THESIS YOUR LIFE DESERVES THE BEST DESIGN YOUR BATHROOM DESERVES ROCA The bathroom says a lot about you. That’s why design is so important. We at Roca are aware of this more than anyone, as we are the leading global bathroom brand. We work with the world’s best architects and designers to provide solutions in your daily life and to create spaces that suit the way you are and your lifestyle. THESIS is an example of design that gives you the best experience in your bathroom.
No 119
June 2010
EDITORIAL Editor-in-Chief HH Sayyid Tarik Bin Shabib Group Editor Mayank Singh Assistant Editor Visvas Paul D Karra Correspondent Malcolm X Crasta DESIGN Senior Art Director Sandesh S. Rangnekar Art Director Minaal G. Pednekar Senior Designer M. Balagopalan Senior Photographer Rajesh Burman Photographer Sathyadas C. Narayanan Concept and Cover Design Sandesh S. Rangnekar Production Manager Govindaraj Ramesh MARKETING Business Head Jacob George Senior Advertising Manager Avi Titus Assistant Advertising Manager Jinu Mathew Varghese CORPORATE Chief Executive Sandeep Sehgal Executive Vice President Alpana Roy Vice President Ravi Raman Senior Business Support Executive Radha Kumar Distribution United Media Services LLC OER Presentations
A Special Report on Oman Oil Marketing Company Published by United Press & Publishing LLC PO Box 3305, Ruwi, Postal Code - 112 Muscat, Sultanate of Oman Tel: (968) 24700896, Fax: (968) 24707939 Email: publish@umsoman.com All rights reserved. No part of this publication may be reproduced without the written permission of the publisher. The publisher does not accept responsibility for any loss occasioned to any person or organisation acting or refraining as a result of material in this publication. OER accepts no responsibility for advertising content.
A SUSTAINABLE FUTURE
W
orld Environment Day was established by the United Nations General Assembly in 1972 at the Stockholm Conference on the Human Environment. Another resolution, adopted by the General Assembly the same day, led to the creation of the United Nations Environment Programme (UNEP). Commemorated each year on June 5, World Environment Day is one of the principal vehicles through which the United Nations stimulates worldwide awareness of the environment and enhances political attention and action. With thousands of events in UNEP’s six global regions, namely, North America, Latin America and the Caribbean, Africa, Asia and the Pacific, West Asia and Europe, World Environment Day is considered one of the largest environmental events of its kind. Since 1972, 36 World Environment Day celebrations have been held around the globe. World Environment Day 2010 in Pittsburgh will mark the 37th annual celebration. This year’s theme is – ‘Biodiversity — Ecosystems Management and the Green Economy.’ World Environment Day is designed to give a human face to environmental issues; empower people to become active agents of sustainable and equitable development; promote an understanding that communities are pivotal to changing attitudes towards environmental issues; and advocate partnerships which will ensure all nations and peoples enjoy a safer and more prosperous future. On World Environment Day, Heads of State, Prime Ministers and Ministers of Environment deliver statements and commit themselves to care for the Earth. Pledges are made which lead to the establishment of permanent governmental structures dealing with environmental management. It also provides an opportunity to sign or ratify international environmental conventions. But World Environment Day is also a people’s event. People around the globe celebrate with colourful activities such as street rallies, city-wide walks, scientific forums, bicycle parades, green concerts, essays and poster competitions in schools, tree plantings, as well as recycling and clean-up campaigns.
On June 5, 2010, Oman Economic Review will be taking a big step towards promoting environment awareness in the Sultanate through Oman Green Awards – the first National Awards which recognises exceptional efforts in promoting environment consciousness. The awards will train the spotlight on environment issues and give companies and people a one-of-its kind platform. On behalf of OER, I invite you to participate in the process by pledging yourself to preserving earth’s limited resources.
