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Leading the way
OER’s Most Influential People in Business celebrates a diverse array of leaders who have achieved remarkable success through their skills and accomplishments.
A successful business owner is the driving force behind their entrepreneurial endeavours, reaching significant milestones. With a sharp business acumen, they adeptly guide their companies toward financial success. They continuously seek new opportunities and stay ahead about industry trends. Their expertise shines in navigating the complex business landscape, focusing on prudent financial management and maximising profits.
This list highlights individuals who have built conglomerates, expanded existing businesses, or successfully entered new markets. Their contributions to Oman’s economy are profound, fostering job creation, enhancing trade, supporting SMEs, and promoting community development.
Their influence is measured not just by wealth but also by their commitment to Oman’s progress. Many of these leaders serve as policy advisors, hold roles in industry organizations, and engage in honorary capacities, often voluntarily, to give back. We look forward to seeing more individuals to join their ranks in the years to come.
OommenJohn
Oommen John
RISING GLOBAL HUB
Your cover story on Oman’s energy transition journey made for a comprehensive read. The Sultanate is intensifying its efforts to establish a comprehensive ecosystem that leverages its strategic location and vast potential to emerge as a global hub for green hydrogen. The energy sector is undergoing a major transformation, fuelled by the government’s commitment to diversify energy sources and enhance infrastructure efficiency.
The country has pledged to support international initiatives aimed at reducing carbon emissions, mitigating the impacts of climate change, and implementing a comprehensive energy transition and decarbonization strategy, with planned investments exceeding $190 billion by 2050. A key component of Oman’s ambitious energy transition plan, Hydrom, has secured over $49 billion to produce 1.38 million tonnes of green hydrogen annually by 2030. The Ministry of Energy and Minerals is also actively pursuing local and international partnerships to aid in the country’s transition to green energy. Several initiatives are underway to position Oman among the world’s top green hydrogen producers, making it an appealing destination for foreign industrial investments looking to transition to clean energy.
Oman’s drive to become a leading global green hydrogen hub is well on its way, characterised by innovation, resource abundance, and a forward-looking vision that aims to transform the global energy landscape through green hydrogen. Additionally, Oman’s Energy Master Plan 2040 aims to generate 30 percent of its electricity from renewable sources by 2030.
Jackson Lewis, MQ
SUSTAINABLE TOURISM
The Sultanate has been actively promoting tourism in recent years as a way to diversify its economy and reduce its reliance on oil revenues. The country has launched several tourism initiatives to attract more visitors and enhance the overall tourism experience. Oman Tourism Strategy 2040 is a long-term plan that aims to make Oman a leading destination for sustainable tourism. The strategy focuses on enhancing the visitor experience, developing new tourism products, and promoting the country’s cultural and natural heritage. Indeed, Oman has a lot of hidden gems and lesser-known tourist sites that are waiting to be explored. Overall, Oman’s tourism initiatives have helped to attract more visitors to the country and enhance the tourism experience. The government has already committed to further developing the sector and has set ambitious targets for tourism growth in the coming years. Oman has a lot to offer and steps should be made to develop new sites to attract more tourists.
Abdullah Samad, Seeb
Bank Muscat wins the Best Bank for Corporate Responsibility in Oman Award by Euromoney
Bank Muscat, the leading financial service provider in the Sultanate of Oman, was recently awarded for being the Best Bank for Corporate Responsibility by Euromoney as a culmination of its concrete initiatives in the field of Social Responsibility. As part of its sustainable strategy, the Bank is committed to serve society through several sectors covering different community groups. This includes various aspects such as environment, sports, youth, education, entrepreneurship and health, in addition to its contributions to enhancing financial literacy and partnership with various associations and charitable teams in the Sultanate. The award reaffirms Bank Muscat’s leadership in the implementation of vital and sustainable projects in the field of social responsibility and a recognition of its role in supporting activities that are of a great importance to the Omani community, fostering voluntary works among community members.
On the occasion, Talib bin Saif Al Makhmari, Head of Community and Media Relations, Bank Muscat, said, “We are glad to receive this award from the prestigious Euromoney which
indicates the Bank’s keenness to sustainability and corporate responsibility aspects.”
Al Makhmari pointed out, “Sustainability has consistently been a core principle of the Bank’s operations. For decades, the Bank has diligently pursued a significant impact in the realm of social responsibility by adopting clear strategies and implementing annual sustainable programmes and initiatives designed to positively affect various sectors of Omani society.” Bank Muscat’s sustainability and social responsibility strategy is dedicated to achieving long-term
initiatives launched by the Bank, ensuring that they achieve beneficial outcomes for all while strengthening relationships and partnerships with various entities, whether governmental, private, or charitable, across the Sultanate.
Bank Nizwa continues to promote Islamic Finance with knowledge sessions in Salalah
In line with its prominent efforts to raise community awareness about the principles of Islamic finance, Bank Nizwa, the leading Islamic bank in the Sultanate of Oman, recently hosted the latest edition of its Islamic Finance Knowledge Series (IFKS) at the Oman Chamber of Commerce and Industry in Dhofar Governorate. The programme was held under the auspices of Sheikh Mohammed bin Ahmed Al Ghassani, Director of the Public Authority for Small and Medium Enterprises Development in Dhofar Governorate. The event was attended by employees from the Oman Chamber of Commerce and Industry, the Public Authority for Small and Medium Enterprises Development, and the General Directorate of Endowments and Religious Affairs in Dhofar Governorate. Mustafa Al Naabi, Deputy Manager - Sharia Training at Bank Nizwa led the programme. During the session, Mustafa Al Naabi engaged
attendees with insightful discussions on the principles and tools of Islamic banking and the functioning of Islamic banks. He also discussed the contribution of Islamic banking to the country’s economic development.
Commenting on the occasion, Mustafa Al Naabi remarked, “It is a privilege to represent Bank Nizwa on this esteemed platform, where we can share our knowledge and expertise with the community to deepen their understanding of the principles and values inherent in Islamic finance. We take great pride in our IFKS initiative and its ongoing impact on individuals and communities, helping them to differentiate between Islamic and conventional banking practices, and demonstrating how Sharia-compliant banking aligns with their personal beliefs and lifestyles.”
Bank Nizwa has positively influenced over
Sohar International wins ‘Best Mobile Banking App Oman 2024’ Award
Sohar International, Oman’s best bank, has once again affirmed its position as a leader in the digital banking landscape by winning the prestigious ‘Best Mobile Banking App Oman 2024’ award at the World Business Outlook Annual Awards 2024, held in Singapore. This accolade highlights the bank’s relentless commitment to digital innovation and its strategic focus on delivering an unparalleled customer experience. The award serves as a testament to Sohar International’s successful digital transformation strategy, which has significantly enhanced its mobile banking app, integrating cutting-edge technologies that offer customers seamless and efficient solutions tailored to their evolving needs. As a result, Sohar International has set new benchmarks in the industry, solidifying its leadership in the ever-evolving world of digital banking.
“Digital transformation at Sohar International is not merely an initiative but a cornerstone of our strategic vision, reflecting the global shift towards digital banking. As the financial landscape rapidly evolves, particularly within Oman, we are assertively positioning Sohar International as a leader and a game-changer, steering the future of digital banking in the Sultanate. Our commitment to innovation goes beyond keeping pace with global digital trends—it is about redefining them. By continuously expanding the horizons of what banking can deliver, we remain steadfast in our pursuit of becoming a world-class Omani services company that helps customers, communities, and people prosper and grow. This recognition not only highlights our unwavering dedication to digitalization but also underscores our alignment with Oman’s national digital goals,
Sohar International’s strategic digital offerings extend beyond mobile banking, encompassing a comprehensive suite of services for both retail and corporate clients. As part of its ongoing commitment to innovation, Sohar International continues to set new standards in the banking industry, ensuring that its customers receive the highest level of service and support at every stage of their lives.
Sajeel Bashiruddin, Chief Digital Officer at Sohar International, commented on the recognition, stating: “This accolade
to celebrate success and drive continued growth
In a recent gathering aimed to discuss and highlight key points, achievements, operations, and overarching strategy, ahlibank held its Branch Managers Meeting for the second quarter of the year 2024. The meeting acted as a unique platform for employees to share thoughts, opinions, and insight on various topics regarding the performance of ahlibank. The gathering highlighted discerning topics such as operations control, product development, credit department, change management, innovation, E-channels, wealth management, and more. Powered by its extensive branch network established
nationwide, the branch managers provided insight into their joint efforts, exploring new avenues to boost customer experience and address the various strategies to implement. During the gathering, Muneer Al Balushi, AGM – Head of Retail Distribution, commended the various teams for their diligent efforts, saying, “We will remain steadfast in our commitment to excellence, as we gather to highlight the course our journey took us over the past months, and planning for what’s to come. Our future is a promising one, as we continue to deliver unparalleled service, and instil trust by adding value to our customers. Through
our collaborative means and shared vision, we will seize opportunities, and continue to elevate our customer’s banking experience; meeting their needs and surpassing their expectations. ahlibank will continue to be the Partner in Excellence by setting new standards and enhancing its presence throughout the country.” The meeting ended with a rewards distribution to the best-performing branches. Several ahlibank teams received recognition for their efforts in propelling the Bank forward, further exemplifying its commitment to excellence and success during the second quarter of 2024, and beyond.
BUSINESS BRIEFS
Meethaq Islamic Banking earns recognition as a trusted institution in Islamic Banking
Meethaq Islamic Banking from Bank Muscat has been honoured as a trusted institution in Islamic Banking in the Sultanate of Oman by the prestigious International Business Magazine Awards 2024. This esteemed recognition underscores Meethaq Islamic Banking’s unwavering commitment to delivering exceptional Islamic banking solutions that cater to the diverse needs of customers.
Speaking on the occasion, Ali bin Ahmed Al Lawati, Assistant General Manager, Meethaq Corporate Banking, expressed his pride in receiving this prestigious award saying, “This recognition is a testament to Meethaq’s commitment to providing world-class Shariacompliant products and services to both retail and corporate customers. We extend our gratitude to the International Business Magazine Awards team for acknowledging Meethaq’s leadership position in the Sultanate’s market. We remain steadfast in pursuit of excellence, continuously adapting to market trends and innovating to ensure our offerings align with the highest standards of quality and Shari’a
compliance.” In valuing Meethaq’s strong bond with its customers, Al Lawati added, “We would also like to extend our sincere appreciation and support to all our valued customers for their confidence and belief in the Sharia-compliant services and solutions offered by Meethaq Islamic Banking. Meethaq is dedicated to delivering unparalleled value propositions and services that align with the evolving needs of its valued customers and contribute to enhancing their banking experience.”
Meethaq Islamic Banking remains committed to upholding its pioneering leadership presence in the Sultanate’s Banking Industry by offering a comprehensive range of value-added products and services. These Sharia-compliant solutions undergo rigorous Sharia-compliance certification by the Sharia Supervisory Board and adhere to the guidelines set forth by the Central Bank of Oman. This commitment to transparency and adherence to Islamic principles has solidified Meethaq’s position as a trusted financial partner in Oman. Building upon its legacy of success, Meethaq Islamic Banking has continually
expanded its footprint across the Sultanate, currently operating 29 branches distributed across the Sultanate. Additionally, Meethaq Islamic Banking offers its customers access to a dedicated network of over 50 ATMs/CDMs and provides free access to over 880 ATMs and CDMs of Bank Muscat, ensuring convenient and accessible banking services for a wide base of customers. To further enhance customer service, Meethaq’s contact center offers around-theclock assistance, being reachable at 24656666. Details about Meethaq Islamic Banking are also accessible at https://www.meethaq.om
Ooredoo sets new standard for IT Governance in GCC
Ooredoo has just made history, becoming the first telecoms company in the GCC to be awarded the prestigious ISO/IEC 38500:2015 IT Governance certification. This demonstrates Ooredoo’s commitment to delivering an unparalleled customer experience, through next-level IT governance, strategic alignment, and risk management. The certification was awarded at the TM Forum event in Muscat, organised by Ooredoo’s technology team. The event highlighted the collaboration between Ooredoo Oman’s technology management and TM Forum’s regional experts, on global digital
transformation global use cases. Ooredoo’s CTIO, Dr. Ahmed Al Abri, along with senior executives from Bureau Veritas International Middle East & Oman, the certification body, were there to mark this milestone. “This certification is affirmation of our commitment to excellence in customer experience.
By aligning our IT strategies with our business objectives, we ensure that Ooredoo remains at the forefront of delivering exceptional value to our customers while effectively managing risk,” said Dr Ahmed Al Abri.
ISO/IEC 38500:2015 provides a framework for business owners to evaluate, direct, and keep tabs on the use of IT within their organisations. By adopting this standard, Ooredoo shows its dedication to aligning IT initiatives with overall business goals and effectively managing potential risk. Achieving the ISO/IEC 38500:2015 certification only boosts Ooredoo’s reputation as a frontrunner in the telco game. It highlights the company’s commitment to creating top-notch customer experiences through cutting-edge and efficient IT solutions.
second batch of Manahil Alizz Internship Programme
Alizz Islamic Bank recently celebrated the conclusion of its second edition of the Manahil Alizz Internship Programme. The Bank hosted a formal ceremony to celebrate the accomplishment of the second batch of the programme which consisted of 34 motivated and ambitious students from various universities and colleges across the Sultanate. The ceremony was attended by Ali Al Mani, CEO of Alizz Islamic Bank and other members of the banks executive management team. Special guests were also invited including the families of the graduates to celebrate this remarkable achievement.
The programme is designed to empower and prepare third year university and college students and augment their
capabilities by equipping them with the essential skills and knowledge required to successfully enter and thrive in the job market for a period of 3 months. The programme aims to not only enhance their leadership, personal development and project management skills but also teach them how to overcome challenges in the business sector and find suitable solutions.
The selection process of the 34 interns involved nominations from their respective academic institutions and Alizz Islamic Bank meticulously prepared a suitable framework, comprehensive curriculum and high-level classes and sessions to enhance their educational skills using the latest modern techniques.
This approach ensured that knowledge is accessible to all students, obtained flexibly and easily equip them to understand the corporate working environment, banking sector characteristics, nuances of Islamic banking and fostering innovative thinking that enables them to become decision-makers and effective initiators in addressing key industry needs.
Ali Al Mani, said, “We at Alizz Islamic Bank continuously strive to develop the future leaders of Oman which is why we ensure to focus on educating, training and developing, the future generations. Most importantly, equipping them with the skills and capabilities needed to contribute their creative potential towards serving their communities.
NBO Muzn Islamic Banking goes green with eco-friendly Sharia-Compliant credit cards
In a significant step forward in its commitment to sustainability and innovation, NBO Muzn Islamic Banking has launched its new range of eco-friendly Sharia-compliant credit cards. These cards combine responsible banking with ethical finance, allowing customers to manage their finances while supporting environmental sustainability. Designed to align with Sharia principles, these cards offer a greener way to bank, blending modern convenience with a commitment to ethical and eco-friendly practices.
