PO Box 3305, Ruwi, Postal Code - 112 Muscat, Sultanate of Oman
Tel: (968) 24700896, Fax: (968) 24707939
Website: www.umsoman.com
All rights reserved. No part of this publication may be reproduced without the written permission of the publisher. The publisher does not accept responsibility for any loss occasioned to any person or organisation acting or refraining as a result of material in this publication. OER accepts no responsibility for advertising content.
Printed by Oman Printers & Stationers Ltd. Co. S.P.C.
Correspondence should be sent to:
Oman Economic Review
United Media Services
PO Box 3305, Ruwi 112, Sultanate of Oman
Fax: (968)24707939
Website: www.oerlive.com
For editorial enquiries: 99884854
For advertising enquiries: 99267159
Perfect symmetry
Oman’s 2025 budget supports the goals of the 10th Five-Year Development Plan (2021–25) and Oman Vision 2040, which aim to achieve financial sustainability and enhance the financial sector to provide greater flexibility in response to growth and development needs.
The budget emphasises boosting economic activity through investments in various strategic projects, attracting investments, strengthening the private sector, and increasing social and essential spending in key areas such as education, health, housing, security, and social welfare. It has been crafted with an awareness of the challenges Oman faces due to recent geopolitical events and uncertainties in the economy and oil prices. The budget is based on an average oil price assumption of $60 per barrel.
The preliminary results for the year 2024 indicate a surplus recorded in comparison with the substantial deficits recorded in earlier years. This is mainly on account of the realisation of higher oil price than the budget, and the government’s ongoing efforts to increase non-hydrocarbon revenue and lowering public debt service obligations.
Looking forward, Oman intends to make efficient use of its resources and direct spending towards essential sectors that promote sustainable development and diversify national income sources. This strategy will assist Oman in meeting the objectives outlined in the 10th Five-Year Development Plan, Oman Vision 2040, Zero Neutrality Plan 2050, and the Sustainable Development Goals for 2030. OER speaks to a cross section of CEOs and business leaders to gather their perspectives on what lies ahead. Their insights provide a closeup view of Oman’s economy, business opportunities, and challenges. Wishing everyone a Happy New Year 2025!
OommenJohn
Oommen John
Sign up for OERLive's daily WhatsApp updates on economy, lifestyle, and technology. Send us a WhatsApp message with the word “OERLIVE” on
EARNING TRUST
Your cover story on Most Trusted Brands in Oman 2024 survey made an interesting read. The brands featured in the survey are recognised not only for their products but also for their commitment to quality. Consumers have expressed a strong preference for these brands, attributing their loyalty to the consistent delivery of high-quality goods and services. In an ever-evolving marketplace, the most trusted brands have showcased remarkable innovation. They are continually refining their offerings and exploring new technologies to enhance the customer experience, ensuring they remain relevant and competitive. The survey helped in going deeper into the brands that have not only secured top spots in consumer trust but also set benchmarks in their respective industries. The survey has definitely served as a key resource for consumers looking to make informed choices. By highlighting those that excel in quality, service, and innovation, I am sure that it will inspire all brands to strive for excellence and build lasting relationships with their customers.
Christopher Martin, MQ
INCLUSIVE FUTURE
Empowering women is crucial to achieving a more equitable and progressive society. When women are given the support, resources, and opportunities they need, they can unlock their full potential and make meaningful contributions to their communities and the workforce. This empowerment begins with education, which provides women with the knowledge and skills needed to break barriers and pursue their ambitions.
In the professional world, empowering women involves ensuring equal opportunities, fair pay, and creating safe, inclusive environments where they can grow and succeed. It also means challenging the gender biases and societal norms that often limit women’s access to leadership roles and decision-making spaces. By encouraging women to take on leadership positions, we not only foster diversity but also stimulate innovation and progress within organizations and industries.
True empowerment also extends to women’s health and well-being, ensuring they have access to quality healthcare and support systems. By creating an environment where women feel valued and heard, we pave the way for a more inclusive future—one where they can thrive in every aspect of life, contributing to the advancement of both society and the global economy.
Sadaf Al Zadjali, Muscat
LOOKING AHEAD 2025
Business leaders share their insights on building resilience and outlook for 2025
ENHANCING COMPETITIVENESS
42
REAL ESTATE
SETTING NEW BENCHMARKS
Madayn celebrates inauguration of infrastructure project in Samail Oman and Belgium strengthen green hydrogen partnership with new landmark agreement
Adanté Realty launches Yenaier Residences, defining a new era of sustainable luxury in Oman
The MOU, signed between Hydrogen Oman (Hydrom) and the Belgian Hydrogen Council (BHC), sets the stage for enhanced cooperation across the hydrogen value chain
AI set to become even more dominant in 2025
Artificial intelligence (AI) will continue to drive market momentum and innovation. After just three trading days into 2025, shares of major tech companies NVIDIA, Arm, and TSMC have already risen by 11 per
19
and 11 per cent, respectively
In
Bank Muscat posts net profit of RO225.58mn for the year ended December 31, 2024
Bank Muscat, the flagship financial institution in the Sultanate, announced its preliminary unaudited results for the year ended December 31, 2024. The Bank posted a net profit of RO225.58mn for the period compared to RO212.45mn reported during the same period in 2023, an increase of 6.2 per cent.
The key highlights of the results for the period are as follows: Net Interest Income from Conventional Banking and Net Income from Islamic Financing stood at RO 397.70mn for the year ended December 31, 2024 compared to RO 374.82mn for the same period in 2023, an increase of 6.1 per cent; Non-interest income was RO 145.00mn for
the year ended December 31, 2024 as compared to RO 138.00mn for the same period in 2023, an increase of 5.1 per cent; Operating expenses for the year ended December 31, 2024 was RO 209.26mn as compared to RO 196.39mn for the same period in 2023, an increase of 6.6 per cent; Net impairment losses on financial assets for the year ended December 31, 2024 was RO 64.41mn as against RO 64.66mn for the same period in 2023; Net Loans and advances including Islamic financing receivables increased by 3.7 per cent to RO10,247mn as against RO9,877mn as at December 31, 2023; Customer deposits including Islamic Customer deposits increased by 3.6 per cent to RO 9,777mn as against RO 9,438mn as at December 31, 2023.
Alizz Islamic Bank launches ‘Sports for All’ initiative to promote a healthy lifestyle
Sohar International successfully raises RO130mn growth capital, largest Rights Issue in 2024
Demonstrating strong Investor confidence, Sohar International has successfully concluded its 2024 rights issue, raising RO130mn, further strengthening its capital base to support future growth initiatives. The Issuance marks one of the largest Rights issues in 2024 on the Muscat Stock Exchange (MSX). The capital raise showcases Sohar International’s dedication to growth with excellence, aligning with Oman’s Vision 2040 by promoting sustainable development and empowering businesses, individuals, and communities. The proceeds from the rights issue will primarily be utilized to enhance capital buffers, fuel strategic initiatives, and expand product and service offerings, particularly in sectors crucial to Oman’s economic development. This move aligns with banks commitment to deliver sustainable value to both shareholders and the broader economy.Commenting on the successful completion of the rights issue, a spokesperson of Sohar International, remarked, “This milestone marks a pivotal moment in our journey, reaffirming our resolve to fortify our financial foundation. The trust our shareholders have shown is a clear endorsement of their steadfast belief in our strategy and future direction. This achievement not only strengthens our capital base, ensuring resilience against future economic uncertainties, but also provides the vital resources necessary to accelerate our growth trajectory. The funds raised will power our ongoing business development, fuelling the execution of our transformation agenda, which is closely aligned with the evolving banking landscape and our enduring vision.”
Sohar International Bank’s 2024 Rights Issue launched in November 2024, attracted a broader and diverse investor base, including Government and Private institutions, Family Offices and Individuals. The overwhelming support from our shareholders reflects their belief in our growth strategy and commitment to deliver sustainable value.
As part of the banks ‘Alizz Cares’ program and underscoring its commitment to fostering inclusivity, empowering communities, and enhancing the quality of life, Alizz Islamic Bank recently announced the ‘Sports for All’ initiative that strives to encourage sports and development into the community.
This ‘Sports for All’ initiative reflects the bank’s commitment to promoting inclusivity, health, equality and public welfare through sports, aligning with the United Nations Sustainable Development Goals. The first arm of this initiative will be the bank partnering with Special Olympics Oman to sponsor a specialised full year training programme for 10 athletes.
The launch ceremony was held under the auspices of H.E Sheikh Rashid bin Ahmed Al Shamsi, Undersecretary, Ministry of Social Development in the presence of Ali Al Mani, CEO, Alizz Islamic Bank, former Oman National Team players Ali Al Habsi and Hassan Mudhafar, the executive management team of the bank and other dignitaries from Special Olympics Oman.
Speaking at the launch, Ali Al Mani, said “At Alizz Islamic Bank we believe that sports can be used as a catalyst for positive change and we are committed to empowering all ages, abilities and backgrounds. We
Participation in the Rights Issue recorded a remarkable 65per cent increase in the number of investors compared to the previous Rights issuance in 2022. The success of the Issuance is a testament of the strong fundamentals of the bank and the unwavering confidence of Sohar International Shareholders despite challenging market conditions. Following the launch, the allotted rights were then successfully listed on Muscat Stock Exchange (MSX) on December 2, 2024. Together with the support of the Muscat Clearing & Depository (MCD) and the Muscat Stock Exchange (MSX), the issuance was also governed by the Central Bank of Oman (CBO) and the Financial Services Authority (FSA).
believe in the importance of educating the public about the benefits of sports and engaging in physical activities which resonates with our collective dedication to making an impact to the society.”
Al Mani added “As a society, it is important that we break down social barriers and ensure equal access to sporting opportunities to everyone and by championing accessibility and with special needs initiatives we promote inclusivity and harness diverse talents and perspectives of every member of our community. Through our ‘Sports for All’ initiative and our partnership with the Special Olympics Oman, we are striving to create a community that provides meaningful opportunities for individuals of all abilities to benefit from advantages of participation in sports.”
Special Olympics Oman works with the objective to build behavioural, physical, and professional skillsets of its members by integrating them into society. The association’s longstanding commitment to raise awareness on the needs of people with special needs extends to supporting and encouraging their participation in social, cultural, sports, health, professional and recreational activities, in collaboration with government and non-government entities. In addition, Special Olympics Oman works with the families of people with special needs, involving them in programs, initiatives and events that are designed for the benefit of their children while promoting a culture of volunteerism.
EXECUTIVE MOVEMENT
The St. Regis Al Mouj Muscat Resort welcomes Wassim Daageh as General Manager
The St. Regis Al Mouj Muscat Resort, Muscat’s most alluring address, welcomes Wassim Daageh as General Manager, joining the resort from his previous role as General Manager in Doha, Qatar. With over two decades of exemplary experience in the luxury hospitality sector, Wassim is dedicated to further elevate the resort’s operations within the region’s luxury landscape. Owned by the renowned Alfardan Group, the resort is a luxurious coastal haven nestled in the heart of Al Mouj Muscat. This exquisite property seamlessly blends Omani heritage with contemporary design, offering guests an unparalleled experience of refined elegance and exceptional service.
Wassim’s career spans multiple leadership positions across some of the world’s most renowned properties. He has overseen largescale, high-profile international events—including the FIFA World Cup and Formula 1—and consistently delivered guest experiences defined by personal attention and service excellence. Throughout his tenure,
MHD
– ITICS and HONOR join forces to strengthen Oman’s position as the GCC’s leading market for premium consumer devices
MHD-ITICS, in partnership with, HONOR GCC hosted an exclusive gathering at The St. Regis Al Mouj Muscat Resort, bringing together VIPs, business elites, and key decision-makers. This event underscores their joint commitment to reinforcing Oman’s status as a leading market for premium consumer devices in the GCC region.The collaboration between HONOR and MHD-ITICS aligns with Oman’s growing reputation as a destination for high-end consumer technology. By combining HONOR’s cutting-edge innovation and MHD-ITICS’s robust market expertise, the partnership seeks to further elevate Oman’s standing as a hub for premium technology adoption. With a rapidly evolving market driven by demand for sophisticated, high-performance devices, Oman is poised to set new benchmarks in the GCC for consumer technology excellence.
Honorable Lujaina Mohsin Haider Darwish, Chairperson of MHDITICS, stated, “Our partnership with HONOR reflects our shared vision to place Oman at the forefront of premium consumer technology in the GCC. By bringing world-class innovation to the local market, we are not only meeting the aspirations of discerning Omani consumers but also strengthening the country’s position as a regional leader in high-end technology. Together, we aim to create a vibrant ecosystem that bridges global advancements with local opportunities.”Laurance Li, CEO - HONOR GCC, added, “HONOR remains committed to expanding its footprint in the GCC, particularly in key markets like Oman, where we see significant potential for growth. Our strategic approach focuses on strengthening our presence in the flagship and high-premium product segments, aligning with local consumer preferences for innovative and high-quality devices. Through strategic partnership MHD-ITICS, we aim to enhance the accessibility of our premium offerings, foster
brand visibility, and drive adoption of our cutting-edge technologies.”
