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Unlimited potential
Oman’s energy sector is undergoing a major transformation, fuelled by the government’s commitment to diversify energy sources and improve infrastructure efficiency. The Sultanate is intensifying its efforts to attain carbon neutrality by 2050, with the Ministry of Energy and Minerals (MEM) collaborating closely with both public and private organisations to develop a comprehensive energy transition strategy.
This initiative aligns with Oman Vision 2040, aiming to provide the necessary energy to support economic growth while reducing carbon emissions. The strategy focuses on key areas, including energy efficiency, renewable energy, hydrogen development and carbon capture.
Oman Vision 2040 serves as a roadmap towards a more sustainable, diversified, and prosperous future by embracing clean technologies, diversifying energy sources, achieving zero carbon neutrality, and enhancing national capabilities through innovation, in-country value programmes, industry localisation, job creation, and the development of national competencies.
As part of the energy transition, Oman plans to increase the contribution of renewable energy to 30 per cent by 2030, 70 per cent by 2040 and 100 per cent by 2050.The strategy also includes the goal of 100 per cent of new car sales being zero-emission vehicles by 2050. Oman is also setting ambitious targets for green hydrogen production, aiming to produce 1mn tonnes by 2030, 3.5mn tonnes by 2040 and 8mn tonnes by 2050. Further, the Sultanate is making swift progress towards becoming one of the largest exporters of low-carbon hydrogen by 2030. The outlook for Oman’s energy market in 2025 and beyond looks promising.
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DRIVING POSTIVE CULTURE
OER’s cover story made for an incisive read. Leadership is essential for the success of a business. Organisations with effective leaders are better equipped to tackle challenges and capitalize on opportunities. Developing strong leadership takes time and involves qualities such as adaptability, empathy, and a deep commitment to trust and transparency. These attributes foster an environment where employees can thrive and perform at their highest level. Further, a commitment to trust and transparency builds a culture of open communication, where team members feel safe to express their ideas and concerns. This openness not only enhances collaboration but also promotes innovation, as employees are more likely to share creative solutions when they feel valued and heard. Additionally, effective leaders recognise the importance of continuous development, both for themselves and their teams. They invest in training and mentoring, ensuring that skills and knowledge evolve alongside industry trends. This commitment to growth creates a dynamic workforce capable of adapting to future challenges. Ultimately, strong leadership lays the foundation for a positive organisational culture. When leaders prioritise the well-being and development of their employees, they cultivate a motivated workforce that is not only productive but also aligned with the company’s vision and values.
Ahmed Salah, Seeb
PRIMED FOR GROWTH
Oman’s real estate sector is experiencing a reasonably good growth in recent years, driven by several key factors such as the government’s efforts to diversify the economy away from oil dependence have spurred investments across various sectors, including real estate. Key infrastructure projects, have enhanced connectivity, boosting demand for real estate. Further, reforms aimed at attracting foreign investment, such as allowing non-Omanis to purchase property, have expanded the market and increased transactions.
Al Mouj Muscat, Oman’s premier lifestyle destination has set a new standard in golf course living by introducing the Golf Link Residences, a collection of elegant apartments and residences nestled on the lush fairways of Al Mouj Golf. The highly anticipated neighbourhood is set to become one of the most desirable residential options as it redefines luxury living with breathtaking views, premium amenities, and unmatched benefits.
Oman’s real estate sector saw a total trading value of RO1.40bn in the first half of the year, marking a 0.5 percent increase from the same period in 2023. The data, released by the National Center for Statistics and Information, revealed that fees collected for legal transactions totalled 32.3 million rials, a 3.5 percent decline year over year. The sector, however faces challenges, including market volatility, as fluctuations in oil prices can impact overall economic stability and the real estate market. However, the real estate growth presents numerous opportunities for investors and developers.
Chris Rogers, MQ
RESHAPING THE ENERGY LANDSCAPE
Oman’s energy transition provides considerable opportunities for economic growth, leveraging the nation’s rich renewable energy resources
EDGE
The OER-MOORE Best Performing Companies in Oman study indicates a consistent
ScottOMAN
INVESTMENT
As Khazaen evolves into a smart city, technology and AI businesses will find distinct growth opportunities, says Eng. Salim Al Thuhli, CEO, Economic City
DIVERSE POTENTIAL
The International Forum of Sovereign Wealth Funds (IFSWF), which was held in Muscat recently, included dialogue sessions and workshops to discuss topics related to the world of
16th
ScottOMAN, a leading Omani real estate transactions, property, and facility management company, has inked a Strategic Business Partnership (SBP) with Beyond Squarefeet, an India-based Mall Advisory and Management firm.
Sayarti, a leading company in car rental and used car sales, has announced the addition of the Mitsubishi X-force to its diverse fleet
BUSINESS BRIEFS
Bank Muscat appointed as Issue Manager for OQ Base Industries Initial Public Offering (OQBI IPO)
In affirmation to its pioneering role in investment banking and contributions to strategically developing the capital market sector in the Sultanate, Bank Muscat, the leading financial services provider in the Sultanate of Oman, has been appointed as the Issue Manager of the Initial Public Offering (IPO) of OQ Base Industries (OQBI), the only integrated producer of methanol, ammonia, and Liquified Petroleum Gas (LPG) products in the country. The Bank is also acting as a Joint Global Coordinator, Book Runner, and Collecting Bank with other local, regional and international financial institutions.
OQ Base Industries has announced offering up to 49 per cent of its shares for the IPO and listing them on the Muscat Securities Exchange (MSX). The announcement of the OQBI IPO came as part of Oman Investment Authority’s (OIA) plans to divest government shareholdings, aiming to support economic diversification and create development and innovation opportunities in the energy sector in the Sultanate.
Following the approval of the IPO Prospectus by Financial Services Authority (FSA), OQBI announced that the subscription period for the IPO will commence on November 24, 2024 for both Category I investors (institutions) and the Category II (individuals). The subscription will close on December 1, 2024 for Category I investors and on November 28, 2024 for Category II investors.
The price range for Category I investors has been set at 106 to 111 baisa per share, while the subscription price for individuals will be 111 baisa per share. The final allotment price for individual investors would be adjusted to be same as Category I investors. The pricing translates into an attractive dividend yield of 8.5 per cent to 8.9 per cent at the high and low end of the price range respectively, offering the highest yield amongst all recent OQ IPOs. This pricing structure encourages investors to participate in and take advantage of a compelling investment opportunity. Before subscribing to the OQBI IPO, investors are requested to refer to the Prospectus available on the Financial Services Authority’s website at www.fsa.gov.om.
The Bank is providing 1:1 financing to its individual customers who wish to subscribe to the offering, with a minimum financing amount
of RO1,000 and a maximum financing amount of RO200,000 per investor through Mobile Banking and Internet Banking. Customers requesting for financing amounts in excess of RO200,000 may approach Bank Muscat’s nearest branch and discuss their specific requirements with the Bank’s branch team. If customers are not taking any financing solution, they may subscribe into the offering with a maximum subscription limit of RO400,000 and RO800,000, through the Bank’s Mobile Banking and Internet Banking platforms, respectively. Furthermore, there is no prepayment charge payable by the individual customers when the financing amount is fully repaid to the Bank at the time of processing of refund of excess amount of subscription from Muscat Clearing and Depository (MCD). Institutional investors interested in obtaining IPO financing may consult the Bank’s relationship managers to discuss suitable financing options based on their needs.
On this occasion, Khalifa Abdullah Al Hatmi, Deputy General Manager, Investment Banking and Capital Markets at Bank Muscat, said, “We take pride in partnering with OQ Base Industries and appreciate OQ’s and OIA’s trust in the market leading capabilities of Bank Muscat’s Investment Banking team for executing this landmark transaction, which is expected to generate substantial interest at the local, regional and global levels. The Bank, represented through its Investment Banking and Capital Markets Division, has extensive experience in managing large capital market transactions, executing strategic IPO transactions for Government owned institutions and private corporates, and intricate understanding of market complexities and customer needs. The Bank will continue its commitment to providing integrated investment and financial solutions to support the financial market.”
Sohar International supports young Omani designers through the Fashion Future Program
In line with its commitment to fostering creativity and empowering Omani talent, Sohar International, Oman’s best bank, sponsored the graduation ceremony for the first cohort of the Fashion Future Program. Organised by Dar Al Aseel and led by renowned designer Amal Al Raisi, this innovative eight-month program offered aspiring female designers invaluable exposure and guidance in the fashion industry. Representing Sohar International, Mazin Mahmood Al Raisi, Chief Marketing Officer, attended the event, held under the patronage of Her Highness Sayyida Meyyan bint Shihab Al Said, Chairperson of the Oman Design Association. The ceremony also featured the signing of a Memorandum of Understanding (MoU) for the program’s second edition, with Sohar International reaffirming its commitment as the Gold Sponsor, continuing its support from the program’s inaugural cohort.
Commenting on the bank’s support for the program, Mazin Mahmood Al Raisi, said, “Empowering Omani women is central to our social responsibility initiatives, and the Fashion Future Program exemplifies our commitment to advancing their role in Oman’s socio-economic landscape. By equipping Omani women with critical industry skills and real-world experience, this program enables them to make meaningful contributions to the growth of the fashion sector—a sector with immense potential for
The Fashion Future Program is designed to provide young Omani women a platform to refine their skills and gain industry exposure, blending theoretical knowledge with practical experience. Through specialized courses in fashion forecasting and journalism, as well as international opportunities such as an internship at a prominent fashion house in Paris and visits to global sourcing events like Première Vision and Texworld, the program offers participants a comprehensive view of the global fashion landscape, empowering them to make meaningful contributions to the
Maximise savings with Ooredoo’s exclusive Shahry Business Promo
Looking to save more on your business plans? Do not miss out on Ooredoo’s Shahry Business 2 & 4 promotion, available exclusively until December 11, 2024. Designed to empower SMEs and corporate client, this exciting promotion helps businesses maximise their savings, with up to four months of free service on select Shahry Business Digital plans for new and existing customers, who sign up or upgrade with a 1 or 2 year contract. With the Shahry Business 2 & 4 promotion, the higher the plan, the greater the savings: plans RO10, 15, 20, 25, and 30 per month offer one free month per year, while premium plans at RO50 and 90 deliver two free months annually. With only a month to take
advantage of this offer, business customers will not want to miss out. “This great value offer is tailored to meet the growing connectivity needs of today’s businesses, empowering SMEs and corporate clients to upgrade their world with greater flexibility, high-data plans, and access to Ooredoo’s advanced 5G network,” said Saied AlLawati, Director of Business Marketing, Ooredoo.
The promotion highlights Ooredoo’s commitment to delivering customer-first solutions. With data-rich, flexible and scalable plans built to support evolving business needs, customers can count on reliable, high-speed connectivity across Oman to meet every need.
Reflecting on the program’s success, Amal Al Raisi, founder of Dar Al Aseel and lead designer, remarked, “I am incredibly proud of each graduate for their dedication and creativity throughout this journey. The Fashion Future Program is a testament to the incredible potential of Omani women in the fashion industry, and I am excited to see how these talented individuals will shape the future of Omani fashion. We are immensely grateful to Sohar International for their generous support, which has enabled us to provide these young designers with such impactful learning experiences and professional opportunities.”
Alizz Islamic Bank awarded ‘Best Islamic Bank in Shari’a Compliance & Governance in Oman for 2024’
Alizz Islamic Bank recently won the award for ‘Best Islamic Bank in Shari’a Compliance & Governance in Oman for 2024’ by the World Union of Arab Bankers at the Arab Awards for Commendation and Excellence in Egypt. The award was received on behalf of the bank by Asaad Al Kharusi, Chief Operating Officer, Hamed Al Riyami, Head of Strategy and Mohammed Al Subhi, Legal Advisor & Board Secretary.
Shari’a compliance and governance is the backbone of Alizz Islamic Bank’s commitment to integrity, transparency, and dynamic growth. The bank believes that strong governance is a key driver of sustainability in the financial sector and a reflection of the bank’s values of being ethical in their dealings and collaborative in their approach. This in turn contributes towards the overall strategy of the Bank and being agile in their actions and services.
Asaad Al Kharusi said “We are honoured to receive this international, regional and Arab recognition from the World Union of Arab Bankers. This achievement is a testament of the bank’s dedication to excellence, integrity and adherence to the highest standards in
relations and partnerships with employees, customers, regulators, government agencies, investors, suppliers and society as a whole.”
The World Union of Arab Bankers (WUAB), is an Arab regional organisation founded based on recommendation from the board of
Banking Community. Members consist of Arab leaders in economics and finance, influential banking pioneers, financial experts, successful businessmen and entrepreneurs but above all bankers; WUAB aims to establish links
National Finance reports Q3 2024 results, showcasing resilience and strategic growth
Driven by a robust growth strategy, National Finance, the Sultanate of Oman’s leading finance company, has recorded an impressive financial performance for Q3 ended September 30, 2024. The company’s performance reflects its proactive approach to strategy execution, prudent risk management, and adaptability to evolving economic conditions, underscoring its pivotal role in shaping the finance sector in the country. With a keen focus on resource optimization and a disciplined approach to cost control, National Finance achieved a remarkable 19.81 per cent increase in operating profit, reaching RO13.48mn, up from RO11.25mn in the same period last year. The company’s net investment in lease assets rose to RO565.92mn, representing a significant 16.24 per cent increase since December 2023. Profit after tax increased to RO8.75mn, a 9.34 per cent rise from RO8.01mn
in September 2023, illustrating effective risk management and strategic diversification into profitable segments. With a of RO143.70mn, the highest among Finance and Leasing Companies (FLCs) in the country, National Finance further consolidates its strong financial foundation, which supports its continued sustainable growth.Commenting on the results, Tariq Sulaiman Al Farsi, CEO, National Finance, expressed pride in the company’s accomplishments, saying, “Despite prevailing market challenges, National Finance continues to demonstrate remarkable resilience. Our strong presence nationwide, coupled with a diverse array of products, uniquely position us to deliver exceptional financing experiences.”
He further emphasised, “We remain persistent in our commitment to optimising operations while simultaneously investing in innovation and
hard work and dedication, as well as express gratitude to our customers and partners for their continued trust in National Finance.”