Salima Al Marzoqi, Chief Islamic Banking Officer at NBO Muzn Islamic Banking, said, “We are committed to meeting the diverse needs of our customers through innovative and customised financial solutions that address their current and future needs. Our newly introduced Gold, Platinum and Signature eco-friendly credit cards exemplify this commitment, offering special services that cater to varying lifestyles and preferences. These cards provide exclusive
perks such as airport lounge access, hotel discounts, and special services such as chauffeur trips and embody our ethos of responsible and sustainable banking.
We believe in contributing to sustainability with cards made from eco-friendly materials and ensuring our customers experience the best in banking, reflecting our continuous commitment to excellence and customer satisfaction.”
The new environmentally friendly credit cards are unveiled as part of Muzn Islamic Banking’s offerings, catering to both premium and mass segments. The Gold Credit Card, part of the mass segment, combines financial convenience with eco-conscious values. It offers global acceptance and a range of benefits, including discounts on car rentals and bookings through partner platforms, as well as easy payment plans to make your transactions more manageable and rewarding.
NBO Muzn Islamic Banking goes green with eco-friendly Sharia-Compliant credit cards
In a significant step forward in its commitment to sustainability and innovation, NBO Muzn Islamic Banking has launched its new range of eco-friendly Sharia-compliant credit cards. These cards combine responsible banking with ethical finance, allowing customers to manage their finances while supporting environmental sustainability. Designed to align with Sharia principles, these cards offer a greener way to bank, blending modern convenience with a commitment to ethical and eco-friendly practices.
Salima Al Marzoqi, Chief Islamic Banking Officer at NBO Muzn Islamic Banking, said, “We are committed to meeting the diverse needs of our customers through innovative and customised financial solutions that address their current and future needs. Our newly introduced Gold, Platinum and Signature eco-friendly credit cards exemplify this commitment, offering special services that cater to varying lifestyles and preferences. These cards provide exclusive perks such as airport lounge access, hotel discounts, and special services such as chauffeur trips and embody our ethos of responsible and sustainable banking. We believe in contributing to sustainability with cards made from eco-friendly materials and ensuring our customers experience the best in banking, reflecting our continuous commitment to
excellence and customer satisfaction.”
The new environmentally friendly credit cards are unveiled as part of Muzn Islamic Banking’s offerings, catering to both premium and mass segments. The Gold Credit Card, part of the mass segment, combines financial convenience with eco-conscious values. It offers global acceptance and a range of benefits, including discounts on car rentals and bookings through partner platforms, as well as easy payment plans to make your transactions more manageable and rewarding.
Celebrating Outstanding Business Achievements
At Alam Al-Iktisaad Awards 2024, we honour the best performing MSX-listed companies and corporates for their achievements that go beyond the balance sheet, and business leaders for their exceptional leadership and performance.
The Platinum Credit Card, part of the Privilege Banking segment, offers exclusive benefits, including complimentary visits to airport lounges, exclusive merchant discounts, and special rates at partner hotels worldwide through Visa Platinum Hotel Discounts. Additionally, it offers the Visa Platinum Entertainer Xperience App with exclusive deals and discounts. The Signature Credit Card, included with Priority Banking, offers a variety of privileges, such as access to the Visa Platinum Entertainer Xperience App for special offers and discounts. Furthermore, it provides complimentary visits to airport lounges. Customers will receive exclusive merchant discounts and offers, along with special rates at partner hotels worldwide through Visa Platinum Hotel Discounts, all
HE. Sheikh Sabbaa
Hamdan Al Saadi, Secretary General of the Secretariat General of National Celebrations Chief Guest
that not only meet customers’ financial needs but also support their environmental values
Alizz Islamic Bank celebrates the graduation of the second batch of Manahil Alizz Internship Programme
Alizz Islamic Bank recently celebrated the conclusion of its second edition of the Manahil Alizz Internship Programme. The Bank hosted a formal ceremony to celebrate the accomplishment of the second batch of the programme which consisted of 34 motivated and ambitious students from various universities and colleges across the Sultanate. The ceremony was attended by Ali Al Mani, CEO of Alizz Islamic Bank and other members of the banks executive management team. Special guests were also invited including the families of the graduates to celebrate this remarkable achievement.
CEO of the Year
Business Leader of the Year
Business Woman of the Year
The programme is designed to empower and prepare third year university and college students and augment their capabilities by equipping them with the essential skills and knowledge required to successfully enter and thrive in the job market for a period of 3 months. The programme aims to not only enhance their leadership, personal development and project management skills but also teach them how to overcome challenges in the business sector and find suitable solutions. The selection process of the 34 interns involved nominations from their respective
academic institutions and Alizz Islamic Bank meticulously prepared a suitable framework, comprehensive curriculum and high-level classes and sessions to enhance their educational skills using the latest modern techniques. This approach ensured that knowledge is accessible to all students, obtained flexibly and easily equip them to understand the corporate working environment, banking sector characteristics, nuances of Islamic banking and fostering innovative thinking that enables them to become decision-makers and effective initiators in addressing key industry needs.
Most Promising Entrepreneur
Innovative Leader of the Year
Oil & Gas Leader of the Year
Leadership in Sustainability
CSR Initiative of the Year
Leadership in SME Development
The programme which spanned three months included a group of exceptional local and regional leaders as guest speakers, including members of the bank’s executive management team. This provided a unique opportunity for participants to learn from diverse leadership styles and experiences, which is essential for future success. The programme’s philosophy is based on the belief that personal growth is driven by the accumulation of experiences, whether from individuals, societies, or different organisations.
Ali Al Mani,
said, “We
continuously strive to develop the future leaders of Oman which is why we ensure to focus on educating, training and developing, the future generations. Most importantly, equipping them with the skills and capabilities needed to contribute their creative potential towards serving their communities. We take pride and value the significant praise and positive impact of the Manahil Alizz programme. I would like to extend my sincerest gratitude to all of those involved in the success of this program including the colleges and universities for their valuable collaboration and trust in our programs.”
Leadership in In Country Value (ICV)
Leadership in Building National Talent
Company of the Year
at Alizz Islamic Bank
The Manahil Alizz internship programme now has more than 50 graduates well equipped to start facing various kinds of pressures they might face in the workplace. It has enhanced their skills and has given them the platform to gain insights into the operations of a corporate entity through various learning sessions, projects, and mentorships. Alizz Islamic Bank continues to cater to the youth and works on developing impactful programs that will contribute to the nation in one way or another. The bank continues to promote innovation, leadership and collaboration as part of the overall strategic plan.
SUSTAINABLE STRATEGIES
Oman Sustainability Week Awards 2025 will commend organisations for contributions to sustainability and corporate social responsibility
Oman Sustainability Week (OSW) Awards 2025, co-organised by Oman Environmental Services Holding Company - “be’ah” and CONNECT, is set to recognise and celebrate organisations with exceptional sustainability practices during the Oman Sustainability Week on May 11, 2025.
The OSW Awards utilises the Oman Sustainability Index framework to assess organisations’ performance in environmental, social and governance (ESG) areas. The index serves a dual purpose. Firstly, it will aim to provide an assessment platform, allowing organisations to measure their sustainability performance and integrate ethical practices into their strategies. Secondly, it emphasises the enduring nature of economic, social and environmental responsibility commitments. The index framework is based on the internationally recognised Global Reporting Initiative (GRI) standard and is the result of collaborative efforts with be’ah’s exclusive partner, the Center for Sustainability and Excellence (CSE) in Chicago, Illinois.
The index will also help determine medium and long-term opportunities and risks for the participating organisations, encouraging them to remain dedicated to their sustainability goals and improve measurable transparency and integrity within their sectors. This will also give them the chance to evaluate their current sustainability standing relative to their industry peers. After the OSW Awards event, all participating organisations will receive feedback reports with detailed scores and suggested areas of improvement to pave the way for improvement.
The OSW Awards is set to host an impressive gathering of senior dignitaries from multiple sectors, including the Ministry of Energy and Minerals and the Ministry of Transport, Communications, and Information Technology. This distinguished event will also attract prominent C-suite executives and key stakeholders in the field of sustainability, highlighting its significance and broad industry support. The event has
grown tremendously over the years, with 12 participants at its inaugural edition in 2022, 19 in 2023, and 28 in 2024.
“Over the course of the last three editions of the Oman Sustainability Index, various organisations have leveraged the selfassessment tool and detailed feedback reports to deepen their dedication to sustainable practices. Notably, some organisations have boosted their index scores by more than 30 per cent, with one small to medium enterprise (SME) achieving an impressive 70 per cent increase. Participation in the OSW Awards is an invaluable opportunity for entities of all sizes—be they large corporations, SMEs, government bodies, or academic institutions—to align continuously with evolving global, regional and local sustainability trends including the United Nations Sustainable Development Goals (SDGs) and Oman Vision 2040,” commented Dr. Mohab Ali Al Hinai, Vice President –Sustainability and Circular Economy at be’ah.
After being introduced at the last edition of the Awards, the ‘Eco-Mobility Award’ category will also once again be incorporated, providing dedicated recognition to organisations that are contributing to the national Net Zero 2050 goal through assessment against a specialised framework established by the Ministry of Transport, Communications and Information Technology. Organisations will be assessed through active projects, services, and initiatives in the Sultanate of Oman. The submissions will be judged by a distinguished panel, and during the last edition, a total of 8 organisations competed in this category.
The OSW Awards ‘expression of interest’ opened on September 1, 2024 and will close on November 21, 2024. A participant training session, conducted by be’ah Academy, is scheduled for December. Following this, the submission period will run from December 10, 2024 to February 13, 2025, with the winners set to be announced during the OSW Awards ceremony on May 11, 2025.
ENHANCING FINANCIAL ACCESSIBILITY
Public Development Banks are crucial partners in building a resilient, inclusive and sustainable global economy, says Hussain Al Lawati, CEO, Development Bank
What are the global challenges public development banks like Development Bank face in 2024?
Public development banks (PDBs) are dealing with multiple challenges in 2024. Take global economic growth for example, it has fluctuated over the past decade with notable slowdowns in recent years. Following the robust rebound of 6 per cent in 2021, it fell to 3.5 per cent in 2022 and to around 3.1 per cent in 2023. While the IMF projects global growth will continue at a steady but modest pace, with estimates of 3.2 per cent for 2024 and a slight increase to 3.3 per cent in 2025, these rates are below the historical average of 3.8 per cent seen from 2000 to 2019.
Inflation is still a concern, having hit a 40-year high in the U.S. just two years ago and increased in 179 out of 194 countries compared to 2020. Geopolitical tensions are also creating risks, disrupting supply chains and trade.
Another major challenge is climate change, projected to cost the global economy $38 trillion a year in damages within the next 25 years. Here at home, it is estimated 2007’s Cyclone Gonu caused $4bn in damages, 2018’s Cyclone Mekunu $1.5bn while October 2021’s Cyclone Shaheen resulted in over $500mn in damages. These figures underscore the urgent need for resilient infrastructure, sustainable development practices and comprehensive disaster preparedness strategies to mitigate the growing economic impact of climate change and protect both livelihoods and national economic stability.
In a world full of shocks, economies need to be more resilient both individually and collectively. Cooperation is key, but rising protectionism could lead to fragmentation, splitting nations into rival blocs and exposing the global economy’s fragility to new traumas. In fact, it is estimated that protectionist trade restrictions could potentially reduce global economic output by as much as 7 per cent or $7.4trn – putting that in perspective, it is the combined size of the French and German economies and three times sub-Saharan Africa’s annual output. So, as we navigate these diverse and complex challenges, by fostering international cooperation, promoting sustainable development and supporting economic resilience, PDBs - Development Bank amongst them - can help build a more stable and prosperous future for all. However, as a note of caution, it is wise to heed the words of IMF chief, Kristalina Georgieva who said recently, that we operate in a world in which we must ‘expect the unexpected’.
What role do PDBs play globally and why is there a resurgence of interest in them?
I have to say PDBs are playing a bigger role than ever on the global stage. They are vital for providing counter-cyclical financing, put simply this means they can lend money and support economies even when times are tough. This was evident during the COVID-19 pandemic when multilateral disbursements hit a record high of $185.1bn in 2020. That is a sizeable amount of money helping
keep economies afloat. Nevertheless, it is not just about crisis management. PDBs are also champions of innovation and infrastructure investment. They support projects that might not get funding otherwise, like the new technologies or big infrastructure projects that are essential for longterm growth. To give you an example of this, the European Investment Bank has been a key player in funding green infrastructure projects across Europe, helping pave the way for a more sustainable future as it does so. Financial inclusion is another big area where PDBs make a difference. They help ensure more micro, small and medium-sized enterprises (MSMEs) can access financial services, something that is crucial for reducing poverty and boosting economic growth. As I mentioned earlier, climate change is a major challenge and PDBs are at the forefront of combating it with finance for projects that reduce carbon emissions and promote sustainable practices.
Going back to your question about the resurgence of interest in PDBs, it is my opinion this is largely because of their ability to address these diverse challenges. They can step in where commercial banks may be hesitant, dealing with market failures and mobilizing investment. In essence, PDBs are more relevant than ever because they provide the financial muscle and innovative solutions needed to tackle today’s global challenges. They are crucial partners in building a resilient, inclusive and sustainable global economy.
Turning to Development Bank, what are the financing options the bank offers to support business growth in Oman?
We have a comprehensive portfolio of financial products catering to businesses at every stage of
stimulating innovation and competition within the market.
I really must draw your attention to the fact that the bank’s role goes far beyond providing financial support. We actively engage in capacity-building programs, offering training and mentorship to budding entrepreneurs. Our work with colleges and universities is helping create a robust business ecosystem that nurtures young talent and fosters innovation. Figures released by NCSI show Oman’s entrepreneurial spirit is on the rise, with a 10.6 per cent increase in the number of registered businesses between Q1 2023 and Q1 2024. In fact, Oman jumped 27 places to 11th in the 2023/24 Global Entrepreneurship Report, highlighting the ambition and innovative spirit of our people. I am proud to say Development Bank supports this spirit by backing highgrowth innovative firms, helping drive Oman’s transition towards a knowledgebased economy and fostering long-term economic resilience.
What are your thoughts on MSMEs and inclusive economic development?
MSMEs are the lifeblood of Oman’s economy. According to recent NCSI data, they contribute 20.1 per cent to GDP and employing over 1.3 million people that is 75.9 per cent of the private sector workforce. As I mentioned earlier, in 2023, we lent over RO63mn to MSMEs, which represents 49.6 per cent of our loan book. Development Bank’s tailored financial products, including start-up finance and growth capital have been designed to address the unique needs of MSMEs, foster entrepreneurship, innovation and drive inclusive economic development.
The bank’s funding of businesses nationwide plays a critical role in balanced regional development and economic diversification - bridging the urban-rural divide, creating job opportunities and boosting local economies. In 2023 alone we saw the bank’s funding rise across Oman’s 11 governorates, with notable increases in Al Batinah South (+102 per cent), Al Dhahirah (+70 per cent), Muscat (+62 per cent), Al Buraimi (+53 per cent),
Dhofar (+52 per cent) Musandam (+48 per cent), Al Batinah North (44 per cent) and Al Dakhiliyah (+31 per cent)
Empowering women-run businesses is another key factor in inclusive economic development. This is something underlined by the IMF, which emphasises that if women’s employment equaled men’s, economies would be more resilient and experience higher growth. In countries with high gender inequality, closing the gender gap could boost GDP by an average of 35 per cent, with 7-8 percentage points attributed to productivity gains from gender diversity. This data clearly underscores the substantial economic benefits of supporting women-led businesses. However, these enterprises often face barriers to accessing finance. To address this, we have created financial products and outreach programs specifically for women, helping them overcome barriers and succeed in their entrepreneurial projects.