At the exclusive event hosted by HONOR GCC and MHD-ITICS, the Porsche Design product line, including the new HONOR Magic7 RSR, alongside with HONOR Magic6 RSR, and HONOR Magic V2 RSR, was prominently showcased, offering attendees an immersive experience of HONOR’s premium innovation. Celebrated as “The Sports Car Among Smartphones,” these flagship devices blend Porsche Design’s iconic sporty aesthetics with HONOR’s cutting-edge human-centric engineering excellence. The HONOR Magic7 RSR, with its AI-driven MagicOS 9.0 and sports car-inspired design, was the centerpiece, while the Magic6 RSR and Magic V2 RSR demonstrated the evolution of this collaboration, combining sleek design, advanced imaging systems, and exceptional performance. Together, these devices highlighted HONOR’s commitment to redefining luxury technology.
IS YOUR BRAND GETTING HONEST FEEDBACK? MARKET
TAILORED SOLUTIONS
Celebrating 17 years of excellence: ahlibank commemorates its triumphant journey.
ahlibank, one of the Sultanate’s most esteemed financial institutions, recently celebrated its 17th anniversary, marking a milestone that reflects both its enduring success and its unwavering dedication to sustainable growth. This significant occasion served as a moment of reflection for the bank’s employees, celebrating the core principles that have cemented ahlibank as a trusted ‘Partner in Excellence.’
Founded in 2007, ahlibank has evolved into a leading force in Oman’s financial sector. With a diversified portfolio of financial solutions, supported by a modernised branch network, advanced digital platforms, and a highly skilled workforce, ahlibank continues to meet the dynamic needs of its clientele across retail, commercial, and investment banking sectors.
During the anniversary celebration, ahlibank’s employees engaged in activities designed to deepen their connection to the bank’s core values—excellence, innovation, integrity, responsibility, and sustainability. These initiatives served not only to inspire pride in their contributions but also to reinforce the shared vision that drives the bank’s continued success.
Central to this vision are ahlibank’s five pillars of excellence—Digitalisation, Corporate Banking, Retail Banking, Wealth Management, and Socio-Economic Progress—which are intrinsically linked to these values. Together, they guide ahlibank’s strategic direction, ensuring the delivery of superior customer experiences and fostering meaningful contributions to community development.
ahlibank’s commitment to digital transformation is clearly demonstrated through its enhanced mobile banking app, instant credit card issuance, and cutting-edge digital services and branches, positioning the bank at the forefront of innovation. Groundbreaking initiatives like 1:1 IPO financing and instant minor account openings further reinforce its digital leadership. In Corporate Banking, ahlibank continues to deliver tailored solutions through dedicated relationship managers and businessto-business platforms, while its Retail Banking division focuses on providing a seamless experience through an extensive branch network and customised services, all powered by advanced digital tools. Complementing these efforts, ahlibank’s Wealth Management services, including the Digital Wealth Management system and Systematic Investment Plan, foster
long-term financial growth, integrating seamlessly with corporate and retail banking offerings. In alignment with its commitment to socio-economic development, the bank undertakes several initiatives geared at empowering SMEs, supporting non-profit organisations, and nurturing young talents. These interconnected pillars reflect the bank’s vision, reaffirming its leadership in innovation and sustainable growth in Oman.
In 2024, ahlibank achieved significant milestones, strengthening its role in advancing Oman Vision 2040. The bank successfully issued Additional Tier 1 (AT1) Bonds, raising RO40mn to bolster its capital adequacy. It also played a pivotal advisory role in securing RO40.6mn for The Sustainable City, Yiti, and supported the second phase of Khazaen Economic City, driving forward sustainable economic development. Additionally, the bank’s financial closure for the Industrial Waste Treatment Facility at Sohar Port marked a critical step in reducing Oman’s reliance on hazardous waste exports. As the bank drives progress, its unwavering commitment to excellence remains central to every initiative, consistently setting new standards and reshaping Oman’s dynamic financial landscape.
EVOLVING WITH TIMES
Bank Nizwa fuels Oman’s growth with innovative Islamic Banking solutions
Under the astute leadership of His Majesty Sultan Haitham Bin Tarik, the Sultanate of Oman has emerged as a beacon of resilience within the GCC. The nation’s dedication to fiscal discipline, economic diversification, and sound financial management has laid a solid foundation for sustained economic growth, exemplified by S&P Global’s upgrade of Oman’s credit rating to investment grade in September 2024. This achievement has strengthened investor confidence, lowered borrowing costs, and opened doors to international capital markets. Additionally, Fitch Ratings revised Oman’s outlook to ‘Positive’ in December 2024, citing successful fiscal reforms and prudent debt management.
Amid this steady economic progress, Oman’s Islamic banking sector has played a pivotal role in shaping the financial landscape. Integrating Sharia principles with the evolving needs of a modern economy, Islamic banking assets in the Sultanate surpassed RO8.2bn by the end of September 2024, accounting for 18.7 per cent of total banking assets, recording an increase of 16.4 per cent compared to the same period last year.
Additionally, the total financing granted has grown by 13.8 per cent, reaching approximately RO6.7bn. Furthermore, deposits have increased by 24 per cent, totalling around RO6.5bn by the end of October 2024. This growth reflects a rising trend towards Sharia-compliant solutions. The sector’s financing portfolios and deposits also recorded substantial growth, reflecting the rising preference for Sharia-compliant solutions. As Oman’s first full-fledged Islamic bank, Bank Nizwa has been instrumental in this sector’s evolution.
Commenting on the same, Khaled Al Kayed, CEO, Bank Nizwa, said, “In the five years since His Majesty Sultan Haitham bin Tarik, may God protect him, ascended to the throne, the Sultanate of Oman has entered a distinguished era of renaissance. This transformative phase has yielded significant advancements across various economic sectors, thereby fostering comprehensive
and sustainable development throughout the nation. Under the enlightened leadership of His Majesty, Oman is not only enhancing its economic framework but also establishing a solid foundation for a prosperous and resilient future for all its citizens.”
“Amid this renaissance, the Islamic finance sector in the Sultanate of Oman has witnessed significant growth, establishing itself as a vital contributor to the country’s economic development. At Bank Nizwa, we take pride in our leadership in this sector by aligning our initiatives with Oman’s ambitious goals. Through our Sharia-compliant solutions, we continue our unwavering efforts to enhance economic empowerment and make a positive and meaningful contribution to the social and economic fabric of the nation,” he added.
Bank Nizwa’s financial performance in 2024 reflects its unwavering commitment to excellence, innovation, and customercentricity. For the third quarter ending September 30, the bank reported a net profit of RO12,431mn, representing a 6 per cent increase from the previous year. Total assets rose to RO1.770bn, a 13% growth, while the financing portfolio expanded
by 14 per cent to RO1.507bn. Customer deposits surged by 20 per cent, reaching RO1.440bn—a testament to the bank’s strong market positioning and its ability to meet dynamic customer demands.
Complementing its financial achievements, Bank Nizwa has played a transformative role in fostering Islamic financial literacy across the Sultanate. Through workshops, seminars, and digital initiatives, the bank has raised awareness about the benefits of Islamic finance, empowering individuals and businesses to actively participate in Oman’s economic progress. This commitment to education is part of the bank’s larger goal to make ethical financial solutions available to everyone.
A key driver of Bank Nizwa’s impact lies in its tailored financing solutions, which have facilitated milestones in critical sectors. By supporting both SMEs and large-scale ventures, the bank has directly contributed to projects that contribute to Oman’s economic diversification agenda and Oman Vision 2040 goals.
OPENING NEW HORIZONS
His Highness Sayyid Bilarab bin Haitham Al Said inaugurates Manah 1 and Manah 2, the largest solar power plants in the Sultanate of Oman
His Highness Sayyid Bilarab bin Haitham Al Said inaugurated the Manah 1 and Manah 2 solar power plants in the Wilayat of Manah, Al Dakhiliyah Governorate recently. The event was attended by several dignitaries, including members of the royal family, ministers, ambassadors, and representatives of the developing companies.
Manah 1 and Manah 2 are the largest solar power plants in the Sultanate of Oman, with a production capacity of 1,000 MW. The projects were developed on an area of 14.5 million square meters and utilise more than two million bifacial photovoltaic solar panels to maximise productivity. The plants also employ approximately 1,800 automated dry-cleaning robots, enhancing the generation of clean electricity while avoiding water usage, in line with sustainability goals.
The projects aim to address environmental goals by increasing the share of renewable energy in Oman from 6.6 per cent to 11 per cent, while also reducing CO2 emissions by 1.4 million tons annually. This
represents a significant step toward achieving net-zero target, a goal Oman aspires to reach by 2050. Additionally, the project will help meet the growing demand for electricity by generating sufficient power to supply approximately 120,000 houses.
HE Eng. Salim bin Nasser Al Aufi, Minister of Energy and Minerals, stated, “The operation of Manah 1 and Manah 2 solar power projects marks a strategic step towards achieving the desired transformation in the electricity sector. It is a practical translation of Oman’s ambitious vision for clean and sustainable energy. These two projects stand as a testament to our ability to combine ambition with action, and innovation with sustainability.”
Al Aufi added, “We are confidently moving forward to achieve our ambitious goals of increasing the share of renewable energy to 30 per cent by 2030, then to 60 per cent-70 per cent by 2040, and ultimately reaching 100 per cent by 2050. With a clear plan and ambitious targets, we are paving the way toward a future reliant on clean and sustainable energy, positioning
Oman as a regional and global example in the transition to renewable energy. We reaffirm our commitment to continue working to enhance national energy security, open new horizons for investment, and achieve sustainable development in the Sultanate of Oman.”
HE Dr. Mansoor bin Talib Al Hinai, Chairman of the Authority for Public Services Regulation, affirmed that this project represents a significant step in promoting the use of renewable energy, aligning with the national objectives of Oman Vision 2040. It strengthens strategic goals for sustainable development and ensures energy security. The Authority plays a pivotal role in ensuring that renewable energy projects, including these two, meet the regulatory, economic, and technical requirements by promoting effective corporate governance and conducting comprehensive and accurate evaluations of companies competing for these projects to ensure their readiness and compliance with the necessary technical standards. The project also raises community awareness about the importance of renewable energy, supports private sector efforts to invest
in this field, and promotes optimal use of solar energy systems in buildings and institutions. This contributes to tangible progress toward a more aware and sustainable society.
Ahmed bin Salim bin Mohamed Al Abri, CEO of Nama Power and Water Procurement, stated that electricity production projects represent another step toward achieving Oman Vision 2040. He emphasised the company’s commitment to promoting the use of renewable energy, ensuring energy security, and sustaining it in the long term for Oman, while contributing to the country’s vision of achieving net-zero emissions by 2050.
Oman aims to increase its renewable energy capacity by 8 GW by 2030, in alignment with Oman Vision 2040 and the strategic direction for new infrastructure projects to achieve a green economy. Additionally, the contribution of renewable energy
to the total energy mix is targeted to increase from 30 per cent to 39 per cent by 2030 and 2040, respectively.
Cedric Le Bousse, Executive Vice President of International Operations at EDF Renewables, stated, “Today, we celebrate the inauguration of the Manah 1 solar power plant in the Sultanate of Oman, a significant achievement made possible by the strong support of local authorities, Nama Power and Water Procurement Company—the project developer— and the dedication of the team.
EDF Renewables is proud to contribute to Oman’s renewable energy journey, in alignment with our vision for a carbon-neutral future that balances economic growth and environmental sustainability. Oman is adopting a diverse mix of low-carbon solutions, including renewable energy sources, energy efficiency, carbon neutrality, and clean hydrogen.” For his part, Vipul
Tuli, CEO Middle East and Chairman for South Asia at Sembcorp, said, “The inauguration of the Manah 2 solar power plant marks a milestone in Sembcorp’s commitment to supporting Oman’s transition toward a sustainable future, strengthening our partnership with Nama Power and Water Procurement Company, and advancing renewable energy goals.”
The project was established through a public-private partnership, with the Oman Power and Water Procurement Company (a member of Nama Group) acting as the tendering entity and exclusive procurer for the projects. Manah 1 was implemented in collaboration with Wadi Noor Solar Energy SAOC, the French company EDF Renewables, and Korea Western Power Co., Ltd. (KOWEPO). Meanwhile, Manah 2 was executed in collaboration with Sembcorp Jinko Shine SAOC, Singapore’s Sembcorp Industries, and China’s Jinko Power.
CUSTOMER-FIRST APPROACH
The synergy between NLGIC’s strong product range and Al Ahlia’s extensive market insights has proven to be a successful strategy, allowing us to develop customised solutions that truly meet the evolving needs of our customers, says CEO, Hanaa Al Hinai, in an interview with OER
It has been a year since Liva was created based on a merger of NLGIC and Al Ahlia Insurance. What are your thoughts on one year of integration and Liva’s progress? The first year of our integration was an exciting and challenging year, reflecting on this journey, I am excited to see what we have accomplished, and I look forward for the future we are building together.
The integration was more than just a combination of two entities; it was a uniting of strengths, values, and visions. Over the past year, we have successfully integrated the technological capabilities, human capital, and technical expertise of both companies, creating a synergy that elevated us to new heights. The results have been transformative—not just for Liva Insurance, but for the value we deliver to our customers, partners, and stakeholders.
This integration has allowed us to rethink and refine our operations, ensuring we leverage the best practices from both sides. We have strengthened our product offerings, streamlined processes, and enhanced customer experience. The combination of NLGIC’s robust product offerings and Al Ahlia’s deep market insights has proven to be a winning formula, enabling us to create tailored solutions
that truly meet the evolving needs of our customers.
Of course, none of this would have been possible without the incredible people who make up Liva Insurance. Bringing together two distinct cultures is no small task, but our teams have embraced this journey with open minds and a shared sense of purpose. It is their dedication, adaptability, and collaboration that have turned this vision into reality.
