oman, Savills, Tibiaan Properties, Wave Homes, and Wujha Real Estate. Qurum Business Group, Regus Oman, and Wave Homes are new additions to this list compared to the previous survey. Male
Al Habib
Al Osool Group
Hamptons International
Savills
Tibiaan Properties
Al Mouj Muscat
Regus Oman
Savills
Tibiaan Properties
Al Habib
Al Mouj Muscat
Hamptons International
Savills
Tibiaan Properties
Al Habib
Al Mouj Muscat
Hamptons International
Savills
Tibiaan Properties
Al Habib
WATCHES & JEWELLERS
EXPANDING PRESENCE
Oman has a thriving market when it comes to watches and jewelry
Oman’s Watches & Jewelry market is projected to grow at an annual rate of 5.48 per cent (CAGR 20242029). Recently, the demand for jewelry in Oman has shown a strong upward trend. Between 2020 and 2023, the GCC jewelry market experienced considerable growth, driven by the expansion of the fashion industry, increased tourism, and the establishment of new luxury retail stores to meet rising demand. Tanishq, the well-known jewelry brand under Tata Group, opened its first flagship
store in Oman, further strengthening its presence in the Gulf Cooperation Council (GCC) region. This strategic expansion follows successful store launches in the UAE and Qatar, marking a significant step in its regional growth. The introduction of new luxury stores in the area is catering to the increasing demand for high-end jewelry, further boosting the GCC jeweler market. Aigner has also been added to the list from the previous survey.
TOP BRANDS AND PREFERENCES
Male
METHODOLOGY
OER’s ‘Most Trusted Brands in Oman 2024’,’ survey is an attempt to track the strength of various brands’ relationships with their consumers. Oman Economic Review intends to understand the dynamic market environment with questions on business activities and their impact on brands, both Omani and multinational, and the recall that brands enjoy in an increasingly cluttered mind space of consumers.
The study was conducted among a cross section of employees working in Oman who were randomly selected.
They were classified into two categories namely Top Management (TM) and executives’ choice. The top management category includes CEOs, managing directors, general managers, chief financial officers, chief operating officers, owners, and other senior executives. The executive choice category contained mid-level employees and other executives from different sectors.
The survey was conducted by Arabian Research Bureau (ARB) on behalf of Oman Economic Review in October-November 2024.
The following are further breakdown of the respondents surveyed:
Note: The top ten brands in each category is based on percent calculated. The top 10 higher percent of brands are listed with each category.
The top ten brands are listed in alphabetical order with their name instead of their ranking and score. The top 5 brands for each category are based on percent derived in the Omani Vs Expatraite and Male Vs Female segments. In the same way, instead of the ranking and score, the top 5 brands are listed in alphabetical order with their names.
The field management, quality control, data analysis, and report preparation components of the study were handled by the following ARB staff:
- Mohammad Kamal Ahmad, Senior Manager
- Maariya Raza, Assistant Researcher
- Hadil Al Nabhani, Assistant Researcher
- Shahla Al Riyami, Project Coordinator
- Aasir Ahmed, Project Manager
SETTING BENCHMARKS
STELLAR PERFORMANCE
Abraj Energy Services among the top five winners in the Large Cap category at the OER Corporate Excellence Awards 2024
Techno Plastic Industry SAOC celebrates 25 years of innovation and global expansion
Abraj Energy Services, Oman’s leading oil and gas services provider was recently honoured as one of the top five companies in the LargeCap Segment at the OER Corporate Excellence Awards 2024, as per a survey conducted by MOORE.
As the only energy company focusing on strategic top-tier services combined with strong operational efficiency, Abraj Energy Services continues to deliver maximum financial returns and sustainable growth. The company performed exceptionally well in 2023, achieving steady results in Drilling and Workover Services and remarkable contributions from Well Services.
In 2023, Abraj managed to breakthrough the regional market
by penetrating the Kuwaiti drilling market with the award of 3 drilling rigs with Wafra Joint Operations (KGOC and Saudi Chevron). Abraj introduced game changer rigs that are equipped with the latest cutting-edge technology. The company is the first contractor in the region to own fully automated rigs in the market. Abraj is focused on providing services around Oil and Gas Wells, during and post wells construction.
OER Corporate Excellence Awards 2024, organised by Oman Economic Review (OER), Sultanate’s premium business magazine, the awards ceremony was held at Sheraton Oman Hotel on December 16, 2024. His Excellency Faisal Al Rawas, Chairman of the Oman Chamber of Commerce and Industry was the chief guest at the event.
Hosted by His Excellency Shaikh Salim bin Mustahail Al Mashani, the gala event turned the spotlight on the paragons of corporate achievement, both listed and non-listed companies, who showcased remarkable performance and innovations.
OER, in partnership with MOORE conducted a comprehensive survey of companies listed on the Muscat Stock Exchange, evaluating them against selected criteria including Company performance, Financial health, Profitability and Shareholder return. Companies were categorised into large cap, mid cap, and small cap segments to recognise top performers in each category.
PIONEERING TRANSITION
PDO advances Oman’s Renewable Energy Future by awarding three IPP Projects
Petroleum Development Oman (PDO) has announced the signing of landmark agreements with OQ Alternative Energy (OQAE) and TotalEnergies to develop three pivotal Renewable Independent Power Producer (IPP) projects: North Solar 100MWac PV IPP, Riyah-1 Wind 100MWac IPP, and Riyah-2 Wind 100MWac IPP. These projects represent a significant stride in PDO’s commitment to sustainability, aligning with Oman’s Vision 2040 and the national target of achieving Net Zero emissions by 2050.
The collaboration underscores PDO’s acceleration toward a low-carbon future through innovative renewable energy initiatives. Collectively, the projects will harness Oman’s abundant solar and wind resources
to diversify the country’s energy mix, reduce greenhouse gas emissions, and enhance sustainable energy.