How does Oman’s global recognition and economic outlook reflect on Development Bank’s role?
Oman’s economic resilience and potential for growth have attracted substantial international attention. For example, we were named the world’s 4th most attractive country for FDI in 2023 in the FDI Standouts Watchlist. The IMF predicted Oman would have the highest economic growth rate in the Arab World in 2024. Additionally, S&P Global Ratings upgraded Oman’s rating to ‘BB+/B’ with a positive outlook and Moody’s rated Oman as ‘Ba1’ with a stable outlook. These ratings signal confidence in Oman’s economic prospects and our role in driving economic development.
You mentioned earlier the economic challenges resulting from climate change. Could you elaborate on how Development Bank is supporting sustainability and climate action? At Development Bank, we are committed to financing projects that combat climate change and promote environmental sustainability. Going forward, a significant portion of our lending will be allocated to green projects, supporting Oman’s
efforts to achieve its 2050 Net Zero target, helping the nation achieve its considerable potential in renewable energy and green industry and its entrepreneurs leverage the many opportunities these areas offer. Take Duqm, which is becoming a hub for green manufacturing, already welcoming investment from major manufacturers keen to capitalise on the up and downstream possibilities. These include Japan’s Mitsui and Kobe Steel along with India’s Jindal Shadeed, who are set to establish the world’s largest green steel manufacturing plant on SEZAD - an industry in which Oman has acknowledged world-leading potential. Indeed, the Omani market for components, parts and systems for the generation of green energy is set to be one of the largest in the world and the possibilities for renewable energy equipment manufacture, assembly, servicing and maintenance are remarkable with the $1.3bn Soharbased United Solar Polysilicon Plant, the largest of its kind in the Middle East, a good example of this.
Finally, what is your vision for the future of Development Bank and how do you see it contributing to Oman’s growth and prosperity in the coming years?
Our vision for Development Bank is to be at the forefront of driving sustainable and inclusive economic growth in Oman. We aim to continue empowering entrepreneurs, supporting MSMEs, large corporates and fostering innovation across key sectors. By prioritising sustainable finance and collaborating with strategic partners, we will help the government achieve Oman Vision 2040 goals and the 2050 Net Zero target. Our focus will remain on enhancing financial accessibility, investing in green projects and creating job opportunities that contribute to the social and economic well-being of our nation. We are committed to building a resilient and diversified economy that offers prosperity and opportunities for all Omanis. These are not just statements of intent, they are goals that we, as a team, work towards every day. We are fully aware of our responsibilities to our country, energised and highly motivated by them.
OER’s listing of the most influential people in business profiles Omani business leaders, who have left indelible imprints on their businesses and the society at large. The list features people who have built conglomerates, first generation entrepreneurs and inheritors as well as those who are currently at the helm of their respective familyowned businesses
leading business houses that serves as a model for young aspiring entrepreneurs today. Sheikh Abdullah’s vision and dedication have fuelled the growth of the group into one of Oman’s most respected corporate enterprises today. As chairman, Sheikh Abdullah continues to provide leadership to the group’s top management in the company’s mission to expand and diversify its business. Today, Al Raid is a well-diversified business house with interests in landscaping and irrigation services, civil maintenance, sports construction facilities, kitchen equipment and catering solutions, carpets, antiques, handicrafts, jewellery, designer watches, perfumes and gifts, and the mainstay real estate business. The Al Raid Group is known for developing shopping, commercial and residential destinations, besides logistics and property management facilities. With over 5 Million Sq. ft. of built up projects and 2 million Sq. ft of projects under construction, the Al Raid group has emerged as a specialist developer of futuristic shopping malls and remarkable leisure destinations, among others, in Oman.
Said Bin Ahmed Al Shanfari in 1960, the group has practically mirrored the development of modern Oman, and stands tall today as one of the country’s most dynamic business groups. Led from the front by Dr Adil, the company is headquartered in Muscat, with field operations, manufacturing facilities and offices across the Sultanate. Constantly growing, the group currently has over 25 separate companies and divisions and employs over 2,500 people. The group has emerged as one of Oman’s largest industrial and services conglomerate and a valuable contributor to the development of the nation’s infrastructure. The group’s highly diversified interests span a variety of domains that include roads and infrastructure, tourism, automotive, metal industry, ready mix concrete, aluminum and oil and gas. “There has always been one agenda constant in our endeavours – the growth and development of Oman. I am pleased to say that The Shanfari Group has stayed steadfast to its ideals and along with me, every member of the Shanfari Group starts each day, proud of our contributions to Oman,” says Adil.
positions including being chairman of Muscat Municipality, head of protocol, Diwan of Royal Court, etc. Qurum Business Group is a family-owned business that started with a few investment activities and joint ventures in the 70s. Since 2003, the group marked the beginning of a new era, establishing and expanding its operations beyond the Sultanate through start-ups, acquisitions and partnerships, further rationalising its structure to streamline its operations and introduce state-of-the-art management and reporting systems to add more value to all clients. QBG has grown to a family of over 7,000 employees and brings bespoke management expertise, local knowledge and targeted investment services to a range of business sectors. The company’s diverse portfolio includes facilities management, construction and engineering, marine surveys, landscaping, staffing solutions and financial services, as well as a number of joint ventures, associations and partnerships with leading organisations across the globe.
Ajit Khimji
Chairman, Ajit Khimji Group
Fostering excellence
Ajit Khimji is the chairman of Ajit Khimji Group, a renowned conglomerate based in the Sultanate of Oman with diversified business interests. The Group’s core activities include investments, luxury watches and jewellery retail and is also engaged in diversified retail and project led activities facilitated through the Asha Group, its 100 per cent subsidiary and through joint ventures with international institutions. Ajit Khimji Group is a legacy of trust, enterprise and quality and the Group’s history in the Sultanate of Oman can be traced back to over 150 years. Led from the front by the illustrious Chairman Ajit G. Khimji, the Group’s hallmark is its relentless quest for perfection, dedication to quality and fostering an environment that nurtures individual and team excellence. The Group’s operations are strengthened by highly qualified and experienced professionals, who lend their individual and collective skills to fulfil the Group’s objectives.
Akber Mustafa Sultan
Vice Chairman
Mustafa Sultan Enterprises
Scaling new heights
Akber Mustafa Abdulredha Sultan is the vice chairman of Mustafa Sultan Enterprises since February 2012. Akber secured his BSC in business administration from California State University, Sacramento (2008) and also completed his Master’s in Diplomacy from Norwich University – USA in 2008. He began his career in Mustafa & Jawad Trading Company as a distribution manager in one of its subsidiary – Capital Stores in June 1987. He became the director of Mustafa Jawad Trading Company in the corporate office in 1990. In the year 1999, he became the managing director of Mustafa Sultan Enterprises Co. The group has a glorious entrepreneurial history spurred by the dreams and ambitions of late Mustafa A Sultan, father of Akber and the architect of 11 companies under the umbrella of Mustafa Sultan Enterprises. The company today has diversified interests and is organised into various subsidiaries, each an achiever, each an example of commitment to the highest ethical and professional standards. The group’s business interests are as diversified as consumer electronics, security and communications, medical and industrial equipment, consumer and industrial lighting, telecommunications and VSAT, information technology, office equipment, defense equipment, restaurants, money exchange, insurance, real estate, entertainment, airconditioning, and logistics to name a few.
Ali Malallah Al Lawati
Chairman, Al Habib & Co.
Quality matters
Ali Malallah Ali Habib Al Lawati is one of the leading entrepreneurs in Oman particularly in the area of housing development and real estate. As founder of Al Habib & Co in 1978, he has played a leading role in the development of real estate and has since diversified in to a range of companies involved in retail businesses, financial services business as well as industrial enterprises. He has held board level positions in a number of companies and played a significant role in the development of such enterprises from time to time. In the government arena, he was a board member and honorary treasurer for the Oman Chamber of Commerce and Industry for a period of six years in addition to holding many senior level positions in the chamber of commerce. Ali Malallah is an MBA from the University of Hull, UK. Recognised as one of the leading property developers in Oman, Al Habib leverages its broad expertise of the property market to build a varied portfolio of development projects and investment assets, spanning the commercial, residential, retail, hospitality and mixed-use property sectors. Over the past four decades, the company has grown to be one of the leading interior decorations and fit-outs contractors in Oman for notable commercial and retail projects.
showroom in the port town of Muttrah, the group has developed into a world-class conglomerate with wide and varied interests in many areas of operations. The group has diversified into all facets of Oman’s modern economy. Its prowess extends from automobiles, hi-tech electronics, global trade and services, tourism and travel, insurance services and real estate domains. In each of these areas, the combined forces of professionalism, customer focus and commitment are the pillars of the group’s success. “Recognising the responsibility on the shoulders of each member, we endeavour to be one of the most competitive companies in the industry with emphasis on efficiency in operations, reliability for customers and thrust on growth, in all sectors of our diversified operations. It is these values that broke new ground for us more than four decades ago. It is these values that power our present growth. And it is these values that speed our paths to the future,” says Sheikh Al Muhannad.
Amal Suhail Bahwan
Vice Chairperson, Suhail Bahwan Group
Making a mark
As the vice chairperson of Suhail Bahwan Group as well as the daughter of the group’s founder and entrepreneur extraordinaire Sheikh Suhail Salim Bahwan, Amal Suhail Bahwan is very much at the sharp end of one of Oman’s largest business houses, whose turnover runs into billions of dollars. Having received an undergraduate degree and an MBA from the University of Sultan Qaboos, Amal has put her heart and soul into the family business and helped transform its fortunes and successfully steer it into the 21st century through best management practices and innovative ways of doing business. She has been the driving force behind restructuring the group’s businesses into several sectors and companies. Amal’s success was not handed to her on a silver platter. Rather, it was her drive to “reach for the sky” and defy the stereotype that inspired her to seize the moment and create her own destiny in a male-dominated corporate world. She is also currently the Chairperson of the Board of Directors of National Bank of Oman (NBO). As one of the largest and most professionally managed business organisations in the Middle East, Suhail Bahwan Group’s diversified businesses cover almost every aspect of people’s lives - from automobiles, electronics, computers, travel, lifestyle and healthcare to agriculture, construction, engineering, information technology, manufacturing, oil and gas services and telecommunicationsthus helping customers realise their dreams and aspirations to lead a quality life.
logistics, marine and electronics. He has also been instrumental in the many achievements of the organisation and continues to inspire its success. Besides being on the Board of OHI SAOC, he has also been on the boards of Computer Stationery Industry SAOG (Oman Printers), National Hospitality Institute SAOG (NHI Oman), Douglas OHI, Oman Hotels & Tourism Company (OHTC), and Al Kamil Power Company. Ammar is a Business Management Graduate from Westminster University, UK.
Tours, Jawad Sultan Restaurants, Capital Store and Oman Arab Cinema Company etc. Since the beginning, the Jawad Sultan family has been actively involved in the growth of the Sultanate and the success of the group is also a reflection of the magnificent achievements of the Sultanate. One of the main strengths of the group is its commitment to developing a corporate culture that respects the needs, skills and qualities of its diverse employee profile.
actively involved in the decision-making process, charting business strategies and operational plans that align business objectives with corporate goals. She has been the recipient of numerous awards over the years, which substantiate her as an exceptional achiever and as a strong role model for other women. She was ranked 23rd in Forbes Middle East’s 50 Most Powerful Businesswomen List for 2022. She was also listed in the Arabian Business Most Influential Arabs 2022 for the 2nd consecutive year. She is a firm supporter of women in business and feels that the women today are constantly taking new steps and doing things differently to carve a niche for themselves.
health and wellbeing of the people of Oman by making available a broad spectrum of pharmaceuticals and other healthcare products. These products range from simple vitamins to anti-cancer drugs. The company offers its products through a network of its pharmacies and retail outlets, as well as through medical representatives. It serves a wide range of clients in the public and private sector, including the Ministry of Health, the Ministry of Defence, police hospitals and university hospitals, oil companies, oil refineries and the in-house clinics and hospitals of port authorities.
Focussed approach
Devaki Gulabsi Khimji’s journey in Al Tasnim Group began in 2012 and has been an extremely dynamic one so far. Upon joining, she restructured the group into manageable divisions and with focused approach and sheer dedication navigated and propelled the group in the right direction through the introduction of new product lines. She has led the group to become one of the most diverse, dynamic, professional, ingenious and successful business conglomerates in Oman and other GCC countries. Khimji combines her passion for fitness with a keen business sense, which has made her one of the most successful entrepreneurs in the fitness industry. She is solely responsible for the smooth functioning of all K11 projects which have grown from a band of 11 people to a company with almost 400 employees due to her vision and management abilities. She has served as the managing director and partner of India Circus, a company dedicated to online retail of lifestyle products in India. Her business acumen and foresight were essential to India Circus’ launch and financial growth.
Widening horizons
Hamed bin Mansoor bin Ali al Sulaimi is the chairman of Al Sulaimi Group Holding. The group, which started as a family proprietary business, over half a century ago, was scaled up into a corporate entity in 1970. Over the years, the company saw prodigious progression through strategic planning, technical enhancement and proficient management. Al Sulaimi Group Holding manages a wide and diversified spectrum of companies involved in services to Oil & Gas sector, supply of various engineering & industrial products, facilities management, operations & maintenance of various water related projects, diversified engineering & contracting services and other businesses key to national development.
Al Sulaimi Group Holding offers a diverse range of services to its clients in Oman, UAE and the kingdom of Saudi Arabia. Since its inception, the group has been working with different foreign and local partners from many sectors, forging joint ventures and investment opportunities thereby contributing to the economic development.
for the National CEO Programme. Al Zubair was nominated by the Government to represent the private sector on the Boards of Government-owned Hotels. He represented the Oman Chamber of Commerce & Industry as a member of the team for meetings of the Indian Ocean Rim – Association for Regional Co-operation and also served on the regional board of the Young Arab Leaders. Hani holds a Bachelor’s Degree in Mathematical Sciences and Computer Science from Richmond University, UK. He is also a keen sportsman. The Zubair Automotive Group has kept pace with the development of the Sultanate throughout these years, to become one of the largest vehicle distributors in the country today.