NBO organises Fraud Risk Prevention Event
The National Bank of Oman (NBO) organised the Fraud Risk Prevention Event in collaboration with the Royal Oman Police (ROP), Oman Banks Association (OBA), State Audit Institution (SAI), Supreme Judiciary Council (SJC) and the Association of Certified Fraud Examiners (ACFE). The event aims to promote fraud prevention while educating employees and customers on risks and preventive strategies.
Commenting on the celebaration, Sulaiman Said Al Lamki, General Manager and Chief Risk Officer at NBO, said, “It gives us a great pleasure to join this collaboration and contribute to fraud risk prevention awareness. We spare no effort to provide the necessary tools and methods for our employees and customers to recognise, prevent, and respond to fraud-related activities. With fraud methods rapidly changing, the collaborative efforts with key institutions
such as the ROP, OBA, ACFE, DJC and the SIA is crucial in the fight against financial crime. Not only will it fuel our efforts to combat those threat, but it also forms a vital component of our broader commitment to foster a culture of security awareness in Oman.” The event provided a
platform to share insights and exchange expertise on emerging fraud trends, the evolving tactics used by fraudsters, and the regulatory measures implemented to protect the public. Interactive workshops equipped attendees with practical strategies to identify and mitigate fraud risks.
Khedmah launches Khedmah Delivery App
Oman Investment & Finance Company (OIFC) Khedmah, the pioneering Omani brand, launched its new mobile application, Khedmah Delivery on November 26, 2024. This launch is part of the company’s ongoing efforts to meet the growing market demand and provide innovative additional services that satisfy the needs and aspirations of customers. In the first phase, the application will provide food ordering and delivery services within the Muscat Governorate, with plans to expand the service to include various activities and cover all regions of the Sultanate. The application’s design has been tailored to meet the diverse needs of customers, enhancing the ordering experience by ensuring speed, ease, security, and a variety of products.
In this regard, Said Ahmed Safrar, CEO, OIFC (Khedmah), said, “We are very pleased to launch a new vertical of the brand Khedmah, which has a legacy of delivering the best customer services since the past 4 decades. Khedmah Delivery reflects the company’s diligent efforts to diversify its business portfolio and support digital transformation through adopting innovation and leveraging technology to ease the lives of customers and enhance their comfort. With the guidance of our Board of Directors, the company decided to invest in this area after the impressive success of the Khedmah app, which has been downloaded
thousands of people monthly. Through the Khedmah Delivery app, we aim to enhance the food ordering and delivery scene in Oman, taking it to new levels of growth and development.”
The Oman Investment & Finance Company, (Khedmah), has been the leading company in the Sultanate of Oman in the field of billing and collection for more than 40 years, providing a central hub for customers to pay various bills such as electricity, water, communications, traffic fines, vehicle insurance and renewals,
donating to charity organisations, and many other services. The company offers these services through its branch network, covering most regions and states in the Sultanate, as well as its electronic platforms, including the Khedmah app and the company’s website.
Khedmah is a leading Omani brand, honoured with numerous prestigious awards that highlight customer trust, especially in its Khedmah app. Khedmah Delivery app can be downloaded from the App Store for iOS devices or the Play Store for Android devices.
STELLAR PEFORMANCE
Bank Nizwa reaffirms leadership position with remarkable Q3 performance
Demonstrating its commitment to sustainable growth and industry leadership, Bank Nizwa, the leading and most trusted Islamic bank in the Sultanate of Oman, recorded a strong financial performance during the third quarter, ending September 30, 2024. With a net profit of RO12,431mn, reflecting a notable 6 per cent increase, this upward trajectory not only underscores Bank Nizwa’s effective strategic initiatives but also highlights its ability to navigate market fluctuations while adhering to its core Islamic banking principles.
Building on this foundation, the bank adopted a proactive approach to expanding its asset base, with total assets reaching RO1,770bn, marking a substantial 13 per cent growth compared to RO1,570bn as of September 30, 2023. The financing portfolio experienced a 14 per cent increase, rising to RO1,507bn, while customer deposits surged by 20 per cent to RO1,440bn. These figures are a testament to the bank’s strong market position and effective customer engagement strategies.
Commenting on the bank’s financial performance, Sheikh Khaled bin Abdullah Al Khalili, Chairman of Bank Nizwa’s Board of Directors, said, “These robust financial results reaffirm Bank Nizwa’s strong position in a highly competitive landscape.
Our continued progress is a testament to the power of our vision and the meticulous execution of our long-term strategy, which is closely aligned with Oman’s socio-economic growth aspirations. By consistently enhancing shareholder confidence and embracing transformative initiatives, we fortify our leadership and create new avenues for sustainable growth.”
He added, “At Bank Nizwa, we relentlessly pursue our growth strategy, developing innovative, Sharia-compliant products and services that cater to evolving customer needs. Our commitment to maintaining the highest standards of compliance and financial resilience ensures we are wellprepared to navigate future challenges.
Bank Nizwa is deeply committed to developing national talent, boasting a remarkable 91 per cent Omanisation rate. Through continued training and upskilling, the bank fosters a positive workplace culture, nurturing human capital and strengthening its competitive edge. Furthermore, the
As it continues to forge a path of success and sets new benchmarks, Bank Nizwa remains steadfast in its commitment to providing exceptional Sharia-compliant banking experiences, while prioritising its role in fostering a promising future for all.
PURSUING EXCELLENCE ahlibank achieves growth in the third quarter of 2024
ahlibank recently reported its performance for the third quarter ending September 30, 2024, in which the Bank’s net profit increased by 5.3 per cent reaching RO30.83mn, in comparison to RO29.29mn during the same period in 2023.Key Performance Indicators for the third quarter ending September 30, 2024, reflected impressive growth, with total assets surging by 10.0 per cent, reaching RO3,468.8mn; an increase in customer deposits by 12.7 per cent, to RO2,672.1mn; the net loans, advances, and financing increased by 8.4 per cent, to RO 2,892.2mn, compared to the same period in 2023. The Bank’s operating income showed strong growth of 5.4 per cent, reaching RO77.65mn for the nine-month period ended September 30, 2024 compared to RO73.67mn during the same period in 2023.
Commenting on the impressive results of the third quarter of 2024, Said Abdullah Al Hatmi, CEO, ahlibank, said, “These positive achieved results strengthen ahlibank’s standing as a leading financial institution in the Sultanate of Oman, reinforcing our commitment to pursuing excellence. The Bank’s making steady progress with various achievements that actively contribute to realising the goals outlined in Oman Vision 2040.”
“The Bank continues to successfully deliver advanced banking solutions that meets the evolving needs of our expanding customer base while setting new standards for excellence in the banking sector. This, in turn, strengthened the Bank’s commitment to continuous innovation to achieve its strategic goals and contributed to the advancement of the banking landscape within the Sultanate,” he added
Al Hatmi stressed that, in addition to the positive financial indicators, the achievements of ahlibank during the first nine months of 2024 included many aspects that support the Bank’s mission as a “Partner in Excellence,” and highlight its core values of innovation, integrity, responsibility and sustainability. Shedding the spotlight on this regard is ahli islamic having opened its latest branch in Al Khoudh 6 in the Wilayat of Seeb, with the
aim of bringing Sharia-compliant banking products and services closer to its growing customer base. Al Hatmi stated that ahlibank has been consistently recognised for its achievements. Recently it has received two prestigious awards at the Alam Al Iktisaad Awards 2024: “Excellence in Corporate Banking & Innovative Solutions” and “Best Performing Company - Large Cap.”
ahli islamic, received the “Excellence in Retail Islamic Banking” award for its cutting-edge Shariah-compliant products. Additionally, ahlibank added to its accolades the “Excellence in Digital Banking” award at the OER Live DX Awards Oman, organised by the Oman Economic Review (OER) magazine in recognition of its innovative contributions to the digital banking landscape.
Al Hatmi said that ahlibank has implemented many initiatives and programs aimed at serving the community as part of its Corporate Social Responsibility (CSR). CSR is deeply rooted in the Bank’s values and identity. Moreover, the CEO stressed that ahlibank is moving forward in its journey as a responsible and socially conscious entity, one that is committed to serving the community and enabling positive and sustainable societal changes. Said Al Hatmi concluded by emphasising that the bank is making significant progress toward achieving even greater successes in the future. Supported by its holistic portfolio of digital products and services, ahlibank is forever keen to put the requirements of its customers and employees at the forefront of its operations, thereby adopting an innovative approach committed to service excellence.
INVESTMENT CORRIDOR
As Khazaen evolves into a smart city, technology and AI businesses will find distinct growth opportunities. Further, there will be significant prospects in residential and commercial real estate by developing lifestyle-oriented amenities that promote a balanced work-life environment, says Eng.
Salim Al Thuhli, CEO, Khazaen Economic City in
an interview with Oommen John
Khazaen Economic City has attracted over $1 billion in project investments. What new initiatives are being introduced to attract further investment?
Building on our current success, Khazaen 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. Khazaen offers world-class infrastructure, competitive investment incentives, attractive land lease rates, a dedicated one-stop shop for investor support, and a strategic location well-connected 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 initiatives are designed to attract diverse investments and to make Khazaen a leader in innovation and sustainable economic development within the region.
Can you share the significant achievements of Khazaen Economic City in 2024?
Khazaen Economic City achieved major milestones across various sectors in 2024. Notably, we inaugurated the
‘Sallal’ central market for fruits and vegetables, which strengthens Oman’s food security infrastructure and creates a streamlined marketplace for producers and distributors. Set up at a cost of RO50mn in an area of 500,000 sqm, it is a one-stop hub for retail and wholesale of fruits and vegetables. The Food sector alone generated investments worth $374mn including the Khazaen Central Market for Fruits and Vegetables, Salalah Mills, Barka Crystal Integrated, Sparkling Springs, Jasmine Oriental, Omani Bio Products, and Al Safwa Catering and Food Packaging Factory.
We also saw a significant increase in projects in the pharmaceutical and logistics sectors, along with new developments in vehicle-related industries and light manufacturing. Khazaen office, which moved to its headquarters facility in Barka 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.
With over 140 projects now registered, valued at over $1bn, these investments have generated more than 2,000 jobs and attracted investors from over 17 countries, making Khazaen a hub for diverse economic activity. Over 140
local and international projects were registered until November 2024.
In what ways is KEC contributing to the growth of Oman’s economy and driving forward the goals outlined in Oman Vision 2040?
Khazaen plays a crucial role in advancing Oman Vision 2040 by driving diversification and economic resilience through strategic investments. Our projects support national goals in food security, logistics, healthcare, and technological innovation. By providing a sustainable and integrated business environment, we help reduce dependency on specific sectors and foster opportunities for small and medium enterprises (SMEs). Furthermore, Khazaen’s initiatives in workforce development and skills training contribute to human capital growth, aligning with Vision 2040’s objectives of creating a competitive and knowledge-based economy.
What are the key developments planned in the second phase of KEC’s development?
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. We are also investing in digital infrastructure, with plans to incorporate smart city technology and advanced data solutions. Additionally,
building practices and renewable opportunities that you foresee
In 2025, Khazaen intends to open projects, including developments to design, build, own and manage investors and developers to scale the establishment of data centres. to establish a long-term presence
TRANSFORMATIVE STRATEGY
Al Baraka Oilfield Services Company aims to reduce its environmental impact and align with the global push for sustainable development by adopting eco-friendly practices and investing in renewable energy projects, says CEO, Musallam Al Maashani in an interview with Oommen John P
What are the energy transition initiatives that Al Baraka Oilfield Services Company is undertaking to align with Oman’s sustainability objectives and Oman Vision 2040?
Al Baraka is focusing on the energy transition initiatives, particularly in the context of its oilfield operations and its role in supporting energy development. The company is focusing on the transition to cleaner energy sources by incorporating renewable energy, exploring the integration of solar or hybrid systems to power field operations, which reduces reliance on diesel generators and decreases the carbon footprint. Additionally, the company is supporting geothermal projects as a clean energy alternative, leveraging its drilling expertise to develop capabilities for such operations. In terms of emission reduction initiatives, Al Baraka is adopting green drilling practices by utilising energyefficient technologies and low-emission equipment for well servicing and workover operations, thereby reducing greenhouse gas (GHG) emissions. The company is also participating in carbon management initiatives, specifically carbon capture, utilisation, and storage (CCUS) projects, which are critical for offsetting emissions from oilfield activities. On the technology and innovation front, Al Baraka is implementing advanced digital tools
for real-time monitoring, predictive maintenance, and operational efficiency, helping to optimise energy use and reduce waste.
Workforce development and sustainability advocacy are also key areas of focus, with efforts directed towards education and upskilling of staff to operate new technologies that support green practices and fostering a culture of sustainability. The company is committed to community engagement by supporting local sustainability initiatives and collaborating with stakeholders to align with broader environmental goals. Al Baraka is undertaking strategic partnerships by collaborating with governmental bodies and organisations such as PDO (Petroleum Development Oman) and MDO (Minerals Development Oman) to explore alternative energy projects, including hydrogen, renewable energy deployment, and sustainable mineral exploitation. In infrastructure development realm, Al Baraka’s new eco-friendly headquarters incorporates sustainable building practices and energy-efficient systems.
What are the emerging trends in the energy sector that could impact the company’s sustainability strategies? Staying ahead of these trends is essential to align with Oman Vision 2040, meet
global sustainability expectations, and ensure competitiveness. The key trends impacting sustainability strategies include: The transition to renewable and low-carbon energy presents several opportunities and strategic implications for Al Baraka. Firstly, the growing interest in a hydrogen economy, particularly in green and blue hydrogen as clean energy sources, will guide Al Baraka to support hydrogen production infrastructure, capitalising on Oman’s potential as a hydrogen hub. Additionally, with expertise in drilling, Al Baraka can leverage the shift toward geothermal energy, which serves as a clean baseload power source. Moreover, Oman’s initiative to harness its solar and wind resources opens avenues for service providers to engage in construction, commissioning, and maintenance of these projects. Further, the rise of Carbon Capture, Utilisation, and Storage (CCUS) technologies globally is a crucial focus area for reducing carbon emissions. For Al Baraka, CCUS could pave the way for new projects involving subsurface expertise in CO2 storage and injection wells, while partnerships with companies engaged in carbon offset programs could become essential for diversification.