HE Salim Al Aufi, Minister of Energy and Minerals, commended PDO’s leadership in advancing the energy transition, stating, “The Sultanate of Oman has achieved significant strides in embedding sustainability principles to secure a prosperous future. PDO’s commitment and collaboration with key energy sector partners reflect our collective efforts to achieve the nation’s visions and goals. Today’s event highlights the strength of our national partnership in reducing carbon emissions and advancing the transition to clean energy sources, aligning with global trends toward a more sustainable future. This project also reinforces the trust placed in OQ Alternative Energy as a
leading developer for this and future initiatives.”
Dr Aflah Al Hadhrami, Managing Director of PDO, emphasised the company’s critical role in supporting Oman’s Net Zero ambitions saying, “We are delighted to sign these agreements, which further reinforce our steadfast commitment to achieving Net Zero emissions by 2050 in line with the objectives of Oman Vision 2040, mainly the diversification of energy sources to ensure sustainable energy security.
“PDO’s journey towards sustainability was firmly established with previous groundbreaking initiatives, including the Amin Solar IPP Power Plant and the Rima Water Treatment Project. These projects, alongside the ones signed today, continue to reshape Oman’s energy landscape by blending
technological innovation with environmental stewardship. They also support our aim of sourcing 30 per cent of our power capacity from renewables by 2026, reflecting our dedication to a cleaner, sustainable future.”
Najla Zuhair Al Jamali, Chief Executive of OQ Alternative Energy said, “Today, we witness a significant milestone in OQAE’s journey as we step forward as the appointed National Champion for Clean Energy in Oman. Energy transition is a significant journey for everyone, but we are actively engaged in planning this journey for Oman, with over 7 GW of projects within our project pipeline. At OQ, we focus on sustainable growth in Oman’s energy sector and foster partnerships for a smooth energy transition. Our vision is to maximise the value of Oman’s energy resources while ensuring a sustainable future through innovative solutions that meet both current and future energy needs.”
North Solar IPP: Powering a Brighter Future
The North Solar IPP, spanning an area of three-square kilometers—equivalent to 468 football pitches—will generate 100 MWac of clean, renewable energy. This utility-scale solar photovoltaic farm, scheduled to be commercially operated in Q2 2026, represents a major step in PDO’s renewable energy journey. Environmental Impact: By harnessing the sun’s power, the project will reduce CO2 emissions by over 220,000 tons annually and save millions of cubic meters of natural gas each year. Energy Independence: By utilising advanced renewable technology, North Solar IPP will Maximise energy diversification, ensuring a sustainable supply for future generations.
Riyah-1 and Riyah-2 Wind Farms
The Riyah-1 and Riyah-2 wind farms, located in Amin and Nimr West, will collectively produce 200 MW of clean energy, revolutionising Oman’s energy landscape. These projects, covering an area equivalent to 1870 football pitches, will be commercially operational by Q4 2026. Harnessing Wind in Oil and Gas: both on-shore
wind projects set a remarkable global milestone, having the first oil and gas company as a sole buyer to integrate a wind farm into its grid. Reducing Carbon Footprint: The wind farms will save millions of cubic meters of gas annually, contributing significantly to cost savings and a substantial reduction in CO2 emissions collectively by approximately 740,000 tons.
Allies in Sustainability
Olivier Jouny, Senior Vice President of Renewables from TotalEnergies reaffirmed their dedication to advancing the energy transition, stating, “This collaboration affirms our ambition to be a key partner in the energy transition and achieve carbon neutrality by 2050. By collaborating with PDO and OQAE, we are proud to contribute to Oman’s sustainable energy future and set a precedent for innovation and environmental stewardship for the generations to come.”
These projects advance Oman’s renewable energy goals and also present significant opportunities for developing the local supply chain. The initiatives will involve: Local Manufacturing and Procurement: Increasing demand for locally produced materials and services; Skill
Development: Providing training and employment opportunities for Omanis in renewable energy technology and project implementation; Long-term Economic Benefits: Establishing a foundation for Oman’s future renewable energy projects, ensuring knowledge transfer and capacity building within the local workforce. By leveraging local expertise and resources, PDO and its partners aim to foster a sustainable energy ecosystem that drives economic growth.
These renewable energy projects bring widespread benefits to Oman: Reduced Carbon Footprint: Substantial mitigation of greenhouse gas emissions by replacing fossil fuels with clean energy sources; Enhanced Energy Security: Strengthening Oman’s energy independence and resilience; Economic Development: Stimulating local economies through job creation and technological advancements in renewable energy; Environmental Stewardship: Preserving Oman’s natural resources for future generations.
Through these projects, PDO continues to position itself as a pioneer in energy transition, championing sustainability, innovation, and collaboration to achieve Oman’s Net Zero ambitions.
DELIVERING VALUE
Bank Muscat celebrates Najahi Business Banking’s 10th year anniversary
he Small and Medium Enterprises (SME) sector has witnessed increasing attention worldwide due to the essential role they play in supporting economies and their integral part in sustainable development plans. Understanding this significance, the Bank strives to strengthen its support for the sector starting from the inauguration of Najahi Business Banking unit in 2014. Celebrating
businesses thereby strengthening the local economy and creating new employment opportunities. This specialised unit has been developed to support this sector by providing banking products and facilities tailored to the needs of small businesses and assisting them in achieving growth and progress, thus contributing to making a positive impact on society. Najahi serves as a platform to foster innovation and promote economic progress by offering a variety of banking and advisory services for small businesses. I would like to take this occasion to express my appreciation to Najahi customers for their support and confidence in our services. The Bank will continue its efforts to always deliver the best possible services to its valued
managed to grow step by step from a small to a medium business.”
About his experience with Najahi, Amjad Ali Al Fairoz, Founder of 4Wheel Hero’s, said, “A friend introduced me to Najahi, and when I started with them, Najahi helped me get past the challenges I was facing. I received the support I needed to expand my business through Najahi. I am proud to say that in one year, we managed to open two branches in Oman and we are looking forward to open other branches across the different governorates in the future.”