What are the company’s key strategic priorities for year 2025?
• Leverage Technology: Expand the integration of Artificial Intelligence (AI) and Generative AI (GEN AI) to enhance claims processing, fraud detection, and customer interactions.
• Strengthen Partnerships: Build stronger relationships across the business ecosystem to ensure high-quality services and optimize costs.
• Improve Customer Accessibility: Address geographic disparities in healthcare access by expanding the provider network and tailoring solutions for underserved regions.
• Adapt to Regulatory Changes: Ensure smooth implementation of
regulatory frameworks, such as the Dhamani platform and unified credit life policies, while aligning with global best practices.
How does Liva plan to create value for its customers and partners?
• Customer-Centric Innovation: Develop innovative solutions tailored to customer needs, including personalized life and health insurance plans and AI-driven claims processing for faster, more accurate service.
• Operational Excellence: Use digital platforms to streamline operations, reducing costs and improving efficiency, which translates to competitive pricing for customers and higher trust among partners.
• Transparency and Trust: Implement advanced fraud detection measures and ensure transparent transactions through the Dhamani platform, fostering confidence among customers and stakeholders.
• Collaborative Relationships: Work closely with healthcare providers and reinsurers to deliver consistent, high-quality services while maintaining cost efficiency.
What market trends and challenges do you see shaping the Insurance industry and how do you plan to address them?
The insurance industry is evolving rapidly, driven by a combination of regulatory changes and shifting customer expectations. One of the biggest factors influencing growth is mandatory health insurance. With regulations making coverage a requirement, we are seeing more people taking up policies, which is expanding the market significantly.
At the same time, digital transformation is playing a huge role in reshaping the industry. AI and automation are changing the way we handle claims, engage with customers, and even detect fraud. It is an exciting shift that is helping us become more efficient and responsive. We are also noticing a growing demand for innovative products— people are increasingly interested in savings-linked and equity-based insurance options that align with their financial goals. And then there is the integration of government hospitals into insurance networks, which is a great step toward making healthcare more accessible to everyone.
Of course, with these opportunities come challenges. Rising medical costs continue to be a concern, but we are addressing this by using data-driven pricing models and strengthening our partnerships with healthcare providers to ensure we maintain affordability without compromising on quality. In the motor insurance space, the higherthan-expected damages awarded by courts for bodily injury claims have been challenging. We are adapting by refining our risk assessment strategies to stay ahead.
Navigating regulatory complexity is another key focus for us. With new frameworks like the Dhamani platform and the unified credit life policy coming into play, we are working closely with regulators to ensure we stay aligned and compliant. Expanding healthcare access is also on our agenda—by growing our network into underserved areas, we are making
sure that our policies cater to people regardless of where they live.
Fraud prevention remains a top priority as well. We are investing in AI-driven fraud detection tools and adopting international coding standards to enhance transparency and security. Ultimately, we are embracing these changes with a customer-first approach, staying agile, and ensuring that we continue to provide value in an evolving landscape.
How do you ensure that your products remain competitive in the evolving financial market?
The foundation of our strategy lies in truly understanding our customers.
We actively engage with them, seeking their feedback and staying attuned to their changing preferences and challenges. This enables us to design solutions that are relevant, personalized, and impactful.
Customer service is another critical pillar. In an industry where trust and reliability are paramount, providing seamless and consistent support ensures that our customers feel valued and confident in choosing our products. We strive to anticipate their needs and deliver proactive, tailored assistance.
Innovation and technology also play a transformative role in our approach.
By investing in cutting-edge solutions, such as advanced analytics and user-friendly digital platforms, we enhance efficiency, simplify processes, and deliver a superior experience. Technology not only enables us to stay ahead of industry trends but also empowers us to be agile and adapt to a dynamic market landscape.
You are amongst a handful of professional women CEOs in Oman. How do you reflect on this responsibility and opportunity? I view this position as both a responsibility and an opportunity to champion people empowerment, motivation, and mentorship, particularly for aspiring leaders.
Empowerment is at the heart of creating sustainable success—whether for individuals or organisations. By nurturing confidence and encouraging ownership, we unlock potential that fuels growth and innovation. Motivation plays a crucial role here; it is the driving force that keeps people resilient in the face of challenges and committed to their goals. As leaders, we must inspire by example, demonstrating that success is built through perseverance, adaptability, and purpose.
Mentorship, too, is a cornerstone of progress. I believe strongly in the ripple effect of guidance—when you invest in the growth of others, you create leaders who, in turn, inspire and mentor those around them. For me, mentorship is about sharing knowledge, offering a listening ear, and providing constructive challenges to help others reach heights they may not have imagined instead of blocking ideas.
In Oman, we are witnessing a powerful shift, with more women stepping into leadership roles across industries. I am humbled to be able to contribute to this momentum by fostering an inclusive environment where talent—regardless of gender— can thrive. This role is not just about business outcomes; it is about leaving a legacy of empowerment, mentorship, and positive change for the generations that follow.
PREFERRED INVESTMENT DESTINATION
Khazaen Economic City will introduce several new initiatives, including expansion in the food and pharmaceutical City and logistics park to make it as a regional and international hub, says Eng. Salim Al Thuhli, CEO, in an interview with Oommen John
Can you share Khazaen Economic City’s performance and key focus in 2024?
2024 was a pivotal year for Khazaen Economic City, demonstrating its ability to deliver on Oman’s Vision 2040. As the largest integrated economic city in Oman, we focused on establishing ourselves as a hub for logistics, industry, food and pharmaceuticals and commerce. Our achievements include attracting high-value investments and enabling the growth of strategic anchor projects that serve national and regional markets.
Khazaen office, which moved to its headquarters facility in May 2024, signed an investment agreement to establish an integrated pharmaceutical industrial complex worth RO20mn. The project will be established on an area of 20,000 square metres and aims to manufacture general medicine to meet the local demand and improve Oman’s position as a lucrative investment destination in the pharmaceutical field.
Key investments projects in 2024 include ‘Silal Central Fruit and Vegetables Market,’ Road Dualisation, Al Maskaan Village, Flag Oman Logistics Centre, as well as initiatives in the pharmaceutical security sector. By providing cutting-edge infrastructure, seamless connectivity, and a businessfriendly environment, Khazaen has become a magnet for investors looking for long-term opportunities in the Middle East.
What are KEC’s key strategic priorities in 2025?
In 2025, Khazaen is set to amplify its role as a transformative economic powerhouse. The priorities include strengthening Khazaen’s position as a regional hub for logistics, industrial development, and innovation; driving Oman’s economic diversification by targeting high-growth sectors and supporting SMEs; launching world-class initiatives such as the logistics free zone and enhancing infrastructure to attract global players; creating a robust ecosystem where investors thrive by offering tailored services, streamlined processes, and cutting-edge facilities. These initiatives are designed to solidify Khazaen’s standing as a key enabler of Oman’s economic ambitions and as the preferred investment destination.
In what ways do you think KEC’s outlook will evolve aligning with Oman’s Vision 2040 objectives?
Khazaen’s vision aligns seamlessly with Oman Vision 2040 by fostering a diversified, knowledge-based economy and enhancing the nation’s global competitiveness. Through strategic investments in logistics, clean energy, and technology, we aim to support Oman’s transition into a leading regional and international player. By creating opportunities for businesses of all sizes, we contribute to job creation, skill development, and sustainable economic growth.
What market trends and challenges do you see shaping the logistics industry, and how do you plan to adapt to them?
The logistics industry is increasingly influenced by digitalisation, sustainability, and the rising demand for integrated supply chain solutions. Challenges such as global economic volatility and the need for environmentally friendly practices are shaping the landscape.
At Khazaen, we are adapting by embracing smart technologies, offering modular and flexible spaces to meet evolving market demands,
and fostering partnerships that bring innovation and efficiency. This proactive approach ensures we remain competitive and aligned with global standards.
What sectors is KEC targeting for investment in 2025?
In 2025, Khazaen is strategically targeting high-growth sectors that align with Oman’s economic priorities and global market trends. Khazaen is firmly focused on several key sectors to create a diversified and sustainable economic base. In logistics and supply chain management, the goal is to develop a fully integrated logistics ecosystem that supports regional and international trade.
In food and agritech, efforts are directed at attracting investments in food production, processing, and storage, particularly through anchor projects like the Silal Central Fruits and Vegetables Market. The initiative in clean energy and sustainability aims to support Oman’s energy transition via renewable energy projects and sustainable practices.
Further, Khazaen seeks to position itself as a hub for technology and innovation, fostering a vibrant ecosystem for tech startups and data centers. In pharmaceuticals and healthcare, there is a push to encourage investments in pharmaceutical manufacturing and logistics for medical supplies, aligning with global healthcare needs.
Khazaen’s second phase development focuses on expanding infrastructure and services to support a growing number of residents and businesses. This includes introducing residential projects designed to enhance liveability, with convenient housing options integrated with commercial and recreational facilities. The development of tailor-made real estate residential offerings will focus on creating unique solutions that cater to the evolving needs of diverse communities within the economic city.
Finally, the automall concept aims to
establish a comprehensive automotive hub that offers end-to-end solutions, redefining the car business landscape and addressing future automotive trends. By focusing on these sectors, Khazaen aims to create a diversified and sustainable economic base.
Are there any specific initiatives or expansion plans for KEC in 2025?
Khazaen’s expansion plans are designed to cater to meaningful investments that align with our strategic objectives. KEC is launching a series of new initiatives in 2025 including logistics and industrial free zone, 100 per cent foreign ownership of residential/commercial properties aimed at enhancing its appeal as an investment destination.
We are focusing on establishing specialised anchor projects, particularly in logistics, food security, and technology, to foster a businessfriendly ecosystem that meets the needs of both local and international investors.
The development of the logistics and industrial free zone area, for example, which will be ready for new projects, is all set to secure major investments that reinforce Oman’s position as a key logistics and industrial hub. Additionally, Khazaen is focusing on attracting flagship projects and building the necessary infrastructure to support long-term growth and investor confidence. Khazaen offers world-class infrastructure, competitive investment incentives, attractive land lease rates, a dedicated one-stop shop for investor support, and a strategic location wellconnected to local, regional, and international markets.
Additionally, we are exploring incentives for companies in strategic sectors, offering flexible lease arrangements, and expanding our digital infrastructure to create a smart city environment. These plans are a testament to our commitment to creating value for our stakeholders and driving Oman’s economic progress
TOWARDS A GREEN FUTURE
Reggy Vermeulen, CEO, Port of Duqm shares the differentiated value proposition offered by the port and the Al Wusta region to prospective investors in an interview with Mayank Singh
Can you share details on the performance of Port of Duqm and its focus areas in 2024?
The year 2024 has been good for Port of Duqm. We saw an increase in the export of minerals through the Port of Duqm and this is one of the future pillars of the country. The mineral sector is one of the untapped sectors of Oman and I think seeing an increase in their exports shows the development and growth of that market, which is very positive.
On the other side, we have continued to work with different industries and ministries to refine our efforts towards international markets in order to attract multiple classes of investments and to further the areas of inflows into Oman.
Looking ahead are there any specific priorities that the Port of Duqm is pursuing for the year 2025? In 2025, there are a couple of projects that are very important. One big ambition of Duqm is to enter the steel industry and particularly the low carbon steel industry. This is something that has been in the making for the last two and a half years. As we know, these are multi-billion dollar projects, so it takes time to set everything up. Between the Port of Duqm, Ministry of Energy, OPAZ and SEZAD we are all working actively with the three main companies, which are setting up steel plants in Duqm namely Mitsui Kobe, Jindal and Vale to realise these projects. One of the primary objectives of these projects is to start building their plants intensely in 2025.
Jindal started construction in 2024 and we are now working on supporting
Mitsui and Vale to start construction in Duqm. We are focusing on this project, because the steel industry requires a lot of support from many other supporting industries. These include SMEs, value chain, and logistics. These in turn have a snowball effect on the region. When the steel industry comes on stream as an anchor industry, a number of supporting industries flourish around it. So really, our priority for 2025 is starting the steel industry in Duqm.
On the other hand, Green Hydrogen is another industry in which Oman has tremendous potential. The challenge for this sector globally is that the receiving markets in Europe, Japan and Korea are still setting up and are unable to commit long-term volume of demand for Green Hydrogen. We are at a point in Oman, wherein we can only support the industry, but we need the receiving parties to finalise their order for us to start these projects.
As I mentioned, we have witnessed an increase in the export of minerals in 2024 and want that trend to continue in 2025. The sector holds promise, as new limestone and dolomite mines have been discovered in the vicinity of Duqm and the Al Wusta region. These are commodities, which are in high demand in India and other parts of the world. Therefore, we want to create that bridge between India and Oman for the export of these minerals.
The year 2024 saw the visit of His Majesty Sultan Haitham bin Tarik to Belgium. As the Port of Duqm has an association with the Port of Antwerp, how has the Royal visit strengthened ties between the two countries?
It was an honour to have His Majesty Sultan Haitham bin Tarik in Belgium and I was privileged to accompany this delegation. It shows that the bilateral relations between our two countries is strong, but we also want it to grow further. The Royal visit made it clear that Oman is keen on strengthening economic relations and investments from Belgium. His Majesty in his meetings with government authorities and businesspersons reiterated the importance of working together and increasing the Belgian presence and investments in Oman.
What are the other objectives of Oman Vision 2040 that the port is going to pursue and fulfil?