The integration of AI and IoT technologies is also gaining traction, with digital tools for real-time
monitoring, predictive maintenance, and operational efficiency becoming standard in the oil and gas sector. This shift aids sustainability efforts by minimising waste and optimising resource use. Smart drilling practices, including the use of digital twins and simulations, are emerging as methods to reduce operational risks and environmental impacts. In the context of circular economy practices, innovative approaches to waste management in oilfields, such as repurposing waste materials like drill cuttings and recycling resources, are becoming increasingly important. As oilfields age, sustainable decommissioning services are also becoming a critical area of focus. Further, regulatory and Environmental, Social, and Governance (ESG) pressures are shaping the industry’s landscape. The growing investor focus on ESG compliance is compelling companies to adopt transparent and sustainable practices. Countries such as Oman are setting ambitious carbon neutrality goals, necessitating that companies align their operations accordingly. Energy efficiency innovations are also crucial, with hybrid power systems that combine renewable energy with traditional sources for powering rigs, and advanced energy storage systems addressing the intermittency of renewable resources.
On a broader scale, regional and global geopolitical trends are influencing energy strategies. The diversification of energy sources, accelerated by global disruptions in energy markets, presents new investment opportunities in alternative energy. The rise of green finance, including green bonds and sustainability-linked loans, further enhances financing options for sustainable projects. Considering these developments, the strategic implications for Al Baraka Oilfield Services are significant. The company would need to consider diversifying into renewables by investing in capabilities to support solar, wind, geothermal, and hydrogen projects. Strengthening digital infrastructure will be essential for achieving operational efficiency and sustainability. Collaborating for innovation with academic institutions,
technology firms, and global energy leaders will foster solutions for Oman’s energy transition. Lastly, developing low carbon solutions will position Al Baraka as a key player in CCUS and decommissioning services, aligning with Oman Vision 2040’s focus on decarbonisation.
How do you envision the future of the oil and gas sector in Oman, and what role do you see the Al Baraka Oilfield Services SAOC playing in it?
Our unwavering commitment to maintain the highest standards of quality and safety has been fundamental to our success. In an industry where the margin for error is minimal, our focus on stringent safety protocols and quality assurance processes ensures that our projects are executed flawlessly. This dedication not only protects our workforce but also builds trust with our clients. Embracing innovation and staying at the forefront of technological advancements has allowed us to enhance our operational efficiency and service delivery. By integrating state-of-the-art equipment like PLC controlled VFD, data analytics assisting remote operations, and reducing diesel consumption, we have been able to improve productivity, reduce downtime, minimise pollution (both noise and emissions) and deliver superior results. Our willingness to pioneer the electric workover rigs has positioned us as a leader in the industry.
The expertise and dedication of our workforce have been crucial to our success. We prioritise continuous training and development to ensure our team possesses the latest skills and knowledge. Our leadership team fosters a culture of excellence and collaboration, empowering employees to take initiative and contribute to our shared goals. This synergy between skilled professionals and effective leadership drives our ongoing success.
Building and maintaining strong relationships with clients and strategic partners has been a cornerstone of our growth. We focus on understanding our clients’ needs and delivering customised solutions that exceed their expectations. Our reputation for reliability and
excellence has resulted in long-term partnerships and repeat business, which are vital for sustained success.
The oilfield services industry is characterised by volatility and rapid changes. Our ability to adapt to market fluctuations and geopolitical developments has been key to our longevity. Whether it is navigating periods of low oil prices or responding to regulatory changes, our agility and resilience enable us to stay competitive and capitalise on emerging opportunities.
Diversifying our service offerings has been a strategic move that has broadened our market reach and revenue streams. We have moved from Conventional to Electric in the Hoist business. On the ODC side, we are now capable of delivering EPC projects. We are always looking at developing new clients. This diversification not only mitigates risks associated with market dependency but also opens new avenues for growth and innovation.
Our commitment to sustainability and environmental stewardship has become increasingly important in today’s business landscape. By adopting eco-friendly practices and investing in renewable energy projects, we will not only reduce our environmental impact but also align with the global shift towards sustainable development. This commitment enhances our corporate reputation and appeal to environmentally conscious clients.
How is the company adapting to the rapid technological advancements in the oil and gas industry?
The company is actively adapting to the rapid technological advancements in the oil and gas industry by embracing innovation, sustainability, and operational efficiency. The company’s key strategies include incorporating cutting-edge technologies in workover rigs and pipeline construction to enhance performance, safety, and productivity. It also aims to leverage data analytics, digital monitoring systems, and automation to improve operational decision-making, reduce downtime, and optimise resources. To
adapt to new technologies seamlessly, the company is focused on equipping its workforce with advanced technical skills through training programs. Additionally, the company intends to align with Oman’s energy transition goals by adopting eco-friendly practices and exploring renewable energy integration where ever applicable. Finally, the company seeks to partner with industry experts, consultants, and technology providers to stay ahead of trends and develop innovative solutions for complex oilfield challenges.
What are the new EPC projects, electric workover rigs and the digital transformation initiatives that the company is undertaking to optimise operations?
On the EPC project front, there are several opportunities ahead within PDO, e.g. Hawqa Asfoor WI, Hazar South Off Plot, Rima DWD Network Upgrade, Sadad North Water Injection, Bahja Rima MSV Phase III, Bahja Rima MSV Phase IV, Bahja Rima Safeguarding, Adeela Development Project and Thayfut Polymer Flood Phase-1 Project.
On the Workover Rigs in addition to the
earlier 4 Conventional ones, we have commissioned 6 new Electric Hoists over the last three years. We are looking at opportunities to procure additional Well Pulling Hoists and Flush By Units to cater to the growing demand in the region.
Digitalisation initiatives, particularly AI can significantly enhance business performance in several ways. Predictive maintenance allows AI to monitor the condition of critical components in workover rigs, such as the hoist system, in real-time. Optimised operations leverage AI to continuously analyse data from diverse sources, including geophysical data and well conditions, resulting in more efficient rig operations. Improved safety is achieved through AI-powered monitoring systems that detect anomalies and potential hazards during rig operations.
Enhanced drilling efficiency is another benefit, as AI algorithms analyse geological data and drilling performance to refine drilling strategies, ultimately leading to better outcomes. In terms of data analytics, AI can sift through historical drilling and rig performance data to identify
patterns and trends. This information enables data-driven decisions, such as selecting the most suitable equipment and optimising drilling techniques, thereby enhancing overall rig performance. Remote monitoring and control systems driven by AI allow operators to oversee and manage workover rigs from a central location, improving operational oversight and response times. Energy efficiency is also a critical focus, with AI optimising energy consumption by adjusting power usage according to operational needs.
On the inventory side, AI facilitates efficient management of spare parts by predicting component failures and automating replacement orders. Training and simulation programs powered by AI can enhance the skills of operators and rig personnel, enabling them to make better decisions in various scenarios. Cost reduction is a vital outcome, as AI optimises operations, reduces downtime, and improves equipment utilisation, helping workover rig companies lower operational costs and boost profitability. Finally, AI’s capability for data integration allows it to
combine information from various sources, including sensors, IoT devices, and historical records, providing a comprehensive view of rig operations.
In what ways is the company engaging with the local community and contributing to its development?
Al Baraka Oilfield Services is committed to fostering local community engagement and contributing to its development through several impactful initiatives such as prioritising local talent in recruitment to support Oman’s nationalistion goals and boost the local economy; offering training programs and apprenticeships to enhance the skill sets of local workers, preparing them for careers in the oil and gas sector. The company continuously collaborates with and supports local small and medium enterprises (SMEs) to strengthen the supply chain and encourage entrepreneurship. It also contributes to community welfare projects, such as education, healthcare, and infrastructure development, in the areas where it operates. Further,
conservation efforts to ensure the protection of local ecosystems.
What are the company’s long-term goals, and how do you intend to achieve them in a very competitive environment?
Al Baraka has rolled out ambitious long-term goals aimed at growth, sustainability, and market leadership. To enhance operational excellence, we plan to invest in advanced technologies and modernising equipment to improve efficiency and productivity, as well as adopting best practices to maintain the highest standards of safety and quality. In diversifying the service portfolio, the company aims to expand beyond its core services of workover rigs and flowline/pipeline construction by exploring new opportunities in renewable energy, mineral mining such as Ground Calcium Carbonate, and other value-added downstream activities.
Sustainability and innovation are also key focuses, with the company aligning its practices with Oman’s Vision
environmentally responsible methods. Leveraging innovation is essential to staying ahead in a rapidly evolving industry. Strengthening strategic partnerships is another priority, as the company collaborates with key stakeholders, including national and international firms, to expand its reach and tap into new markets. Capital development plays a crucial role, with efforts aimed at developing a highly skilled and adaptable workforce through continuous training and engagement. Attracting and retaining top talent will ensure a competitive edge. To sync with market adaptability, there is need to conduct market research and trend analysis to proactively respond to changes in industry demands, while also focusing on cost efficiency to remain competitive without compromising superior service quality.
What are the challenges and opportunities that the company foresees in the years ahead?
The major challenges will be navigating the risks associated with fluctuating oil prices in the years to come. The
uncertainty around the Russia-Ukraine war and the Gaza conflict will continue to weigh heavily. Shipping lines across the Red Sea are still fraught with disruptions resulting in availability issues of imported equipment. There is a drive to contribute towards the ICV cause in every way we can through our core business opportunities while engaging sub-contractors. This is a national priority for the years ahead to train and develop Omani skilled workforce. The topic of sustainability presents a challenge as well as an opportunity.
We are trying to contribute to the nation’s Net Zero Carbon Emissions goal by 2050. We are in discussions with the MEM on feasibility of Geothermal as supplementing Natural Gas as source of power in Oil & Gas operations. We are also tying up with MDO on sourcing Grounded Calcium Carbonate as a mining opportunity. Digitalisation will present its own set of challenges and we are gearing up to see how AI applications can support our core business activities.
INNOVATIVE PRACTICES
Al Baraka pioneered the introduction of the first Electric Workover Rig in Oman in 2021, and currently operates a fleet comprising 6 Electrical and 4 Conventional Hoists
Registered in 2011, Al Baraka Oilfield Services SAOC has emerged as a premier Super Local Community Contractor in Oman, consistently adding value for shareholders through innovative practices, advanced technology, and competitive pricing, all while enhancing In-Country Value and ensuring stakeholder satisfaction. The company excels in a range of core activities including Workover Rig operations, Flowline/Pipeline construction (spanning Civil, Mechanical, Electrical, and Instrumentation), well-pad location construction, and EPC projects. Notably,
Al Baraka pioneered the introduction of the first Electric Workover Rig in Oman in 2021, currently operating a fleet comprising 6 Electrical and 4 Conventional Hoists.
As a leading player in the Oil and Gas Services sector, Al Baraka is dedicated to meeting stakeholder requirements across a spectrum of services. The company is renowned for addressing oilfield operational challenges with technical expertise and support, making a substantial and sustainable impact on the nation’s growth and development.
SHIFTING PRIORITIES
Oman is finalising a national policy for an energy transition that focuses on setting a general framework, policies and regulations on accelerating the transformation process in sectors of hydrogen, renewable energy, energy efficiency. An OER Report
The Sultanate of Oman has affirmed its commitment to support international efforts to cut down carbon emissions, alleviate the negative effects of climate change and implement a plan for energy transition and decarbonisation with investments of more than $190 billion by 2050.
Oman is finalising a national policy for an energy transition that focuses on setting a general framework, policies and regulations on accelerating the transformation process in sectors of hydrogen, renewable energy, energy efficiency and capturing, transfer, use or storage of carbon. Plans for an energy transition include reducing carbon emissions, striking a balance between sustainable development and mitigating the impacts of climate change, utilising clean technology, and diversifying energy sources.
The Ministry of Energy and Minerals has also embarked on forging local and international partnerships that contribute to achieving the country’s transition to green energy. In this backdrop, the ministry took steps by introducing clean energy projects and launching green hydrogen investment packages. The development of the green hydrogen economy will provide a strategic opportunity for Omani and international companies to participate and collaborate in driving local and global energy security, economic diversification and much-needed climate change mitigation. To lead the country’s ambitious green hydrogen strategy, the government has already established HYDROM, a fully owned autonomous Energy Development Oman SAOC (EDO) subsidiary. Regulated
by the Ministry of Energy and Minerals, HYDROM’s mandate includes the delineation of Government-owned land areas and the structuring of associated large-scale world-class green hydrogen projects. Its mandate also includes managing the process of allocating land to developers as well as facilitating the development of common infrastructure and connected ecosystem industries and hubs in close collaboration with the Public Authority for Special Economic Zones and Free Zones (OPAZ). Oman’s visionary plans for the green hydrogen economy and the joint infrastructure being developed to support these projects, will open doors for various industries to transition towards green production methods. A number of initiatives are in place to put the Sultanate of Oman on the list of the world’s leading green hydrogen producers, thus making it an attractive destination for foreign industrial investments seeking to transition to clean energy.
Oman recently signed $20 billion of contracts with partners including BP, Shell and the newly formed Hydrogen Oman (Hydrom) to produce 500,000 tonnes of green hydrogen each year. The production targets are 1 million tonnes by 2030, 3.75 million tonnes by 2040 and 8.5 million tonnes by 2050. This should make the Sultanate the world’s sixth largest exporter of hydrogen by 2030. By 2040, those exports are projected to be worth 80 percent of Oman’s current exports of liquefied natural gas (LNG), according to the International Energy Agency. Oman’s decision to go for green is partly explained by the fact that it has some of the world’s leading renewable energy resources, according to S&P.
SHAPING THE FUTURE
Oman LNG’s strategic investments for 2025 will focus on grid connection and renewable energy integration, reflecting the company’s commitment to sustainability and innovation, says Hamed Al Mamari, Senior Manager of Decarbonisation and New Energy, in an interview with Oommen John
Can you provide us with an overview of Oman LNG’s key projects and initiatives?