Mayank Singh
Copyright © 2010 United Press & Publishing LLC Printed by Oman Printers Correspondence should be sent to: Oman Economic Review United Media Services PO Box 3305, Ruwi 112, Sultanate of Oman Fax: (968)24707939 Email: editor@oeronline.com Website: www.oeronline.com
OER -magazine
To read, click on link at: www.oeronline.com
PUBLICATION
Signature Bahrain celebrates first anniversary
F
irst birthdays are always special and more so when it is Signature, Bahrain’s leading luxury lifestyle magazine, published by United Media Services (UMS). The grand celebration, held at Ritz Carlton Resort and Spa on May 18, was attended by a number of high profile dignitaries. This included HE Abdullah Mohammed Al Amiri, Oman’s ambassador to Bahrain; HE Enrico Padula, Italian ambassador to Bahrain; Khalifa Abdulla Al Rumaihi, Director Of Protocol, The Court Of HRH Prime Minister; Ece Ceteci, Vice President – Citi Bank Country Human Resources; R. Lakshmanan, CEO – Sakana Holistic Solutions; Gregory Brinkerhoff, CEO, First Leasing Bank; Philiphe Calafat, Senior Vice President – BNP Paribas; Waleed M Sharif, MD – Sharif Group; Abdul Wahab Al Hawaj, General Manager – Al Hawaj Group; Mark Neukomm, General Manager – The Ritz Carlton; and Jurgen Baumhoff, CEO – International Hotels Establishment. After a speech by Vinod Thangoor, Operations Manager, UMS Bahrain, HE Abdullah Mohammed Al Amiri Ambassador of Oman unveiled the soon-to-be-out Bahrain on the Move publication after which guests mingled while enjoying mouth-watering canapés and refreshments in a relaxed and elegant atmosphere to the sound of some divine classical music performed live by a Jazz trio. A business card ‘lucky dip’ was also held as part of the revelry, where guests had a chance to win gifts ranging
UPPING THE ANTE Thanks for the OER Top 20 issue – the editorial content, design quality and production values of the magazine were outstanding. We look forward to this stellar issue and it has never disappointed us. It was interesting to note that most companies in Oman have done well despite the financial crisis, though their top lines have been impacted their bottom lines have remained largely unscathed. As 4
June 2010
HE Abdullah Mohammed Al Amiri, Oman’s Ambassador to Bahrain unveiling Bahrain on the Move from meals for two at the Ritz Carlton to luxurious perfumes and cosmetics from Al Hawaj, as well a much-coveted Bang & Olufsen mobile phone. Signature is a well known and trusted brand in the Middle East. A part of United Media Services, it has a large readership base in Oman, where it was launched in May 2008. Soon after, it was felt that Bahrain was the natural progression for the Signature brand. “There is growing audience for a luxury lifestyle magazine here on the island,” says Signature Bahrain’s assistant editor, Marie-Claire. “Our readers have sophisticated and discerning tastes and with their support in this one year we have already begun to make a solid and reliable reputation for ourselves as a premier guide to modern
Nawras plans to get listed on the MSM, it would be interesting to see where it debuts on the Top 20 list next year.
luxury living.” She adds: “I would also like to thank our sponsors, Bang & Olufsen, Al Hawaj, Amouage, The Ritz Carlton, A & E and The Radisson Blu-Hotels for making this night possible.” For the past one year, Signature Bahrain has been a premier guide to modern living, providing an intuitive insight into the sophisticated way of life. An exclusive luxury lifestyle magazine, it not only talks of the latest in prestigious brands around the globe, but it also provides its highprofile readers with a detailed insight into a range of subjects from sports, luxury automobiles, yachts, real estate, travel, private aircrafts, fashion, fine jewellery and watches, art, fine dining, state-ofthe-art electronics, eminent personalities, celebrities and so much more.
CORRIGENDUM
I really liked the way the pictures were used in cover article of the OER Top 20, look forward to many more such innovations in future.
In the OER Top 20 cover story of the May issue of OER, there has been an error in the Market Capitalisation figures of NBO. The correct market capitalisation figure for NBO should be RO350mn instead of RO35mn. Accordingly the ranking of NBO based on Market Cap will be at number 4 and the rest will change accordingly. The Error is regretted.