One of the major objectives that we are looking at is employment generation. Hence, we are working with the authorities to make sure that the investors come here to set up industries that will result in new job opportunities. Overall, we are targeting and selecting industries that support this objective.
In pursuance of Oman’s Net Zero 2050 plan, we are focussing on the Green agenda while selecting an industry, offering incentives and even in our operations, we stress on reducing our carbon footprint. We want to attract industries that can take advantage of an array of elements that are in place in Duqm and support Oman’s decarbonisation plan.
The first step in this direction is to use gas instead of heavy fuel. Oman has been doing this over the years. Gas is available in Duqm, but we are going further with the partnership with Shell and other authorities such as the Ministry of Energy & Minerals to give
upcoming industries an opportunity to access carbon capturing technology. We are also working on a network of pipes in depleted oil fields with a vision to be able to collect carbon from industry around Duqm and to push it back into the ground.
In the shorter term before the production of green hydrogen comes on stream, Shell is working on the production of blue hydrogen. This is basically, the creation of a hydrogen base for gas, so that it is carbon neutral, and this is the first step that would be available in Duqm and then on a big further step would be the production of green hydrogen.
Overall, the proposition which Duqm offers is that if an industry is using a few tools to decarbonise we can enable the process by offering them Blue Hydrogen and Green Hydrogen. On the other hand, if an industry cannot decarbonise at its base, it is offered the possibility of carbon capture so that it can reduce its carbon footprint. This is unique to Duqm as it offers a range of options for industries to decarbonise.
What market trends and challenges do you see shaping the ports and logistics industry and how do you plan to adapt to them?
One of the challenges is that we are in a moving world. Our neighbours such as Saudi Arabia and UAE are extremely active in the market to attract investments to the region. In comparison, we are a smaller market making it imperative for us differentiate ourselves from our neighbours.
So one of the big challenges, which we face, is to work together to make sure that Oman’s value proposition is attractive enough for foreign direct investment. We are working closely with Invest Oman; the Ministry of Commerce, Industry and Investment Promotion; OPAZ and SEZAD to make sure that a number of incentive packages are available. Moreover, an effort is made to acquaint companies, which are looking at an investment destination with these packages.
STAYING AGILE
United Finance is enhancing its digital services with innovative solutions, utilising AI for better decision-making and offering tailored products like electric vehicle loans and SME financing, says Nasser Al Rashdi, CEO, in an interview with Oommen John
How has United Finance performed in 2024?
2024 has been a remarkable year for United Finance Company. Despite challenging global economic conditions, we achieved notable financial and operational milestones. Our net profit for the first nine months of the year has reached RO1.57mn, marking a 20 per cent increase compared to the same period last year. marking a significant improvement over the previous year. This growth reflects our disciplined cost management, strong customer engagement, and the introduction of innovative operational solutions, which have enhanced our overall customer experience. Operationally, we have focused on laying a strong foundation for the future. One key initiative was preparing for our transition to a paperless approach, which not only reduces costs but also aligns with our commitment to sustainability, speed and efficiency. Overall, 2024 has been a year of transformation and resilience, setting the stage for sustained growth in the years to come.
What are the company’s key strategic priorities in 2025?
Our strategic priorities for 2025 revolve around transformation, innovation, and sustainability.
Digital Transformation: The transition to a paperless environment is a major initiative that will enhance efficiency and reduce environmental impact. We are also focused on expanding our digital payment solutions, leveraging technologies like AI to improve operational processes,
and providing a seamless experience for our customers.
Product Diversification: We aim to offer tailored financial solutions to meet the evolving needs of our customers. This includes financing for emerging sectors such as electric vehicles, as well as expanding our offerings for SMEs.
Customer-Centricity: Enhancing customer experience remains a core focus. We are reengineering our processes to improve turnaround times and deliver a more personalised service.
Sustainability: As part of Oman’s Vision 2040, we are embedding sustainability into our operations. These priorities are designed to ensure that we remain at the forefront of Oman’s evolving financial landscape.
In what ways do you think United Finance’s outlook will evolve aligning with Oman’s Vision 2040 objectives?
Oman’s Vision 2040 serves as a guiding framework for our long-term strategy. The vision emphasises economic diversification, digital transformation, and sustainability—areas that align closely with our goals. United Finance is committed to supporting Oman’s economic diversification by paving the way for growth for Micro companies to SME’s and SMEs to large corporates.
Our focus on digital transformation aligns with Vision 2040’s objective to foster a robust digital economy. Initiatives like paperless operations exemplify our commitment to innovation and efficiency. We see ourselves as an enabler of Vision 2040, fostering economic growth and innovation while maintaining a strong
focus on sustainability and inclusivity.
What market trends and challenges do you see shaping the industry, and how do you plan to adapt to them?
The financial services industry is undergoing rapid transformation, driven by digitisation, changing customer expectations, and the growing importance of sustainability.
Trends Shaping the Industry:
Digitisation: Customers now expect seamless, digital-first experiences. Financial institutions must adapt by integrating advanced technologies into their operations.
Sustainability: ESG (Environmental, Social, and Governance) considerations are becoming central to financing decisions, reflecting a shift toward sustainable practices.
Emerging Market Segments: There is a growing demand for niche products such as electric vehicle financing and microfinance for SMEs.
Challenges: Increased Competition: The rise of fintech companies has intensified competition in the industry.
Economic Volatility: Global inflationary pressures and interest rate fluctuations pose risks.
Regulatory Changes: Staying agile in the face of evolving regulations is critical.
To address these trends and challenges, we are investing heavily in digital transformation, enhancing our customer engagement through innovative solutions, and diversifying our product portfolio. We are also strengthening our risk management framework to build resilience against economic uncertainties. By staying
agile and customer-focused, we aim to navigate these challenges while capitalising on emerging opportunities.
Are there any specific initiatives or expansion plans for United Finance in 2025?
2025 is poised to be a year of significant initiatives and expansion for United Finance Company. One of our flagship initiatives is the full implementation of digital strategy. This transition will streamline our processes, reduce costs, and support our sustainability goals.
We are also expanding our digital services to provide more innovative solutions to our customers. This includes leveraging AI to improve decision-making and launching products tailored to specific needs, such as electric vehicle loans and financing options for SMEs.
On the expansion front, we are exploring regional opportunities within the country where our expertise in niche financing can add value. Additionally, we are enhancing our partnerships with key stakeholders to drive growth and innovation.
Internally, we are focusing on employee development to ensure our team is equipped to execute our ambitious plans. These initiatives reflect our commitment to staying ahead of market trends and delivering value to our stakeholders while contributing to Oman’s broader economic and social objectives.
United Finance is proud to play a role in shaping Oman’s financial landscape. By focusing on transformation, innovation, and sustainability, we are building a strong foundation for future growth and aligning closely with the aspirations of Oman’s Vision 2040.
2025 is poised to be a year of significant initiatives and expansion for United Finance Company. One of our flagship initiatives is the full implementation of digital strategy. This transition will streamline our processes, reduce costs, and support our sustainability goals
UNDERSTANDING THE PULSE OF THE ECONOMY
CYBER RESILIENCE
Can you share details on the performance of ODP and its focus areas in 2024?
2024 was exceptional for us at Oman Data Park (ODP). We achieved a remarkable compound annual growth rate (CAGR) of 27 per cent – an impressive leap from our historical average of 19 per cent. This growth is a testament to the hard work, dedication, and strategic vision that our team has
put into diversifying our offerings and strengthening our position in the market.
What truly drives our success is our unwavering commitment to our customers. We make it a priority to understand their needs, challenges, and aspirations, and we tailor our solutions to help them succeed. This customer-first approach has positioned
Eng. Maqbool Al Wahaibi CEO, Oman Data Park
THOUGHT LEADERSHIP SERIES
us as a trusted partner in Oman’s digital transformation, enabling businesses to harness the power of technology with confidence.
Looking ahead, we are setting our sights even higher. Our goal is to push our CAGR to 33 per cent over the next five years. To achieve this, we will continue to innovate, enhance operational efficiency, and take on large-scale initiatives that will have a lasting impact on Oman’s digital economy. Of course, challenges are always part of the journey, but with the strong support of our shareholders and stakeholders, we are confident in our ability to grow, adapt, and lead.
What are the company’s key strategic priorities in 2025?
Oman is making remarkable progress in the technology sector, and at ODP, we are excited to be part of this transformation. Our strategic priorities for 2025 are fully aligned with the nation’s ambitious digital transformation agenda, focusing on key areas like cybersecurity, cloud computing, IoT, AI, and other emerging technologies. Among these, cybersecurity remains a top priority, and it’s clear that Oman has made great strides in this space.
A proud moment for us was the launch of Oman’s first locally hosted Extended Detection and Response (XDR) solution in collaboration with Trend Micro. This innovation is a game-changer for corporate cybersecurity, as it offers proactive threat detection and response. Traditionally, these services were not available within the local data centers, but we’ve bridged that gap, ensuring compliance with data
residency and sovereignty regulations. Our partnership with Tawasul has further strengthened Oman’s cybersecurity ecosystem, reinforcing our national cyber resilience and attracting businesses that require toptier security.
Oman is also becoming a hub for cloud services, and we’re right in the heart of it. Major global hyperscalers, including Amazon Web Services, Oracle Cloud, Google Cloud, and Microsoft Azure, are setting up local zones or are already operational in Oman. With our cuttingedge data centers, Oman Data Park plays a crucial role in supporting these hyperscalers, enabling them to deliver high-performance, scalable, and secure cloud solutions to local businesses. Our aim is to ensure that enterprises across Oman have access to the best cloud services, fully customised to meet their needs.
The Internet of Things (IoT) is another key area where we’re seeing significant progress, particularly through Tadum, a sister company of Omantel. Tadum has already implemented smart metering solutions for NAMA Group and is leading the way in IoT-driven innovations. We anticipate continued advancements in smart infrastructure, energy efficiency, and industrial automation, all of which will fuel Oman’s growing digital economy.
Looking ahead to 2025, our strategy remains focused on technological excellence, innovation, and digital sovereignty. By enhancing our cybersecurity capabilities, expanding our cloud and IoT offerings, leveraging the latest in AI advancements, and investing in industry-specific
technologies, we aim to reinforce ODP’s role as the country’s premier digital enabler. Oman is at the forefront of digital transformation, and we’re committed to providing businesses and government entities with the best technology solutions to succeed in the digital economy of the future.
In what ways do you think ODP’s outlook will evolve in the coming years aligning with Oman’s Vision 2040 objectives?
ODP’s strategy will continue to evolve in alignment with Oman’s Vision 2040, adapting to meet the changing needs of the market. While ODP initially focused on providing infrastructure solutions, our vision for the future extends beyond infrastructure to positioning ourselves as a full-fledged solutions provider. This shift is strategic, recognising that while infrastructure remains an essential component, it is no longer the primary function.
Instead, our core focus is transitioning towards delivering comprehensive solutions that address the specific challenges faced by various industries. When engaging with corporates, our approach is centered on identifying pain points and developing tailored solutions, with infrastructure serving as an implicit function rather than the focal point.
Executing Oman’s Vision 2040 requires a deep understanding of the critical sectors that drive the nation’s economy, including logistics, fisheries, mining, hospitality, and tourism. The vision calls for enhancing efficiency, optimising asset utilisation, and reducing operational costs – objectives that can only be achieved through
digital transformation and automation. According to a recent McKinsey Global Institute report, digital transformation has the potential to increase global GDP by US$13 trillion by 2030, driven primarily by automation and digitisation. For example, industries such as logistics can achieve significant efficiency gains through AI and IoT technologies. Automation and digitisation have already led to a 20-30 per cent reduction in operational costs in several global logistic hubs.
The key to unlocking Oman’s potential lies in automating manual processes across industries, ensuring that businesses can operate with greater efficiency and scalability. Gartner predicts that by 2025, AIdriven automation will eliminate
69 per cent of the traditional tasks currently performed by knowledge workers globally. This transformation will have a significant impact on industries like airports, logistics, and industrial operations, contributing to a more technologically advanced and competitive economy.
This strategic evolution also positions ODP as a key enabler of Oman’s Vision 2040 digital mandate. One of the vision’s core objectives is to increase the ICT sector’s contribution to the national GDP from its current 2 per cent to at least 10 per cent by 2040. Achieving this ambitious target requires significant advancements in digital infrastructure, smart solutions, and technology-driven business models.
What market trends and challenges do you see shaping the tech industry and how do you plan to address them?
The technology industry is evolving at an unprecedented pace, and one of the most significant trends shaping its future is artificial intelligence (AI). Avoiding AI adoption is no longer an option, as failing to integrate AI into business operations will prove costly in the long run. However, it is crucial to focus not on the technology itself, but on its real-world use cases. Technology will continue to evolve rapidly, with each innovation cycle becoming shorter than the last. The compounding effect in technology – similar to what investors recognise in financial markets – accelerates progress, allowing us to build upon existing
Technology will continue to evolve rapidly, with each innovation cycle becoming shorter than the last. The compounding effect in technology – similar to what investors recognise in financial markets – accelerates progress, allowing us to build upon existing advancements to create something entirely new
advancements to create something entirely new.