At Oman LNG, we are dedicated to supporting Oman’s energy transition and decarbonisation goals through a series of innovative projects and initiatives. One of our major undertakings has been the replacement of gas turbines with higher-efficiency engines, which has led to substantial energy savings and a significant reduction in CO2 emissions.
We are also actively exploring opportunities to integrate renewable energy sources, such as solar and wind, into our operations to reduce reliance on fossil fuels. Additionally, process electrification is a focus area, where we are transitioning from gas turbines to electric motors for process compressors.
Our zero routine flaring policy reflects our commitment to sustainability, and we are exploring technologies to recover non-routine flaring emissions. Moreover, we are working on Carbon Capture, Utilisation, and Storage (CCUS) projects, partnering with key stakeholders to capture and store CO2 emissions or convert them into lowcarbon products.
Finally, as a signatory to the CLEAN Initiative, we are implementing OGMP 2.0 standards to monitor and reduce methane emissions using advanced technologies such as drones, infrared cameras, and satellite data.
What have been the company’s key milestones in 2024?
2024 has been a significant year for Oman LNG, marked by milestones that underscore our leadership in the energy transition. We maintained our top-quartile performance in thermal efficiency and GHG intensity while completing decarbonisation assessments for key pathways, including electrification, renewable energy integration, and flare gas recovery.
A major achievement was being awarded the OGMP 2.0 Gold Standard Pathway by the United Nations Environmental Program, a recognition of our commitment to methane emission reduction.
We also achieved ISO 14064 certification for GHG emissions, further cementing our commitment to sustainability. Oman LNG proudly represented the Sultanate at COP29 in Baku, where we showcased our decarbonisation initiatives in line with national goals. Additionally, at the LNG Producer-Consumer Conference in Japan, we reinforced our support for the CLEAN Initiative, highlighting our role in shaping the future of sustainable energy.
How is Oman LNG contributing to the country’s evolving energy market and transition?
Oman LNG is playing a pivotal role in the country’s energy market evolution and transition towards a low-carbon future. Our efforts align with Oman’s Vision 2040 and Net Zero 2050 goals. Through decarbonisation initiatives, such as Carbon Capture and Storage (CCS) and compliance with OGMP 2.0 standards, we are reducing greenhouse gas emissions across our operations.
We are also working to integrate renewable energy sources, such as solar and wind, into our operations, which not only diversifies Oman’s
energy mix but also lowers emissions. Our green hydrogen development efforts leverage our existing expertise and infrastructure to position Oman as a future leader in hydrogen production and export. Additionally, by participating in international platforms like COP29, we amplify Oman’s voice on global climate goals, advocating for policies that support sustainable energy solutions.
Is the changing market dynamics posing a challenge to liquefied natural gas (LNG) as a fuel of choice?
While shifting market dynamics present challenges, they also highlight the critical role LNG plays in the global energy transition. Increasing competition from renewables and hydrogen, stricter regulations, and advances in energy storage technologies are certainly reshaping the energy landscape.
However, LNG continues to serve as a cleaner transitional fuel compared to coal and oil, providing reliable baseload energy that complements intermittent renewables like solar and wind.
LNG’s adaptability and global reach remain key advantages. The emergence of carbon-neutral LNG, achieved through carbon capture and methane abatement technologies, further reinforces its competitiveness. Moreover, LNG infrastructure can be repurposed for blue and green hydrogen production, making it an essential asset for the future energy market.
In regions where renewable capacity is still developing, LNG remains a critical energy source, ensuring stability and supporting industrial decarbonisation.
In what ways is Oman LNG adopting new technologies to promote clean energy in its operations?
Innovation is at the heart of our efforts to promote clean energy and sustainability. To manage methane emissions, we deploy advanced monitoring tools, including drones, infrared cameras, and satellite data, ensuring accurate detection and mitigation.
Our investment in Carbon Capture and Storage (CCS) technologies enables us to capture and securely store CO2emissions, and we are exploring the production of synthetic methane through methanation processes.
We are also conducting feasibility studies on green hydrogen production, aiming to utilise renewable energy and existing LNG infrastructure to support hydrogen export. Digitalization plays a significant role in our strategy, with AI and machine learning optimising operations to reduce energy consumption and waste.
Additionally, our exploration of renewable energy integration and further optimisation of LNG processes reflects our commitment to aligning with global clean energy objectives.
What are the strategic investments planned for 2025? Is the company planning new projects or expansions?
Looking ahead, our strategic investments for 2025 will focus on grid connection and renewable energy integration, reflecting our commitment to sustainability and innovation. We are actively progressing the pilot project for methanation, which involves producing synthetic methane for reinjection into LNG processes.
These initiatives are aligned with our vision to support Oman’s energy transition and reinforce our role as a global leader in sustainable energy practices.
PROACTIVE APPROACH
Daleel Petroleum is making significant contributions toward Oman’s net zero emissions by 2050 through a range of strategic projects, says Haitham Said Ali Al Kalbani, Concepts Engineering Subject Matter Expert in an interview
Can you give us an overview of Daleel Petroleum’s operations?
Daleel Petroleum LLC is a key player in Oman’s oil and gas industry. It operates in Blocks 5 and 15 as a joint venture between Mazoon Petrogas, part of MB Holding Company LLC, and Mezoon Petrogas B.V., part of China National Petroleum Corporation (CNPC). Daleel focuses on finding, developing, and producing oil and gas using advanced technology. The company’s objective is to make the most of Oman’s natural resources while ensuring safe and sustainable operations. We use techniques like Enhanced Oil Recovery (EOR) to boost production while protecting the environment. Safety is our top priority, and we are dedicated to meeting the highest standards in safety and environmental practices.
In what ways is Daleel Petroleum promoting Sustainability?
Daleel Petroleum is committed to environmental protection and sustainability. The company has taken significant steps to reduce our environmental impact, including eliminating routine flaring to cut emissions—a major milestone achieved in 2022. We also no longer use fresh water in our operations; instead, importing produced water from a nearby operator, which helps conserve vital water resources.
Our focus on energy efficiency ensures that we use energy wisely while
maintaining high productivity. The company has further enhanced its energy system by sourcing power from the nearby government electricity grid, reducing reliance on internal generation and improving overall efficiency. Additionally, we are dedicated to protecting biodiversity and ensuring our activities do not harm the natural environment. By prioritising sustainability, we aim to preserve the ecosystem for future generations.
Oman has committed itself to achieving Net Zero Emissions by 2050. How is Daleel Petroleum furthering the country’s net zero objective?
Daleel Petroleum is making significant contributions toward Oman’s net zero emissions by 2050 through a range of strategic projects. A major milestone was achieving Zero Routine Flaring, where the company recovers up to 35 MMSCFD of associated gas, equivalent to preventing 836 thousand tonnes of CO2e emissions annually. This has helped reduce environmental impact while maximizing resource efficiency.
In addition to its environmental efforts, Daleel has improved the economics of Block 5 by maximising revenue from associated gas production. Since 2008, the company has recovered a total of 440,000 tonnes of LPG and 2.8 million BBLs of NGL. Since 2018, Daleel has also exported 28 billion SCF of treated Gas, further contributing to revenue generation and improving overall operational efficiency.
A key area of progress has been in reducing the company’s diesel consumption. In 2012, diesel use stood at 32 m³ per day, but by 2023, Daleel successfully reduced this figure to just 0.3 m³ per day. The company achieved this by using the produced gas to generate electricity, which is then used to power all field facilities, further demonstrating Daleel’s commitment to efficient resource use and emissions reduction.
Looking ahead, Daleel is also investing in a solar plant to integrate green energy into its operations, further supporting Oman’s net zero objectives. This investment reflects Daleel’s proactive approach to adopting sustainable energy solutions and reinforcing its commitment to environmental responsibility.
Daleel Petroleum has been a firm believer in social investment and creating In-Country Value (ICV). Please share some of the initiatives taken by the company, which are furthering these goals?
Daleel Petroleum is committed to supporting Oman’s social and economic development through its In-Country Value (ICV) initiatives. The company has achieved 97 per cent Omanisation, ensuring that most of its workforce consists of Omani nationals. In addition, Daleel has implemented five Vendor Development Programs (VDP), which are designed to help local businesses grow and become part of the oil and gas supply chain.
The company’s TASARA application, which has been in operation for four years, has evolved to provide better services and support small and medium-sized enterprises (SMEs). This application helps create more competition in the market by allowing SMEs to better compete with larger companies. Daleel has also set aside millions in Training Funds Levy to help create employment opportunities and build the skills of Omani nationals.
Over the past five years, 98 per cent of the company’s goods and services have been purchased from local vendors. This not only supports the local economy but also reinforces Daleel’s role as a responsible business partner in Oman.
Is the company using digitalisation and technology to improve efficiencies?
Daleel Petroleum is actively using digitalisation and new technologies to improve its operations. The company has launched Daleel Smart Portal, which provides real-time data on wells and facilities. This helps the company make quick decisions and keep operations running smoothly. Another important tool is the Exception-Based Surveillance System, which helps identify any issues early on and correct them before they cause bigger problems.
The use of Business Intelligence (BI) tools allows Daleel to turn raw data into valuable insights, helping with decision-making and reducing costs. IoT (Internet of Things) technology also plays a big role by allowing the company to monitor operations remotely, which is especially useful in hard-to-reach locations.
Finally, Daleel is exploring the use of AI and automation to increase productivity and make operations even more efficient. These digital tools are key to Daleel’s strategy for improving efficiency and ensuring long-term sustainability.
What are Daleel Petroleum’s plans for year 2024-2025?
Looking ahead to 2025, Daleel Petroleum plans to build on the knowledge and expertise it has gained from its operations in Block 5 as it begins working in the newly awarded Block 15. Daleel aims to ensure that the operations in Block 15 are aligned with Oman’s net zero emissions goal by 2050, using its experience in reducing emissions and improving efficiency. Additionally, the company’s operations in Block 5 will continue to leverage best practices that contribute to the country’s zero emissions commitments.
By applying what it has learned, Daleel is ensuring that its future operations not only meet production goals but also contribute to a more sustainable future for Oman.
PUSHING BOUNDARIES
Future Pipe Industries is committed to advancing the energy transition and emphasising sustainability in all its operations and product development, says Khalid Alaraimi, Oman Country Manager, FPI Oman in an interview
Can you provide an overview of Future Pipe Industries’ product range and primary markets?
Future Pipe Industries (FPI) is a leading global manufacturer of composite pipe systems. Our product range includes a variety of fiberglass (GRE/GRP) pipes and fittings designed for various applications across multiple industries: Oil and Pipes for transporting oil, gas, and water in both onshore and offshore environments. Water and Wastewater: Pipes for water distribution, sewage systems, and irrigation. Power Generation: Pipes for power plants, including nuclear, thermal, and hydroelectric. Chemical Processing: Pipes for handling corrosive chemicals and other industrial fluids. Marine: Pipes for marine vessels, including seawater cooling systems and ballast systems and Renewable Energy: Pipes for Green Hydrogen and Co2
What is the company’s approach to energy transition initiatives and sustainability in operations and product development?
Future Pipe Industries (FPI) is actively driving the energy transition and prioritising sustainability throughout its operations and product development. Our approach tackles this challenge from two angles. Firstly, FPI champions energy transition initiatives. Recognising hydrogen’s potential as a clean energy carrier, we have developed specialised composite pipe systems like Wavistrong H2. These systems address the unique challenges of hydrogen transportation, such as maintaining mechanical
integrity and preventing hydrogen embrittlement. Additionally, we offer pipe solutions for CO2 transportation and storage (CCUS), contributing to reduced greenhouse gas emissions. Their products are also used in various renewable energy projects, including solar, wind, and geothermal power plants, further supporting the shift towards cleaner energy sources.
Secondly, we prioritise sustainability in operations and product development by focussing on minimising environmental impact through efficient manufacturing processes, reduced energy consumption, and waste reduction strategies. Furthermore, we explore opportunities for recycling and reusing materials, promoting a circular economy approach. This commitment ensures our products are not only innovative but also environmentally responsible.
What innovations has the company implemented in pipe manufacturing?
Future Pipe Industries has been at the forefront of innovation in pipe manufacturing, continuously pushing the boundaries of technology and sustainability. We pioneered the use of advanced composite materials, such as fiberglass-reinforced plastic (FRP) and carbon fiber-reinforced polymer (CFRP), in pipe manufacturing. These materials offer superior strength, corrosion resistance, and lightweight properties, making them ideal for various conditions. The company has developed innovative pipe solutions using high-performance polymers like polypropylene and polyethylene, which are resistant to chemicals, abrasion, and temperature extremes.
What sets the company apart from its competitors?
Future Pipe Industries (FPI) sets itself apart through a strategic blend of global reach, technological innovation, customer focus, quality assurance, and sustainability. With a vast network of manufacturing facilities and sales offices, FPI caters to diverse customer
needs worldwide, leveraging local expertise to deliver tailored solutions. The company’s commitment to innovation drives the development of cutting-edge products and processes, surpassing traditional standards in terms of performance, durability, and efficiency. FPI’s customer-centric approach involves collaborating closely with clients to understand their unique requirements and deliver customised solutions that address complex challenges. Quality and reliability are paramount at FPI, with stringent quality control measures ensuring products meet the highest industry standards. Furthermore, FPI prioritises sustainability by focusing on energy efficiency, waste reduction, and eco-friendly materials, aligning with global environmental concerns.
In what ways have the demand for the company’s products evolved in recent years, especially within the oil and gas sector?
In recent years, the demand for Future Pipe Industries’ products has evolved significantly within the oil and gas sector. As the industry faces increasing pressure to reduce environmental impact and improve operational efficiency, there is a growing demand for sustainable and high-performance pipe solutions. FPI’s innovative composite pipe systems, which offer superior corrosion resistance, lightweight properties, and extended lifespans, have become increasingly attractive to oil and gas companies. Additionally, the expanding focus on carbon capture, utilisation, and storage (CCUS) technologies has created new opportunities for FPI, as their products are well-suited for transporting and storing CO2.
What are the technological advancements that have enhanced the manufacturing processes?
Future Pipe Industries has embraced technological advancements to enhance its manufacturing processes. The adoption of automation technologies, has significantly improved efficiency and precision.