Chairman, Al Sulaimi Group Holding
Analytics, Digital Experience and Digital Supply Chain Management, and has delivered solutions in 20 countries across North America, the Middle East, Far East, Africa and Asia. Hind is involved in and has served on the boards of a variety of public and private organisations. She is a member of the Middle Centre Advisory Board of the London School of Economics, a member of the Middle East Advisory Board of Coutts & Co., and a board member of the Family Business Network (FBN) for GCC. She was ranked 38th in the Forbes Middle East’s Power Businesswomen List for 2021. Hind is a recipient of many honours including Ernst & Young’s ‘Oman’s Young Entrepreneur of the Year 2000’, Arabian Business ‘e-Achiever of the Year’ award from HH Sheikh Mohammed Bin Rasheed in 2001, ‘IT Women of the Year 2002’ award by UNDP, ‘Global Leaders for Tomorrow’ award by the World Economic Forum in 2003, ‘Global Young Leader’ by the World Economic Forum in 2007 and ‘Woman of Power Award’ by Asian Business Leadership Forum in 2011. Bahwan is a graduate in computer science, a Harvard Business School alumna and a Kellogg School of Management Executive Scholar in leadership and management. In February 2019, Hind received Chevalier de l’odre national de la legion d’honneur award from the Ambassador of France in Oman.
business development; he oversees the Group’s strategic direction and continual growth. He has also chaired Oman Real Estate Association in the past and has acted as a Mentor in the Public Authority for SME Development (Riyada). He is also a member of the Entrepreneurs Organisation, as well as a Member of the International Real Estate Federation for Arab Countries (FIABCI). Additionally, he was awarded Business Leader of the Year of 2018 and was recently featured in the 100 Most Powerful CEOs-2023.
one of the leading enterprises in Oman since 2004. Under his leadership, the company has evolved into a formidable entity, renowned for its exceptional team of professionals across various sectors. In addition to his role at Ahmed Mohsin Trading LLC, Mohsin also oversees Damos Trading & Contracting Co. LLC in Salalah and Al Maha Building Material LLC in Sohar, demonstrating his adept management across multiple ventures. His strategic management has been vital in enhancing the company’s market share through targeted expansion initiatives and the integration of internationally esteemed brands. Mohsin holds a Bachelor’s degree in Business Administration from Bryant College, Rhode Island, USA.
Imad Kamal Abdul Redha Sultan
Vice Chairman and Managing Director W J Towell Group of Companies
Building trust
Imad Kamal Sultan is the Vice Chairman and Managing Director of WJ Towell Group of Companies and the Chairman of the Executive Committee of the Group. He joined the family business in 1995.
He is also a Director at Oman Arab Bank SAOG., Vice Chairman and Member of the Executive Committee and Audit Committee at Muscat Stock Exchange. Imad also served as a Director on the Boards of Savannah Resources PLC, National Bank of Oman, Oman International Development and Investment Company (Ominvest), National Hospitality Institute, Oman Tennis Association and the Public Authority for Investment Promotion and Export Development (Ithraa) among others.
Imad holds a Bachelor of Science in Business Administration degree in marketing from the American University in Washington DC, USA and has been a member of the Young Presidents Organisation since 2005.
challenges
Sayyid Khalid Al Busaidi is the chairman of SABCO Group, one of Oman’s large business entities. Sabco Group is home to over 20 companies, including Amouage, one of the world’s well-known niche fragrance and luxury brands. Known to have diversified interests, responsibilities and talents, Al Busaidi is, however, best known for his role as chairman of the Oman Football Association (OFA) from 2007 to 2016. His vision to improve Oman Football to much higher standards was rewarded when Oman won the 19th Gulf Cup tournament. After completing his secondary school education from the Sultan’s Special School in Seeb in year 1982, Sayyid Khalid moved to the UK to continue his undergraduate studies in social sciences at Oxford University which he successfully completed by the year 1986. He also secured an MBA in strategic management from Henley in the UK in 1997. He attended several leadership and management training courses in the Sultanate, the UK and the US. In January 2009, he was awarded ‘Oman Civil Award’ as a recognition for ‘his excellent service in his duties.’ SABCO Group is a leading business group that has a recognised contribution to the commercial, economic and social development of Oman whilst bringing the latest international products and services to the country. From representing conglomerates for infrastructure development to starting the first mall in the Sultanate, from the manufacturing of exclusive perfumes to the bottling of mineral water, it embarks on new challenges that add value to its strategic growth areas.
of National Life and General Insurance Company SAOG. Since 1991, Khalid has held a number of senior executive positions, including Managing Director of The Zubair Corporation LLC, a large diversified multinational conglomerate with operations across the GCC and beyond. He has spearheaded several CSR initiatives, including the establishment of Zubair Small Enterprise Centre (Zubair SEC) that supports, nurtures and develops the abilities and skills of Omani entrepreneurs. Khalid remains deeply committed to CSR activities at OMINVEST. Khalid has a Bachelor of Science Degree in Business Administration from the University of Arizona. He is also a graduate of the advanced transformative Owner / President Management Program (OPM) at Harvard Business School and has participated in advanced management programs at other elite institutions, including London Business School. Khalid has held key positions in trade, business and sport bodies (including Chairman of the Oman Olympic Committee, member of the International Olympic Committee, and Vice Chairman of the Oman Chamber of Commerce and Industry). His current positions include Chairman of Injaz Oman, a not-for-profit organisation that promotes entrepreneurship amongst students, and Honorary Chairman for the Arab Swimming Federation.
consumer products, food distribution, travel, insurance, as well as the healthcare sector. With its headquarters in Muscat, Assarain is a multi-million-dollar international organisation and has entered into strategic collaborations with many other global leading companies. Khalid has a degree in business administration: international business and majored in arts & political science both through Pacific Lutheran University, Tacoma, Washington, US. He also serves as chairman at Al-Omaniya Financial Services and vice chairman of National Gas Co.
Charting growth
management and Technology from the University of Northern Colorado, US (1986), Khalil was awarded an honorary doctorate in entrepreneurship from the Binary University. He also served on the boards of prestigious public sector undertakings, utilities and councils, including the sixth Five-Year Plan Committee (2006– 2010), Supreme Council Consultative Body, Higher Education Council, Scientific Research Council, Public Authority for Social Insurance, Oman Charitable Organisation, Public Authority for Warehouses and Food Reserves, Food Security Committee, Oman Wastewater Services Co (Haya Water), Businessmen’s Council, Oman Air, Oman National Electric Co, Al Jazeera Tube Mills, and Public Authority for Investment Promotion and Export Development, among others. Since its establishment over almost 100 years ago, AlKhonji Group is always committed to its founding principles of excellence through innovation, teamwork and the creation of sustainable solutions.
Eng. Kalat Al Balooshi is the Chairman of Khazaen Economic City and also the CEO of Oman Investment Corporation SAOC. Khazaen is one of the largest PPP land development projects between the public and private sector in the Sultanate and the largest integrated economic city to be developed in Barka in South Al Batinah Governorate. OIC is a leading Oman based investment company with total assets under management in excess of $2B in industrial parks & logistic real estate development, energy, healthcare and asset management in Oman and Internationally. Kalat has created investment opportunities, raised funds, successfully delivered more than 16 deals and investments in Oman. He led the development of a number of projects in Oman, such as Khazaen Economic City, Khazna Logistics, Saada Hospital, Tanweer Infrastructure, Sembcorp Salalah Power & Water Plant, GIPI pipe mill, Takaful Oman. He played a key role in realising other investments such as Nafath Renewable, Gulf Energy, OPCP, Omania Educational Services, and V2 trenching. Prior to this, he worked in project management roles in PDO, Sohar Industrial Port, and Sohar Aluminum. His work experience includes working for 3 years in Italy and Canada. Kalat has previously served as Deputy Chairman of Mwasalat, where he led the restructuring and turnaround of the public transport in Muscat and Oman. He was also an independent member of the board of Oman Gas Company and Galfar. He served in a number of national committees such as the PPP, participated in the Oman 2040 vision development. Eng. Kalat holds an Engineering Honours Degree from the UK and the Wharton Advanced Management Program. He is a Wharton & Harvard Alumni.
which he established in 1975. Al Ansari has evolved into a group of companies in various industries and established in multiple regions of Oman, UAE, Saudi Arabia, Qatar and India. Al Ansari Group of Companies are engaged in business activities such as supply and installation of commercial kitchen and laundry equipments, heating and ventilation works, swimming pool and water feature works, supply and installation of sanitary wares, water heaters, engineering products and services, ELV systems, generators - pump sets and water tanks for commercial usage, raised floorings, water treatment projects, sewage treatment projects, modular building solutions, industrial printing and steel fabrication as well as facilities management services. Al Ansari has completed many prestigious projects for government and private sectors in Muscat.
Kiran Asher has over the years been an achiever par excellence, a composite philanthropist, and a supporter of social causes, which extends beyond nationalities. His commitment to society at large and his capacity to bridge barriers between communities have made him a leader who is looked up to.
Honourable Lujaina Mohsin Darwish
Chairperson, Infrastructure, Technology, Industrial and Consumer Solutions (ITICS), MHD LLC
Honourable Lujaina Mohsin Darwish is the Chairperson of Infrastructure, Technology, Industrial and Consumer Solutions (ITICS), Mohsin Haider Darwish LLC. A graduate in English Literature from Sultan Qaboos University (SQU), she began her career as a lecturer at SQU, before joining the family business. She presides with elan over a hugely varied group of businesses ranging from technology to consumer durables to Industrial solutions. With the strength of the legacy inherited from her late father, Mohsin Haider Darwish, and guided by his philosophy of “people first,” she brings a humane dimension to the nitty-gritty of managing a large, diversified business. She was elected to the country’s consultative council - Majlis A’ Shura, one of only seven women to be elected since its inception, and holds the distinction of having been elected twice to this honorary position from the Wilayat of Muscat, and since 2015, as a member of the upper chamber, Majlis A’Dawla (State Council) being appointed by Royal Decree. As a board member of the the Oman Football Association, Oman Olympic Committee and Chairperson of the Women’s Football Committee, she has worked tirelessly to lay a sustainable foundation for women’s sports in the Sultanate. A business leader par excellence, Honourable Lujaina was ranked “23rd amongst the top 50 most powerful businesswomen” by Forbes Middle East in 2022. She is the first Omani to receive a fellowship from the Royal Society of Arts, UK. She also was the recipient of The Diamond Executive’s Award and Leadership Medal from the Harvard Business Council 2020 International Awards and Women of the year 2020 by International Business Stevie Awards.
Majid Salim Said Hamed
Chairman, Galfar Engineering & Contracting
Preferred partner
Majid Salim Said Hamed Al Fannah Al Araimi is the chairman of Galfar Engineering and Contracting, one of the largest, multi-disciplined engineering, contracting and construction company in the Sultanate. Majid became the chairman of the company, succeeding his father Sheikh Salim Al Fannah, the founder of the company. Established in the year 1972 and converted to a public joint stock company in 2007, Galfar has today grown into one of the largest construction companies in the Middle East with a turnover of over $1bn. Offering services spanning a wide range of engineering fields such as oil and gas, sewage systems, marine structures, building constructions, power and water, roads and bridges and industrial and civil infrastructure, Galfar is the preferred choice of many clients because of its reliability and commitment to quality and safety. The company has attained prominence as a leader in construction and engineering through competence, competitiveness and timely delivery with highest quality standards and recognised safety performance.
Muscat as a British company in 1866 and was acquired by Jawad’s family in 1914. Throughout the years, the Towell business has managed to survive through difficult times and even expanded in different sectors. After World War II the company established branches in Kuwait, Iraq and Dubai. Towell Group of Companies is today one of the largest companies in the Sultanate and comprises seven clusters with members of the board from the fourth and the fifth generation of the Sultan family. The clusters are enhance, engineering, construction, property, services and trade, consumer product division (CPD) and automotive. While family owned, the group enjoys a corporate form of management that delegates authority. Real estate is one of the group’s core businesses and major assets and many of extensive properties hold valuable redevelopment potential. Time-honoured business international business affiliations paved the way for the company’s expansion into motor vehicle, contracting and consumer goods industries. As a leading consumer good distributor, WJ Towell promotes locally manufactured products through a distribution network that extends throughout the region. W J Towell also extends its activities to new areas, particularly industry, by investing in associated companies. Additionally, the group helps facilitate foreign direct investment and imports skills and technology that support the company and national economy.
development from the University of London and an MSc from Bristol University. During his remarkable career, Dr Mohamed headed some of the most prestigious organisations and business bodies in Oman and the GCC region. He worked for the government in a number of capacities such as director general of treasury and accounts, secretary general of the development council, and the minister of state for development affairs; and oversaw many important developments in Oman, such as the five-year plans and the long-term plan ‘Oman 2020.’ He has authored a book titled ‘From Underdevelopment to Sustainable Development: The Role of State and Market in Oman, 19702010’. The book is an overview of the economic changes in the country since late His Majesty Sultan Qaboos bin Said came to power. The AYG commenced operations in October, 1977. As of date, AYG is a diversified investment holding company with operations covering a broad spectrum of activities including financial services, oil and gas, real estate development, telecommunications, trading and services.
Zubair Corporation, one of the leading business groups in Oman. The success of The Zubair Corporation is largely based on his vision. After his first job at Petroleum Development Oman, Dr Mohammed established Oman’s first registered company in 1967. Since then, his company, Muscat Trading Company has developed into one of the leading business conglomerates in the region, changing its name to The Zubair Enterprises in 1973. Today, his seven children are the shareholders of The Zubair Corporation, heading six divisions comprising nearly 60 companies. Since 1984, Dr Mohammad was the advisor for Economic Planning Affairs to the late His Majesty Sultan Qaboos bin Said. Other positions held by him include Minister of Commerce and Industry, a position to which he was appointed in 1974, and President of Sultan Qaboos University, a position that he occupied between 1997 and 2001. His values, traditions and entrepreneurial spirit were in turn influenced by his grandfather Sheikh Ali bin Jumah, close advisor to three Sultans, and his father Sheikh Al Zubair bin Ali, who served under three Sultans and was Al Katib Al Awwal (First Clerk) to His Majesty Sultan Faisal bin Turki.
Steering growth
Dr. Mohammed Al Barwani is the founder and Chairman of MB LLC (Mohammed al Barwani LLC), a multinational group of companies with operations and subsidiaries in more than 20 countries across the globe in the Middle East, Europe, Africa, South Asia and Australia. The company was first established in 1982 as MB Trading. The main activities of subsidiary companies within MB LLC include exploration and production of oil and gas, integrated drilling & oilfield services, marine engineering, mining and mineral ore exploration and production, manufacturing and trading, real estate development, and investments. The company’s phenomenal march ahead has been made possible due to its commitment to high standards of health, safety and environment protection and the strong support of its customers.
held at the Imperial Palace in Tokyo, in May 2018. The prestigious honour is in recognition of the substantial contributions made by Sheikh Mohammed towards promoting bilateral cultural relations and mutual understanding between the two great nations. Sheikh Mohammed is also the chairman of the Oman Japan Friendship Association (OJFA) playing a vital role towards enhancing ties between the two great nations.
Dr Al Barwani is on the board of Al Madina Takaful SAOG and Watania Takaful (Abu Dhabi), and was chosen to be the Chairman of Oman Air. Currently, Dr. Al Barwani serves as the honorary consul of Monaco for Oman. In 2022, Dr. Al Barwani received the Royal Order of Commendation, Second Class in Oman for his effective societal contributions.