AI has leveraged pre-existing technologies, such as GPUs, which were initially developed for gaming but are now instrumental in AI’s computational advancements. Additionally, AI is the product of decades of research, spanning more than 50 years, yet it has only recently reached a level where it can be widely deployed. Factors like low-code development have further accelerated software engineering, allowing complex functions to be executed with minimal coding effort. However, what we see today is only the beginning. In the next decade, we anticipate the emergence of Artificial General Intelligence (AGI), an evolution that will replicate human cognitive abilities. AGI will function much like the human brain, enabling digital agents to think, learn, and make decisions as humans do – only faster and with higher accuracy. These AI-driven agents will become integrated into both personal and professional settings, influencing decision-making in households, corporations, and critical industries such as defense and healthcare.
Despite these advancements, current
AI models, including those from OpenAI and DeepSeek, remain reactive rather than truly autonomous. They lack the full depth of human cognitive capabilities and can only respond based on input, rather than independently formulating thoughts and perspectives. The transition from perception to perspective is the next milestone in AI development, and achieving this will require substantial investment in both technology and human capital.
One of the primary challenges in AI adoption is the skills gap. Historically, similar challenges arose during the early days of enterprise resource planning (ERP) systems, where the shortage of trained professionals hindered widespread implementation. Today, we face a comparable situation with AI, as the demand for skilled talent far exceeds the available workforce. Addressing this gap requires a concerted effort from both the private and public sectors.
In Oman, we are already witnessing positive initiatives, such as the Omantel Academy, which has launched a twoyear AI training program, as well as universities incorporating AI curricula into their programs. The government
has also begun supporting AI development, and further investments will be made to keep pace with global advancements. Internationally, governments are making substantial financial commitments to AI. For instance, the U.S. government recently announced a US$500 billion investment to strengthen its AI infrastructure, with additional contributions from private sector investors. Such large-scale investments highlight the need for both public and private sector collaboration. Oman must adopt a similar approach, with both government and private enterprises allocating capital to AI development.
At ODP, we have been proactive in preparing for this technological shift. We partnered with Nvidia three years ago to bring GPUs to our local data centers, ensuring that we have the necessary infrastructure to support AI workloads. While this is a step in the right direction, demand for AI-driven solutions must increase to justify further investments in computing power and resources. As AI continues to evolve, we remain committed to fostering innovation, bridging the skills gap, and enabling businesses in Oman to harness the full potential of AI.
DRIVING GROWTH
Royal Directive to establish trade court welcomed. The Court of Investment and Trade will handle lawsuits involving merchants and disputes arising from investment contracts
(OCCI) have praised the Royal Directive to establish the ‘Court of Investment and Trade,’ which is expected to strengthen Oman’s legal framework and enhance its appeal to foreign investors.
His Excellency Sayyid Mohammed bin Sultan al Busaidi, Deputy Chairman of Supreme Judicial Council, described the directive on ‘Court of Investment and Trade,’ as a significant development for the judiciary. “The Court of Investment and Trade will handle lawsuits involving merchants and disputes arising from investment contracts. It will reduce the burden on general courts by deploying specialised judicial expertise at all levels of litigation,” he said.
He added that commercial disputes require swift judicial procedures and the new court will provide expedited resolutions, facilitating a businessfriendly environment for both
overall investment climate.
HE Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, said that the Royal Directive of His Majesty to complete the procedures for establishing the Court of Investment and Trade, come as an affirmation of His Majesty’s keenness to develop the investment and trade sector and enhance the investment environment in the Sultanate of Oman in line with the aspirations of the Oman 2040 vision. The minister said the Royal Directive aims to address the challenges facing the business sector and accelerate the settlement of commercial and investment cases to ensure the efficiency and fairness of procedures and reduce the burden
court’s potential to support Oman’s judiciary and serve as a cornerstone for attracting investments. “This initiative will strengthen the private sector by providing a specialised judiciary for investment and trade matters,” he said. He stressed that the court’s objective to resolve disputes efficiently aligns with Oman’s vision to develop its investment sector and attract capital.
Rawas further remarked that the court’s establishment will reassure investors by offering a robust legislative framework guaranteeing efficient dispute resolution in economic and commercial matters. “It will bolster confidence in Oman’s legal and business infrastructure.”
BUILDING COLLABORATION
Oman-India bilateral relations set to reach new heights
India’s Minister of Commerce and Industry, Piyush Goyal said that Oman-India bilateral relations are expected to strengthen significantly in the coming years. This growth will be driven by increased cooperation in trade, investment, technology, food security, renewable energy and other key sectors.
Goyal was the Special Guest at the grand reception organised by the Embassy of India, Muscat to celebrate the 76th Republic Day of India recently. His Excellency Qais bin Mohammed Al Yousef, Oman’s Minister of Commerce, Industry, and Investment Promotion, was the Chief Guest, accompanied by a high-level official delegation.
The Indian minister, who was in Oman for the 11th Oman-India Joint Commission Meeting with HE Qais Al Yousef, said the meeting was expected to witness productive discussions on
enhancing bilateral cooperation in trade, investment, AI and other key areas. He also highlighted India’s extraordinary progress under Prime Minister Narendra Modi’s leadership, emphasising India’s growing global stature and the partnership with Oman as a model of collaboration.
Goyal’s visit highlights the importance that India attaches to its trade and investment ties with Oman, one of its important trading partners in the GCC with bilateral trade estimated at over $8.94bn in 2023-2024.
The Republic Day reception attracted enthusiastic participation from over 1,000 attendees, including Ambassadors, Defense Attachés, Diplomats, and members of the Omani and Indian communities.
HE Amit Narang, India’s Ambassador to Oman, highlighted the remarkable advancements in India-Oman relations
post-pandemic. He referred to the landmark visit of His Majesty Sultan Haitham bin Tarik to India, Oman’s active role in the G20 under India’s Presidency, and the significant growth in bilateral trade, defence cooperation, cultural collaboration, and people-topeople ties.
A cultural highlight of the evening was the unique musical performance titled “Sur Sandook,” which showcased a vibrant India-Oman jukebox. Omani violinist Nasser Al Kindi performed alongside Team Melam Muscat, celebrating Kerala’s cultural richness with energetic Chenda Melam and captivating the audience with renditions of popular Indian songs. Participants enjoyed a specially designed selfie zone featuring life-sized replicas of iconic Indian landmarks, including the Konark Wheel and Hawa Mahal, allowing them to capture the essence of India’s rich heritage.
ENHANCING COMPETITIVENESS
Tof the infrastructure project in Samail Industrial City under the patronage of His Excellency Sheikh Dr. Ali bin Masoud Al Sunaidy, Chairman of the Public Authority for Special Economic Zones and Free Zones (OPAZ).
HE Al Sunaidy emphasised the strategic significance of Samail Industrial City in advancing Oman’s industrial sector, and its success in attracting a diverse range of manufacturing industries. He highlighted the project’s completion of essential infrastructure works, including roads, lighting, fiber optic network, water network, and other vital services.
He further noted that Samail Industrial City serves as an extension
location of Samail Industrial City, in proximity to the Sultan Turki bin Said Road, ensures easy access to Muscat and various cities in Al Dakhiliyah and North Al Sharqiyah Governorates.
Speaking at the event, Eng. Yasser bin Ibrahim Al Ajmi, Director General of Samail Industrial City, emphasised the strategic role played by Madayn in advancing Oman’s industrial sector, aligning with Oman Vision 2040’s objectives, and strengthening private sector contribution in sustainable economic growth. He noted that the project comes to complement Madayn’s efforts in creating employment opportunities, enhancing competitiveness, attracting local and foreign investments, integrating artificial intelligence technologies, and expanding the production base.
developed area of the project covers 753 hectares, with Phase 1 spanning 548 hectares and Phase 2 covering 205 hectares.
Al Ajmi also pointed out that Samail Industrial City has been designed according to the highest international standards, incorporating environmental and civil defense requirements, while also addressing the social and recreational needs of employees and local communities. The city offers a comprehensive environment for living and working, featuring diverse facilities and services. Samail Industrial City is divided into several sectors, including technology medical, food, petrochemicals, steel, aluminium and wood, marble, building materials, and SMEs sector, all complemented by support services.
facilities for the workforce, and hence enhance the available infrastructure and services.
Eng. Haitham bin Sulaiman Al Aufi, Head of Projects Implementation Section in Madayn, gave an overview of the project’s key infrastructure elements, which include: 32.41 km of fiber optic networks for Phase 1 and 28. 8 km for Phase 2; 17 km of wadi protection works; water tank in Phase 1 with a capacity of 2,500 cubic meters and a pumping station with a capacity of 48 l/s; water tank in Phase 2 with a capacity of 2,500 cubic meters and a pumping station with a capacity of 35 l/s; irrigation tank in Phase 1 with a capacity of 2,500 cubic meters and a pumping station with a capacity of 41 l/s; and irrigation tank in Phase 2 with a capacity of 800 cubic meters and a pumping station with a capacity of 16.5 l/s.
Additionally, other works involved in the project include two main gates and three emergency exits in Phase 1, in addition to 215 CCTV cameras, 1221 lighting poles, 604 fire hydrants, and
82.051 sqm area of public parking for trucks and taxis. Moreover, Al Aufi pointed out that the infrastructure project features 45.780 km of road networks, 58.040 km of irrigation network, 62.740 km of water network, and 51.620 km of sewage network, five security rooms on an area of 104.74 sqm, and sewage treatment plant with a capacity of 3,500 cubic meters/day.
The event also included an exhibition showcasing the products of the investing companies in Samail Industrial City. The exhibition presented a wide range of products
from various sectors, reflecting the city’s robust commitment to the Sultanate’s industrial development and economic growth. Strategically located in Al Dakhiliyah Governorate, Samail Industrial City is approximately 60 km southwest of Muscat. The city serves as a thriving hub for industrial activities and a strategic extension of Al Rusayl Industrial City. Its prime location along the Sultan Turki bin Said Road ensures seamless connectivity to Muscat and other key destinations across the Sultanate, enhancing its appeal as the nearest industrial city to the capital.
PROMOTING INNOVATION
Madayn announces a new package of incentives for investors in Al Mazunah Free Zone
The Public Establishment for Industrial Estates “Madayn” has unveiled a new package of incentives for investors and business owners in Al Mazunah Free Zone. The announcement was made during the activities of Al Mazunah Economic Exhibition and Forum, reaffirming Madayn’s commitment to enhancing a robust investment environment in the Sultanate and attracting new investments.
Eng. Ahmed bin Khamis Al Kasbi, Director General of Al Mazunah Free Zone, stated that the Board of Directors of the Public Authority for Special
Economic Zones and Free Zones (OPAZ) has approved a set of incentives for the free zone in recognition of the significance of enhancing the investment climate and encouraging investors to expand their operations.
“Among the highlights of these incentives include exempting investors from accumulated debts by 30 per cent, in addition to a 50 per cent reduction in rental costs for the next five years for existing and new investors. These incentives aim at increasing the free zone’s competitiveness and enhancing investment appeal. In fact, these incentives form a cornerstone of efforts to support economic growth, and promote innovation and sustainability,” Al Kasbi said.
Al Kasbi added that Al Mazunah Free Zone has achieved significant progress in recent years in terms of investment and commercial activity. “In 2024, the volume of goods imported to the free zone reached over 240,000 tons, marking an increase of more than 20 per cent compared to the volume recorded in 2023. The free zone presents a vital gateway for regional trade and a hub for economic activities with its fully developed infrastructure, essential facilities including road network, electricity, water and telecom networks, electronic services, warehousing spaces, and transportation services,” Al Kasbi added.
On another note, Al Mazunah Economic Exhibition and Forum continues its activities with the participation of over 100 local and international companies. The event provides a platform to explore collaboration and partnership opportunities, and promising investment prospects aligned with Oman Vision 2040. On the sidelines of the forum, a workshop on ‘Investment Drivers’ was delivered by Ahmed Al Hajri, Director General of Labour in Al Batinah North, and a paper on ‘Investment Opportunities in Al Mazunah Free Zone’ was presented by Said Zabanoot, Director of Investor Services in Al Mazunah Free Zone.
CATALYST FOR SUSTAINABILITY
Sohar Port and Freezone driving sustainable growth and global connectivity for Oman
SOHAR Port and Freezone celebrated its 2024 performance during the annual Business Reception under the theme “Connecting Commerce, Creating Opportunities.” The event highlighted SOHAR’s role as a cornerstone of Oman’s economic development, directly contributing to the country’s diversification goals under Oman Vision 2040.
Total investments at SOHAR reached an impressive $30bn, with 2024 alone contributing over $4bn in new projects. Among the major agreements signed last year were a $1.35bn polysilicon production facility—the largest of
its kind in the Middle East—a $1.6bn LNG bunkering project utilising solar energy, and a $600mn agreement to establish Oman’s first iron ore concentration plant. These projects highlight SOHAR’s leadership in advancing innovation, renewable energy, and industrial development.
Operational performance also demonstrated resilience and growth, with over 3,000 vessel calls recorded in 2024. General cargo throughput increased by 77 per cent compared to the previous year, container volumes grew by 15 per cent, and ship-toship operations rose by 19 per cent. SOHAR Freezone saw significant
achievements as well, with land occupancy reaching 85 per cent, reflecting robust demand from both existing and prospective tenants.
Commenting on SOHAR’s accomplishments, CEO Emile Hoogsteden said, “SOHAR Port and Freezone has become a catalyst for Oman’s economic transformation and a model of innovation and sustainability. As we celebrate two decades of growth, we take pride in how SOHAR has built an integrated industrial and logistics ecosystem that attracts forward-thinking investments and drives global competitiveness. Moving forward, we will continue to
Total investments at SOHAR reached an impressive $30bn, with 2024 alone contributing over $4bn in new projects. Among the major agreements signed last year were a $1.35bn polysilicon production facility—the largest of its kind in the Middle East—a $1.6bn LNG bunkering project utilising solar energy, and a $600mn agreement to establish Oman’s first iron ore concentration plant.
align our efforts with Oman Vision 2040, fostering sustainable development and exploring new opportunities to propel Oman’s position on the global stage.”