Najahi has a customer base of more than 75,000 businesses operating in trading, services, manufacturing and
Bank Muscat’s Internet Banking services provide a fast, convenient and secure banking experience for SMEs to manage their finances 24x7. The Online Banking platform can be used by Najahi customers for fund transfers to local or foreign accounts, bill payments and bulk payments to vendors. It also facilitates salary payments for employees under the Wages Protection System (WPS). Najahi Current Account holders can also open FD accounts and request for cheque books. They can block their Najahi Card in case it is lost or stolen. Security is ensured by a physical token and a secure mailbox. It must be noted that the bank’s online banking platform features the latest technologies and world-class security features.
Asyad Express emerges as a key player in the growth of e-commerce and luxury lifestyle products in the GCC
The e-commerce sector in the GCC is experiencing exceptional growth, driven by the increasing demand for luxury products and modern lifestyle goods, such as fashion, beauty products, health, home decor, and interior designs.
According to statistics, e-commerce spending in these countries is expected to reach $46.88bn by 2029, with a compound annual growth rate of 9.93 per cent. This rapid growth can be attributed to several key factors, including the widespread availability of online services in the region, an increase in digital awareness among consumers, and government initiatives to strengthen the digital economy.
Additionally, the convenience and comfort of online shopping, the ability to customise selections, and fast delivery services all contribute to e-commerce becoming an essential part of consumers’ daily lives.
Online shopping has become the preferred consumption model in the GCC, with 73 per cent of consumers opting to shop online for their food needs. This trend extends beyond food to include electronics and personal care products. The rise of smartphone payment systems and digital wallets has significantly enhanced the online shopping experience. Forecasts indicate that the GCC will see an annual growth rate of 10.95 per cent in the total revenues of the e-commerce
sector between 2023 and 2027. This rapid growth is largely dependent on the strength of the logistics sector, which serves as the vital link between brands and consumers. The logistics market in the MENA region is projected to reach approximately $57bn by the year 2026, underscoring its critical role in supporting the burgeoning e-commerce industry.
In this context, leading logistics companies like Asyad Express play a pivotal role in meeting the increasing market demands by providing advanced infrastructure and reliable logistics solutions. Asyad Express supports brands in expanding and growing in a highly competitive and fast-changing digital market, with a
focus on offering services tailored to the luxury product sector.
Benefiting from its strategic location at the crossroads of Asia, Africa, and Europe, the Sultanate of Oman enjoys a competitive edge in accessing global markets. Asyad Express, part of Asyad Group, one of the largest integrated logistics service providers in the Middle East and North Africa (MENA), offers innovative logistics solutions that are revolutionising the logistics market in the GCC and beyond. Asyad Express is also a key player in driving the digital economy’s growth, boosting the competitiveness of companies in this expanding market.
Asyad Express has achieved significant growth in the luxury products and lifestyle sectors within the e-commerce market. In 2023, it handled over 600,000 shipments and generated revenues exceeding $7mn. Continuing its success, the company has processed more than 925,000 shipments, amounting to over $22mn from January to November 2024. These figures reflect Asyad Express’s vital role in supporting the growing e-commerce market and meeting the increasing demand for modern lifestyle products.
The key to Asyad Express’s success lies in providing a comprehensive range of services that meet the needs of the e-commerce sector. These services include modern storage facilities covering over 5,700 square meters, reliable delivery services connecting local and regional markets, and an expansive distribution network reaching over 220 destinations worldwide. Asyad Express is the ideal partner for e-commerce platforms and companies of all sizes, from global e-commerce leaders to local small businesses.
Asyad Express offers tailored solutions according to the unique needs and demands of each client, having partnered with renowned brands such as Shein, ASOS, Amouage, Boutiqaat, Rydan, Lattafa, and many others. These partnerships have expanded the reach of companies, enhanced their operations, and introduced innovative customer experience models.
The collaboration with leading brands aligns with Asyad Express’s vision of transforming the e-commerce and digital logistics sectors in the Middle East. By leveraging its strategic geographic location and advanced logistics infrastructure,
Asyad Express focuses on delivering innovative services that meet the demands of global companies, enhancing Oman’s position as a leading global logistics hub. In addition to its integrated logistics services, Asyad Express provides a range of value-added solutions, including cash-on-delivery services, returns management, customs clearance, packaging services, and shipment tracking. These advanced solutions help meet customer needs in a highly competitive market, making Asyad Express a strategic partner for companies aiming to grow and achieve excellence.
Asyad Group continues to move steadily towards achieving its ambitious vision of becoming one of the top ten global companies in providing integrated logistics services by 2040. Its efforts are not only focused on realising Oman’s aspirations to become a global logistics hub, but also on playing a pivotal role in shaping the future of modern lifestyle trends in the GCC countries. This goal highlights Asyad Express’s ambition to create an integrated and dynamic market that connects brands with consumers efficiently and effectively, contributing to driving economic growth in the region.
ADAPTIVE STRATEGIES
Arabia Falcon Insurance Company (AFIC) is implementing state-of-the-art tools to customise customer interactions and enhance service excellence. The company will also be rolling out user-friendly interfaces to improve accessibility and availability, says Girish Gopinath, Head of Technology and Digital Transformation, in an interview with Oommen John.
Can you provide an overview of Arabia Falcon Insurance Company’s key achievements and its role in shaping the insurance industry in Oman?
Arabia Falcon Insurance is proud to be a leading composite insurance provider in the Sultanate, leveraging deep market expertise to deliver exceptional customer experiences. Our strong focus on customer-centricity has resulted in operational efficiencies and positioned us as a market leader. We remain at the forefront of innovation, with ongoing digital transformation initiatives and plan to introduce significant value-added solutions to our valuable customers. By automating internal processes and fostering key partnerships, we have built a reputation as a forwardthinking insurance provider dedicated to adapting to market trends and customer needs.