Digital manufacturing techniques, including 3D modelling and simulation, have streamlined product design and development. Additionally, the implementation of advanced materials science has enabled the creation of innovative composite materials with superior properties, leading to the development of highperformance pipe solutions.
What trends do you see shaping the future of the pipe manufacturing industry?
The future of the pipe manufacturing industry is poised for significant transformation driven by several key trends. Sustainability will remain a paramount concern, with a growing emphasis on eco-friendly materials, energy-efficient manufacturing processes, and circular economy principles. Technological advancements, such as artificial intelligence, machine learning, and advanced materials science, will revolutionise product design, manufacturing, and maintenance. Additionally, the increasing demand for infrastructure development, particularly in emerging economies, will create new opportunities for pipe manufacturers. Lastly, the growing focus on renewable energy sources and carbon capture technologies will drive the need for specialised pipe solutions to transport and store clean energy carriers.
What are the company’s plans for expansion into new markets?
Future Pipe Industries plans to expand its market reach by targeting emerging markets, particularly in East Africa. This region, with its rapidly growing economies and increasing infrastructure development, offers significant potential for FPI’s products. By leveraging Oman’s strategic geographic location and robust logistics infrastructure, FPI can efficiently export its highquality pipe solutions to East African countries. This expansion will not only contribute to the economic growth of both Oman and East Africa but also solidify FPI’s position as a global leader in the pipe industry.
COMPANIES IN OMAN
COMPETITIVE EDGE
The OER-MOORE Best Performing Companies in Oman survey indicates a consistent growth trend, supported by strong reforms under Oman Vision 2040 boosting corporate competitiveness
MOORE GLOBAL
Moore Global is regarded as one of the world’s major accounting and consulting networks, with its headquarters in London, consisting of 547 offices, 240 firms and some 29,890 people across 113 countries. With a strong presence on every continent, the Moore Global network has developed and grown significantly, trebling profitable revenues since 2005.
Today, ranked no. 11 globally by fee income and headcount according to the 2019 International Accounting Bulletin World Survey, a Moore network office can be found in more than 600 locations in 114 countries.
This capability enables to serve clients’ multi-national needs through the strength of a global professional community, and also benefit from collaboration between member firms to target new business opportunities, together. At Moore, our purpose is to help people thrive – our
clients, our people and the communities they live and work in. The Moore brand is respected across global markets: it stands for quality, integrity and client care. The brand continues to evolve and strengthen, with network growth and the development of Moore as a thought leader further increasing our profile.
The Moore brand helps you to attract high-value work from quality clients, supporting profitability and providing access to exciting work opportunities for your people.
METHODOLOGY
MOORE Oman evaluated the performance of all companies listed on the Muscat Stock Exchange (MSX) in the following market capitalisation (cap) segments: Large cap – greater than RO75mn, Medium cap – between RO25mn and RO75mn and Small cap – between RO10mn and RO25mn for OER’s Best Performing Companies. We have identified the top 10 companies in each market capitalisation category through a diligent ranking process, which evaluates their performance against specific financial criteria for the year ended December 31, 2023 as outlined below:
the mid cap segment and 27 companies in the small-cap segment. Thus, a total of 66 listed companies have been evaluated for the purpose of this assignment. We have determined the top 10 companies under each market capitalisation based on the financial criteria considered.
Financial Data
All financial data and non-financial data have been compiled from the published annual audited reports of each listed company for the year ended December 31, 2023 which were downloaded from the official MSX website (https://www.msx.om).
for the year ended December 31, 2023 and November 30, 2023 for 31 August year-end) based on unaudited interim financial information in the MSX website.
Companies with different financial year (say, 31 March ending, 30 June ending, 31 August ending), statement of financial position balances considered were taken from the latest unaudited interim financial information in the MSX website (31 December 2023 balances for those with financial year-end of 31 March/ 30 June / 30 September, and in case of the 31 August year-end, the 30 November 2023 balances), in determining related financial parameters.We have excluded companies which do not have 2 full years of operations. We have excluded companies which have a market capitalisation of less than RO10mn in our ranking.
We have extracted key financial data from the annual reports of these companies as published on the MSX. We have identified 23 companies under the large-cap segment, 16 companies in
Companies with different financial year (say, 31 March ending, 30 June ending, 31 August ending), financial data have been worked out separately to arrive at the financial performance
Under each market cap segment, the companies’ key financial data and nonfinancial data have been presented in the order based on their respective market capitalisation, from highest to lowest.
DIVERSE POTENTIAL
The International Forum of Sovereign Wealth Funds (IFSWF), which was held in Muscat recently, included dialogue sessions and workshops to discuss topics related to the world of investment, including energy transition, artificial intelligence and supply chains
His Highness Sayyid Theyazin bin Haitham Al Said, Minister of Culture, Sports and Youth, opened the 16th annual meeting of the International Forum of Sovereign Wealth Funds (IFSWF) in Muscat recently. The IFSWF 2024 meeting was hosted by the Sultanate of Oman, represented by the Oman Investment Authority (OIA). The event witnessed the participation of representatives of 50 sovereign funds from 46 countries.
In a statement at the opening ceremony, HH Sayyid Theyazin said that the Sultanate of Oman’s hosting of the meeting affirms its high status among nations. The event reflects Oman’s great ability to build bridges of cooperation and strengthen strategic partnerships with all. He added that “Choosing Oman to host the event constitutes a clear testimony to the country’s meeting global standards in governance and sustainability, commitment to wealth management
standards and its dedication to the skills of wealth development and investment.
“It is a good coincidence that the hosting of this event occurs at a time when Oman has been able to overcome economic challenges and pursue its march of stability and prosperity with steady steps, with the blessing of the Almighty Allah and the insightful vision of His Majesty the Sultan,” said HH Sayyid Theyazin.
country. Oman has thus opened up new vistas to global investments that stem from a great legacy, ambitious future vision and promising opportunities in all vital sectors, he explained.
In his statement, HH Sayyid Theyazin
government institutions and private sector establishments.
This has reinforced the Sultanate of Oman’s position and raised its rating to the level of “Creditworthiness,” thus reflecting the robustness of the financial standing and the transparency of the OIA’s operations, said Al Murshidi.
In his speech, Al Murshidi stressed that the Sultanate of Oman’s hosting of this meeting introduces the investment capabilities that prevail in Oman and highlight its efforts and commitment to achieving sustainable investment partnerships with the largest global sovereign wealth funds. The event also underlines Oman’s persistent efforts to open up new channels of cooperation in various sectors and present itself as a lucrative investment destination.
In his speech, Obaid Amrane, Acting Chairman of the International Forum of Sovereign Wealth Funds, said that major economic developments take place in the global arena in today’s world, including the emergence of artificial intelligence (AI) in a rapidly evolving environment, evoking hope in some cases and portending risks in other cases.
artificial intelligence in a strategic and responsible manner.
He advised all to maintain a balance between investing in these opportunities and technical developments—on the one hand— and, on the other hand, shouldering the responsibility of securing global financial stability. This is in addition to reinforcing the principles of “Santiago” and sound governance, he added.
American businessman Elon Musk spoke about innovation and artificial intelligence as a driving force for change and sustainability in the global economic arena.
In a speech on the occasion, Elon Musk stressed the need to give priority to human principles and ethical dimensions of safety in the current approach to developing economic intelligence technologies.
In his speech aired via video call, Elon Musk stressed the importance of sovereign wealth funds investing in sustainable development projects in the sectors of innovation and artificial intelligence. He also laid emphasis on the role of modern technology in enhancing investments and achieving
economic returns for member countries.
For his part, American businessman Robert Smith underscored the significance of optimally exploiting artificial intelligence technologies in transactions of governments or the private sector. He noted that many investment portfolio companies currently make use of these technologies in their daily operations.
Oman Investment Authority designated “Al Mandoos Al Omani” as the logo for the meeting. Inspired by the deeprooted Omani heritage, Al Mandoos, a solid decorative wooden box for collecting and storing precious items, has been in use throughout the stages of Omani history.
On the occasion of the Sultanate of Oman hosting the IFSWF meeting, a commemorative silver coin and postage stamp were issued by the Oman Investment Authority, in cooperation with the Central Bank of Oman.
The exceptional designs of the coin and the stamp reflect the essence of authentic Arab art and Oman’s ancient maritime history, as well as the innovative talent of Omanis and their rich cultural heritage. They embody the key elements of Omani heritage, themed “Oman is the land of opportunities.”
The agenda of the IFSWF forum, which concluded on November 6, 2024, included dialogue sessions and workshops to discuss topics related to the world of investment, including energy transition, artificial intelligence and supply chains. A new board of directors for the IFSWF was also elected during the forum.
The agenda also included tours of historical and cultural landmarks, including the Royal Opera House Muscat (ROHM), the old city of Muscat, Al Mirani Fort, the city of Nizwa and Oman Across the Ages Museum.
EMPOWERING BUSINESS
Unlocking Excellence: How CCB Manpower Services is elevating Oman’s workforce
In a world where talent is the driving force behind successful enterprises, finding the right people to lead and execute your vision can be a game-changer. For businesses in Oman, CCB Manpower Services stands out as a reliable partner committed to delivering exceptional human capital solutions. Located in the heart of Muscat, CCB Manpower Services provides tailored recruitment strategies and human resources solutions that help organisations thrive in today’s competitive market.
CCB Manpower Services has developed a reputation for offering a comprehensive suite of HR solutions, ensuring that companies of all sizes and industries can find the right fit for their needs. From top-tier executives to specialized household workers, their offerings are designed to streamline the recruitment process and deliver quality talent with precision.
The success of an organization hinges on its leadership and specialized talent. CCB Manpower Services excels at talent hunting for critical leadership roles and niche experts. They identify professionals who not only have the right skill set but also align with your organization’s values and culture. Their meticulous search process ensures you have the talent you need to drive strategic goals forward.
Whether you are managing a short-term project or need specialized skills on demand, CCB Manpower Services offers outsourcing and secondment solutions. Their team identifies and recruits professionals who can hit the ground running, ensuring project timelines are met efficiently and effectively.
Need to scale your workforce quickly? CCB handles end-to-end recruitment campaigns both locally and internationally. Their vast network and strategic approach ensure that your business attracts the best talent available, saving you valuable time and resources. CCB goes beyond simple recruitment by offering psychometric and behavioral assessments. These tests measure cognitive abilities, personality traits, and leadership potential, ensuring that new hires are not only skilled but also a cultural fit for your organization.
In an age where digital transformation is essential, CCB provides end-to-end HR digitalisation services. From recruitment to onboarding and workforce planning, their solutions enhance efficiency and productivity, allowing businesses to focus on growth.
Tailored Job Descriptions
With the complexity of modern workplaces, having clear role definitions is crucial. CCB offers expert job description development and organisational design services to help companies structure their teams effectively and align them with long-term goals. CCB Manpower Services also supports personal development through life coaching for professionals, helping them achieve personal and career milestones.
In a crowded marketplace of HR solutions, CCB Manpower Services differentiates itself with an unwavering commitment to excellence and client satisfaction. Here’s why businesses choose CCB:
• Industry Expertise: With seasoned consultants and deep market knowledge, CCB ensures high-quality recruitment and HR solutions.
• Tailored Approach: No two businesses are the same, and CCB’s services are customized to meet the unique needs of each organization.
• Comprehensive Solutions: From talent acquisition to workforce planning, they provide a full suite of HR services, making them a one-stop-shop for human capital needs.
• Dedication to Quality: CCB’s mission is to unlock the full potential of every talent they place, ultimately driving improved performance for their clients.
CCB Manpower Services is more than just a recruitment agency; they are a strategic partner committed to enhancing the workforce landscape in Oman. By offering unparalleled services, from leadership acquisition to HR digitalization, they are shaping the future of businesses and helping organizations achieve their vision with confidence.
Ready to take your organisation to the next level? Connect with CCB Manpower Services today.
Address: Room 101, Hormuz Petrol Station, Al Khuwair, Muscat, Sultanate of Oman.
Travel Buddies Holidays: Elevating Travel and Corporate Excellence in Oman
In the dynamic landscape of travel and corporate services, Travel Buddies Holidays (TBH) stands out as a beacon of innovation and dedication. Since its founding by Dr. Rodrigo Desiatco in 2019, TBH has charted an impressive course, growing from modest beginnings into a full-fledged service provider trusted by individuals and corporate clients alike across the Sultanate of Oman.
TBH prides itself on offering a rich portfolio of travel services, meticulously designed to cater to various traveler needs:
• Flight Reservations: Effortless domestic and international bookings ensuring seamless journeys.
• Hotel Accommodations: Thoughtfully arranged stays for comfort and convenience.
• Tourist Visa Assistance: Simplifying the visa process for multiple destinations.
• Curated Tours: Offering both inbound and outbound tours to uncover the beauty of Oman and the world beyond.
• International Cruises: Crafting unforgettable cruise experiences across stunning global waters.
Corporate Services
Recognising the distinct needs of modern enterprises, TBH extends its expertise through specialised corporate services, redefining how businesses approach travel and events.
Streamlined
On-Boarding
for Expatriate Employees
TBH understands that a smooth start is crucial for new hires and best candidate experience. Their on-boarding services encompass:
• Flight Coordination for timely arrival.
• Meet and Greet Services to ensure a warm reception.
• Temporary Accommodation and Transport, easing the new employee’s transition.
• Familiarization Tours of essential local spots, helping new employees feel at home quickly and familiarize places such hospital, emergency numbers, Hypermarket, banks and school.
VIP Helicopter Services: Luxury Meets Convenience
For those seeking exclusive travel experiences or critical logistical solutions, TBH offers:
• Chartered Helicopter Flights for site visits, emergency needs, or breathtaking aerial tours of Muscat.
Business Tourism and Seamless Events
TBH simplifies corporate event planning with a comprehensive approach to:
• Meetings, Conferences, and Exhibitions: From securing venues and accommodations to organizing transportation and city tours, TBH ensures every detail is covered for a flawless experience.
Team Building Programs that Inspire and Unite
TBH understands that strong teams drive success. Their customised team-building programs provide:
• Tailored Activities and Venues that align with your company’s goals, fostering collaboration, leadership, and morale in memorable settings.