The Freezone’s strategic growth was further emphasized by Acting CEO Mohammed Al Shizawi, who stated, “SOHAR Freezone has established itself as a critical enabler for businesses seeking to thrive in a dynamic and interconnected environment. In 2024, we signed 9 agreements covering 130 hectares of land and attracting $1.8bn in investments, reflecting strong demand and trust in our ecosystem.
Our investments in infrastructure,
technology, and incentives ensure that all tenants, whether new or established, can unlock their full potential while contributing to Oman’s economic development. The strong demand for land and facilities is a testament to the confidence businesses place in SOHAR Freezone as a hub for innovation and growth.”
In 2024, SOHAR reinforced its sustainability commitment by joining the Alliance for Industry Decarbonization and continuing the dialogue of SOHAR Net Zero Alliance, bringing together 12 companies to collaborate on achieving net-zero targets. Other initiatives included
expanding the use of biofuels and hydrogen to reduce maritime emissions and partnering with Metcore to enhance fuel accuracy and sustainability.
Recognition for SOHAR’s achievements came in the form of prestigious awards, including the Environmental Protection Award at The Maritime Standard Awards, two RoSPA health and safety excellence awards, and accolades at the Oman Logistics Day.
On the employment front, SOHAR supported nearly 36,000 direct and indirect jobs, showcasing its role as a key driver of economic growth in the region. Beyond job creation, the Port and Freezone fostered skill development through training programs designed to prepare Omani talent for future industry demands.
Additionally, corporate social responsibility initiatives positively impacted over 56,000 lives, with programs like Maseer empowering Omani youth with technical skills and collaborations with local charities providing education and healthcare support to underserved communities.
Looking ahead, SOHAR Port and Freezone remains committed to reducing its carbon footprint, driving innovation in industrial development, and fostering opportunities aligned with Oman Vision 2040. Through sustainable growth, cutting-edge facilities, and a steadfast focus on collaboration, SOHAR will continue connecting businesses to the world and creating opportunities that benefit the nation and its people.
EXPONENTIAL GROWTH
Gartner
forecasts Worldwide IT spending to grow 9.8 per cent in 2025
Worldwide IT spending is expected to total $5.61 trillion in 2025, an increase of 9.8 per cent from 2024, according to the latest forecast by Gartner, Inc.
“While budgets for CIOs are increasing, a significant portion will merely offset price increases within their recurrent spending,” said John-David Lovelock, Distinguished VP Analyst at Gartner. “This means that, in 2025, nominal spending versus real IT spending will be skewed, with price hikes absorbing some or all of budget growth. All major categories are reflecting higher-thanexpected prices, prompting CIOs to defer and scale back their true budget expectations.”
Segments including data center systems, devices and software will see double-digit growth in 2025, largely due to generative AI (GenAI) hardware upgrades (see Table 1). However, these upgraded segments will not differentiate themselves in terms of functionality yet, even with new hardware.
Table 1. Worldwide IT Spending Forecast (Millions of U.S. Dollars)
“GenAI is sliding toward the trough of disillusionment which reflects CIOs declining expectations for GenAI, but not their spending on this technology,” said Lovelock. “For instance, the new AI ready PCs do not yet have ‘must have’ applications that utilise the hardware. While both consumers and enterprises will purchase AI-enabled PC, tablets and mobile phones, those purchases will not be overly influenced by the GenAI functionality.”
Spending on AI-optimised servers easily doubles spending on traditional servers in 2025, reaching $202 billion dollars.
“IT services companies and hyperscalers account for over 70 per cent of spending in 2025,” said Lovelock. “By 2028, hyperscalers will
operate $1 trillion dollars’ worth of AI optimised servers, but not within their traditional business model or IaaS Market. Hyperscalers are pivoting to be part of the oligopoly AI model market.”
Gartner’s IT spending forecast methodology relies heavily on rigorous analysis of the sales by over a thousand vendors across the entire range of IT products and services. Gartner uses primary research techniques, complemented by secondary research sources, to build a comprehensive database of market size data on which to base its forecast. The Gartner quarterly IT spending forecast delivers a unique perspective on IT spending across the hardware, software, IT services and telecommunications segments. These reports help Gartner clients understand market opportunities and challenges.
Source: Gartner (January 2025)
LEVERAGING EXPERTISE
OIC-CERT & Huawei release framework to secure software supply chains across member states
Huawei, in collaboration with the Organisation of the Islamic CooperationComputer Emergency Response Team (OIC-CERT) and the Oman National CERT, has announced the release of the OIC-CERT Software Supply Chain Security Framework. This framework provides crucial guidance to OIC member states on establishing robust software supply chain security management, ensuring end-to-end cybersecurity. This comes at a critical time when cybersecurity is a top priority for businesses in the region, with 55 per cent of companies in the Middle East prioritising mitigating digital and technology risks over the next year, exceeding the global average of 53 per cent, according to a report by PwC. Within this, cyber risks remain a significant concern, with 42 per cent of regional businesses focusing on them.
Developed by the OIC-CERT Supply Chain Security working group, co-chaired by the Oman National CERT and Huawei, the framework addresses the growing complexity and interconnectedness of software systems and the increasing risks of supply chain attacks. It offers practical guidance for regulatory authorities in member countries to formulate effective policies for software supply chain manufacturers and service providers.The framework provides a comprehensive approach to software supply chain security governance, covering key areas such as supplier cybersecurity management, opensource software management, R&D and production management. It guides organisations in implementing security measures throughout the entire software lifecycle, from evaluating and selecting suppliers to securing the development and deployment processes. It also emphasises the importance of managing open-
integrating security practices into research, development, and production environments. This holistic approach aims to mitigate risks throughout the software supply chain.
Aloysius Cheang, Chief Security Officer for Huawei in the Middle East and Central Asia, said, “Huawei is committed to collaborating with global partners to enhance cybersecurity for all. This framework represents a significant step forward in strengthening software supply chain security across the OIC member states. We believe that by working together and sharing best practices, we can create a more secure and trustworthy digital environment for everyone.”
Dr. Saleh Said Al Hashmi at Oman National CERT, highlighted the significance of this framework and the value of collaboration, stating, “In today’s interconnected world, software supply chain security is paramount. This framework provides a crucial foundation for OIC member states to build resilient digital economies. Our collaboration with Huawei leverages
develop comprehensive guidelines that address the evolving threat landscape. By adopting these recommendations, nations can effectively mitigate risks and protect critical infrastructure. We believe this joint effort will significantly enhance cybersecurity across the OIC community.”
The framework’s release comes at a pivotal moment, as software supply chain attacks continue to evolve and pose significant threats to organizations and nations. By prioritising supply chain cybersecurity, OIC member states can protect their digital assets, foster trust, and enhance resilience in an increasingly interconnected world.
This initiative underscores Huawei’s ongoing commitment to contributing to the development of cybersecurity standards and enhancing industry security capabilities. By collaborating with international organisations like OIC-CERT, Huawei aims to support the building of cyber resilience and contribute to a more secure and trustworthy cyberspace.
SETTING NEW BENCHMARKS
Adanté Realty launches Yenaier Residences, defining a new era of sustainable luxury in Oman. Located in Sultan Haitham City, the first smart city in Oman, Yenaier is named to commemorate the month of accession of His Majesty Sultan Haitham bin Tarik
Adanté Realty, the real estate arm of the Al Adrak Group, a leading conglomerate in Oman, launched its flagship project, Yenaier Residences, located at the heart of Sultan Haitham City, Oman’s first smart city.
The official launch of Yenaier Residences was held at the St. Regis Hotel, Muscat, and was attended by HE Dr. Khalfan bin Said Al Shueili, Minister of Housing and Urban Planning and prominent guests from the government and private sector.
This landmark development embodies a new beginning in luxury living, rooted in sustainability and designed to foster community and connection. It is named in tribute to His Majesty Sultan Haitham bin Tarik, reflecting the significance of January, the month of his Accession. Yenaier aims to set new benchmarks in the Omani real estate sector as a freehold project for all nationalities.
HE Dr. Khalfan bin Said Al Shueili highlighted the project’s location within Sultan Haitham City and said,
“Yenaier Residences, being located in the heart of Sultan Haitham City, is at the forefront of sustainable urban development, which aligns with the goals of Oman’s Vision 2040 and showcases the nation’s commitment to innovation.”
Yenaier Residences offers more than just an address; it’s a lifestyle destination for discerning homebuyers. Located within Sultan Haitham City in Al Seeb, Muscat, the project is part of a comprehensive transformation championed by the Ministry of Housing
and Urban Planning (MoHUP). This eco-city spans 2.9 million square meters and integrates key features, including Green Spaces, Smart City Infrastructure, and Comprehensive Facilities: healthcare, schools, universities, mosques, commercial establishments, souqs, and cultural and daycare centres.
The Yenaier Residences feature six iconic towers interconnected by looping boulevards and greenscapes. The design philosophy is based on Contemporary Fluid Architecture, Eco-Friendly Principles, and Smart Living. The development includes a range of residences: loggia studios, loggia suites (1 BHK), sky residences (2 BHK), and sky villas (3 BHKs) and sky palaces (penthouses), with sizes ranging from 71 sqm to 462 sqm. Yenaier offers a range of amenities that promote an active and connected lifestyle, including Fitness and Wellness, Community and Social Hubs, Convenience, and Leisure.
Adanté Realty, as the development arm of the Al Adrak Group, brings 39 years of experience in the real estate sector in Oman and the UAE. This legacy ensures that Yenaier is built with a strong foundation and a commitment to high-quality materials and craftsmanship. Notably, Al Adrak Group’s expertise has been recognised by Ellington Properties in the UAE,
where they are currently constructing two prestigious projects (EH3 and EH4), further solidifying their reputation for excellence. Adanté Realty’s vision is rooted in supporting Oman’s Vision 2040 and contributing to the nation’s infrastructure development.
Regarding Adanté’s entry into the premium real estate market in Oman, Dr. Thomas Alexander, the founder and the Chairman of Al Adrak Group, commented, “Adanté Realty is not just building properties; we are crafting legacies. Leveraging the Al Adrak Group’s 39 years of experience, we are setting new benchmarks for luxurious, sustainable living in Oman. Our commitment to quality and innovation is unwavering as we shape the future of urban spaces.”
Dr. Thomas Alexander added regarding the sustainable design and construction of Yenaier, “Yenaier Residences is a testament to our commitment to eco-conscious living. Through the use of sustainable building materials, innovative technologies, and green design, we are creating a development that is not only luxurious but also environmentally responsible.”
On the unique investment opportunity that Yenaier presents, Dr. Aadil Thomas Alexander, Executive Director of Al Adrak Group and the Chief Executive Officer of Adanté, said, “Investing in
Yenaier Residences is not just about buying property; it’s about securing a prosperous future. Oman offers a stable and attractive investment environment, with freehold ownership, no taxes on personal income, property, or inheritance, and residency for investors and their families linked to the property ownership. We are proud to offer a prime opportunity for both local and international investors.”
Dr. Aadil further highlighted the focus on community and lifestyle, “At Yenaier, we are creating a place where people can connect, thrive, and create lasting memories. Our focus on sustainability, community spaces, and premium amenities reflects our commitment to enhancing the quality of life for our residents. The integrated community is a place designed for a ‘new generation’ while appealing to ‘more traditional lifestyles’.”
Oman offers a stable and attractive environment for real estate investment, with zero taxes on personal income and 100 per cent property ownership, promising a booming real estate market and supportive business laws. These benefits position Yenaier as a prime opportunity for both local and international investors.
STRATEGIC VALUE
International Workplace Group opens two new state-of-the-art workspaces in Oman, as demand for hybrid working rises
International Workplace Group, the world’s largest provider of hybrid working solutions with leading brands like HQ and Regus, is opening two new state-of-the-art flexible workspaces in Sohar City Centre and Qurum City Center. These new workspaces address the increasing demand for flexible solutions and align with the growing hybrid work culture in the MENA region.
The launch of International Workplace Group’s latest locations in Oman builds
on the company’s record-breaking performance, achieving its highestever revenue, cash flow, and earnings growth, alongside an impressive expansion with more than 900 locations added to its global network in 2024. The openings also support Oman’s 2040 Vision, which aims to prioritise economic diversification, fiscal sustainability, innovation, and the creation of a competitive economy that rests on talent transformation, equal opportunities, and a modern, flexible work environment that
supports the country’s evolving workforce dynamics.
The new workspaces in Sohar City Centre and Qurum City Center are part of IWG’s drive to meet the sharply rising demand for top-class flexible working spaces in the area. By bringing high-quality office spaces to Oman, the global leader in hybrid working solutions is enabling local people to experience life in a ’15-minute’ city, where employees can work and socialise close to their
homes, enhancing convenience and work-life balance.
Opened in December 2024, the 704 sqm space at Sohar City Centre along with the upcoming 805 sqm space set to launch in April 2025 at Qurum City Centre will cater to established businesses and start-ups across industries. In addition, International Workplace Group’s Design Your Own Office service will also help companies to customise their spaces, with the new
As companies of all sizes adopt hybrid working for the long term, it is predicted that 30% of all commercial real estate will be flexible workspaces by 2030. With International Workplace Group, partners are able to capitalise on this fast-growing sector, while availing IWG’s unparalleled experience in the field.