In 2016, Sheikh Mohammed received on behalf of the group the prestigious Japanese Foreign Minister’s Commendation and Toyota Excellence Awards. Saud Bahwan is one of Oman’s largest business conglomerates with diversified business interests. The group has come a long way from a humble trading house to a respected business group with an established presence in fields like automotive and allied businesses; heavy vehicles; construction equipment; turnkey projects; oil and gas; special equipment; municipal and civic services; property and real estate and travel and tourism. In the automotive sector, the group represents several automotive brands including Toyota and Lexus in Oman.
Mustafa Ahmed Salman is the Chairman and CEO of United Securities. He is also the director of Muscat Depository and Securities Registration Co., Oman Chamber of Commerce and Industry and Oman United Insurance Company as well as a committee member of Oman Kuwait Investment Company. Salman holds an advanced diploma in accounting, and is a holder of the International Capital Markets Qualification from the Securities Institute of London. He is also a registered broker with advisory license from MSM. He has close to three decades of experience in finance-related activities, of which nine years have been in government service in positions responsible for financial activities and 20 years in the Omani capital market. United Securities initiated operations with just four employees in 1994 as a limited liability company, offering local brokerage services. Currently, the company provides a full spectrum of investment services in the local and regional markets.
serves on the board of the Omani-French Friendship Association. Also, he is a member of the Cultural Council of the Fondation de la Haute Horlogerie and a member of the Grand Prix D’horlogerie de Genève. He is also a board member of the Oman chapter of the Young Presidents Organisation.
With Qais at the helm, there has been a rapid increase in the annual turnover of the company in just a decade. It added Al Khalili Electrical as its lighting and energy savings solutions arm and started its Dubai operations under the name Al Khalili United General Trading. Well organised and integrally coordinated, the group has accomplished many outstanding projects in the Sultanate.
(including the office of Chairman), in several prominent joint stock companies. He was the Deputy Chairman of the Oman Business Council and member of its founding Directors. Until recently, he was the founding Chairman of Oman German Friendship Association. He also served as Director of the Capital Market Authority, the regulatory body of the Muscat Securities Market and is a member of the newly formed Oman Centre for Governance and Sustainability. Under Rashad’s leadership, the next generation of the Zubair family is significantly contributing to the economic, social and cultural development of Oman. The corporation is one of the largest employers in the country, fully committed to educating and training future generations to assume responsibility.
Al Zawawi
Breaking barriers
Stellar role
Reem Zawawi is one of the directors of OMZEST Group. The Group, now in its fifth decade of business excellence, has been making significant contributions to the economic development of Oman, helping creation of an empowered and successful nation. With business volumes exceeding a billion dollar, OMZEST provides employment to several thousands. With over 75 wholly owned and associate companies, OMZEST forms one of the Sultanate’s premier and diversified business Groups. Reem previously occupied the position of chairperson of Oman International Bank making her the first woman ever to head an Omani corporation. Founded by her father, OIB was established in 1984 as the first 100 per cent Omani-owned commercial bank. She had been on OIB’s board since 1996. Reem Zawawi has won numerous awards for her leadership of the bank, including the Arab Women Award 2006. The HSBC Bank Middle East’s Oman operations merged with OIB in 2012. She was also the chairperson of Muscat Insurance Co. SAOG and Muscat Insurance Co. SAOC (a subsidiary of Muscat Insurance Co. SAOG).
Sheikh Saad Suhail Bahwan is the chairman of OTE Group of Companies. The OTE group which started operations in 1991 has now grown into one of Oman’s foremost business groups with exclusive distributorships of automotive brands, automotive parts, lubes, tires, batteries as well as consumer electronics and home appliances. The OTE Group has a strong presence in the vehicle leasing and pre-owned automotive business, manufacturing of polymer colorants, as well as the education sector through its vocational training institutes. Some of the key principals that the group exclusively represent in Oman are General Motors (Chevrolet, and Cadillac), Hyundai Motor Company, ISUZU Trucks, Subaru Automobiles, Chery Automobiles, Shell Lubricants, Hankook Tires, Pirelli Tires, AC Delco Parts, LG Electronics, White-Westinghouse and Bosch Home Appliances among others. Sheikh Saad Bahwan served as the chairman of Octal Petrochemicals, a subsidiary of Octal Holding & Co. He was also the director of National Bank of Oman from November 2003 to July 9, 2005.
real estate, construction, retail, finance, logistics, oil and gas and a broad array of other activities. Sheikh Salim earned his bachelor’s and master’s degrees in International Business Administration from Boston University, USA in 1978, and upon his return to the Sultanate he founded his first company which started operations in the field of construction and he later founded the other companies of the group. The Golden Group Holding and its approach to brand building is a fusion of ideas which have evolved from years of experience, research and consultancy. All of these have been centered on Shaikh Salim’s vision of developing a solid corporate brand that signals quality, reliability, flexibility and honesty. These are the four factors that have helped in taking the brand to new and uncharted territories. Sheikh Salim won the coveted Nation Builder Award 2019 at Alam al-Iktisaad Wal A’mal (AIWA) Awards 2019.
Board Member / Director, OMZEST Group
Chairman, OTE Group of Companies
promoting manufacturing and other services sectors. “These are exciting times at Muscat Overseas Group and our corporate structure has been adapted to meet the competitive business environment,” says HE Sheikh Salim. “We continue to make excellent progress; decisive actions backed by innovation and a thorough understanding of our valued customers align together to sustainably strengthen and grow the group.” He adds that the group would continue to strive towards working for a better future for Oman and its stakeholders.
Oman’s biggest contractor, Galfar Engineering and Contracting, is a reputed businessman in the Sultanate. Sheikh Salim has contributed to the development of Oman’s infrastructure, starting with Galfar Engineering & Contracting Company in the early ‘70s. He is one of Oman’s leading promoters/ founders, an investor in a number of prestigious projects and has also represented Oman in various national forums. In recognition of his noble services to society and the nation, he has been awarded an honorable degree of Doctor of Technology, by the Glasgow Caledonian University, Scotland, United Kingdom. He has served with various governmental and non-governmental bodies as vice president of Oman Chamber of Commerce & Industry and as board member of the Franco-Arab Chamber of Commerce, France. His previous roles include chairman of Bank Sohar, vice president of Oman Chamber of Commerce and Industry, member of the Franco-Arab Chamber of Commerce, and the president of the Oman Football Association.
provides services to six major upstream oil and gas producers, three major downstream clients – and multiple valued customers staying in the company’s permanent accommodation for contractors (PAC) Renaissance Village facilities. The company is creating a platform for exponential growth through its strategy and plans for Renaissance 2.0: developing future-focused service offerings, delivered by young, diverse, predominantly Omani talent, spurring digital innovation, sustainable environmental impact, ethical competitive supply chains, operational efficiency, and market leading customer experiences.
Siyabi’s multi-million dollar projects has made an impact in the real estate and property market as being the most creative and innovative property developer in the Sultanate of Oman.
internationally. He holds, or has previously held, many senior executive positions in various private and state owned entities in Oman and internationally, among them as a board member of Oman Oil Company, chairman of Oman India Fertiliser Company (OMIFCO) and board member of the Caspian Oil Pipeline (CPC). It was after Macki left the Ministry of Oil and Gas, that he started his own business in the oil related sector in 1974Oman Oilfields Supply Center LLC (OOSC). Today, the OOSC Group of Companies has over 10,000 employees and Macki believes that one of the main reasons behind his success, besides education and opportunities, is the fact that he stayed in the business he knew best. STS was established in 1980 as a member of the OOSC group of companies, to provide specialist oil and gas field maintenance services. The STS Group is a leading multidisciplinary contracting group specialising in construction, manufacturing and maintenance services for the energy and industrial sectors, and has operations through the Gulf and Australia.
Shabir M Sultan
Chairman
Mustafa Sultan Enterprises Group
Entrepreneurial spirit
Shabir M Sultan is the chairman of Mustafa Sultan Enterprises Group. He initially joined Mustafa Sultan Office Technology Co and Mustafa Sultan Lighting Division Unit as a director in 1988. In this role, he led the strategy, annual business plans and its finalisation with the general managers for the board meets, in order to ensure MSE’s culture and talent align with the company’s core values, focused on customers and employees to accelerate delivery of the group’s business objectives. Shabir epitomised the determined entrepreneurial spirit of a visionary, by addition of new business lines to complement and supplement the existing portfolio. Maintaining good relations with the principals and key people in all the ministries as they form a huge customer base and development of infrastructure and improving geographical presence of the group. His contributions to the development of the MSE group are well recognised and he has been honoured with many other prestigious awards and titles have been conferred on him by business partners such as Fujitsu, Kyocera, Samsung, G&D, and Ideal.
brother late Sheikh Saud Bahwan) and started a small trading enterprise in Muttrah souq, selling general merchandise. Later, when Oman opened up to the world under the astute leadership of the late His Majesty Sultan Qaboos Bin Said, revitalising its economy and creating new business prospects, Sheikh Suhail seized the new business opportunities while surmounting the challenges that came along with them. He expanded his business, venturing into new territories, securing international agencies and prestigious franchises and charted his journey to success. Today, the Suhail Bahwan Group is a multi-billion dollar corporate entity with over 40 companies across the gulf region, North Africa and South Asia engaged in diversified businesses that cover almost every aspect of people’s lives. He served as the chairman of National Bank of Oman until March 26, 2009. He was a member of the Majlis Al Shura (Parliament) for Settlements of Commercial Disputes and the Municipal Council.
Dr. Thomas Alexander is the Founder Chairman of Adrak Group of Companies and is listed among the Top 100 Businessmen in the Middle East by Forbes.
Al Adrak stands out as one of the leading construction conglomerates in the region, with its headquarters in Oman. Founded in 1986, the company has garnered significant recognition and accolades from the international community for its exceptional quality of work and timely delivery of various specialised projects. Over the past three and a half decades, Al Adrak has contributed to national development through the construction of universities, infoparks, colleges, sports complexes, courts, police facilities, and so on. The company has also played a key role in rescue and relief efforts during crises such as Cyclone Gonu and other flash floods. The group has also ventured into diversified activities within the Sultanate as well as in UAE and KSA. Their latest venture being ‘Trufud’ in Oman, redefining agriculture and enhancing Food Security in line with Oman Vision 2040.
Russia and Eastern Europe. He was then posted to the Mergers and Acquisition team, based in the Hague, working on a variety of acquisitions, divestment and corporate transactions spanning Africa, Middle East, Far East, Australia, and Eastern Europe. In 2012, he joined Shell’s Middle East government relations team where he worked to establish new country entry positions and business development opportunities across the region. He was appointed as GM Commercial for Shell in Kazakhstan in 2015 where he also served as Shell’s shareholder representative for the Caspian Pipeline Company and was a member of its Board of Directors. In 2017, Walid was appointed as Vice President Finance for the Upstream Joint Venture business.
Muniem Al Zawawi
Dynamic enterprise
Brigadier (Rtd) Waleed Omar bin Abdul Muniem Al Zawawi is the Chairman of OMZEST Group of companies, one of the Sultanate’s premier and diversified business groups, with over 75 wholly owned and associate companies. As a brigadier general in the Omani army, Walid served as director of moral guidance for the armed forces, in addition to his involvement in OMZEST’s various operations. Waleed had been the deputy chairman and independent non-executive director at HSBC Bank Oman since May 31, 2012. He has over 30 years of corporate experience. He served as the deputy chairman of the board of directors and director of Oman International Bank since May 31, 2012. He holds a Master’s Degree from Kings College- London. The OMZEST group has played a pioneering role in the all-round development of the Sultanate. Now in its fifth decade of successful operations in Oman, the Omzest Group has made significant contributions to the economic development of Oman, helping create an empowered and successful nation. OMZEST provides employment to several thousands. It is a multi-location conglomerate with diverse interests across a wide range of products and services. With manufacturing and export operations that cater to the demand in nearly a hundred countries across the globe, OMZEST’s ambitions are on a global scale.
respected local and international businessman. Born in Muscat, he graduated with honours in economics and pursued further studies in European history at Beirut University. Yahya is recognised throughout Oman, the GCC as well as Europe and North America for his business intellect and ability to develop successful enterprises worldwide. Yahya was personally honoured by the late His Majesty Sultan Qaboos bin Said with the Civil Order of Oman for his services to the Sultanate. The late His Majesty Sultan Qaboos bin Said also appointed Nasib as a member of the board of governors of the Central Bank of Oman; a position in which he served for more than three decades before retiring in 2009. The Yahya Group is a leader in residential and specialised construction, laundry and industrial services, residential and retail asset management within Oman and Hospitality in Europe and North America.
How we did it
A master list of over 250 names was drawn up, which was later filtered down to 100. The UMS editorial board deliberated and selected 50 names based on the following criteria:
Influence: The influence that a person wields within his company and the business community at large.
Size: The turnover of a company or the number of people employed by it has been taken as a measure of power of the person at the helm.
Finances: The financial performance of the company over the years.
Leadership: The stature of a person based on his contribution to the development of his industry or the overall economy.
Larger good: The mentorship and encouragement provided by a person to a large workforce including young Omanis.
Vision: The vision and foresight exhibited by a leader.
Entrepreneurship: An ability to start, lead or grow a business conglomerate.
Honorary role: Honorary positions held by a person in government, public sector or other organisations based on his statesmanship abilities.
Succession: An ability to groom and induct the next generation or professionals into business.
Years in business and expansion abilities: The number of years spent by a person in business and his ability to take the organisation beyond Oman.
Note: The list includes only business leaders from the private sector
SEIZING OPPORTUNITIES
Ali Malallah Habib Al Lawati, Founder and Chairman, Al Habib and Co. LLC says the ability to seize opportunities and take calculated risks, has placed the company in a unique position as one of the very few Omani companies in real estate that is family owned, and professionally managed
You started Al Habib in 1978 from a small office in Ruwi. Today, Al Habib & Co. LLC has been a market leader in real estate services for over 45 years in Oman. Can you share details on the company’s success?
Al Habib has been deep rooted in Oman’s real estate sector since 1978, through activities across the entire spectrum of real estate. In a young country, where there was spiking demand for real estate products and services and only very few and basic players in the market, I had a vision of delivering professional real estate services in Oman. My motto was to deliver quality over quantity, deliver on time, pick professionals to run the business lines, and to treat clients as partners.
Over the years, we grew our experience in different pegs of real estate like construction, property development, interior fit-out, property management, brokerage, property valuation, and advisory. Our ability to seize an opportunity and take calculated risks, coupled with a professional team to run the business, has put us in a unique position as one of the very few Omani companies in real estate that is family owned, and professionally managed.
This allowed Al Habib to become one of the main players and leaders in its field; able to deliver high value services, and earn the respect of the business community, and my aim is for this to continue the future generations.
Al Habib and Co. has forayed into related lines of business such as construction, real estate advisory and valuation. What has been the thought behind these ventures and how have these added to your business?
The idea was to have integrated business lines, to be able to cater to the various requirements of clients, under one roof, a one-stop shop to give us deeper insights into the market, which we publish in a property market report on an annual basis.
The model of all services under one
roof allowed us to better understand and serve our clients. It has also created cost efficiency, synergy, close relationships and client loyalty. Many of our clients have been with us for over four decades.