What innovative digital transformation initiatives have you prioritized to stay ahead in the rapidly evolving insurance landscape?
Our priority is to develop an end-toend digital customer journey, from policy issuance to claims settlement. We are implementing AI-driven tools to personalise customer interactions and launching an intuitive mobilefriendly interface to improve
accessibility. Additionally, we are exploring blockchain for secure policy management and our discussions are progressing with insurtechs to enhance our predictive analytics and automation capabilities.
From your perspective, how can AI and automation revolutionize core operations, such as underwriting, claims processing, and customer engagement in the insurance sector? AI and automation have the potential to transform the insurance industry by enhancing accuracy, efficiency, and scalability. For example, AI can analyse vast datasets to improve underwriting precision, offering more tailored policies. Automation reduces manual intervention in claims processing, ensuring faster and error-free settlements. For customer engagement, AI-driven chatbots and predictive analytics allow insurers to provide 24/7 personalised support, ultimately boosting customer satisfaction.
How do you see the integration of insurtech solutions enabling scalable and sustainable ecosystems for the future of insurance?
Insurtech solutions are vital in creating ecosystems that connect insurers, customers, and partners seamlessly. By leveraging APIs and cloud platforms, insurers can scale their operations, enhance
collaboration, and deliver real-time services. Sustainability comes from data-driven insights, which help in reducing fraud, improving risk assessment, and promoting valueadded services. Ultimately, insurtech fosters innovation while optimising costs and expanding market reach.
What strategies do you recommend for insurers to effectively transition into digital-first models while maintaining personalized customer experiences?
A successful transition to digitalfirst models requires a balanced approach that blends technology with a human touch. Insurers should focus on omnichannel platforms that allow customers to switch seamlessly between digital and traditional channels. AI-driven personalisation, combined with robust data analytics, ensures customer needs are met efficiently. Furthermore, regular customer feedback loops and training staff to manage digital tools are key to maintaining strong relationships in the digital era.
In your opinion, what are the biggest challenges insurers face when adopting digital-first strategies, and how can they overcome these hurdles?
The biggest challenges include existence of legacy systems, and data
privacy concerns. Overcoming these requires a clear change management strategy, starting with leadership buy-in and staff training. Upgrading legacy systems with modular, APIbased platforms ensures smoother transitions.
Lastly, prioritising cybersecurity and regulatory compliance builds trust and mitigates privacy risks, enabling insurers to fully embrace digital strategies.
Looking ahead, which emerging technologies—such as blockchain, IoT, or predictive analytics—do you believe will reshape the insurance sector, and how should
companies prepare to embrace these innovations?
Blockchain will enhance transparency and fraud prevention, especially in claims and policy management. IoT will revolutionise risk assessment, with connected devices providing realtime data for more accurate premiums. Predictive analytics will help insurers anticipate customer needs and improve decision-making. To embrace these technologies, companies should invest in upskilling their workforce, fostering innovation labs, and forming strategic partnerships with tech providers.
How do you envision the role of partnerships between traditional
Our priority is to develop an end to end customer experience digitally from first interaction until the policy issuance, claim intimation until its settlement. We are implementing suitable tools to personalise customer interactions and launching an intuitive mobilefriendly interface to improve accessibility
insurers and insurtech startups in driving innovation and value creation in the industry?
Partnerships between insurers and insurtech startups are mutually beneficial. Startups bring agility, innovation, and cutting-edge solutions, while traditional insurers provide scale, market knowledge, and customer trust. Collaborations can lead to faster product launches, improved operational efficiency, and enhanced customer experiences. By fostering an open innovation culture, these partnerships will accelerate the industry’s transformation and deliver long-term value.
REWARDING EXCELLENCE
OER Corporate Excellence Awards 2024 honours entities and individuals for their exceptional accomplishments
The second edition of OER Corporate Excellence Awards, a flagship event by the Sultanate’s premium business magazine, was held at Sheraton Oman on December 16, 2024. Hosted by His Excellency Shaikh Salim bin Mustahail Al Mashani, the gala event turned the spotlight on the paragons of corporate achievement, both listed and non-listed companies, who showcased remarkable performance and innovations. His Excellency Faisal Al Rawas, Chairman of the Oman Chamber of Commerce and Industry was the chief guest at the event. The event, which was a convergence of industry stalwarts and decisionmakers, included an enlightening keynote session unveiling industry
insights and futuristic trends, besides award presentations to commemorate corporate magnificence.
Naveen Narayanan, Group Managing Director, SSA Consulting Group delivered a presentation on “Profit Leadership,” wherein he emphasised the business benefits that include identifying hidden areas of profit leakage. He also discussed how this approach creates a sense of urgency, enables benchmarking against toptier performance, and promotes the adoption of global best practices. The event also featured an insightful panel discussion on “Unlocking opportunities, achieving excellence.”
The panelists included Sheikh Khalil Al Harthy, CEO, Credit Oman, Saud
Ahmed Al Siyabi, Chief Operating Officer, OIFC, Khalid Alaraimi, Country Head - Future Pipe Industries, Murali Sundar, CEO, The National Detergent Company and Mohammed bin Jaffar Al Najwani, Head of Enterprise and Digital Solutions, Ooredoo Oman. Oommen John, Editor, Oman Economic Review (OER) moderated the session. The panel session explored various strategies and initiatives to harness potential in Oman, emphasising collaboration, innovation, and the importance of leveraging local resources to drive growth and excellence. The panelists emphasised that agility and effectively leveraging opportunities are crucial for achieving business excellence.