The partnership with the International Workplace Group allows companies to maximise the return on their real estate assets by leveraging the surging demand for hybrid working solutions. With an annual investment of around OMR 24 million into its technology platform, IWG further supports them with access to all its design, fit-out, sales, and marketing capabilities.
Mark Dixon, CEO and Founder of International Workplace Group PLC, commented, “We are excited to reinforce our presence in the MENA region with these new openings. Oman provides an excellent foundation to advance our growth strategy due to the rising demand for hybrid work solutions among its workforce. The launch of Regus workspaces in these brand-new locations not only enhances our portfolio but also supports Oman’s talent transformation agenda by creating flexible, high-quality workspaces that boost productivity, promote employee well-being, and foster talent development while contributing to Oman Vision 2040’s goal of building a competitive and sustainable economy.”
As the ongoing shift towards hybrid working gains momentum, the potential for further growth is exponential with an estimated 1.2 billion white-collar workers globally and a total addressable market of more than RO739mn. In 2023, International Workplace Group welcomed over 800 new partner locations and counts 83 percent of Fortune 500 companies among its customer base.
Furthermore, the company’s multibrand expansion strategy is designed to appeal to every type of business and entrepreneur. It creates personal, financial, and strategic value for businesses of every size, from some of the most exciting companies and wellknown organisations on the planet to individuals and the next generation of industry leaders. All of them harness the power of flexible working to increase their productivity, efficiency, agility, and market proximity.
DRIVING EFFICIENCY
MDO signs RO11.5mn supply contracts at Future Mineral Forum in Riyadh
In a move to solidify its position in the mining industry and bolster the sustainability of its operations, Minerals Development Oman (MDO) announced the signing of strategic supply contracts with the Finnish company Metso.
The agreements, unveiled during MDO’s participation in the Future Mineral Forum in Riyadh, are set to equip the copper concentrate plant at the Mazoon Mining project in Yanqul, A’Dhahirah Governorate, with cutting-edge technology.
Valued at more than RO11.5mn, these contracts include the supply of state-ofthe-art crushing, grinding, and flotation equipment. This includes highperformance grinding mills, advanced mechanical flotation units, and efficient concentrators – all integral to enhancing the productivity, operational efficiency, and sustainability of the company’s ambitious project to extract and concentrate copper ore from its Yanqul mines.
Eng. Mattar bin Salim Al Badi, CEO of MDO, stated, “The Mazoon Copper project is a cornerstone in positioning Oman as a global hub for copper concentrate production. Spanning 20 square kilometres, this project will soon become the largest of its kind in the country, thanks to our strategic partnerships and commitment to employing innovative technologies.
This collaboration marks a significant milestone for MDO, reinforcing our global partnerships while driving efficiency and sustainability in our mining and processing operations. We are honoured to collaborate with Metso, a trusted leader in providing processing equipment, ensuring the highest standards of performance, quality, and sustainability.”
“As a leading supplier of process technology and services to copper and gold plants around the world, Metso is excited to work as a strategic partner with MDO in this greenfield project. A significant number of the products covered by the Notice of
Award are part of our unique Metso Plus offering,” said Piia Karhu, President of Minerals at Metso.
The Mazoon Copper project stands as the largest integrated copper concentrate production project in the Sultanate of Oman, covering 20 square kilometres and encompassing five open-pit mines with reserves estimated at 22.9 million tons of copper ore. The project also includes a processing plant spanning 56,000 square meters, with a processing capacity of 2.5 million tons annually and a production capacity of 115,000 tons of copper concentrate per year with a purity of up to 21.5 per cent.
Focused on sustainability, the project integrates environmentally responsible technologies that meet the highest operational standards in both mining and processing, all while enhancing local content and supporting the social and economic development of the Wilayat of Yanqul.
Pristine Sara George, a licensed Speech-Language Pathologist (SLP), is making waves in the field of communication disorders. With a commitment to advocacy, education, and innovative therapy approaches, Pristine has become a beacon of hope for individuals and families navigating speech and language challenges.
Currently practicing at Al Harub Medical Center, Pristine works with children and adults, addressing a wide range of conditions, including Autism Spectrum Disorder, Down Syndrome, ADHD, articulation challenges, stuttering, dysarthria, apraxia, and aphasia. One of Pristine’s accomplishments is hosting the first inclusive sensory play workshop, designed to explore and address sensory differences in children. This groundbreaking event provided a platform for children to engage in sensory-rich activities tailored to help them process sensory inputs in a supportive environment.
Pristine also empowers parents and educators by launching tools and resources that make speech therapy accessible and engaging: Speech Therapy Toolkit: Designed with individuality in mind, each toolkit is
EMPOWERING VOICES
Transforming lives through Speech Therapy
tailored to a child’s therapy goals and features seasonal themes, including Winter, Summer, Ramadan, and Back-to-School Editions. These kits make learning seasonal vocabulary and enhancing language skills enjoyable and interactive; Sensory Play Guide: A resource for parents and educators, this guide offers simple yet effective ideas for creating fun sensory activities at home or in school, promoting hands-on learning and addressing sensory needs.
Pristine has conducted awareness workshops at reputed nurseries and schools, including Kipina Nursery, Orange Tree Nursery, AGS International School, and Kids World Nursery, educating parents and educators on early intervention strategies. She collaborates with schools to provide on-site therapy sessions and offers group therapy programs to foster inclusivity and social communication.
Innovative and tailored therapy approaches
In her practice, Pristine adopts a personalised approach that caters to the unique needs of each individual. She specialises in working with adults diagnosed with dysarthria, apraxia, and aphasia, helping them
regain clarity and confidence in communication. Her therapy sessions emphasise a playful yet structured approach, incorporating tools like the speech therapy toolkit and interactive activities to encourage progress in both children and adults.
Pristine holds certifications, including Oral Placement Therapy Level 1 by Talk Tools, and licenses from the Rehabilitation Council of India and the Ministry of Health, Oman. Her ongoing professional development includes training in Sensory Integration Therapy, neurodiversity-affirming practices, and feeding therapy.
With a mission to ensure that no child or adult is left behind, Pristine envisions a community where communication challenges are met with empathy, awareness, and practical support. “My goal is to create environments where children and adults feel empowered to express themselves, no matter their challenges,” says Pristine. As both a therapist and a mother, Pristine brings compassion and relatability to her practice, building strong connections with families and providing therapy that is effective, enjoyable, and life-changing.
A LEGEND REINVENTED
The Y63 Nissan Patrol redefines adventure and sophistication, blending the legendary performance of its predecessors with cutting-edge luxury and technology, writes Alvin Thomas, Assistant Editor, OERLive
On either side, sleek, angular C-shaped LED daytime running lamps house the high and low beam projectors, moving away from the previous boomerang style to give the Patrol a distinctly modern, cutting-edge look. Dare I say, the design of the new Patrol outshines some of its competitors in the segment, presenting a level of sophistication and style that commands attention.
The side profile of the new Patrol now boast what could be the largest single-piece fenders ever seen on a vehicle, complemented by bold flared wheel arches, chrome-tipped vents, dual-tone side mirrors, and a smooth, uninterrupted side profile. The blacked-out window sills add a touch of contrast, highlighted by the matte-finished Patrol plaque on the rear quarter glass of the D-pillar. Our top-end ‘Platinum’ variant tester also proudly displayed ‘V6T’ badges, signaling the new engine option we›ll dive into later in the review.
Fitted with striking 22-inch multispoke, machine-cut alloys wrapped around Bridgestone 275/60 all-season tires, our tester exudes a strong road presence. While the wheels on all
variants are appropriately sized, the GCC crowd favorite – 18-inch alloys – come standard on the entry-level variants. A thoughtful touch comes in the form of puddle lamps that light up with a special throwback motif, automatically activating as you approach or unlock the doors – an iconic symbol paying homage to the Nissan Patrol’s legacy since 1951.
At the rear, the Patrol greets you with a full LED tail lamp set, connected by a sleek light bar broken only by the Nissan logo. The upper half of the rear is blacked out, giving it a more prominent, muscular stance, while the bumper features body-coloured break out panels around the exposed tow hook, completing the posterior. The interior of the new Patrol has been completely reimagined, with a multiscreen setup now standard across all variants. While the entry-level Patrol features two sleek «monolith» digital displays for the infotainment and instrument clusters, our top-grade variant takes it a step further with an impressive 28.6-inch display, made up by two 14.3-inch high-definition screens.
These are, without a doubt, the best
screens we’ve seen from Nissan, offering a stunningly intuitive user experience and interface. The touch responsiveness is flawless, with seamless animations between pages that elevate the entire system›s sense of refinement. The operating system itself covers nearly every aspect you›d need to monitor, from powertrain data to infotainment functions. They’ve also included wireless Apple CarPlay and Android Auto, making it even easier to stay connected. Pairing your phone with the system is a breeze, and with driver-specific profile modes, the Patrol automatically adjusts settings to suit individual preferences, from seating positions to steering and side mirror adjustments, ensuring a personalised driving experience every time.
The seats in the new Patrol are a standout feature, offering unmatched comfort thanks to Nissan›s latest generation ‘Zero Gravity’ technology. We’ve tested former variations of the technology in top-end Nissan sedans (Maxima), but these stand out far beyond what we expected. Upholstered in high-grade leather, they’re beautifully adorned with Japanese-inspired patterns, blending
artistry with sophistication. Crafted from high-damping foam, these seats provide exceptional support for optimal posture. Our tester was also equipped with massage seats, which added an extra layer of indulgence. Additionally, the seats feature 4-way pneumatic lumbar support, 8-way seat adjustment, and both heating and ventilation.
Although we didn’t push the Patrol through any spirited driving, we can confidently say that the seats provide ample lumbar support and side bolstering, making them more than capable of handling a variety of terrains. While these features are more than sufficient for daily driving, we suspect that the cloth seats on the base variants might offer even better grip during sharper cornering, thanks to the more textured seams and grains in the fabric. This could come in handy when you’re bashing through dunes in the desert.
The interior of the new Patrol is finished with leather upholstery and soft-padded materials throughout. We were particularly impressed by the sloping center console and the raised armrest, which opens to reveal an onboard cooler. The piano black finish across the center console looks classy when new, with physical buttons seamlessly integrated to control HVAC, terrain response, and audio functions. Each button offers just the right amount of tactile feedback, adding to the overall sense of refinement.
Our tester was also equipped with an intuitive heads-up display, providing critical information and navigation functions right in the driver’s line of sight. The cabin features mood lighting with 64 color options and 16 ambient preset tones, wireless charging, two 12.8-inch infotainment screens with Miracast, HDMI, and USB inputs for rear passengers, and a large panoramic sunroof that floods the interior with natural light. Headlining the audio are 12 Klipsch speakers that deliver an immersive soundscape. These speakers far surpass the audio units found in any recent Asian vehicles
we›ve tested – even those with more speakers – offering exceptional mid and high tones paired with deep, thumping bass. We suspect that the DynamicAudioReveal™ technology plays a key role in ensuring consistent clarity and depth by adjusting the audio equalisation based on the surrounding environment.
For the first time, Nissan has also introduced ‘Biometric Cooling’ in the Patrol, an innovative system that uses built-in infrared sensors to scan passengers› body temperatures and adjust airflow to cool individual zones. While this could prove invaluable during the blistering Omani summers, we’re unaware of its effectiveness during the cooler winter months. This is because the human face temperature doesn’t typically drop enough to trigger heating adjustments.
The Patrol truly shines when it comes to space, comfortably seating up to eight passengers without compromising on comfort. Whether you›re in the front or back, the Patrol’s redesigned second and third rows offer a new level of ergonomic comfort, with ample head and legroom, even for those sitting in the rear. And with charging ports thoughtfully placed across all rows, you’ll never have to worry about your devices running out of juice during those long trips.
Now, let’s address the crucial question – how does the powertrain perform? As a modern, ground-up SUV, the Y63 comes equipped with two new engine options: a naturally aspirated 3.8-liter V6 and a turbocharged 3.5-liter V6. Our top-end variant features the latter, which delivers an impressive 425 hp and 700Nms of torque. This is more power and torque than the phased out V8, while being more efficient and producing fewer emissions. Interestingly, the new engine, codenamed VR35DDTT, belongs to the ‘VR’ family, which also produced the iconic Nissan GTR engine. Mechanically, the Patrol can be customised based on variant. Our ‘Platinum’ model came equipped with an independent, double-wishbone
suspension, air springs, and electric shock absorbers. This setup offers impressive approach, departure, and breakover angles ranging from 24.5 to 27 degrees, 24 to 27 degrees, and 23 to 27 degrees, respectively, in Normal and High modes. All variants come with an electrical, rack-and-pinion power-assisted steering setup.
The driving experience in the new Patrol is a significant departure from the outgoing Y62 model. Despite its larger size, the Y63 feels remarkably composed on highways, offering excellent stability and roll control. Both yaw and pitch are noticeably reduced, providing better handling and control, even at high speeds. Much of this improvement can be attributed to the suspension tuning, which smooths out bumps and keeps the vehicle settled on the road. Additionally, the turbochargers spool up faster, delivering maximum torque at 3,600 rpm, resulting in a burst of power when accelerating quickly.