The market has seen the entry of multiple real estate service companies including multinationals. Secondly, the real estate market has been through cyclical difficulties. How has Al Habib & Co. negotiated these challenges?
We always tried to apply the principle of that good is not good if better is possible, which is represented in our ‘’excellence’’ value. As I mentioned above, quality and delivery on time are mottos in our business. With a market highly driven by “price,” we lost some opportunities to competitors in the short run, but we gained in the long run.
We are also transparent with our clients, which gained us trust and respect over the last few decades. And I believe the above two points distinguish us from our competition in our different lines of business.
As for the cycles, we continuously monitor our business strategically, and we try to anticipate the changes in market trends, and we did not shy away from taking tough decisions like shutting down our construction operations when we saw that it is no longer sustainable and profitable.
The real estate market has changed because of technology adoption, data analytics and changing customer preferences. In what ways has Al Habib & Co. kept up with these fastpaced changes?
Real estate is an old profession, and while technology is taking massive leaps in many different sectors, it is comparatively slow in real estate, even on a global level. We spend a considerable amount of money on improving our technology and to keep up with the trend, and we are continuously looking out for products that could improve our internal operations, as well as better serve our
clients and customers.
Can you give us an overview of Al Habib & Co.’s CSR efforts?
We strongly believe that we have a role to play in the Omani society and that we must give back to the community. This has become part of our DNA at all levels of Al Habib. For almost a decade, we have conducted our CSR activities by cooperating with various charity associations like Dar Al Atta Association, Al Noor Association for the blind, the Association of Disabled Children, amongst others, to support their various programs and initiatives.
We mainly focus on training and upskilling of young Omanis to create more employment opportunities, housing refurbishment, cultural/ educational initiatives like the Sindbad mobile library, supporting young Omanis to attend international science summits, and support for Omani artists.
You have 45 plus years of illustrious experience, success and acclaim. Looking at the journey, what have been your key learnings, which you would like to, share with young Omanis?
In real estate there are various options for young Omanis to be in. The first is to own property for yield, which has been the trend in GCC. In the long term, it is a safer investment opportunity, despite the fluctuation in rents and economic cycles. However, it must be well calculated. This option is appropriate for those who have access to financial resources.
The second option is, property development, which is another opportunity for those who can access finance, however, it needs to be conducted in a professional manner and clear strategy, as property development is a long-term business.
The third option is, after having the right and relevant qualifications, is to get a job in one of the private or government companies that has exposure to real estate, The market is in demand for such young Omanis.
QUALITY PROPOSITION
Hussain Ahmed Mohsin, Director, Ahmed Mohsin Trading shares his thoughts on the company’s plans, challenges in the market and the way ahead. Mayank Singh reports
Can you provide insights about Ahmed Mohsin Trading LLC’s operations in Oman?
My father, Late Ahmed Mohsin started Ahmed Mohsin Trading LLC in 1992. In his formative years, my father established a shop in Muttrah wherein he sold food commodities such as grains, rice etc. Later, he decided to quit business and concentrate on his real estate properties, with a view to grow it. Given his entrepreneurial spirit, the lure of business was too strong to resist and he established Ahmed Mohsin Trading from ground up. He got new brands into the market and the company grew.
I joined the business in 2004 and brought in a new style of management by giving our staff a lot of autonomy while holding them accountable to show results. The faith reposed in them gave our people the freedom to work the way they wanted along with a sense of responsibility. This approach has enabled the company to grow in manifold ways. We ventured into appliances and have successfully grown in a number of verticals related to the building materials sector.
Ahmed Mohsin Trading’s core strength is the dedication and commitment of its people and support of our suppliers. We pride ourselves on offering some of the best international brands in Oman. Moreover, we have established an impeccable reputation in the market with our customers having the confidence that once they make a purchase from us, they are assured of the best quality products along with professional service both in terms of service and after sales service.
To cite a few examples, we grew from being a general building materials
company to supplying finishing products such as bathrooms, tiles and modular kitchens. We have sold over 10,000 kitchens to retailers and projects to date in the market. Another testament of our success and trust is the fact that for the past eight years Ahmed Mohsin Trading has been supplying kitchens to Almouj, almost exclusively.
The company has been a pioneer in offering total solutions for the construction sector in Oman. What are the range of products that the company offers for the industry? Ahmed Mohsin Trading works with a variety of world-renowned brands across a range of products, including bathrooms, kitchens, tiles and more. Some of our major brands are Nolte Kitchen from Germany, AEG Appliances, Grohe, Duravit - a sanitary ware supplier from Germany and Ideal Standard. We also offer products from THG Paris and the reason why I am specifically mentioning this brand is because we exclusively supply THG Paris products to the Royal Palace. The company’s products are handcrafted and bespoke. We are very proud to be associated with them.
At Ahmed Mohsin Trading, we are always looking at expanding our product range, but right now, we are looking at speciality and exclusive products. In the building materials industry there are products which few companies offer in the market and we are keen on adding such products. A niche business that has been good for us is acoustic panels and we are planning to expand its presence.
Post Covid-19 there has been a lot of volatility in the construction business, with a number of companies shutting down. Second, before the pandemic
customers were very adamant about the quality of products especially for commercial use. Today that is not the case anymore as people are ready to compromise on quality. Despite these challenges, we have continued offering best in class branded products in the market. Therefore, even though we have seen the market for branded products for commercial use shrink, we are looking at other avenues to fill that gap with specialty products.
What are some of the key challenges faced by the industry and what kind of innovative strategies is the company implementing to overcome these challenges?
There are a number of challenges faced by the industry. One, overall purchasing power has decreased in the market. A few years ago, people would come to us with plans to build houses and twin villas with an intention to rent, but now we do not see such developments on the same scale. Today, customers are primarily buying for their own property. There is also a delay in projects and payments, which hurts the industry.
We are negotiating these challenges by being strict with our inventory. In addition, we are trying to keep the company financially healthy. We have seen a decline in the market since 2018 owing to a reduction in oil prices and the Covid-19 pandemic. At the macro-economic level, the market was hit badly by multiple shocks. On the positive side, there has been a recovery in the market, but volatility continue to persist. A number of projects have been announced but on-ground work is awaited. Once that happens, we will see an improvement.
In what way is the company aligning
its business activities to support Oman’s economic diversification initiatives under the Oman Vision 2040?
Vision 2040 at the macro level is great and the government is taking all the right steps in pursuance of the plan. As a company, I am looking forward to Omanis of a certain calibre and skills joining our industry. This will propel us into the future in line with His Majesty’s vision.
What are the company’s expansion plans for the remainder of 2024 and beyond?
Given the market dynamics, we are not looking at exponential expansion, but we are open to adding more products to our portfolio. I am very keen on going digital as customers are used to making purchases online and I think Oman is ready for that change.
Ahmed Mohsin Trading will soon be launching a portal on which customers can buy our products. As we sell only branded goods, people can be assured of quality products, irrespective of the medium of purchase. If we have a portal wherein we can educate customers about our products, they would be comfortable to buy from us directly. I believe this will help us overcome many challenges.
What would your advice be to young Omanis who want to become entrepreneurs?
Entrepreneurship is not something, which you learn in college, it is innate and not everyone is cut out for it. It can be a lonely journey and an uphill struggle at times. One has to be prepared to take on numerous roles and challenges such as getting finances in order, dealing with myriad rules and regulations, dealing with people and more.
Everyday throws up a new challenge and an entrepreneur’s job can at times resemble that of a firefighter. On the other hand, despite the stress, it is also fun and fulfilling. My advice for aspiring entrepreneurs is to be strong, patient and goal oriented. If you keep your eye on the finish line, it makes things a lot easier.
12thEdition Nominations Open Now!
The best of the best within construction, infrastructure, projects, civil engineering, real estate, design engineering and construction materials industry in Oman will be felicitated at Dossier Construction Awards.
Event Key Highlights
• Awards to key industry projects, companies and personalities
• Presentation on an upcoming large iconic project
• Attendance of over 200 industry leaders
• Networking with industry peers
Submit your Nominations
Award Categories
• Best Construction Safety Initiative
• Best MEP Contractor
• Best EPC Contractor
• Best Construction Contractor
• Best Manufacturing Company
• Global Omani Company of the Year
• Commercial Vehicle of the Year
• Excellence in IFM Services
• Best MEP Supplier
• Best Interior Design
• Best Project Design
• Best Architect
• Best Engineer
• Best Engineering Consultant
• Best Project Management Consultant
• Claims Management Consultant of the Year
• Real Estate Services Company of the Year
• Best Real Estate Project
• Best Real Estate Consultant
• Best Project Developer of the Year
• Best Sustainable Project
• Best Renewable Energy Project
• Best Industrial Project
• CEO of the Year
• Business Leader of the Year
• Business Icon of the Year
MEDIA
INNOVATIVE OPTIONS
Bank Muscat launches Al Tharwa Fund for investors from individuals and institutions to achieve capital growth
Bfinancial services provider in the Sultanate of Oman, has launched Bank Muscat Al Tharwa Fund with an objective to provide investors from individuals and institutions with stable returns through regular dividend distributions along with capital appreciation. The Fund will provide the benefits of diversification by investing in two key asset classes i.e. equity and fixed income and the allocation to these asset classes will be dynamically managed by an experienced asset management team at Bank Muscat, based on prevailing market conditions and
Al Tharwa Fund will be the first of its kind offering in the Sultanate of Oman and it will provide investors with the opportunity to invest in both equity and fixed income securities, akin to a balance fund, across GCC regional and international markets. Bank Muscat Al Tharwa Fund is an open-ended fund regulated by the Financial Services Authority, Sultanate of Oman and is open for investment for investors from individuals and institutions.
The Initial Public Offering for the Fund will open on September 1 and will close on September 12, 2024. The
initial offer price for the Fund will be 101 baiza per unit, including issue expenses of 1 baiza per unit. The Fund would offer daily liquidity with no minimum holding period. Investors can subscribe to the Fund with a minimum subscription amount of RO50 and there is no maximum limit for investment. The Fund’s Net Asset Value (NAV) will be published daily on the websites of Bank Muscat, and Muscat Stock Exchange, allowing investors to track the value of their investments daily. Bank Muscat customers who wish to subscribe to the Fund during the initial public offering period can download the subscription form from bank’s website viz www.bankmuscat. com and submit it to the nearest Bank Muscat or Meethaq Islamic Banking branch. Bank Muscat customers can also subscribe to the Fund through the Internet Banking platform of Bank Muscat. Interested investors may contact the Fund Management team via email at assetmanagement@ bankmuscat.com. Being an openended fund, investors may redeem their units anytime through Internet Banking platform of Bank Muscat or by submitting duly filled and signed redemption forms to the nearest branch of Bank Muscat or Meethaq Islamic Banking, during the continuous offer period which would commence post allotment of units to investors.
The investment strategy of Bank Muscat Al Tharwa Fund is to maintain an optimal mix of equities and fixed income securities based on the prevailing market conditions and offer twin advantage of regular dividends as well as capital gains to investors. In addition, the design of the fund enables regular rebalancing of the allocation to equities and fixed income securities, to provide an inbuilt advantage of diversification for investors during changing market
conditions and better manage the volatility. Accordingly, the Fund offers a comprehensive solution for investment as it allows an opportunity to minimise the volatility in investment portfolio while receiving regular dividends as well as capital appreciation by reaping the benefits of an optimal asset allocation.
Please refer to the prospectus of Bank Muscat Al Tharwa Fund available at www.bankmuscat.com to understand the Fund’s details including key terms and conditions. Investors are also requested to refer to the key risk factors highlighted in the prospectus. It should be noted that the mutual fund returns are subject to market performance and past performance does not guarantee future performance.
Referring to the launch of the new fund, Khalifa bin Abdullah Al Hatmi, Deputy General Manager, Investment Banking and Capital Markets, Bank Muscat, said, “We are extremely delighted to introduce the Bank Muscat Al Tharwa Fund to the market. This launch of the Fund is a testament to our commitment to offering innovative and unique investment solutions that cater to the evolving needs of our investors. With the Fund’s objective and focus on generating stable returns and capital appreciation through investing in equities and fixed-income instruments in the GCC and international markets, we are confident that it will offer individuals and institutions alike a compelling investment opportunity to generate income and capital appreciation.
Khalifa Al Hatmi added, “Bank Muscat Al Tharwa Fund offers an attractive and innovative investment option
Asset Management team and a dynamic allocation to both equity and fixed income to benefit from various market opportunities.”
The primary objective of the Fund is to generate regular income and capital appreciation by investing in a diversified portfolio of equity and fixed income instruments in the GCC and international markets. Bank Muscat’s Asset Management team will be the Investment Manager of the
experienced asset managers in the GCC region. The team has a proven track record of managing assets in both equities and fixed income across multiple funds and strategies. As a milestone of achievement, Bank Muscat Oryx Fund, the flagship GCC equity fund, managed by the Asset Management division of Bank Muscat since 1995, has delivered consistent performance across timeframes as highlighted below:
Bank Muscat Oryx Fund’s performance track record:
Note: Return over 1-year period is annualized Performance as on December 31, 2023
Data source: Bloomberg
The investment strategy of Bank Muscat Al Tharwa Fund is to maintain an optimal mix of equities and fixed income securities based on the prevailing market conditions and offer twin advantage of regular dividends as well as capital gains to investors
DIVERSE RANGE
Nizwa Industrial City records RO474mn in total investments
Nizwa Industrial City, affiliated to the Public Establishment for Industrial Estates “Madayn”, has successfully localised four new projects worth over RO5.5mn on an area of 67,000 sqm during the first half of 2024, bringing the total investment volume in Nizwa Industrial City to RO474mn.
According to Salah bin Nasser Al Alawi, Acting Director General of Nizwa Industrial City, the total number of projects at various stages of development has reached 173, with a workforce of 5,707 employees and an Omanisation rate of 45 per cent. These projects include 154 operating projects, 8 projects allocated with space, and 13 projects under construction. Of the 3.1 million sqm area of developed land, 76 per cent is currently occupied, while the total area of the industrial city exceeds 7.2 million sqm,” Al Alawi noted.
Al Alawi highlighted that during the first half of 2024, Madayn completed several key projects in Nizwa Industrial City, including the expansion of Phases 3 and 4 on one million sqm area. “These expansions involve developing basic services, adding a new entrance to the city, and implementing fiber optic network in cooperation with Oman Broadband Company. Additionally, Madayn is currently preparing the master plan for Phase 5, which covers 4.1 million sqm area. The project, which comprises preparing consultancy studies, is expected to be completed in the second half of 2024. Land will be available for investment once the project is completed,” he informed.
He also pointed out that Madayn, in collaboration with the SMEs Development Authority, is working on the development of Madayn
Entrepreneurial Complex on 11,000 sqm area. This new complex will feature 10 industrial workshops tailored for the SMEs, and the construction is set to be completed in 12 months.
Al Alawi added, “Ongoing projects in Nizwa Industrial City also include the master plan for the residential project spanning 78,000 sqm, which will be open for investment after the plan is finalised. Several environmental sustainability projects are also in progress, such as planting over 600 trees in phases 3 and 4. Additionally, the management of the industrial
city recently leased a 34,000-sqm commercial area at the city’s entrance to an investor, which will provide services to local companies, employees, and nearby residential areas.”