Atulya Sharma, CEO, United Media Services in his welcome address said
corporate excellence is a multifaceted concept that encompasses the sustained performance and superior achievements of an organisation across various dimensions. It is not merely about achieving short-term success but involves a continuous commitment to improvement, innovation, and ethical practices. Organised by UMS Events, over 200 high profile attendees encompassing business stalwarts and C-suite executives attended the event. National Finance, Al Baraka Oilfield Services, Dhofar Insurance Company and Khedmah Delivery by OIFC were the Strategic partners. Future Pipe Industries, Oman Qatar Insurance Company, Gulf Mushroom Company, and Muscat Overseas Group were the Associate partners. SSA Consulting
Group and Credit Oman were the Support partners. Changan Auto from Arabian Gulf Automobiles and Equipment was the Official Automotive partner. Ooredoo Oman was the Telecom partner, Moore, the Knowledge partner, UMS Digital, the Digital Partner. Al Amaliktisaad was the Media Partner and OERLive the Online Media Partner. Oman Chamber of Commerce and Industry (OCCI), ITHCA Group, Advantage Austria from Embassy of Austria and Embassy of Tanzania, Muscat were the endorsement partners.
OER, in partnership with MOORE conducted a comprehensive survey of companies listed on the Muscat Stock Exchange, evaluating them against selected criteria including Company
WINNERS OF OER CORPORATE EXCELLENCE AWARDS 2024
performance, Financial health, Profitability and Shareholder return. Paul Callaghan, Partner at Moore Oman provided insights into the detailed methodology of the survey. Companies were categorised into large cap, mid cap, and small cap segments to recognise top performers in each category. Further, OER’s editorial board meticulously selected the companies—whether listed, privately held, or governmentowned—alongside industry leaders and innovative corporate initiatives that have made significant contributions to the economic and social progress of the Sultanate, aligning with the objectives of Vision 2040. The entities and individuals identified for their exceptional accomplishments were honoured with awards at the event.
SPECIAL AWARDS
FMCG Brand of the year
Crafting a Legacy of Innovation and Reliability in Piping Solutions
Enhancing Oman’s Presence in Global Trade
Innovation in Food Production
SUV of the YEAR
Foundations to Frontiers: Incredible Journey of Growth in Energy
Innovation and Sustainability
Diversified Innovation in Tech KHEDMAH
Catalyst for Business Success
Exemplary Work Towards Achieving Vision 2040
Technology
FOR A BETTER FUTURE
The first edition of Oman CSR Summit & Awards increased awareness of CSR and sustainability in Oman
The inaugural edition of Oman CSR Summit and Awards was held on December 17, 2024 at Sheraton Oman. The event was graced as a Chief Guest by HE Mahad bin Said bin Ali Baawain, Minister of Labour, Sultanate of Oman and held under the auspices of HE Shaikh Salim bin Mustahail Al Mashani. HH Sayyida Hujaija Jaifer
Saif Al Said and Sayyid Hamid bin Sultan Al Busaidi, Executive Director, Oman Center for Governance and Sustainability were the Guest of Honours.
Oman CSR Summit & Awards endeavours to increase awareness and a culture of CSR, ESG and In Country Value in Oman in addition to
honouring organisations and people who have exhibited exceptional leadership in CSR and Sustainability. In his inaugural address, Atulya Sharma, CEO, UMS, said, “CSR is no longer merely an adjunct to business operations; it has become an indispensable tool for aligning private sector efforts with public sector objectives to achieve long-term
quality-of-life improvements. This alignment is essential, particularly as Oman moves towards achieving the ambitious goals outlined in Vision 2040.” The event was endorsed by Oman Centre for Governance & Sustainability and Dar Al-Atta’a. Petroleum Development Oman was the Strategic Partner. Its Associate partners were Sohar Port & Freezone and Oman LNG. Omantel was the Official Telecom partner. Al Madina Takaful was the Islamic Insurance Partner. The Automotive Partner was Changan and OER and Alam Al Iktisaad were the media partners.
CSR Awards 2024 were also presented at the event. The Awards recognised outstanding organisations and leaders from the corporate sector and nonprofit organisations who have made path-breaking contribution to CSR and Sustainability through their innovative and impactful initiatives.
The Summit saw participation from a notable cross section of speakers. The Keynote address was delivered by Eng. Mohammed Ahmed Al Ghareebi, External Affairs, Communications and CSR Manager, PDO. Basim Nasser Al-Battashi, Head, Sustainability Development, Oman LNG, Dr. Shamsa bint Hamad bin Said AlHarthiya, General Director, Dar Al Atta’a Association, Dar Al Atta’a, Eng. Nasser Al Amri, External Consultant, Al Madina Takaful, Suaad Al Harthi, Executive Director, Environment Society of Oman, Sabah Al Bahlani,
CEO, Association of Early Intervention for Children with Disabilities, Ahmed Al-Waily, Head of Marketing, Corporate Communications and Sustainability, Bank Nizwa, Kamal Khimji & Subhashree Satapathy from the Art of Living also addressed the august gathering.
The Summit also had a panel
discussion on the topic: ‘CSR & ICV – A key pillar for making Business’ resilient, ethical and sustainable.’ The panelists included Eng. Mohammed Ahmed Al Ghareebi, External Affairs, Communications and CSR Manager, PDO, Sabah Al Bahlani, CEO, Association of Early Intervention for Children with Disabilities, Suaad Al Harthi, Executive Director,
Environment Society of Oman,
Mohammed Nayaz, PartnerTechnology Consulting, PwC Oman and Nooh Al Zadjali, Head of HR, Administration & IT, Al Madina Takaful. The panel was moderated by Mayank Singh, Executive Vice President and Group Editor, UMS.