Ramesh Kumar on e-mail
– Editor
Mohammed al Balushi on e-mail
VISUAL APPEAL
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26
ECONOMY
The right incentives Oman could meet its energy demand through renewable sources and ship its non-renewable fossil fuel to bring in revenues for the national economy
Creating world class assets
72
TOURISM
Million a minute Daniel Naoumovitch expects the Middle East airline industry’s recovery to be slower than other parts of the world
C O V E R
INTERVIEW
Imparting quality training
The Tamkeen study programmes through partnerships with many organisations and institutions, facilitates Omani jobseekers success in the new millennium
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FINANCE
Bullish on GCC markets Dr Burkhard P. Varnholt, Chief Investment Officer, Bank Sarasin talks about equity markets, commodity prices and more
6
70
Fallen angels in oil services shares The fall in crude oil, the politics of Washington restrictions on coastal offshore drilling and liabilities related to the Deepwater Horizon oil have devastated the shares of Transocean
OIL AND GAS
Oman Oil Company has been creating world-class assets and facilitating industrialisation of the country. HE Maqbool Ali Sultan speaks on the company’s thrust areas, investments and more
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PERISCOPE
June 2010
S T O R Y
ENVIRONMENT
74
Oman Green Awards OGA will honour, appreciate and promote voluntary efforts and achievements by organisations big and small
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YOUNG EXECUTIVES TO WATCH OUT FOR
Opening Soon: Shangri-La Barr Al Jissa, Muscat Grand Mall
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TECHNOLOGY
AUTO TALK
Peugeot RCZ Emotion in motion
90 94
Editorial
2
Billboard
104
Economy Watch
10
Golf Update
108
Business Briefs
12
Browsing Corner
109
Executive Movements
20
Market Watch
110
In the News
22
Gizmos
111
Auto News
102
Beyond Boardrooms
112
CARTOON CORNER By Kannan Murali
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June 2010
96 106
Giving an accurate picture While there is no scientific evidence about the adverse affects of mobile phones on health, public concerns persist
FRANCHISING
Brewing success Second Cup International is all set to strengthen its presence in Middle East and expand to other parts of the world
CLOSE UP
Envisaging budgetary surpluses Thanks to firm oil prices, GCC countries are expected to post a surplus rather than a deficit in 2010
PASSING BY
Floored in As demand for residential and hotel projects increase across the region, the carpets and flooring segment is booming
NUMBERS Changing profile of the job market Employee status after termination (Breakdown of GCC-based expatriates losing jobs in 2009 Q4) 35
32%
30
30%
25
22%
20 15
12%
10 5
2%
1%
1% Retired
Started own business
Full-time education
Remained unemployed
New job in other Gulf country
Returned to home country
New job in same country
0
Private Sector Expatriate Employment (Percentage change in headcount in 2009 Q4)
Saudi Arabia
Qatar
Oman
Kuwait
UAE
Bahrain
Source: GulfTalent.com Survey
10
June 2010
Nawras launches fixed line services RUSAYL INSTITUTE HOLDS CERTIFICATION COURSE 20 Omanis including two women achieved the NDT level II certification to qualify themselves as inspectors in a training conducted by Rusayl Institute. The graduates will be joining Velosi as multi skill inspectors. All the trainees have scored 95 per cent marks in examinations in NDT (Non-destructive testing) inspection methods.
BANKDHOFAR TO USE LATEST IT BANKING SOLUTION BankDhofar announced that it will soon complete a major technology enhancement initiative with the implementation of a new advanced core banking solution – Finacle, a flagship product from Infosys Technologies. Infosys will implement Finacle core banking, Trade Finance, Customer Relationship Management (CRM), treasury, eBanking and mobile banking solutions for the bank’s operations to enhance customer experience.
HERTZ PARTNERSHIP WITH OMAN AIR Hertz, the world’s largest general use car rental company, has announced a new partnership with Oman Air to provide members of its Sindbad Frequent Flyer Programme with access to special offers and best available rates in the airline’s key destination markets. From June 1, Sindbad members travelling with Oman Air can earn 500 Sindbad Miles for every eligible rental of a standard vehicle from the Hertz Collection and 1,000 Sindbad Miles for every eligible rental with the Hertz Prestige Collection, a dedicated fleet of superior performance vehicles.
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June 2010
Nawras has announced the much anticipated launch of its fixed services for business customers, marking the start of a new era in broadband accessibility in Oman. Ross Cormack, CEO, Nawras, highlighted the news that business customers now have a choice in fixed services for the very first time as Nawras has now transformed into a full service provider offering customers solutions to all their fixed, mobile and internet needs from a single reliable source. With a wide portfolio of broadband internet, voice and data products, Nawras’ new fixed services are suitable for businesses of any size – from small companies through to large corporations.
Khalid Al Mahmoud, Nawras' chief operating officer, added that the new fixed services include a series of Nawras firsts. “With the introduction of convenient new services like Nawras Ethernet, SIP trunk,
Nawras Business Group for mobile and fixed, as well as non-geographical numbers, customers have new choices that will enable them to get more from their business,” Al Mahmoud said.