Your Partner in Travel and Business Excellence
Based in Muscat, Oman, Travel Buddies Holidays is more than a travel agency — it’s a partner in creating experiences, fostering business growth, and enhancing organizational efficiency. Whether you’re exploring new destinations or strengthening your workforce, TBH ensures exceptional service every step of the way.
Contact Travel Buddies Holidays:
Address: Room 101, Hormuz Petrol Station, Al Khuleyah Street, Al Khuwair, Muscat, Oman
Mobile: +968 93788900 / 90192422
Email: marketing@tbharabia.com
MITIGATING RISKS
Why fee-based advice is good for private clients
When it comes to managing wealth, it is important to understand that what is good for the bank is not always good for the client. Private clients face a range of financial decisions, from investments and retirement planning to estate management. With so many options and advisors available, choosing the right financial advisory model is crucial.
The bulk of financial service providers in most countries in the world is commission based and true-blue fee only advisors are probably less than 2 per cent of current offerings in Asia and Europe. A real fee only advisor will not double or triple dip, but solely be paid by the client and ensures that whichever product related sales benefits are shared with the client. Clients should also be careful not to work with advisors/entities that create their own products/ in-house funds as these naturally produce a conflict-ofinterest vis a vis the client.
One approach that has gained popularity is fee-based advice as it is beneficial for private clients seeking transparency, objectivity, and long-term financial success. Fee-based advice refers to a financial advisory model in which the client compensates the advisor through fees, rather than relying on commissions from the sale of financial products.
Since fee-based advisors are compensated directly by their clients, they are incentivised to act in the client’s best interests. They are less likely to recommend products or strategies with hidden commissions or sales incentives. This creates a more transparent relationship, focusing on what works best for the client, not what earns the advisor the highest payout.
Fee-based advisors are not tied to specific
product providers or motivated to promote certain financial instruments. This independence fosters objective advice, enabling advisors to recommend solutions that align with the client’s financial goals rather than products that yield higher commissions. One of the main frustrations for private clients is the complexity of costs associated with commission-based models, where fees may be embedded within the product structure. Fee-based advice simplifies this by making costs clear and predictable upfront. Clients know exactly what they are paying and what services they will receive, which fosters trust.
Fee-based advisors are generally focused on building long-term relationships rather than securing short-term product sales. This can lead to more comprehensive financial planning, covering not just investments but also tax strategies, estate planning, and wealth preservation.
Private clients typically require complex, holistic strategies that go beyond simple investment advice. Fee-based advisors are more likely to offer a broad range of services, such as: Many fee-based advisors charge an AUM fee, which aligns their incentives with the client’s financial success. The advisor benefits when the client’s portfolio grows, which encourages prudent investment decisions and careful risk management. This also ensures that the advisor has a vested interest in preserving the client’s wealth over the long term.
While fee-based advice has many advantages, it is essential to be aware of some potential drawbacks. Higher costs for small portfolios: Clients with smaller portfolios may find flat or AUM fees expensive compared to commission-based models. Fee overlap: Some clients may find themselves paying for both advisory
fees and underlying investment product fees. Confusion with fee-only models: Clients should understand that fee-based advisors can also earn commissions from product sales in some cases, unlike feeonly advisors who operate strictly on fees.
To mitigate these risks, private clients should ask for a clear fee schedule and understand the services included. They should also ensure their advisor is transparent about any potential conflicts of interest. For private clients seeking a trust-based, transparent, and comprehensive approach to financial management, fee-based advice is often the superior choice. It aligns the advisor’s interests with the client’s goals, offers objective recommendations, and provides clarity around costs. By focusing on long-term relationships and wealth preservation, fee-based advisors deliver more holistic financial solutions, helping clients navigate the complexities of wealth management effectively.
Rainer Michael Preiss Partner & Portfolio Strategist at Das Family Office in Singapore
SETTING BENCHMARKS
Techno Plastic Industry SAOC celebrates 25 years of innovation and global expansion
Techno Plastic Industry, which was founded in 1998 with a clear and ambitious goal to lead the way in plastic piping solutions celebrated its 25th anniversary recently.
The company’s vision has transformed into a legacy of innovation, growth, and industry leadership. As the first manufacturer of plastic pipes in Oman and the Middle East, Techno has transcended and is at the forefront of technological advancements in piping systems, with a global presence across Africa, Asia, Europe, and the Americas. The company celebrated its 25th anniversary, a silver jubilee
milestone with the launch of several new products that will define the next chapter of its success.
Techno’s journey began with the production of its PPR (Polypropylene Random Copolymer) monolayer pipe— the first of its kind in Oman. This product quickly gained recognition for its durability and efficiency in cold and hot water supply systems. Techno did not stop there; recognising the growing demand for more advanced materials, the company introduced the PPR multilayer pipe, a next-generation product featuring three layers, including a middle layer reinforced with fiberglass for added strength.
This innovation set a new standard for performance and reliability.
To mark its 25th Anniversary, Techno has expanded its product line with the launch of four new products: Firefighting pipes, Gas pipes, Inspection chambers, and Acoustics. These products reflect the company’s continued commitment to innovation and its ability to address the diverse needs of global markets. A crucial addition to Techno’s product portfolio, the Firefighting pipes are engineered for high-pressure water flow. These pipes are designed to meet stringent fire safety standards, ensuring reliable performance in emergencies.
Techno’s Firefighting pipes are built to withstand extreme conditions, providing the safety and reliability needed in modern fire protection systems.
In response to the growing global demand for natural gas distribution, Techno introduced Gas pipes that combine strength, durability, and safety. These pipes are designed to prevent leaks and ensure long-lasting performance. They further enable meeting the highest international standards for gas infrastructure and supporting the global transition toward more sustainable energy solutions.
Techno’s Inspection Chambers offer a solution for easy maintenance and monitoring of piping systems. These chambers are designed to provide quick access to pipes, simplifying inspections, cleaning, and repairs. With robust construction, they can withstand harsh environmental conditions, making them an ideal solution for both urban and industrial applications. Inspection Chambers help reduce downtime and maintenance costs, ensuring piping systems continue to operate efficiently. Techno has also launched Acoustic solutions to address the increasing demand for noise control in buildings and infrastructures. These innovative
products are designed to reduce sound transmission in plumbing systems and various other applications, enhancing performance and comfort. Whether for residential, commercial, or industrial use, Techno’s Acoustic solutions contribute to quieter, more comfortable environments.
While Techno’s roots are firmly planted in Oman, its vision has consistently been focused on reaching international markets. Over the years, the company has successfully expanded its operations to serve markets across Africa, Asia, Europe, and the Americas, establishing a strong global presence. This global
expansion reflects the growing demand for Techno’s high-quality products and underscores its commitment to delivering reliable piping solutions worldwide. The company has built strong relationships with distributors and customers across multiple continents, ensuring its products are accessible to a wide range of industries.
anniversary is not only a celebration of the company’s past achievements but a reflection of its ongoing commitment to innovation, quality, and customer satisfaction. From being the first plastic pipe manufacturer in Oman to launching cutting-edge products like Firefighting pipes, Gas pipes, Inspection Chambers, and Acoustic solutions, Techno has consistently set new benchmarks in the industry. As the company
moves forward into its next quartercentury, Techno will continue focusing on expanding its global presence, innovating new products, and advancing sustainable practices. With a reputation for excellence, a proven track record of growth, and an unwavering commitment to quality, Techno Plastic Industry is determined to lead the industry for many more years to come.
Techno Plastic Industry’s 25th
UNIQUE OFFERINGS
Oman, with its unique landscape and appeal for natural tourism, is an exciting market for us. We see it becoming a popular staycation destination, especially for countries such as the UAE, says Yannis Stanisiere, Chief Operating Officer, COYA in an interview with OER
Can you tell us how COYA became involved with The St. Regis Al Mouj Muscat Resort project in Muscat?
The project was introduced to us several years ago by Al Fardan, a close friend of our chairman. We were excited by the global vision for the resort, especially bringing a unique level and combination of luxury and international to Muscat. It has created a hub where guests can experience various top-tier culinary experiences.
How does COYA stand out from its competitors?
COYA sets itself apart by combining luxury and cultural authenticity. From its inception, COYA has been about creating not just a dining experience but an immersive journey into Peruvian culture, art, and cuisine. This approach resonates deeply with guests, particularly in markets like Muscat, where there is a growing appetite for unique, high-end experiences. By offering a vibrant atmosphere, exceptional food, and seamless hospitality, COYA ensures it is not just a restaurant but a lifestyle destination that fills a distinct niche in the market.
How has the local community responded to COYA’s presence?
We are very pleased with the initial response. Being the “new kid on the block” has brought excitement, but it is also clear that we have filled a gap in Muscat’s offerings, especially in terms of food and beverage. We are seeing great traction from both the local community and expats.
What percentage of your guests come from outside the hotel? Right now, nearly 90 per cent of our customers are from outside the hotel. The hotel is still ramping up, which
in the cooler months, especially from European and U.S. visitors.
What opportunities do you foresee for the hospitality sector in Oman?
Oman’s natural beauty, rich culture, and increasing connectivity make it an exciting frontier for hospitality growth. The country is poised to become a hub for high-end, sustainable tourism, attracting travelers who value authentic experiences. With a focus on eco-friendly development and showcasing Omani heritage, there’s immense potential for boutique resorts, culinary tourism, and cultural events. The push towards luxury and wellness
opens doors for both established brands and innovative newcomers.
What do you see as the future of COYA’s expansion, especially in the region?
We have focused on the GCC in recent years, with locations in the UAE, Qatar, and Saudi Arabia. Now, we are shifting our focus to Europe while still capitalising on opportunities in the region. Oman, with its unique landscape and appeal for natural tourism, is an exciting market for us. We see it becoming a popular staycation destination, especially for countries such as the UAE.
A CUT ABOVE THE REST
Dossier Construction Awards & Summit 2024 honoured exemplary achievers in construction, infrastructure, real estate, design and engineering while the summit focussed on pertinent issues affecting these sectors
United Media Services organised the 12th edition of Dossier Construction Awards on October 30, 2024 at Sheraton Oman Hotel. The event was held under the auspices of Ministry of Heritage of Tourism and endorsed by Omran Group.
The gala evening was graced by HE Salim bin Mohammed Al Mahruqi, Minister of Heritage and Tourism as the Chief Guest. HE Shaikh Salim bin Mustahail Al Mashani presided over the event.
Atulya Sharma, CEO, United Media Services set the stage with his welcome address stating that, “The infrastructure sector covers a broad range of activities related to building, developing, and managing infrastructure and real estate projects. It also implies the collaborative nature of contracting, engineering, and design services, all essential to creating functional and sustainable spaces.”
Dossier Construction Awards and Summit was launched in 2013 by Dossier magazine - Oman’s first
B2B publication on construction, infrastructure, real estate, design and engineering sectors. The Awards felicitate the best-of-the-best within the construction and its allied sectors.
Overall, 32 awards were presented
to company’s and corporate leaders for their exemplary performance. HE Salim bin Mohammed Al Mahruqi, Minister of Heritage and Tourism presented Awards to the winners.
The knowledge session of the event
featured a panel discussion on the topic - ‘Unlocking growth opportunities in Oman’s Real Estate sector.’ The panellists included Haitham Al Lawati, Vice-President - Sales & Business Development, WUJHA Real Estate; Hassan Mohammed Juma, Chairman & Managing Director, Al Osool Group; Sadiq Jaffer Sulaiman, CEO, Maysan
Properties and Wael Al Lawati, CEO, Muriya Tourism Development Company. Mayank Singh, Executive Vice President and Group Editor, UMS moderated the panel discussion.
The key takeaways of the panel discussion included an overview of Oman’s real estate sector in financial year 2024, ways in which demand can be stimulated to match the forthcoming supply in the market and key enablers that can enhance the growth of the sector. In addition, it delved on developments in the GCC real estate market and the opportunities and challenges in the Sultanate’s real estate sector.
The Summit also saw a presentation on the attractiveness and the opportunities, which Khazaen Economic City presents for investors by Mohammed Al Salmi, Business Development Manager, Khazaen Economic City.
David John Mallinson, Partner, Clean Air Associates spoke on ‘Using high technology air purification systems in a built environment’ and Dr. Neelesh Sogani, General Manager HSE for Zawawi Powertech Engineering’s gave an insightful presentation on
‘Driving Sustainable future, Beyond Zero Initiative,” showcasing ZPTE’s initiatives.
Dossier Construction Awards 2024 was supported by Larsen & Toubro Oman; Al Osool Group; Wuhja Developers; Khazaen Economic City; Techno Plastic Industry; Carrier and OTIS from Bahwan Engineering Company as the Strategic Partners.
Maysan Properties was the Real Estate Partner. Al Tamman Trading; Al Habib & Company; Zawawi Powertech Engineering; General Development Services; Nadan Trading; Design Group Engineering Consultants and Best Infrastructure Developers were the Associate Partners.
AtkinsRéalis and Renardet S.A. & Partners Consulting Engineers were the Consultant Partners. Oman Qatar Insurance Company was the Official Insurance Partner. Foton was the Commercial Vehicle Partner. OER and Alamaliktisaad.com were the media partners of Dossier Construction Awards & Summit 2024. Overall, the gala recognised outstanding performers and trained the spotlight on topics of relevance for the construction and real estate sector.