Pioneering ESG & Sustainability Standards
Youth Empowerment
Empowering differently abled Children
Muscat Stock Exchange
Oman LNG for Summer Programs for Youth in South Al Sharqiyah
Association of Early Intervention for Children with Disability
Intelligent & Low-Carbon Mobility Company of the Year
Outstanding Environmental Impact
Transforming CSR through Strategic Partnerships
Best Health and Wellness Initiative
Best Use of Technology in CSR
Promoting Governance Codes
Exceptional Community Service for societal well-being
Best Sustainability Initiative
Best CSR Project
Exemplary CSR Leadership
Social Responsibility Luminary Award
CSR Leader of the Year Award
Changan
The Environment Society of Oman
Petroleum Development Oman’s Co-Funding Model
Al Madina Takaful
Omantel for its AI Cancer Diagnosis Tool
Oman Centre for Governance & Sustainability
Amlaak Energy Resources LLC
SOHAR Port & Freezone for its Contribution to the National campaign for planting ten million trees
Oman LNG’s Oman National Autism Centre.
Sohar International
HH Sayyida Hujaija Jaifer Al Said
Mohammed al Ghareebi, External Affairs, Communication and
Social Investment Manager, Petroleum Development Oman
SPACIOUS AND STYLISH
Bestune Oman launches all new family friendly Bestune T90 crossover
Bestune Oman, represented by Gulf Great Sands (GGS) LLC, has unveiled the all new Bestune T90 crossover, a family SUV designed to meet diverse needs. The vehicle is available in three distinct variants, catering to a range of preferences and requirements.
A spokesperson for Bestune Oman said, “The new T90 exemplifies innovation, comfort, and safety, making it a standout choice for families and individuals. With its comprehensive safety features, and luxurious interiors, the T90 is a crossover that excels in every aspect. We are thrilled to bring a vehicle that seamlessly combines performance with modern luxury.” Each T90 model offers a unique mix of specifications, features, and cuttingedge technologies, emphasising performance, comfort, and safety.
Bestune T90 Premium 1.5L Turbo
The entry-level Bestune T90 Premium 1.5L Turbo balances practicality and performance. It features a 1.5L turbocharged engine delivering 158 horsepower and 258 Nm of torque through a dual-clutch transmission.
Key highlights include a panoramic sunroof, LED headlamps, and alloy wheels. Inside, it has a 6-way power driver and manual pass seat, a leather-wrapped multifunctional steering wheel, and dual-zone automatic air conditioning. Safety features include blind-spot monitoring, S-ACC premium cruise control, dynamic park assist and multiple airbags. The infotainment system boasts an LCD display and a six-speaker audio setup.
Bestune T90 Limousine 2.0L Turbo
Building on the Premium 1.5L Turbo, the Bestune T90 Limousine 2.0L Turbo includes all its features with additional enhancements. These include a more powerful 2.0L turbocharged engine delivering 240 horsepower and 380 Nm of torque. Luxury upgrades such as continuous LED headlamps integrated with full microfibre seats, head up display and power adjustable passenger seat and an interactive ambient lighting system further elevate the experience. Enhanced safety features, including rear collision warning and lane change assist, provide added
assurance. An upgraded eightspeaker audio system enriches cabin entertainment.
Bestune T90 Flago 2.0L Turbo
The top-tier Bestune T90 Flago 2.0L Turbo shares the specifications of the Limousine 2.0L Turbo while adding exclusive features for a more luxurious experience. These include 19-inch alloy wheels, electric folding mirrors with memory and reverse sync, and perforated seats with eightway driver seat with memory. Inside, the AC scent system and mood lights enhance comfort and sophistication. Safety is further bolstered with front parking radar and fully automatic parking for added convenience.
The Bestune T90 is available in a variety of colours, including phantom night black, pearl white, moon blue, red, putty grey, and bronze grey, allowing buyers to match their personal style. With its robust performance, safety focus, and luxurious interiors, the T90 is a versatile crossover suitable for families and individuals.
FEATURE-RICH
The 2025 Mitsubishi Outlander is a versatile SUV that meets the needs of families and car enthusiasts alike with its design and technology. An OER Report
With its elegant design, advanced technology, and impressive performance, the 2025 Mitsubishi Outlander SUV makes a strong impression and stands out as a leader in its segment. The Outlander’s powerful presence on the road is accentuated by dimensions of 4710 mm in length, 1897 mm in width, and 1745 mm in height.
The 2706 mm wheelbase contributes to both stability and spaciousness, ensuring passenger comfort, while the 20-inch alloy wheels enhance its stylish profile. The Outlander’s contemporary and functional design makes it well-suited for diverse driving conditions.
The SUV features a 2488 CC inline direct injection engine that produces a powerful 184 PS at 6000 rpm and 244 Nm of torque at 3600 rpm. The
electronically controlled fuel injection system optimises performance, and the CVT with an 8-step sport mode guarantees a smooth, responsive driving experience. Its wellengineered suspension includes Macpherson struts with a stabilizer bar at the front and a multi-link setup at the rear, contributing to a comfortable ride. With a fuel tank capacity of 55 litres, the Outlander is built for long journeys, and its front and rear disc brakes provide reliable stopping power for enhanced safety.
The Outlander’s elegant exterior features bold LED headlights and sculpted body lines, creating a modern and aggressive look. The horizontal rear profile and commanding 20-inch alloy wheels add to its sporty appeal, making it a true head-turner. Equipped with Mitsubishi’s innovative SuperAll Wheel Control technology,
the Outlander allows drivers to confidently navigate various terrains. The 4WD model offers six distinct drive modes, while the 2WD version has five, catering to both urban streets and off-road adventures.
Inside, the Outlander captivates with a full digital driver display that converts traditional gauges into a detailed information hub, enhancing the overall driving experience. The Hill Descent Control feature automatically regulates braking on downhill slopes, providing an added layer of safety and convenience.
Overall, the 2025 Mitsubishi Outlander is a versatile SUV that meets the needs of families and car enthusiasts alike. With its stylish design, advanced technology, and impressive performance, it is wellequipped for both daily commutes and outdoor adventures.