Oman bags two prestigious UN awards The Sultanate of Oman’s Ministry of Health and the Ministry of Manpower have both been named esteemed recipients of the prestigious 2010 United Nations Public Service Award (UNPSA). The winners will be honoured at the 2010 UNPSA Awards Ceremony in Barcelona, Spain this month. The Ministry of Health was a first-place winner with the ‘Al Shifa Healthcare Information Management System’ in the category of ‘Advancing Knowledge Management in Government’ while the Ministry of Manpower finished in second place in the category of ‘Improving the Delivery of Public Services’ with its ‘Manpower Registration System’.Through an annual competition, the UN Public Service Awards promote the role, professionalism, and visibility of public service. Each year there are only four categories with two winners per category each year.
Save Energy Oman campaign launched BANKMUSCAT’S 13TH CD AUCTION BankMuscat, the leading financial services provider in the Sultanate, closed its 13th Certificate of Deposit (CD) auction, which was subscribed to the extent of RO18.15mn. The Bank allotted CDs totaling RO10.10mn with the weighted average yield accepted for one year, three and five years being 2.5 per cent, 4.5 per cent and 4.75 per cent respectively.
DR MARIA CONDUCTS 50,000 EYE SURGERIES Dr Maria Clara Arbelaez, Medical Director of Muscat Eye Laser Center (MELC) has successfully conducted 50,000 eye surgeries recently. On this occasion, Hassan Ibrahim Abdulraheem Al Baloushi, the 50,000th customer who got his LASIK surgery done was honoured by MELC at a function. Sameer Al Awam, CEO of MELC, took the opportunity to thank the officials of the Ministry of Health for their support and other dignitaries who attended the event to celebrate this milestone achieved by MELC.
GAC-SMHI BRINGS NEW APPLICATION FOR SHIPS GAC-SMHI Weather Solutions’ new application, VisPer (Visualise Performance data), is set to strengthen the ability of ship owners and operators to optimise their vessels’ performances. The application enables customers to combine their ships’ reported data with SMHI’s advanced meteorological and oceanographic data to create graphical representations that are clear, easy to analyse, and point significantly towards action outcomes.
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June 2010
Save Energy Oman, the campaign that aims to encourage the Sultanate to reduce its energy consumption, has announced some thought-provoking statistics when it comes to conserving the nation’s energy use. According to the latest report from the Electricity Holding Company homeowners with air conditioning units more than ten years old will be able to reduce their electricity
bills by 20-40 per cent by simply replacing their old units with new and more efficient models which have seasonal
energy efficiency ratio (SEER) rating of 13 and above. “Central air conditioners are loads more efficient than window and room a/c units. As well as being quiet, discreet and easy to operate, central a/c units nowadays use 30-50 per cent less energy to produce the same amount of cooling as air conditioners made in the mid 1970’s,” says Karl Matacz of EHC.
Ahmed is NBO’s brand ambassador Top Omani racing driver, Ahmad Said Al Harthy, is the new brand ambassador for National Bank of Oman (NBO). Not only is NBO providing vital support for a true home-grown talent, the confirmation of Ahmad’s ambassadorial role for the bank also means he will be working hard on and off track, to help promote two very vital and shared key focus areas – responsible banking and road safety. Taqi Ali Sultan, NBO’s general manager – Corporate Affairs and Communications commented: “We are delighted to have Ahmad onboard as our brand ambassador. It is a very important role and one we are confident he will fulfill with great success. Alongside
the brand awareness aspect of this partnership, key factors for us, is to promote the message of responsible banking and corporate citizenship.” Racing this year in the highly professional Porsche Carrera Cup GB Championship, Ahmad is flying the Omani flag
superbly, as the first Arab ever to compete in the globally renowned UK-based category. Since debuting in the championship less than two months ago, the young Omani sportsman has achieved two podium results and is currently fourth in the Pro-Am 1 Class driver standings.
Al Ahlia Insurance unveils new brand Al Ahlia Insurance Company, one of the leading national insurance companies in Oman, unveiled its new brand following the acquisition of the company
by RSA Oman and completion of the required shareholder and regulatory approvals. The new look for Al Ahlia retains the name of the company
which is well respected and recognised across Oman by customers and partners, as well as the wider market. At the same time, the brand showcases that Al Ahlia is part of the wider RSA Group.