While we didn’t specifically test the 0-100 kph time, which is reported by Nissan to be around 7 seconds, fast maneuvering isn›t necessary, as the Patrol effortlessly settles into its speed (much like its predecessor). The smooth throttle response is key here, with a pleasant dampened feel to the pedal. The brakes are equally impressive, offering a smooth, linear response with a strong bite when needed. Despite its hefty 3,700kgs gross weight, the Patrol never feels too large to handle, providing confident control at all times.
Interestingly, the front axle’s gross weight is 1,690kgs, a factor that enhances off-road capability, particularly when navigating loose sand or mud, as it prevents the vehicle from digging in too deeply. The rear axle weighs in at 2,030kgs. The new Patrol is equipped with a range of features to support off-road driving, including a terrain response system with presets for ‘Rock,’ ‘Sand,’ ‘Mud,’ ‘Standard,’ ‘Sport,’ and ‘Eco.’ These settings adjust the throttle response, torque articulation, and steering feedback to suit different surfaces.
Additionally, all variants come with a rear mechanical differential lock and the option of high- and low-range gearing, further enhancing its off-road prowess.
For the discerning enthusiast, the Patrol offers tech such as the ‘Invisible Hood View’, which provides a seamless, bird’s-eye view of the axle and the area ahead, making it easier to navigate over crests and overhangs while protecting the sides of the car from those pesky curbs and narrow roads. To further elevate the experience, there’s a ‘3D Around View Monitor’ and a built-in air compressor with a digital display for altering your tyre pressures when the going gets tough. On-road safety in the new Patrol is enhanced by Nissan’s intuitive ProPILOT system, which takes control of steering, braking, and acceleration while keeping you centered in your lane. A first for the Patrol, it also features a ‘Frameless Smart Rearview Mirror’ that provides a clearer view around obstructions, day or night, with the help of a rear hatch camera for improved visibility. Furthermore, the SUV comes with ‘Lane Departure Prevention’, ‘Rear Automatic Emergency Braking’ and ‘Automatic Emergency Braking’ with pedestrian detection.
As our time with the all-new Nissan Patrol Y63 drew to a close, it became clear that this vehicle is much more than just a modern update – it’s a true evolution of a legend. From its striking design to its state-of-the-art features, the Patrol seamlessly blends iconic heritage with contemporary sophistication.
But beyond its performance and tech, the Nissan Patrol Y63 captures something deeper – it embodies the spirit of adventure, resilience, and the pursuit of excellence. It’s a vehicle that connects with its driver on a personal level, evoking a sense of pride and excitement with every drive. As it continues to evolve, the Patrol remains an undeniable force in the automotive world, securing its place as an enduring icon that transcends time.
UNPARALLELED SERVICE
Sayarti celebrates first anniversary of Al Mouj Branch
Sayarti, a leading rental and leasing company and a part of the Mobility sector of The Zubair Corporation, recently celebrated the first anniversary of its Al Mouj branch. The event was graced by the presence of Niels Bormans, Group CEO, The Zubair Corporation; Sohrab Hasnain, Head of Operations at Sayarti and other senior management from the Corporation.
In his keynote address, Niels Bormans highlighted the significant milestones achieved by the Al Mouj branch over the past year. He recognised the branch as a vital contributor to Sayarti’s growth strategy and its dedication to meeting customer needs. Bormans underscored the importance of maintaining high service standards and delivering exceptional quality to
enhance customer satisfaction and build long-term trust.
Sohrab Hasnain reflected on the remarkable success of the Al Mouj branch. He noted the branch’s increased sales performance, attributing this success to the unwavering commitment of the Sayarti team. He said, “Celebrating the first anniversary of our Al Mouj branch is a testament to Sayarti’s commitment to excellence and innovation. Over the past year, we have fostered a collaborative and customer-focused environment, building lasting relationships within this vibrant community. As we look ahead, we remain dedicated to delivering unparalleled service and creating a workplace culture that drives our success.”
Hasnain expressed gratitude to the team and partners for their continued support and reaffirmed Sayarti’s vision to expand services and strengthen its market presence in the coming years. Attendees were also given a tour of the Al Mouj branch to explore its offerings and view the latest vehicles on display. Since its establishment in 1992, Sayarti has solidified its reputation as a trusted leader in car rental and used car sales in the Sultanate. Operating under the trade name “Zubair Leasing,” the company caters to both individual and business customers, offering innovative and tailored solutions. Sayarti’s commitment to quality and comprehensive services has made it the preferred choice for customers seeking reliable and diverse rental options.
BILLBOARD
Khedmah signs agreement with Vodafone Oman for seamless bill collection services
In a strategic initiative to expand its service portfolio and enhance customer convenience, Oman Investment and Finance Company (OIFC) Khedmah has signed a bill collections agreement with Oman Future Telecommunications (Vodafone Oman). The agreement was formalised by Said bin Ahmed Safar, CEO, OIFC, and Eng. Badr bin Saud Al-Zidi, CEO, Oman Future Telecommunications (Vodafone Oman). This strategic partnership enables Vodafone Oman customers to seamlessly manage and pay their prepaid and postpaid bills securely through the user-friendly Khedmah App, the Khedmah website, or through its extensive network of branches. Commenting on the occasion, Saud bin Ahmed Al Siyabi, Chief Operating Officer of OIFC Khedmah, remarked, “We are excited to partner with Vodafone Oman, a collaboration that underscores the shared commitment of both companies to streamline bill payment and recharge processes for Vodafone Oman customers. This partnership is a testament to the growth both companies are experiencing and our collective efforts to enhance the customer experience. It highlights the trust Khedmah has built in bill collection and its deep expertise in customer service. This partnership will further solidify Khedmah’s position as a leader in digital billing and collection.” Khedmah’s dedication to excellence and innovation is reflected in its ongoing efforts to deliver unique digital solutions that address the diverse needs of
Mashreq expands corporate banking footprint to Oman with tailored financial solutions
Mashreq, one of the leading financial institutions in the MENA region, has announced its entry into Oman, seeking to strengthen its position with a range of personalized financial services tailored for the Sultanate’s evolving corporate and public sectors. This strategic move underscores Mashreq’s intent to contribute to Oman’s Vision 2040, with ambitions to fuel economic diversification and elevate Oman’s position in the global financial landscape. Mashreq’s entry into Oman comes amid growing demand for financial solutions aligned with regional and global market trends. The bank’s proven track record of industry-leading initiatives and adaptability solidifies its role as a significant growth partner in the region. It was recently named the fastestgrowing banking brand in the Middle East by Brand Finance’s 2024 Banking 500 rankings and has consistently secured Euromoney’s “Market Leader in the Middle East” title for trade finance and cash management from 2019 to 2023.
Ahmed Abdelaal, Group CEO, Mashreq said, “Oman’s strategic location and its dynamic economic landscape make it essential to Mashreq’s international growth ambitions. Our goal is to support Oman’s economic objectives through tailored financial solutions that not only enhance regional integration but also reinforce Oman’s influence in the global financial ecosystem. Our commitment is to high-growth markets, leveraging trade, investment, and corporate banking opportunities while delivering an exceptional client experience built on convenience, accessibility, and ESG-driven initiatives.”Tarek El Nahas, Group Head of International Banking at Mashreq, noted, “Our expansive international footprint grants our clients access to some of the most strategically vital markets in the region. By combining global reach with deep local expertise, we navigate regulatory landscapes with agility, offering solutions that drive financial efficiency and resilience. This approach empowers clients to optimize their cross-border operations, capturing opportunities essential to long-term success in today’s competitive market.”
AlSalt Mohammed Al Kharusi, Mashreq’s Country Head for Oman, remarked, “With over five decades of global innovation, Mashreq’s expansion into Oman reinforces our dedication to being a strategic partner in the nation’s economic development. Our focus is on fostering a resilient generation of entrepreneurial talent and supporting the growth of a dynamic, knowledge-driven economy. We are fully committed to supporting Oman’s national priorities, advancing growth, and contributing to a sustainable, prosperous future for generations to come.” Mashreq’s entry into Oman will bring a comprehensive suite of banking services, including treasury, global transaction banking, and sustainable finance. Through its innovative approach and robust operational structure, the bank aims to unlock value in critical sectors like tourism, logistics, manufacturing, and renewable energy, in line with Oman’s economic objectives.
National Finance strengthens ESG commitment with comprehensive Sustainability Strategy Framework
Reaffirming its commitment to responsible business practices, National Finance, the Sultanate of Oman’s leading finance company, recently launched its Sustainability Report, offering an in-depth overview of its current ecological footprint and future initiatives. Guided by a robust Sustainability Strategy Framework, the company emphasises its dedication to embedding ethical principles into every facet of its operations. With a vision to lead as a provider of comprehensive financial and leasing solutions, while upholding exemplary sustainability standards, National Finance’s strategy is built on four core pillars - Environment, Social, Operations, and Governance.
This holistic approach reflects the company’s mission to drive sustainable
For our customers and stakeholders, it symbolises a commitment to
highlighting his career journey, the biggest challenges facing leaders today, and the importance of continuous innovation. The candidates were then given a comprehensive tour of the company’s key facilities such as the innovation labs, smart shop, museum and more. The ‘Ruwad Alizz’ programme is a comprehensive leadership development journey that spans various stages of study. Initially, employees engage with Harvard University, accessing educational online materials. As part of the programme, participants conduct independent research on a specific leadership topic and experience a comprehensive and
for the participants was how reciprocal the relationship is in Omantel between innovation and customer service.” Al Khaursi added, “At Alizz Islamic Bank we are focused on collectively serving our beloved country by developing future leaders in alignment with Oman’s Vision 2040. We reiterate the bank’s dedication to this by equipping talented Omanis with suitable opportunities for innovation and sustainable growth and visits such as this provided a unique opportunity for participants to learn from diverse leadership styles and organisational experiences, which is essential for future success.”
UNLOCKING OPPORTUNITIES
The South Korean drama and the stock market opportunity
Rainer Michael Preiss Partner & Portfolio Strategist at Das Family Office in Singapore
South Korea at times has been referred to as the “impossible country,” with a great stock market and a so-called Korea discount. South Korea is a country where a President can go to prison and K-protests can be fashionable among a vibrant and free press
Global investors should note that the current political drama in Seoul is a political crisis but not yet an economic one and this offers the investment opportunity for tactical asset allocation to South Korean equities. After the Korean war, South Korea was one of the poorest countries in the world. Today the country is known as an economic powerhouse and the home of Samsung and Hyundai, K-pop and K-drama and most lately K- protests have become popular.
President Yoon Seok Yeol’s martial law declaration and subsequent impeachment has made local and global investors nervous about South Korea assets. It is important to remember that so far, it is a political crisis and not yet an economic crisis in Seoul, South Korea.
South Korea martial law has shown the fragility of its democracy and the resilience of its society, people and companies. Only 30 years ago, some global consumers thought of Samsung, LG
formerly Lucky-Goldstar, and Hyundai motors to be Japanese and the Korean companies did not make a great effort to correct the impression for the simple reason that they did not wish their brands to be dragged down by association with the motherland, the Republic of Korea.
Last year, South Korea’s equity market was down – 15.7% making it the 7th worst-performing market in the world. In the investment world, South Korea is often used as an indicator of future developments in the global economy because its industrial composition simply puts it ahead of the curve. Due to this, some investors were pricing in a certain degree of “excess risk” in South Korean equities valuation. The recent political crisis in South Korea surrounding President Yoon Seok Yeol showed the strength of Korean democracy and the country’s important role among the world’s liberal democracies.
Korea is the 4th largest economy in Asia, following China, Japan, and India. This reflects South Korea’s strong industrial base, driven by sectors such as electronics, shipbuilding, automotive, and petrochemicals, and its global leadership in semiconductor production and so-called industries of the future.
South Korea’s democracy demonstrated “resiliency” at a time when incumbent governments, and not only in France are being challenged globally, the response from both government and civil society in Seoul and the whole country showed South Korea’s “checks and balances” and strength of institutions are strong, meriting the attention of global capital and capital allocators.
South Korea currently ranks 12th in the world for nominal GDP, with an economy valued at approximately $2.07 trillion as of 2024. In terms of GDP per capita, the country ranks around 29th globally, with a nominal GDP per capita of about $40,287. The Korea Discount refers to
the phenomenon where South Korean stocks, companies, and other assets trade at lower valuations compared to their global peers, even when the fundamentals (like earnings, growth prospects, and financial health) are strong. This discount affects South Korea’s financial markets, making its companies appear undervalued by global standards. The Korea Discount has spurred calls for corporate governance reforms, tax incentives, and measures to address geopolitical risks. Some companies have taken steps like increasing dividends or improving transparency to attract foreign investment.
Yoon Suk-Yeol’s declaration of martial law on December 3, 2024, has exacerbated South Korea’s “Korea discount,” a term used to describe the undervaluation of South Korean assets in global markets. The move, although brief and quickly reversed, caused significant turmoil, including political instability, damage to investor confidence, and concerns over South Korea’s democratic stability. The martial law declaration, seen as a dramatic overreach, prompted immediate backlash from domestic and international stakeholders. It disrupted market sentiment, leading to a decline in the value of South Korea’s currency, the won, and volatility in stock markets. Investors interpreted the action as a signal of political unpredictability, adding another layer of risk to investing in South Korea. The “impossible country” narrative stems from South Korea’s ability to overcome these challenges and emerge as a global economic powerhouse. Its stock market reflects this paradox: undervalued compared to its fundamentals but still offering opportunities due to the strength of its corporations.
South Korean equities are very important to monitor in terms of gauging where global equities are headed next, whether the global economy is stabilising or still slowing.