KEY SPECIFICATIONS
• Length x Width x Height (mm) : 4710x1897x1745
• Wheel Base: 2706 mm
• 20’’ Alloy
• Front & Rear body Colour bumper
• Power Folding Door Mirrors with Side Turn Signal
• Suspension: front –Macpherson strut with stabilizer bar Rear- Multi link
• Fuel tank capacity – 55 litres
• Front & Rear Disc brakes
BILLBOARD
Meethaq Islamic Banking honoured with GIF Market Leadership Award for 2024
Meethaq Islamic Banking from Bank Muscat, has been honoured with the Global Islamic Finance Award (GIFA) for Market Leadership. This prestigious recognition highlights Meethaq’s unwavering commitment to advancing the Islamic Banking landscape in the Sultanate of Oman. The accolade underscores Meethaq’s dedication to providing top-tier Shariacompliant services and innovative solutions tailored to the diverse needs of individual and institutional customers. Since its inception, Meethaq has remained steadfast in its mission to excel consistently delivering financial solutions that align with evolving customer requirements. Speaking on the recognition, Ali Ahmed Al Lawati, Assistant General Manager, Meethaq Corporate Banking, expressed his delight, stating, “We are immensely honored to receive this prestigious award, which reflects Meethaq’s enduring journey of accomplishments and successes. We extend our gratitude to
the GIFA team for recognizing Meethaq’s leadership in the Islamic banking sector. This recognition would not have been possible without the trust and confidence of our valued customers. Meethaq remains committed to delivering exceptional Sharia compliant services and innovative solutions that meet the aspirations of our customers while adhering to the international standards.”
Ali Al Lawati added that Meethaq Islamic Banking has achieved significant milestones in its journey by offering tailored Sharia-compliant services that have received widespread positive feedback. Highlighting one such achievement this year, he noted: “Meethaq Equity Fund is a Sharia-Compliant equity fund launched in collaboration with Bank Muscat’s Asset Management Unit. The Fund is designed to achieve long-term capital appreciation and dividend distributions by primarily investing in a portfolio of sharia-compliant stocks listed in the GCC region. This is just one example of how Meethaq continues to innovate and deliver value-driven banking solutions to our customers.”
NBO partners with First Exchange to enhance remittance services via API Banking Portal
National Bank of Oman (NBO) is delighted to announce signing a pivotal agreement to partner with First Exchange, a leading financial services provider specialising in international remittances, foreign currency exchange, and payment services. The agreement was signed by Abdullah Zahran Al Hinai, CEO, NBO, and Dr. Ghazi Nasser Al Alawi, Chairman of the Board of Directors of First Exchange.
The partnership facilitates easier and safer methods for customers to send money by integrating First Exchange’s services with NBO’s advanced API Banking Portal. This collaboration is also in line with NBO’s long-term vision to build enduring partnerships and expand its digital landscape capabilities
in the market, ensuring innovative solutions that meet the evolving needs of customers. The collaboration will allow First Exchange to route all remittance transactions through NBO’s Payment Hub, ensuring fast and secure money transfers across borders. NBO’s API Banking Portal offers First Exchange a strong platform to expand its digital payment options with fast payment and transfer services across its retail branches and digital channels.
Commenting on this strategic step, Dr Ali Al Shekaili, Assistant General Manager and Head of Digital & E-Channels at NBO said, “It gives us a great pleasure to join hands with First Exchange to provide enhanced financial services using innovative technology. With our API Banking Portal, we ensure customers enjoy smooth, secure, and efficient remittance services, when using digital platforms or visiting our branches. This partnership is a crucial component of NBO’s digital transformation strategy, supporting our commitment to innovation while contributing to a stellar financial sector in Oman.”
Muzn Islamic Banking introduces cashback offer for new customers
The National Bank of Oman’s (NBO) Muzn Islamic Banking offers its new customers an exclusive cashback up to 15 per cent upon their first salary transfer to Muzn. Lasting until December 31, 2024, this campaign caters to new customers earning a monthly salary of RO500 or more, adding extra value to their banking experience while adhering to Shari’a-compliant financial solutions. Commenting on the campaign, Salima Obaid Issa Al-Marzoqi, Chief Islamic Banking Officer at NBO, said, “It gives us a great delight to provide this exclusive cashback benefit to our new customers who entrust Muzn Islamic Banking with their financial needs. Through this campaign, we aim to grow our community of customers looking for banking solutions based on Shari’a principles and reward them with financial services that align with their values.” The campaign aims to attract new customers by encouraging salary transfer to Muzn, enabling individuals to enjoy the bank’s value-driven approach to Islamic banking. Eligible customers will receive cashback up to 15% on their salary credit. The cashback offer is a unique incentive for new customers, inviting them to experience Muzn’s ethical, customer-centric services. By transferring their salaries to Muzn, customers can enjoy a one-time cashback and access to a range of Islamic banking products designed to support their financial well-being.