Winners
Pioneering Leadership and Contribution to Oman’s Real Estate Sector for over 47 years
Best Construction Contractor
Best Residential Investment Property in Oman
Offering Best-in-Class Insurance Solutions for Construction & Infrastructure sector
Best Manufacturer of Plastic Piping Systems in Oman
Best Real Estate Project
Creating new Marble products in the Local and International Markets
Best Landscaping Project of the Year
Contractor of Choice for Quality Offerings and Innovative Solutions
Best MEP Supplier
Exemplary Multi-disciplinary Consulting Success across the Middle East, Asia and Africa
• Primary Substation at Al-Ashkara
• Cheltenham School Muscat, Phase-2
• State-of-the-Art Warehouse and Office facility for Gulf Warehousing Company
Al Habib & Company LLC
Larsen & Toubro (Oman)
Residences 1 - Maysan Square Duqm
Oman Qatar Insurance Company
Techno Plastic Industry (Techno)
Uptown Muscat by Wujha
Al Tamman Trading
Al Khuwair Square - General Development Services LLC (GDS)
Best Infrastructure Developers LLC (BIS)
Bahwan Engineering Company (BEC)
Design Group Engineering Consultants LLC
Exemplary Contribution to the Modernisation and Development of the Power Sector in Oman Zawawi Powertech Engineering LLC
Executing Exceptional Construction projects
ROP Regional Headquarters and Ancillary buildings at Khasab, Musandam Region
Exemplary Efficiency in Precast Housing Solutions - Al Bandar Residential Development
Best Architect Tahani Salim AlShaqsi, Project Architect, AtkinsRéalis
Best Residential Project
Best Vertical & Horizontal Transportation Systems – OTIS
Commercial Vehicle of the Year
Excellence in Real Estate Advisory
Best Commercial Project
Pioneering Excellence: 40 Years of Leadership in Oman’s Landscaping
Best Engineer
Best HSE Initiative
Creating large-scale destinations and promoting Oman’s tourism and real estate sector
Best MEP Contractor
Best Engineering Consultant – Infrastructure Project
Best International Omani Brand of the Year
The Most Preferred Investment Destination
Setting Excellence Benchmarks through Visionary Leadership
CEO of the Year - Real Estate
Lifetime Achievement Award
OMRAN Group for Four Seasons Development – Muscat
Bahwan Engineering Company (BEC)
Foton Aumark by Gulf Great Sands
Al Osool Real Estate LLC
Central 7 by WUJHA Real Estate
General Development Services LLC (GDS)
Shibu Raju, Mechanical Engineer, AtkinsRéalis
Larsen & Toubro (Oman)
Muriya Tourism Development
Bahwan Engineering Company (BEC)
Renardet S.A. & Partners Consulting Engineers
Techno Plastic Industry (TECHNO)
Khazaen Economic City
Damodar Katti, Managing Director, Design Group Engineering Consultants LLC
Sadiq Jaffer Sulaiman, CEO, Maysan Properties SAOC
Dr. Geevarghese Yohannan, Managing Director, Nadan Trading LLC
BILLBOARD
Shell Oman partners with Oneroad Automotive to give away 2 Forthing Cars as part of its Win Big Campaign
As a customer-centric company committed to enriching the lives of communities across Oman, Shell Oman Marketing Company S.A.O.G (Shell Oman), in partnership with Oneroad Automotive, announced the final round of winners in its Win Big Campaign. The 45-day campaign, which ran from September 15 to October 29, 2024, rewarded customers with exciting prizes, including two brand-new Forthing T5 EVO vehicles. The draw held on October 3 and November 6 witnessed two lucky winners drive away in Forthing T5 EVO vehicles, along with additional prizes for other fortunate participants.
Commenting on the campaign, Suresh Nair, General Manager, Mobility at Shell Oman, said, “The Win Big Campaign stands as a reflection of Shell Oman’s commitment to delivering exceptional value and experiences that extend well beyond conventional offerings. This initiative represents our endeavour to build meaningful relationships with our customers and contribute positively to their journey with us. Our partnership with Oneroad Automotive has enabled us to enrich this campaign, offering prizes that
Noblessa expands presence in Oman with new showroom in Muscat
Noblessa, the renowned German brand known for its premium kitchens, is making its mark in Oman with the opening of a new high-end showroom in Muscat. Following successful openings in the United Arab Emirates and the Kingdom of Saudi Arabia through the authorised distributor, Ahmed Abdullah Alessa Group, the showroom, will showcase a curated collection of premium kitchen solutions. The showroom, opened on November 13, offers a glimpse into the world of exquisite design, cutting-edge technology, and sustainable kitchen solutions. Designed for discerning homeowners and real estate developers, it features modular, customisable kitchens crafted to meet the latest standards in both contemporary design and environmental responsibility. Located 18th November Street, Muscat, the state-of-the-art showroom provides an immersive experience, highlighting Noblessa’ s commitment to innovation, functionality, and aesthetics. From vibrant colour palettes to high-tech features, the showroom showcases a seamless fusion of design and practicality that has made Noblessa a global leader in the premium kitchen segment.
Abdullah Al Essa, CEO of Ahmed Abdullah Hamed Al-Essa Company, expressed optimism about the entry of Noblessa in Oman, “This showroom is an exciting step forward for Noblessa in Oman. It allows us to cater to the growing demand for high-quality kitchens in the Sultanate of Oman, driven by new luxury real estate, individual homes, and hospitality projects, offering Omani homeowners and developers the very best in both, design and durability.”
collaborations. By offering cutting-edge vehicles like the Forthing T5 EVO, our objective was to elevate the customer experience while also reinforcing our dedication to excellence in automotive solutions.”
Oneroad Automotive, a division of Oneroad Group, has established itself in Oman through automobile distribution and quality aftermarket services. Focused on sustainability and innovation, the company’s partnership with Shell Oman enhances its market position and advances the country’s automotive sector. Shell Oman is dedicated to building lasting customer
premium kitchens has never been greater. Noblessa is poised to take advantage of this growth, offering kitchens that seamlessly blend style with efficiency.
Founded in 1996, Noblessa has built a reputation for excellence in premium kitchen design, with all products crafted in its state-of-the-art German factories. Every Noblessa kitchen reflects meticulous craftsmanship, elegant design, and cutting-edge technology. The brand’s attention to detail and commitment to
By combining elegant design with advanced technology, Noblessa provides kitchens that cater to the sophisticated tastes of Omani homeowners and developers, while also enhancing the value of any property. Whether for luxury homes or high-end commercial projects, Noblessa’ s kitchens are the epitome of timeless design and quality craftsmanship.
Adrak Developers unveils “Yenaier” celebrating Omani heritage and luxury living
Adrak Developers has announced the soft launch of “Yenaier”, a premier residential and commercial project set to redefine luxury living in Oman by blending the nation’s rich cultural heritage with modern elegance. Upon completion, the development will offer residents with its 700-plus apartments, spanning studio units to three-bedroom homes. This landmark project, expected to be a cornerstone of Oman’s urban scenery, was announced during the Urban October and Home Building exhibition, the largest event in urban planning in the Sultanate of Oman. It coincides with key global events like World Habitat Day, World Cities Day, and World Architecture Day, focusing on urban planning, real estate, and construction.
Yenaier, derived from the Arabic translation for January, symbolizes renewal and fresh opportunities. As Oman’s throne month and a time for cultural celebration, January holds deep significance for the nation and serves as the perfect inspiration for this new community. “Yenaier” reflects Adrak Developers’ commitment to excellence, embodying the warmth, optimism, and cultural pride that characterize Omani heritage. During the exhibition, which hosted industry leaders, stakeholders, and prospective residents, Adrak Developers shared exclusive insights into the architectural marvels and lifestyle enhancements that Yenaier will offer. Designed as an oasis of comfort, the development will feature a blend of modern amenities and natural landscapes, encouraging an active outdoor lifestyle. Residents will have access to carefully curated spaces that embrace Oman’s favorable January
Ishraq Waqf Investment Fund, a first of its kind in Oman launched
In an initiative to enhance the waqf (endowments) investment sector in the Sultanate of Oman, the ‘Ishraq Waqf Investment Fund’ was launched recently. The fund was established in partnership with the Ministry of Endowments and Religious Affairs, the Sultan Qaboos Higher Center for Culture and Science, and Bank Nizwa, in collaboration with the Oman National Investments Development Company ‘TANMIA’ as the fund’s investment manager.This pioneering initiative adds significant value to the waqf sector and marks a considerable advancement in the development of Islamic financial tools. The fund aims to bolster the developmental and investment role of the waqf sector in Oman, contributing positively to sustainable social and economic development through Sharia-compliant investments.
The Ishraq Waqf Investment Fund was launched under the patronage of His Excellency Dr. Mohammed bin Said bin Khalfan Al Mamari, Minister of Endowments and Religious Affairs, attended by senior officials from various entities. The launch ceremony included a press conference with a panel discussion to address various questions about the fund. On this occasion, Dr. Ahmed Al Kaabi, Chairman of the Ishraq Waqf Investment Fund’s Board of Directors, said, “This fund extends Omani innovation in the waqf sector, where waqf has historically been an integral part of Oman’s heritage and culture. Furthermore, the Ishraq Waqf Investment Fund raises community awareness of Sharia-compliant investments, encouraging individuals and institutions to contribute to impactful charitable efforts, fostering a culture of giving and generating positive impact in society.” He added, “The Ishraq Waqf Investment Fund stands apart from traditional waqf funds due to its unique structure and community-focused goals; it combines investment and endowment options, offering three distinct subscription categories to meet the diverse needs of
climate, with lush green parks, communal areas, and opportunities for outdoor activities that honour Omani traditions. Speaking at the expo, Dr. Thomas Alexander, Chairman, Adrak Developers, expressed enthusiasm about Yenaier’s vision. “Yenaier is more than a residential project—it is a tribute to Omani culture and the spirit of renewal that January symbolizes. We envision a place where residents can celebrate life and foster a strong sense of community while being surrounded by the natural beauty of Sultan Haitham City.”
Dr. Aadil Alexander, Executive Director, Adrak Developers added, “We are honoured to collaborate with the Ministry of Housing for the remarkable Sultan Haitham City project by launching Yenaier. Our vision for this modern luxury development focuses on creating refined, thoughtful spaces that seamlessly blend comfort, exclusivity, and high-end finishes. Designed for all nationalities, the project aims to foster an integrated community where individuals can live, socialise and thrive within an environment of balance and elegance.” Adrak Developers confirmed that Yenaier’s grand launch is scheduled for January 2025, with off-plan sales opening the same month.
open to both individuals and institutions,
The fund has an initial capital of RO10mn and offers three types of subscribers: the perpetual endower, a subscriber who chooses to endow their funds permanently for charitable purposes with returns dedicated to specific purposes such as mosques, the needy, orphans, or general charitable activities under the supervision of the Ministry of Endowments and Religious Affairs; temporary endower, a subscriber who selects a fixed time period for endowment and specifies their preferred areas of allocation; and investment subscriber, a subscriber aiming for financial returns through the fund’s investments. The minimum subscription is set at RO500 for individuals (with an additional 20 baisa per unit subscription fee) and RO5,000 for companies (also with a 20 baisa per unit fee), making it accessible to a wide range of participants. The Ishraq Waqf Fund offers innovative and promising investment opportunities by facilitating access to Sharia-compliant investments. The fund supports the financial goals of individuals and businesses while fostering shared responsibility toward societal well-being. This initiative is closely aligned with national aspirations to empower communities and promote sustainable development, contributing to a bright future for the Sultanate of Oman, in line with Oman Vision 2040.
subscribers. Participation in this fund is
Unlocking Tomorrow: Drafting the Blueprint for Innovation and Growth
As Oman charts an ambitious path forward, the OER Corporate Excellence Awards seek to honour those who are not merely part of the journey, but leading it. For 26 years, Oman Economic Review has championed excellence in business journalism, and this year, we bring that spirit of excellence to recognize the finest in corporate leadership. The awards will celebrate MSX-listed trailblazers and pioneering corporates whose enterprising vision and innovative strategies are drafting the blueprint for Oman’s future.
For more Information contact: Shivkumar on 99267159,shivkumar@umsoman.com Dhanish on 92637189, dhanish@umsoman.com
Share the stage as we shine a spotlight on the leaders who are unlocking the full potential of tomorrow’s Oman. CEO
DATE: DECEMBER 16, 2024
TIME: 7.00 - 9.30 PM
VENUE: SHERATON OMAN HOTEL
OER Corporate Excellence Award Categories:
• Bank of the Year
• Insurance Company of the Year
• Finance Company of the Year
• Technology Company of the Year
• Manufacturing Company of the Year
• Energy Company of the Year
• Healthcare Company of the Year
• Real Estate Company of the Year
• Innovative Company of the Year
• Business Leader of the Year
EMBASSY OF TANZANIA MUSCAT
REVAMPED DESIGN
Porsche rounds out its 2024 year of product launches with the iconic 911
Porsche has fundamentally upgraded the iconic 911 sports car. The new 911 Carrera GTS is the first streetlegal 911 equipped with a superlightweight performance hybrid. The newly developed, innovative powertrain system, with 3.6 litres of displacement, delivers significantly improved driving performance. The 911 Carrera GTS Coupé accelerates from zero to 100 km/h in 3.0 seconds and reaches a top speed of 312 km/h. The 911 Carrera will also be available immediately upon the launch of the new model. It is powered by a lightly modified 3.0-litre twin-turbo boxer engine that is more powerful than its predecessor’s. The new 911 also features a revamped design, better aerodynamics, a fresh interior and upgraded standard equipment.
With the relaunch of its iconic model, Porsche has modernised four of its six model lines in just a few months: Panamera, Taycan, Macan and 911. “Our product portfolio is younger than ever and highly attractive,” said CEO Oliver Blume. “It offers our customers even more customisation options and exclusive experiences.”
For the new 911 Carrera GTS models, Porsche’s engineers used knowledge gained from motor racing as the basis for designing the hybrid system.
“We developed and tested a wide variety of ideas and approaches to arrive at the hybrid system that would suit the 911 perfectly. The result is a unique drive that fits into the overall concept of the 911 and significantly enhances its performance,” said Frank Moser, Vice President Model Lines 911 and 718.
The lightweight and powerful T-Hybrid system has a newly
developed electric exhaust gas turbocharger. An integrated electric motor, placed between the compressor and turbine wheel, instantaneously brings the turbocharger up to speed. This immediately builds up boost pressure. The electric motor in the exhaust gas turbocharger also functions as a generator. It generates up to 11 kW (15 PS) of electric power. This energy is extracted from the exhaust gas flow. The wastegate-free electric turbocharger allows the use of only one turbocharger instead of the previous two, which ensures a more dynamic and responsive power delivery.