Al Alawi emphasised on the diverse range of projects within Nizwa Industrial City, including food industries, construction materials, glass, wood, and steel. The city is also home to several oil and gas companies involved in equipment maintenance, alongside a variety of SMEs providing services to the factories and employees. Looking
ahead, Nizwa Industrial City is preparing for the inauguration of several key industrial projects in the
coming period, including a specialised medical solutions factory currently under construction, which will play a
fundamental role in enhancing health security in the Sultanate.
STRATEGIC ROADMAP
Hydrom drives multi-sector collaboration towards 2030 Green Hydrogen targets with ecosystem readiness lab
is not just about preparing our infrastructure; it is about forging a unified, forward-looking strategy that aligns every sector of our economy towards a sustainable and prosperous future. By leveraging our natural resources, enhancing local capabilities, and fostering global partnerships, we will cement Oman’s position as a global leader in green hydrogen,” he said.
The first workstream will focus on the construction and engineering sector, assessing the capacity and readiness of local firms to undertake
chains are fully-equipped to support green hydrogen production and export.
A fifth workstream dedicated to local content will explore opportunities across all sectors, identifying ways to maximise the involvement of local businesses across the green hydrogen value chain, as well as foster innovation and drive investment within the alternative energy sector. Together, the various workstreams will aim to produce a comprehensive roadmap, with detailed sectoral work plans, timelines, and resource requirements, to ensure measurability,
Ahmed Ibrahim Al Abri, Planning and Regulatory Manager at Hydrom commented, “Building on the momentum of our previous readiness workshop, the lab sessions will be key in refining our strategies and strengthening cross-sector partnerships. I would like to thank our partners and stakeholders for their commitment to these sessions, and I am confident that together we will chart a course that drives our collective success in the green hydrogen sector.”
As the Sultanate doubles down on
For more information, contact Shaikh Ahmed on 98049369, shaikh.ahmed@umsoman.com Zahra Santos on 93204670, zahra@umsoman.com
UNLOCKING OPPORTUNITIES
OQ Exploration and Production SAOG (under transformation) has announced its Intention to Float (ITF) on the Muscat Stock Exchange.
Up to 25 per cent shares in OQEP to be offered through an initial public offering (IPO). Oommen John P report
OQ Exploration and Production (“OQEP”), Oman’s largest pure-play oil and gas exploration and production company and its only wholly-Government owned upstream oil and gas operator, has announced its intention to proceed with an initial public offering (the “IPO” or the “Offering”) and to list its ordinary shares (the “Shares”) for trading on the Muscat Stock Exchange (“MSX”).
HSBC, Natixis, OIB and Sohar International have been appointed as joint global coordinators (the “Joint Global Coordinators”). Sohar International has been appointed as the issue manager (“Issue Manager”).
OQ SAOC expects to sell up to 25 per cent of the total issued share capital of OQEP, with the company and the Selling Shareholder retaining the right to amend the size of the Offering at any time before the end of the subscription period at their sole discretion, subject to applicable laws and the approval of the FSA. Immediately following the Offering, a minimum of 75 per cent shareholding will continue to be held by OQ. All the shares being sold by the Selling Shareholder are existing ordinary shares and the company will not receive any proceeds from the sale of the shares in the Offering, all of which will be paid to the Selling Shareholder. The Offering expenses will be paid by the Selling Shareholder.
The Offering provides investors exposure to a top three oil and gas producer and one of the largest holders of reserves in the Sultanate of Oman. The company has witnessed significant growth, expanding its average daily production nearly 14 times from its
The company has a proven track record of delivering value and growth. The company’s strong cashflows and optimal capital structure supports self-funded growth and attractive shareholder returns.
Commenting on the ITF, Ashraf Hamed Al Mamari, Group CEO of OQ, said, “Today marks a significant milestone in our journey towards enhancing the value of OQ’s portfolio through strategic divestments. The intention to float OQ Exploration and Production reflects our commitment to unlocking new opportunities for growth, both for the company and for the Sultanate of Oman. Together with our ultimate shareholders at the Oman Investment Authority, we continue to broaden the reach of OQ companies, offering an
underscores our focus on sustainable development and local value creation. By empowering local communities and supporting small and medium-sized enterprises, we not only maximise local value but also contribute to the longterm economic stability of Oman.”
OQEP CEO, Ahmed Al-Azkawi, added, “We are pleased to announce OQEP’s intention to float on MSX. Since our inception in 2009, we have worked tirelessly to pursue growth opportunities and strengthen our market position. This milestone represents the success of all those years of hard work. Our enterprise core values of operational excellence and sustainability have allowed us to build the company we are now taking public. OQEP is a reliable partner for
and record-breaking production of nearly 14 times higher since inception. Our strategic goals, aligned with Oman’s Vision 2040, focus on monetising the country’s hydrocarbon resources while supporting the energy transition. Additionally, stimulating the local economy is central to our sustainability initiatives, which includes developing local talent and supporting our CSI projects to increase our contributions to In-Country Value. We continue to build on our success and invite investors to be part of this unique opportunity and successful journey.”
The Offering will be offered in two tranches to eligible investors in Oman and qualified institutional and other investors in a number of countries (the “Category I Investors”) and retail investors in Oman (“Category II Investors”). It will be conducted in the manner approved by the FSA and will be carried out concurrently.
The Offering is being offered: (i) in Oman in accordance with Omani laws (including the SAOG Executive Regulations); and (ii) outside the United States to certain institutional investors in reliance on Regulation S (“Regulation S”) under the U.S. Securities Act of 1933, as amended (the “Securities Act”). Further information on the eligibility requirements for participation in the Offering will be available in the Offering Document upon its
I and Category II investors is expected to commence in September 2024, after receiving the required approval from the FSA. Admission of the Shares on the MSX is expected in October 2024 (“Listing”).
Sohar Islamic Shariah Supervisory Board has issued a pronouncement confirming that, in its view, based on the circumstances as at the date of this pronouncement, the Offering is Sharia compliant in accordance with pertinent Sharia principles of the AAOIFI Sharia standards as of the date of this statement.
Further details of the Offering, the Category I Offer and the Category II Offer (including large retail and small retail thresholds) will be included in the Offering Document which is expected to be published by the company prior to the start of the subscription period. The completion of the Offering and Listing of the shares to trading on the MSX is expected in October 2024, subject to market conditions and obtaining relevant regulatory approvals in Oman, including approval of the Listing.
The shares held by the Selling Shareholder following completion of the Offering shall be subject to a lockup which starts on the date of Listing and ends 180 calendar days thereafter, subject to customary exceptions and waiver by the Joint Global
days thereafter.
The company has adopted a quarterly dividend distribution policy to pay dividends after the Offering. The company has a track record of robust and sustainable cashflow generation and intends to maintain a dividend policy designed to return substantially all of its distributable free cash flow after providing for growth opportunities and investments. The company expects to pay the first dividend distribution of approximately RO57.7 million in or around December 2024 in respect of Q3 2024 and approximately RO57.7mn in or around March 2025 in respect of Q4 2024, equivalent to an annualised dividend payment of approximately RO230.7mn.
Thereafter, for the next two financial years ending December 31, 2025 and December 31, 2026, the company expects to pay quarterly dividends: a base dividend equivalent to approximately RO230.7mn per annum; and a performance linked dividend equal to 90 per cent of expected free cash flow, plus net proceeds from any potential asset disposals minus the base dividend. For this purpose, “free cash flow” means net cash flow from operations minus capital expenditure, which includes any potential investments in oil and gas and the exercising of Government participation rights.
MAXIMISING VALUE
OQEP celebrates the launch of its new brand identity
OOQEP is delighted to announce distinct branding that embodies the company’s commitment to sustained growth and to the economic, environmental and social progress of the Sultanate. Created in close collaboration between the company and its partners, the company’s visual identity will solidify OQEP’s position as an industry leader both domestically and on the global stage.
OQEP’s new logo features a clean, modern typography and incorporates the logo of its parent company OQ Group – the global integrated energy company-, while creative lettering establishes a distinct identity for OQEP as its dedicated Exploration and Production
OQEP, commented, “Today marks an important milestone in OQEP’s journey as we underline our strategic vision for driving investment, growth, and value creation to Oman. Through our track record of delivering affordable energy and reputation as a trusted partner for international energy companies, OQEP is helping to position Oman as an attractive investment destination on a global scale – this new branding more dutifully embodies the ambition and commitment that define our business and are enabling us to deliver on this goal.”
Said Al Hashmi, Chief Executive of People, Technology and Culture of OQEP, added, “Launching the new brand identity for OQEP is part of
it embodies the vision and aspirations of all our stakeholders.”
As its dedicated upstream company exclusively focused on the exploration, drilling, and extraction of oil and gas, OQEP plays a central role in the energy ecosystem of OQ, the largest integrated energy company in Oman. Leveraging its excellent financial fundamentals, experienced and entrepreneurial management team, and expansive global network of leading international oil company (IOC) partners, OQEP is committed to maximising the use of Oman’s energy resources in a sustainable way to bridge the energy transition and drive economic growth to all corners of the Sultanate for the benefit of its local communities.
Nikon, the leading name in photography and imaging products in Oman, has launched the highly anticipated Nikon Z6III along with the new SR-1, Nikon’s Small Robotic Head. Nikon’s exclusive distributor, Khimji Ramdas is bringing this cutting-edge mirrorless camera to photography enthusiasts and professionals in Oman.
The Nikon Z6III represents the next generation of Nikon’s renowned Z series, offering superior performance, advanced features, and unparalleled image quality. With its 24.5-megapixel full-frame sensor, partially stacked and AI powered autofocus system, and powerful EXPEED 7 image processor, the Z6III is designed to meet the demands of both still photography and videography, making it the ideal choice for creators looking to push the boundaries of their craft.
The SR-1 Small Robotic Head revolutionises professional photography and videography with its compact, lightweight design. Featuring an effortless setup, smooth, versatile
movement, and advanced remotecontrol capabilities for seamless operation in tight spaces, it is the perfect tool for capturing dynamic angles in a range of environments.
Nailesh Khimji, Director, Khimji Ramdas said, “We are honoured to celebrate our long-standing association with Nikon, a brand that has consistently set the standard in imaging technology. Over the decades, Nikon’s commitment to innovation has not only made it the preferred choice for professionals but has also inspired countless amateurs to explore the art of photography.”
Sachin Malhotra, COO, KR Lifestyle Cluster opined, “We are thrilled to unveil two groundbreaking products: the Nikon Z6III, which furthers the legacy of the iconic Z series, and the SR-1 Small Robotic Head, designed to enable photographers, media houses, and broadcasters to capture a diverse range of angles in their work.”
In addition to its impressive technical specifications, the Nikon
Z6III offers enhanced connectivity options, allowing users to seamlessly transfer images and videos to their devices for instant sharing. The camera’s ergonomic design ensures a comfortable shooting experience, whether in the studio or on location.
The SR-1 on the other hand is compatible with Nikon Camera’s including Z9, Z8, D6 and D5, supporting a payload of up to 4kg. The head has an axis speed of 30 degrees per second and a pan range of +/- 120 degrees.
The Nikon Z6III is available at Khimji’s Aalami store and selected dealers. To celebrate the launch, Khimji Ramdas is hosting a series of in-store events and workshops, giving customers the opportunity to experience the Nikon Z6III firsthand and learn more about its capabilities from professional photographers. The SR-1 will be available on demo for media agencies, broadcasting houses, media departments and the ministries. For more information, visit the website at www.nikon-mea.com
BILLBOARD
National Finance enhances accessibility
with strategic relocations; hosts auto dealers at new Sur and Nizwa branches
Strengthening its footprint across the Sultanate of Oman, and reaffirming its commitment to facilitating continued collaboration among its local partners, National Finance, the country’s leading finance company, recently hosted distinguished gatherings for both new and used auto dealer partners at its newly relocated branches in Sur and Nizwa. This initiative underscores the company’s dedication to building robust business partnerships and improving accessibility and convenience for its customers, while showcasing its extensive range of financial solutions. The gatherings were graced by a diverse group of new and established auto dealer partners, all of whom play a crucial role in National Finance’s extensive network. These partners have been key in delivering the company’s top-notch auto finance services to their valued customers. Representatives from National Finance warmly welcomed the dealers to the newly relocated branches, offering genuine hospitality and engaging in insightful discussions to strengthen future collaborations.
Commenting on the occasion, Tariq Suleiman Al Farsi, CEO, National Finance, said, “At National Finance, we hold in high regard the collaborative spirit of our auto dealer partners, whose efforts are instrumental in delivering our auto finance solutions and helping customers realize their aspirations. Hosting these gatherings was our way of reaffirming our commitment to fostering innovative collaborations and expressing our heartfelt gratitude for their support. It was particularly special to welcome them to our newly established branches in Sur and Nizwa, marking a new chapter in our continued partnership.”
Rolls-Royce Motor Cars Muscat launches ‘The Apiary’ initiative
Rolls-Royce Motor Cars Middle East and Africa and Rolls-Royce Motor Cars Muscat has announced the launch of ‘The Rolls-Royce Apiary’ in Oman, an initiative modelled on the highly successful Apiary established at the Home of Rolls-Royce at Goodwood in 2017.
Located 2,000 meters above sea level in Alila Jabal Akhdar, nestled within a peaceful sanctuary surrounded by breath-taking views, the Apiary in Oman is a kingdom abuzz, and the fourth project to be established in the region. The Apiary comprises four beehives, each named after a current Rolls-Royce model, ‘Phantom’, ‘Ghost’, ‘Spectre and ‘Cullinan.’ Made from cedar and painted white to withstand the country’s high temperatures, each honey-producing hive is headed by an ‘Omani Queen’ bee.
“With the Rolls-Royce Apiary in Muscat, we will create a ‘buzz’ of activity across the country. This is an initiative that sits very close to the hearts of everyone at Rolls-Royce Motor Cars and we are very proud to be a part of this project. We are extremely committed to maintaining Muscat’s vital bee population and it is our mission to create a refuge for these incredibly creatures, as well as educate and create awareness about the important role these insects play in our lives. I would like to thank our partners for their support in bringing this initiative to life, and I look forward to the amazing work that is yet to come,” Rachid Zamani, Managing Director Rolls-Royce Motor Cars Muscat said.
cutting-edge facilities, these branches incorporate advanced technologies and digital innovations, catering to a diverse range of customer needs, including those of corporates and local businesses. Furthermore, each branch is staffed by a team of customer service experts with a deep understanding of local market dynamics and individual requirements, ensuring that National Finance provides personalized solutions and outstanding service at every touchpoint. National Finance boasts a robust branch network with 23 branches strategically located across the nation. This extensive presence allows the company to deliver tailored support and foster meaningful community connections, leveraging local insights to enhance and diversify its comprehensive product offerings.
around the important role these pollinators play, as well as contribute towards the population of bees in the country. As part of this mission, an educational programme is set to be established at the Apiary which will invite students, media, and clients to immerse themselves in the wonderful world of bees.