Oman Data Park accelerates digitalisation for Ministry of Housing and Urban Planning
Revered as the Sultanate’s leading IT-managed service provider offering superior data center, cybersecurity, and cloud services, Oman Data Park (ODP) continues to empower the Sultanate’s public sector with cuttingedge technology. In line with the same, ODP has entered into an agreement with the Ministry of Housing and Urban Planning, the signing ceremony of which was held at the Geographic Information Systems Day Forum, marking the commencement of this transformative project. As per the agreement to modernise the Ministry’s IT infrastructure, ODP will undertake a comprehensive cloud transformation, which includes the establishment of a Disaster Recovery Centre, while also implementing enhanced cybersecurity measures
Commenting on the project, Eng. Maqbool Al Wahaibi, CEO, ODP, stated, “It is essential to recognise the transformative potential of technology in reshaping public services and advancing national priorities. At ODP, we take pride in enabling such impactful projects that not only enhance the operational efficiency of key government entities but also contribute to Oman’s overarching vision of advancing toward a smarter future. By leveraging next-generation cloud solutions and fostering resilience, we are supporting the Ministry’s efforts to operate with greater agility and effectiveness in addressing the
needs of a rapidly evolving landscape.” He added, “The implications of this transformation extend beyond the Ministry, driving economic growth, encouraging innovation, and aligning with Oman’s sustainability agenda. Each milestone in this digital journey strengthens the nation’s capacity to adopt technological advancements while ensuring its long-term progress. In this equation, ODP remains steadfast in its commitment to delivering solutions that empower institutions, elevate national capabilities, and inspire progress.” Sharing his thoughts on the collaboration, Dr. Moaman Mohd Al Busaidi, Minister’s Advisor for Future Cities , Ministry of Housing and Urban Planning said, “Digital transformation is essential for the public sector to streamline operations, improve service delivery, and stay agile. This partnership with ODP is a significant step in advancing digitalization within our sector, further strengthening our ability to serve the public. It not only secures our systems but also lays the groundwork for future innovations that will enhance the Ministry’s contribution to the nation’s development.” Building on this vision, ODP is playing a strategic role in migrating all workloads from the Ministry and its regional directorates across Oman to a secure and scalable cloud environment. This will help create a unified, high-performance digital ecosystem, enabling greater operational efficiency and paving the way for innovative services. By aligning with Oman’s broader digitalization goals, the project supports key initiatives such as the digitisation of Sultan Haitham City and underscores the Ministry’s focus on resilience and modernisation.
ROBUST FRAMEWORK
The Singapore Variable Capital Company (VCC) and its benefits for wealthy families
Singapore ranks exceptionally high in GDP per capita globally. For Purchasing Power Parity (PPP), it holds the second position worldwide with approximately $148,186, reflecting a robust economic environment and high standard of living. This is due to its developed financial services sector, open economy, and pro-business policies. Founding father of Singapore Minister Mentor LKY Lee Kwan Yew created a successful economy and the VCC legal structure could transform and protect the capital and wealth of global investors and wealthy families.
The Singapore Variable Capital Company (VCC) is a modern legal structure introduced by the Republic of Singapore government in 2020, aimed at strengthening the country’s position as a global financial hub. Aimed primarily at fund managers, the VCC is an innovative tool that is increasingly being adopted by wealthy families to protect, structure, and manage their global wealth. A VCC is a corporate structure specifically designed for investment funds. Unlike conventional companies, the VCC is highly flexible in terms of how assets are held and managed, making it ideal for pooled investment portfolios. Variable capital structure: The share capital of a VCC is not fixed, allowing for the easy entry and exit of investors without needing complex shareholder approvals; Sub-funds: A VCC can be structured as an umbrella entity with multiple sub-funds, each having separate assets and liabilities; Confidentiality: The ownership details of the VCC are not publicly disclosed, providing privacy to family members and investors; Crossborder re-domiciliation: Funds from other jurisdictions can relocate to Singapore using the VCC structure without needing to liquidate and recreate their investments; Tax efficiency: The VCC enjoys a host of tax incentives, including access to Singapore’s tax treaties with over 100 countries. The VCC model offers a consolidated and flexible approach to holding and managing
investments, which makes it appealing not only to fund managers but also to high-networth individuals and families. A VCC’s umbrella structure allows wealthy families to create multiple sub-funds under one legal entity. Each sub-fund is ring-fenced, meaning that the assets and liabilities of one sub-fund do not affect others. This ensures that a problem in one sub-fund (such as a legal dispute or poor investment performance) does not jeopardise the entire family’s wealth. Example: A family could create separate sub-funds for real estate investments, private equity, and philanthropy, ensuring that risks in one area do not spill over to other assets.
The VCC offers enhanced privacy, as the register of shareholders is not publicly accessible. For wealthy families concerned about public scrutiny, the VCC ensures that ownership details remain confidential. This feature is particularly attractive for families with sensitive wealth management needs. The variable capital structure of a VCC makes it easier to manage inflows and outflows of capital. For families, this is beneficial when managing multigenerational wealth, as the structure allows them to allocate or withdraw funds based on evolving needs. Family members can exit or join the structure without complex procedures, ensuring smooth intra-family financial operations.
VCCs enjoy access to Singapore’s favourable tax regime and extensive network of double tax treaties. They can also qualify for Singapore’s Fund Management Incentive Schemes, which offer significant tax benefits such as exemptions on income derived from managed investments. For wealthy families with global portfolios, the VCC reduces tax leakage and maximizes after-tax returns. Many wealthy families have historically held their wealth in offshore jurisdictions like the Cayman Islands or British Virgin Islands. With changing regulations and the global shift towards greater financial transparency, re-domiciling to Singapore via the VCC
provides families with a legitimate and stable jurisdiction. Singapore’s reputation for strong governance and legal certainty makes it a safer option for long-term asset management. The VCC simplifies governance by allowing the family to consolidate assets under one structure. This makes it easier to align the family’s wealth strategies, track performance, and ensure consistent management across all asset classes. It also provides a streamlined way for families to appoint professional managers while retaining oversight and control. Families often struggle with ensuring that wealth is effectively transferred across generations. A VCC can form part of a comprehensive succession plan, ensuring that assets are managed in accordance with the family’s wishes. Sub-funds can be allocated to specific heirs, or governance structures can be put in place to avoid disputes and ensure smooth wealth transfer. The Singapore VCC offers a powerful solution for wealthy families seeking security, privacy, and flexibility in managing their wealth. Its tax efficiency, segregated sub-funds, and ability to redomicile foreign structures make it an ideal tool for families with diverse investment portfolios. Furthermore, the VCC aligns with Singapore’s reputation as a stable and well-regulated financial hub, ensuring peace of mind for families managing longterm, intergenerational wealth.
In a rapidly evolving financial world, where privacy, governance, and risk management are more critical than ever, the Republic of Singapore VCC provides a robust framework to safeguard family assets while allowing for growth, adaptability, and seamless wealth transfer across generations.
Rainer Michael Preiss Partner & Portfolio Strategist at Das Family Office in Singapore