The powertrain also includes a permanent magnet synchronous motor integrated into the new, more powerful eight-speed dual-clutch transmission (PDK). Even at idle speed, it supports the boxer engine with extra drive torque of up to 150 Nm and provides a power boost of up to 40 kW. Porsche couples both electric motors to a lightweight and compact high-voltage battery. It corresponds in size and weight to a conventional 12volt starter battery, but stores up to 1.9 kWh of energy (gross) and operates at a voltage of 400 V. For an optimised overall weight, Porsche has installed a lightweight lithium-ion battery for the 12 V on-board electrical system.
The heart of the T-Hybrid drive is a newly developed 3.6-litre boxer engine. The high-voltage system allows the air-conditioning compressor to be driven electrically and the belt drive to be omitted as a result, making the engine much more compact. This creates space above the power unit for the pulse inverter and DC-DC converter. An enlarged bore of 97 mm and an increased stroke of 81 mm increase the displacement by 0.6 litres compared to its predecessor. The
engine has VarioCam camshaft control and a valve control with rocker arms. It maintains the ideal mixture ratio of fuel and air over the entire map (lambda = 1).
Even without electrical assistance, the boxer engine delivers 357 kW (485 PS) and 570 Nm of torque. In total, the system output is 398 kW (541 PS) and 610 Nm. The power increase over its predecessor is 45 kW (61 PS). The new 911 Carrera GTS also beats its predecessor in the sprint to 100 km/h, particularly off the line. The efficient performance hybrid achieves highly dynamic driving characteristics while at the same time reducing CO2 emissions with significantly less extra weight compared to plug-in hybrid vehicles. The weight increase over its predecessor is a mere 50 kilograms.
The 911 Carrera still features a 3.0-litre boxer engine with twin turbocharging. This engine, too, has been comprehensively revamped. Among other things, it has now adopted the intercooler from the Turbo models, which now sits directly under the rear lid grille, above the engine. The turbochargers in the new 911 Carrera were reserved for the GTS models in its predecessor. With these modifications, Porsche simultaneously achieves a reduction in emissions and a power boost to 290 kW (394 PS), along with maximum torque of 450 Nm. The new 911 Carrera Coupé goes from 0 to 100 km/h in 4.1 seconds (3.9 seconds with the Sport Chrono package) and boasts a top speed of 294 km/h. Compared to its predecessor, this represents an improvement of 0.1 seconds and 1 km/h respectively.
The suspension of the 911 Carrera GTS has also been comprehensively revised. For the first time, rear-axle steering now comes as standard. It
increases stability at high speeds and reduces the turning circle. Porsche has integrated the Porsche Dynamic Chassis Control (PDCC) anti-roll stabilisation system into the high-voltage system of the performance hybrid. This enables the use of an electro-hydraulic control system, which makes the system even more flexible and precise. The sports suspension with a variable damper system (PASM) and a ride height lowered by 10 mm provide characteristic GTS handling.
A total of seven 19-/20-inch or 20-/21inch wheel designs are available for the new 911. Available for the first time in the 911 Carrera are Exclusive Design wheels with carbon blades that reduce the drag coefficient and therefore increase efficiency. The 911 Carrera GTS models roll on 21-inch wheels with a width of 11.5 inches and 315/30 ZR 21 tyres at the rear as standard. At the front are 245/35 ZR 20 tyres on 8.5-inch- wide 20-inch wheels.
In line with the significantly enhanced performance, the wider footprint of
the rear tyres improves the driving dynamics and traction of
Porsche has streamlined the exterior design of the 911 with carefully
targeted updates. Most of these measures improve the aerodynamics and performance of the sports car. The changes include new, model-specific bumpers. For the first time, Porsche has also integrated all light functions
the new 911 Carrera GTS.
headlights of the 911, with their characteristic four-point graphic. This makes it possible to omit the front driving lights and creates space for larger cooling vents in the front of the car. On the 911 Carrera GTS models, the front end has five vertically arranged active cooling air flaps visible from the outside and another hidden flap on each side.
For the first time in the 911, these are complemented by adaptive front diffusers in the underbody, which are controlled together with the cooling air flaps. These elements direct the air flow as required: when power requirements are minimal, closed flaps optimise aerodynamics. When power demand is high – for example in ontrack situations – the flaps direct large amounts of air to the car’s radiators. The sensors for the assistance systems are now located behind a high-gloss surface below the number plate.
Optionally, Porsche offers the new headlights with an HD matrix LED function with more than 32,000 light points. The high-performance high beam illuminates the road to a distance of more than 600 metres. It also offers innovative additional functions such as a driving-modedependent dynamic cornering light, lane brightening, construction site and bottleneck light and a non-dazzling high beam that is precise to the pixel.
integrated arc and ‘PORSCHE’ logo makes the rear end of the 911 appear deeper and wider. A redesigned rear grille with five fins per side connects to the rear window to form a graphic unit that fades into the retractable spoiler below. The number plate is positioned higher, with a clearly structured rear bumper. Model-specific exhaust systems are elegantly integrated into the striking diffuser fins. A sports exhaust system is optionally available for the 911 Carrera models. The 911 Carrera GTS models come standard with a GTSspecific sports exhaust system.
An optional aero kit further enhances the performance of the 911 Coupé. It includes a distinctive SportDesign front bumper with a unique front spoiler, matching side sill panels and a lighter, fixed rear wing. These components reduce lift and improve the grip of the sports car.
In the coupé variants, Porsche has designed the interior of the new 911 as a two-seater as standard. A 2+2 seat configuration is available as an option at no extra charge. In the cockpit, Porsche combines the familiar 911 design DNA with modern technology: the Porsche Driver Experience control concept focuses on the driver’s axis and intuitive, faster operation. Essential control elements have been arranged directly on or around the
standard driving mode switch, the revised driver assistance lever and, for the first time in the 911, a start button – to the left of the steering wheel, naturally. In the centre console storage compartment of the new 911, there is a cooled compartment for smartphones, with an inductive charging function.
For the first time, the 911 has a fully digital instrument cluster. The 12.6inch curved display fits elegantly into the new control and display concept and can be extensively customised. It offers up to seven views, including an exclusive Classic display inspired by the traditional five-tube Porsche dial design with a central tachometer.
The Porsche Communication Management (PCM) system is still operated via the high-resolution central display with a 10.9-inch screen. However, the customisation of the driving modes and the operation of the driver assistance systems have been significantly improved.
The new 911 Carrera can be ordered now as a Coupé and Cabriolet with rear-wheel drive. For the 911 Carrera GTS, all-wheel drive and the Targa body variant (exclusively offered with all-wheel drive) are also available. Both model variants are equipped with Porsche Doppelkupplung (PDK) as standard.
PREFERRED CHOICE
Sayarti
emerges as
Oman’s top choice for car leasing and quality used vehicle sales
Since its founding in 1992, Sayarti Known commercially as “Zubair Leasing,” a premier car leasing and used vehicle sales company under The Zubair Corporation’s Mobility and Equipment Sector, has cemented its status as a trusted leader in Oman’s automotive sector. Sayarti’s services cater to both Individuals and Corporates, making it the go-to choice for those seeking reliable, high-quality leasing solutions and an extensive selection of vehicles to meet diverse needs. The company’s reputation has been built on innovative and comprehensive service offerings, which have made Sayarti the preferred choice for many customers across the Sultanate.
Sohraab Hasnain, Head of Operations, expressed his pride in the company’s achievements, stating, “Since 1992, we have been dedicated to delivering high-quality leasing and used car sales services, through innovative solutions that address the evolving needs of the Omani market, we have earned the trust of both individual and corporate clients.” He continued, “We remain committed to enhancing and expanding our offerings to make
‘Sayarti’ the top choice for car leasing and used car sales in Oman. Our team is driven by a vision centered on quality and professionalism, and we look forward to introducing more services that foster customer satisfaction and trust.”
Sayarti stands out in Oman’s automotive market with a diverse range of car leasing options, designed to deliver high-quality vehicles for a wide array of customers. With a focus on providing an exceptional user experience, Sayarti serves both individuals and large corporations, particularly in the oil and gas sector. The company’s leasing fleet complies with the standards set by the Oman Society for Petroleum Services (OPAL), highlighting Sayarti’s adaptability and its commitment to meeting the specific needs of the Omani market with efficiency and precision.
Alongside leasing, Sayarti offers premium used car sales, managed by a team of seasoned experts in the field. This dedicated team has a well-defined vision and clear objectives, prioritising customer satisfaction by delivering certified, reliable used vehicles
This approach aligns with Sayarti’s broader strategy to grow and cater to a wider customer base, reaffirming its role as a trusted partner in meeting the transportation needs of individuals and businesses across Oman. With a steadfast commitment to quality and professionalism, Sayarti ensures that every service reflects its dedication to customer value at each step.
SLEEK DESIGN
Moosa Abdul Rahman Hassan & Co. celebrates launch of 2025 Suzuki Swift and opening of new Suzuki Showroom in Azaiba
Moosa Abdul Rahman Hassan & Co., the exclusive dealer of Suzuki vehicles in Oman, has announced the grand launch of the allnew 2025 Suzuki Swift alongside the inauguration of a new state-of-the-art Suzuki showroom in Azaiba.
The highly anticipated 2025 Suzuki Swift brings with it a host of upgrades from the previous model, with enhanced design, performance, and features that set a new benchmark for compact cars. The global version of the Swift, which has already been launched in several markets, boasts a bold new look and improved features. While the international model has undergone significant changes, the 2025 Swift is tailored for the Omani market, ensuring it is adapted to
meet local driving conditions and preferences. Speaking at the launch event, Saleem Sayyad, National Manager- Sales and Marketing at Moosa Abdul Rahman Hassan & Co, said, “The 2025 Suzuki Swift represents a new era for Suzuki vehicles in Oman. It reflects our ongoing commitment to offering our customers vehicles that excel in performance, style, and technology. We are excited to bring this model to the Omani market, and we are confident that it will be a gamechanger for drivers here.”
The launch event also marked the official opening of the brand-new Suzuki showroom in Azaiba, designed to offer a premium experience for customers. This new facility showcases the full range of Suzuki vehicles, providing a welcoming space for customers to explore, test drive, and enjoy personalised services.
The showroom also features cuttingedge service facilities to ensure a comprehensive customer journey— from sales to after-sales service.
“The opening of our new showroom in Azaiba is a testament to our
in Oman,” added Saleem. “Our goal is to elevate the overall customer experience by creating a space where people can connect with the Suzuki brand, enjoy excellent service, and explore our full range of models.”
Moosa Abdul Rahman Hassan & Co.’s partnership with Suzuki, founded on
to quality, has been instrumental in expanding Suzuki’s presence across Oman. This latest showroom is a reflection of the dealer’s continued efforts to provide customers with the best in automotive products and services. For more information on the 2025 Suzuki Swift or to visit the new Azaiba showroom
BOLD AND STYLISH
Mitsubishi Motors Oman unveils the all-new Mitsubishi XFORCE
General Automotive Company
LLC, the authorised distributor of Mitsubishi Motors in Oman officially unveiled the all-new Mitsubishi XFORCE. Built for the bold, this stylish, dynamic, and versatile compact SUV is designed to resonate with a new generation of drivers – the style-savvy, the daring, and the explorers who challenge the ordinary.Targeted at young families, ambitious young professionals, and empty nesters looking to elevate their driving experience, the XFORCE encapsulates Mitsubishi Motors’ vision of bold innovation. The model combines sleek aesthetics with a range of advanced features, all while delivering the exceptional reliability Mitsubishi is renowned for. Junya Takami, President of Mitsubishi Motors Middle East and Africa, highlighted the model’s versatility, “The XFORCE is engineered for those who want more from their vehicles – more style, more capability, and more boldness. It is for the ones who defy limits, explore the unknown, and embrace every journey with confidence.”
Hani M. Al Zubair, Chairman of Mobility and Equipment Sector, The Zubair Corporation, said, “While Mitsubishi has been striving to introduce highly advanced and innovative products in the region, General Automotive Company has played a pivotal role in bringing this cutting-edge automotive technology and unparalleled customer
service excellence to the Omani market, in line with our vision of staying ahead of the market trends. The all-new Mitsubishi XFORCE is more than just a car – it is a statement. Built for those who are bold at heart, it combines cutting-edge technology with a trendy, striking design that appeals to those who seek adventure, sophistication, and performance.”
The Mitsubishi XFORCE leads the charge with a sleek and commanding exterior that is sure to turn heads. The bold front grille with dynamic shield and honeycomb accents, complemented by the newly designed T-shaped LED headlights, reflects a trend-forward stance. The dual-tone 18” wheels, alongside T-shaped LED rear lights, offer a contemporary touch that resonates with those who live life on the edge.Inside, the XFORCE offers a modern, inviting cabin, featuring premium melange materials resistant to dirt, newly designed seats with black and mocha synthetic leather, and a thoughtful anti-temperature rise function – all engineered to provide maximum comfort. The spacious cabin, enhanced with ambient lighting, a 12.3” Smartphone-link Display Audio, and an 8” Digital Driver Display, delivers the perfect combination of style and technology for today’s tech-savvy drivers. Seamless connectivity on the go is ensured with features like wireless smartphone charging and USB Type A &
The XFORCE offers four distinct driving modes – Normal, Gravel, Wet, and Mud – ensuring smooth and reliable performance across a variety of terrains. With its enhanced ground clearance and intelligent driving systems, this SUV is built for drivers who seek new horizons and are not afraid to challenge boundaries. The rear seat roominess, ample storage space, and hands-free power tailgate add to the vehicle’s practicality.Safety is a priority in the Mitsubishi XFORCE, which comes equipped with six airbags, Blind Spot Warning (BSW), Rear Cross Traffic Alert (RCTA), Tire Pressure Monitoring System (TPMS), and a rearview camera. These state-of-the-art safety features ensure peace of mind for drivers and passengers alike.Designed for Oman’s bold, ambitious, and adventurous drivers, the XFORCE delivers a unique blend of power, style, and versatility, setting a new benchmark in the compact SUV segment.
The all-new Mitsubishi XFORCE is more than just a vehicle – it is a lifestyle choice for those who want to drive with purpose, confidence, and style. The XFORCE is the perfect companion for those who embrace life with a sense of adventure and boldness. Built for the bold, this SUV invites you to explore the extraordinary.