OAB pact with Zain Property for home loans AHLI BANK’S INFORMATION SECURITY TRAINING In a move to benefit its employees and customers at large, Ahli Bank recently initiated information security training programme for bank personnel to equip them with better understanding of information security in the banking environment.
GERMAN-BACKED REAL ESTATE DEVELOPMENT An exciting new entrant to the Omani Real Estate market, Baader Hotels & Resorts, are set to announce their arrival in the Sultanate with news of a new upscale residential housing development in Muscat. Baader Hotels and Resorts is backed by the financial clout of Baader Bank, one of Germany’s leading investment banks.
RAMADA INVESTS IN OMANI EMPLOYEES The Ramada Muscat Hotel has initiated “English Head Way” courses for the employees who do not speak English as their first language. The intensive English course is part of the four star hotel’s overall plans to develop their Omani workforce and improve guest experience while boosting employee confidence.
OMAN AIR SPONSORS OTM The Sultanate’s leading travel and tourism show – Oman Travel Mart (OTM) – was supported by Oman Air as the main sponsor. Showcasing a wide range of unique products and services. OTM offered opportunities for inbound and outbound tourism to promote quality service to the industry’s top-tier professionals.
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June 2010
Oman Arab Bank (OAB) has signed an agreement with Zain Property Development to provide home loans for customers interested in buying Zain properties in Oman. Established in 2008, Zain specialises in developing affordable, quality real estate. The agreement means that Zain Property Developers’ customers purchasing either Dar al Zain villa or townhouse or a Zain Heights apartment have the option to approach Oman Arab Bank for a competitive housing loan. “We are delighted to be associated with Zain Property Development as we believe that our partnership would allow Omani families to own an
affordable home at competitive pricing,” says Rashad Al Shaikh, Head, Retail Mark & Business Development, OAB. In addition to Al Dar housing loan the Bank has developed several products and services
to meet its customer’s financial needs such as Markabati Auto loan product, in addition to the growth account and Hassad saving scheme which gives an opportunity to win exciting cash prizes.
Oman Pharmaceuticals obtains US approval Oman Pharmaceutical Products Co (OPP) received product approval from the FDA paving the way for the sale of its product Neomycin in the United States. This follows the successful audit of the state of art manufacturing facility of
OPP by the American FDA in January 2009. The US is the largest pharmaceutical market
in the world valued at $315bn and constitutes 43 per cent of the global pharmaceutical market. “This approval validates our commitment to provide quality medicines at affordable prices,” said Sujay Hamlai, group MD.
Kanoo Travel expands into Oman Kanoo Travel and Al Sulaimi group join hands to offer affordable leisure travel options to holiday makers and state of the art corporate travel solutions in Oman. Through this partnership, Kanoo Travel will have access to global brands, products, systems, technology and proven international expertise to enable it to offer better services than other multi-national agencies in Oman. These features together with Kanoo’s existing global network and support will allow regional partners such as Al Sulaimi Group to collaborate on larger national, regional and international accounts.
ODB AWARDED FOR SME ACHIEVEMENT Oman Development Bank (ODB) was awarded a plaque of merit on SME development for its achievement of implementation of an internal credit risk rating model by the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP). The award was received by Sheikh Al Fadhel Al Harthi, Chairman of ODB.
CEOS GEARING UP FOR SURVIVAL, SAYS PWC More than 20 CEOs of locally based businesses gathered for a breakfast briefing last week, to hear more from global audit, advisory and tax consulting firm, PricewaterhouseCoopers (PwC) on the results of its recently published 13th Annual Global CEO survey, which includes the opinions of a significant number of Middle East CEOs on how they view the post-crisis business environment. In the Middle East Summary, 82 per cent said they are confident of their prospects in the next 12 months.
NAWRAS WINS TELECOM AWARD IN ABU DHABI Nawras won the prestigious ‘Leader in Telecommunications’ award at the recent Arab Investment Summit in Abu Dhabi. The awards were to recognise companies with projects that have shown outstanding performance and that have made exemplary contributions to the region’s development. Nawras won against strong short-listed contenders including the second largest operator in the Middle East, the dominant operator in Bahrain and the fastest moving telecom company in Bahrain.