With each hive being carefully tended by Alila Jabal Akhdar, through the Apiary, Rolls-Royce Motor Cars Muscat aims to educate and raise awareness
From Q&A sessions and Apiary tours, to having guests become beekeepers themselves, the programme will have invitees actively involved in helping to safeguard these essential, remarkable, and highly vulnerable creatures.
Asyad Express supports SME growth through e-commerce solutions
Asyad Express, part of Asyad Group, is revolutionising the growth of small and medium-sized enterprises (SMEs) in Oman through cutting-edge e-commerce solutions. Spanning an impressive 5,700 square meters, it state-of-the-art e-Fulfillment Centre is designed to help SMEs streamline operations and double their business volumes by providing essential logistics support in today’s competitive e-commerce landscape. The e-Fulfillment Center offers a comprehensive suite of services that optimise the fulfillment process, from efficient goods reception to precise inventory management. A key feature is its ability to handle incoming products with exceptional speed and accuracy, ensuring that each item undergoes rigorous inspection to meet high-quality standards before being stored using advanced inventory tracking systems. This meticulous approach provides SMEs with the confidence and peace of mind needed to scale their operations effectively.
With prompt and precise picking, packing, and shipping processes that guarantee timely delivery, Asyad Express provides both domestic and international shipping options, ensuring that products reach customers’ doorsteps worldwide within 24-72 hours to over 220 destinations. Furthermore, Asyad Express acts as a payment collector for businesses, efficiently transferring funds from customers directly to company bank accounts. By
Muscat Municipality announces conclusion of Oman Urban Hackathon
Muscat Municipality recently celebrated the conclusion of the Oman Urban Hackathon competition under the patronage of Her Highness Sayyida Meyyan bint Shihab Al Said and in the presence of His Excellency Ahmed bin Mohammed Al Hamidi, Chairman of Muscat Municipality. Muscat Municipality organised the competition in collaboration with Oman Think Urban. It was hosted at the Youth Centre from September 1 to 3. The event saw a broad response, with the participation of ten teams consisting of 33 young students and professionals in the fields of architecture and urban planning, who competed to develop innovative ideas aimed at revitalising the target sites with a focus on humanising the space and providing implementable designs.
The participating teams were divided into two categories, with five teams each competing to design the City Amphitheatre site at Qurum Park and Al-Manuma Souq. Participants presented their ideas and designs to a judging panel of experts in the field, which included Professor Mahmoud Al-Wahaibi, founder of Oman Think Urban, Majda Al-Hinai, architect and visual artist, Dr Samia Al-Mabsali, lecturer in the engineering department at the University of Technology and Applied Sciences in Muscat, and Engineer Maryam Al-Balushi, architect and urban planner. Speaking about the competition, HE Ahmed bin Mohammed Al Hamidi said, “We were pleased to organise this distinguished competition, which provided Omani engineers and urban planners the opportunity to showcase their talent and creativity in designing urban and sustainable sites that align with our goals towards building vibrant and prosperous projects. The hackathon was an inspiring platform for innovation, offering participants the opportunity to engage with the real challenges cities and communities face and to contribute to developing practical and implementable solutions and designs that enhance the quality of life in Muscat.
“At Muscat Municipality, we seek to collaborate with public and private sector entities and introduce initiatives that contribute to achieving
offering these services, Asyad Express helps companies cut down on their operational expenses. With the in-house customs clearance, Asyad Express minimises the dwell time of shipments, enabling quicker delivery of goods. This process enhances the overall shipping experience, while real-time shipment tracking allows customers to monitor their orders at every stage, enhancing transparency and trust between businesses and their clientele. In addition to its logistical capabilities, the center integrates seamlessly with SME business systems, optimising operation and allowing businesses to focus on growth
planning in accordance with the objectives of Oman Vision 2040.”
The event began with the registration and first screening phase, which focused on a park redesign – the ten teams with the most creative and feasible projects qualified to participate in the hackathon. During the competition, participants went through multiple stages, including developing initial ideas, designing, presenting ideas, creating detailed plans and maps, and finally implementing the design with Muscat Municipality. The criteria for selecting winners were based on the originality and innovation of the idea, considering community opinions and desires, economic feasibility, ease of implementation, and the sustainability of building materials. The competition witnessed intense competition, with a team consisting of Muhannad Al-Harouni, Rashid AlMusalhi, Zuhair Al-Sawafi, and Salim Al-Alawi winning the “Best Pitch” award. The team consisting of Wadah Al-Rashdi, Abdullah Al-Rashdi, Mundhir Al-Ajmi, and Muhaymin Al-Touqi won the first prize for the City Amtheatre site at Qurum Park. At Al-Manuma Souq, the team of Rounaq Al-Ismaili and Shema Al-Balushi won the “Best Pitch” award, while the first prize went to the team of Abeer Al-Lawati, Zahra Al-Lawati, and Fatima Al-Sawai. Professor Mahmoud Al-Wahaibi said, “We are delighted to collaborate with Muscat Municipality on this initiative, which significantly contributes to enhancing the capabilities of Omani talents, developing the urban planning sector in Oman, and also engaging the community in urban development efforts.”
BILLBOARD
Alizz Islamic Bank Celebrates World Organ Donation Day
In recognition of World Organ Donation Day, Alizz Islamic Bank recently hosted the Oman Transplantation Society and the National Organ Transplantation Programme at the Alizz Islamic Bank Head Office to raise awareness about the importance of organ donation and encourage more people to pledge their organs for those in need. The event was attended by Alizz Islamic Bank leadership team, representatives from the Oman Transplantation Society and the National Organ Transplantation Programme, students from various colleges and universities and members of the public. The event falls under the health pillar of the ‘Alizz Cares’ Initiative; the Corporate Social Responsibility identity of Alizz Islamic Bank that focuses on giving back to the communities that the bank operates in.
Exciting offers for Ahli Islamic credit card holders
As part of its efforts to provide its customers a convenient, rewarding and Sharia-compliant banking experience, ahli islamic continues its exciting offers for credit card holders. The offers provide an array of benefits in which customers may gain points every time they spend using their Gold, Platinum, Signature and Infinite credit cards internationally. This aligns with ahli islamic’s focus on tailoring sophisticated solutions to meet the needs of its discerning clientele, in tune with their lifestyles, and in accordance to their preferences. Valid until August 31, 2024, ahli islamic’s credit card holders can gain points as per their card tier. Gold credit card holders can gain 2.25 points for the equivalent of one rial spent, while Platinum credit card holders gain 3.25 points. Moreover, Signature and Infinite credit card holders gain 4 points for every equivalent of one rial spent internationally in a currency other than Omani rial. These points can be used to reap a range of rewards at a wide array of partner merchants to accommodate customers’ lifestyle needs and requirements.
Commenting on the latest offer, Noora Sultan, AGM - Head of Retail Banking at ahli islamic, said, “At ahli islamic we are keen to bring to our customers attractive offers. We believe innovation is key, seeing how our customers may use their credit cards more frequently this summer when traveling, for
The event included an informative session, discussions with medical experts, and interactive activities to engage the public in this important cause.
The foundation stone that permitted organ donation in Oman was set under Shari’a law by a Fatwa issued by His Eminence the Grand Mufti of Oman, Sheikh Ahmed bin Hamed Al Khalili in 2014. Donating one’s organs is a blessed act that saves the lives of others. Touching upon the event Ms. Lina Al Abdulsalaam, Head of Marketing & Communications at Alizz Islamic Bank said. “At Alizz Islamic Bank, we are dedicated to fostering a culture of social responsibility targeting both our employees and the public. This day is dedicated to raising awareness and increasing the number of registered donors towards this cause. By working together, we can make a real difference in the lives of patients awaiting organ transplants and offer hope to those in need through such awareness campaigns.”
example, or when they carry out their daily, routine transactions. Customers can then access rewards that greatly enhance their overall experience.”
“We are constantly enhancing our rewards, keeping in mind our customers’ requirements and providing services that surpass their expectations. The new offers are one of the ways we endeavor to empower our growing customer base, as our commitment towards them increases added value, and encourages us to bring greater benefits to them,” she added.
ahli islamic seeks to enrich customers’ experiences with Shariacompliant financial solutions. This initiative not only provides unparalleled benefits and rewards but also aligns with ahli islamic’s customercentric ethos. Furthermore, it exemplifies ahli Islamic’s commitment to extending Islamic banking excellence to diverse segments.
EXPERIENCING THE FUTURE
Mercedes-Benz Oman launches all-electric range with cutting-edge technology
Mercedes-Benz Oman is excited to announce the arrival of the highly anticipated all-electric range in its showrooms starting September 1, 2024. This milestone marks a significant step forward in sustainable mobility in Oman, offering customers the perfect blend of cutting-edge technology, luxury, and environmental consciousness.
Oman’s new all-electric range lineup includes the EQA, EQB, EQE Sedan, EQE SUV, EQS Sedan, EQS SUV, and the all-new Mercedes-Benz G 580 with EQ Technology. Each model caters to different preferences and lifestyles, ensuring every customer can find an electric vehicle (EV) that suits their needs. The EQA and EQB offer compact versatility ideal for urban driving, while the EQE and EQS Sedans set new standards for business sophistication and luxury. For those seeking power and elegance in a commanding form, the EQE and EQS SUVs deliver an unmatched driving experience. The G 580 with EQ Technology brings unparalleled off-road capabilities to the EV market, combining rugged durability with advanced electric technology.
“We are thrilled to bring the future of mobility to Oman by introducing our all-electric range by MercedesBenz,” said Shaun Michael, Chief Executive Officer, Mercedes-Benz Oman. “This launch is a testament to our commitment to sustainability and innovation, aligning with global efforts to reduce carbon emissions and promote environmentally friendly transportation options. The electric range represents the pinnacle of EV technology, and we are confident that our customers will be as excited as we are to experience the future of driving.”
The all-electric range by Mercedes-Benz is powered by advanced electric motors paired with next-generation batteries. They deliver remarkable performance with horsepower ranging from 190 to 658, depending on the model. With class-leading aerodynamics and a driving range of up to over 700 kilometres on a single charge for the EQS, these vehicles set new standards for efficiency and convenience.
The all-new Mercedes-Benz G 580 with EQ Technology further enhances the lineup with its unique off-road capabilities. Built on a ladder-frame concept, the G 580 features a highvoltage lithium-ion battery integrated into the frame, ensuring a low center of gravity and an impressive range of up to 473 kilometres. With four individually controlled motors and innovative driving functions such as G-TURN and G-STEERING, the G 580 is designed to conquer any terrain while maintaining zero emissions. Its robust underbody
protection and advanced off-road control systems make it a standout choice for adventure enthusiasts looking for a sustainable option. As part of Mercedes-Benz’s global sustainable business strategy “Ambition 2039,” the company aims to achieve net carbon neutrality for its fleet of new vehicles over their entire lifecycle. Launching the all-electric range in Oman is a significant step towards this goal. Mercedes-Benz Oman is proud to lead the way in driving sustainable luxury forward in the region.
Customers are invited to visit the Mercedes-Benz Oman showroom from the 1st of September to experience the future of driving the all-electric range. Our expert team is ready to assist you in exploring these groundbreaking vehicles’ unique features and benefits. For more information or to secure a test drive, please call 80077333 or visit our website, www.mercedes-benzmena.com/oman/en/
The Future Role of Women...
Bridging Ambition and Reality
Date: November 6, 2024
Time: 8:30 AM – 2:00 PM
SHIFTING TIDES
Will US market dominance endure amid rising challenges?
When the Roman empire ruled the world, they said “all roads lead to Rome. At least since the 2nd World War, in the worlds of global capital and financial markets, it seems all roads led to Washington DC or at least New York city. For most of this decade, the global stock market leadership was firmly on the US and within the US market, on the US tech sector as the only game in town. For the past 5 years, while the dollar was the undisputed king of the 24 a day global FX foreign exchange market, the USA broad market S&P 500 index (SPY) has outperformed URTH global equities MSCI world by +22.79 per cent.
Year to-date, 2024, the USA market has outperformed global equities by +3.35 per cent. asset allocators and investors should think and consider whether this outperformance could continue or reverse going in the November US election and beyond. The key to long term investment success is to invest rationally, not emotionally. To rebalance the asset mix and family wealth and to allocate capital wisely and efficiently is often an art not always a science. Central banks still do not seem to understand that financial bubbles are sources of future real asset inflation. Bubbles misallocate capital within an economy to unneeded assets The misallocation of capital in the economy will often fuel inflation.
Economic activity that is largely driven by speculative activity in shares and property, rather than productive investment, can be a problem for the domestic if not world economy. Karl Marx the German philosopher, revolutionary socialist opined that, “The stock exchange is the mother of all gambling houses... but it is also the grandest and most up-to-date gaming establishment, where the sums that are
won and lost are at least three times larger than those of all the rest of the world’s gambling houses put together.”
It is interesting to note that China has now more publicly listed companies than the once land of the Free, the United States of America. China surpassed the United States in the number of listed companies primarily due to rapid growth in its domestic markets and the introduction of new stock exchanges and markets, such as the STAR Market, which is focused on technology and innovationdriven enterprises. Given that the US constitutes around 20 per cent and 16 per cent, respectively, of global GDP and consumption, worries about a US economic downturn can flow into world markets and hit commodity prices.
In many countries around the world, there is still a tendency to prefer to invest in international or mostly US market over their domestic and local stock market. A lot will depend on the US election in November but this trend of rest of the world underperformance against US market could narrow or reverse in my view. A lot has been written about the concentration in the AI equity-related bull market of the US, but to put it simply, investors who invest $1 into the S&P 500 index today are effectively allocating $0.28 into the top 5 stocks.
Amazon crossed $2 trillion in market cap recently. Bezos’s company joined other tech heavyweights such as Nvidia, Apple, Alphabet and Microsoft, all of which have crossed a $2 trillion market capitalisation. The combined annual revenue of the 5 highest earnings US companies is higher than the GDP of Brazil, Italy, and Canada. According to some estimates, well over 70 per cent of the US household sector’s financial assets are concentrated in the equity
Rainer Michael Preiss
market (just 8 per cent are in bonds). Few have chosen to take profits or rebalance their portfolio in what is now among the top 10 per cent most expensive US markets of all time, with a forward P/E multiple north of 21 times (whereas the “fair value” is closer to 16 times under the current 4 per cent to 5 per cent interest rate backdrop).
The relationship between US equities and international equities is complex and multifaceted, influenced by global economic conditions, geopolitical events, currency fluctuations, and market sentiment. Understanding this relationship is crucial for diversifying investments, managing risk, and capitalising on global growth opportunities. Asset Allocation and understanding the inherent risk of passive investment strategies is the most important factor in the performance equation of a multi-asset portfolio.
Global investors also may find it useful to incorporate the potential impact of Trumponomics on Planet Forex, Wall Street, sovereign debt, gold, crude oil and Dr Copper. If the past is prologue, the market themes of the 2nd half of 2024 suggest that “Trump 2.0” may trigger seismic shifts in asset prices, geopolitics and global money flows. To maintain the purchasing power of savings and retirement portfolios, it is important to understand and appreciate that the unexpected and unthinkable can and do happen, whether we want to believe it or not.
Partner & Portfolio Strategist at Das Family Office in Singapore