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June 2010
LG-AKIS tie-up for mobile distribution LG Electronics and Al Khanjar Infosystem (AKIS) announced the signing of a Memorandum of Understanding (MoU) to distribute LG mobiles and accessories to customers across the Sultanate. The collaboration combines innovative product design
and technology with extensive local distribution capabilities. Under the agreement, LG plans to reach more Omani consumers through a distribution agreement with AKIS, one of the leading distributors in the Sultanate. The company will have
the rights to carry LG’s full range of mobile handsets and accessories through its committed distribution networks, including flagship models such as the BL40 Gold, KP500, GD880, GW620, KM555, GD510 and GX200.
25 Omani youth join BankMuscat In a unique public-private partnership initiative involving the Ministry of Manpower, BankMuscat and Shell Development Oman, 25 Omani youth who underwent a vocational training programme in customer service joined
BankMuscat. The 6-month training programme leading to the absorption of all the 25 trainees by BankMuscat was arranged as part of the agreement signed between the Ministry of Manpower, BankMuscat and Shell
Development Oman. The 25 trainees comprised job candidates selected by the Ministry of Manpower. The training programme was funded by Shell and facilitated by the Learning and Development Department of BankMuscat.
Oman Air adds Al Ain to network Oman Air, the national carrier of the Sultanate, launched its services between Muscat and Al Ain in the UAE. The carrier offers passengers daily flights between Al Ain and Muscat. With the introduction of Al Ain, Oman Air marks its 35th destination worldwide and the fourth in the United Arab Emirates, the other three being Dubai, Abu Dhabi and
Ras Al Khaimah. Peter Hill Oman Air’s CEO says: “Al Ain, referred as the fourth largest city in the United Arab Emirates is also called the ‘Garden City of the Gulf’. With this addition to the Oman Air network, we are sure many new markets will open up. The daily flights of Oman Air between Muscat and Al
Ain will give the residents of Al Ain an opportunity to try the services of Oman Air.” Going forward Oman Air will commence flights to Lahore, Islamabad, Dar-Es-Salaam, and Kathmandu, in the summer schedule of 2010, and Milan will join the network in the Winter Schedule. The new route will be operated by Oman Air’s ATR aircrafts.
Philip K Philip has been appointed as the deputy general manager of Muscat Insurance Company. Philip has been in the insurance industry for almost three decades across the GCC region and is well known in the regional and international Reinsurance market. He is also the longest serving employee of Muscat Insurance Company.
Omran, the Oman government’s tourism development and investment arm, has announced the appointment and promotion of a number of key members of staff to its senior management team. These appointments cover key areas of focus for Omran, including project development, construction, commercial and corporate communications. The appointments, ongoing since Q4 of 2009, are – Gregory Philis, who gets promoted as vice president, Development; Nasser Saif Al Maqbali, promoted to vice president of construction; Said Mohamed Al Qasmi, appointed as vice president for the Oman Convention and Exhibition Centre Project; Ali Nasser Al Rasbi, appointed as senior commercial manager; Abdul Wahid Al Farsi, promoted to vice president of Corporate Affairs.
BMI Bank (BMI), the Bahrain based associate of BankMuscat, has appointed Jamal Ali Al Hazeem as the new CEO. Jamal will be reporting to Andrew Bainbridge, who becomes the group CEO and takes on the responsibility of overseeing the bank’s expansion plans as well as its international operations. Jamal was the managing director of Arthur Andersen - Bahrain for 22 years before being appointed as CEO of the Economic Development Board in 2000. In his next role, Jamal worked in Kuwait with The International returned to Bahrain in 2007 as CEO of First Investment Bank. Investor and re
Al Alawi & C Co, Advocates & Legal Consultants have promoted Dr Caroline B Bolle as head of Practice of the firm. In her new role, Caroline will share overall responsibility for the practice with founder and managing man partner Ali Khamis Al Alawi. Before joining Al Alawi & Co in 2009, Caroline was a senior associate with Clifford Chance Chanc in London. She studied law in Belgium and graduated magna magn cum laude from Ghent University in 2000, obtained her masters mast in law from the University of Chicago (USA) in 2004 and received her doctorate magna cum laude from the Max Planck Pla Institute for Comparative and International Private Law in Hamburg H (Germany) in 2008. 2200
June Jun une 2010 2010
Oman Air has appointed Abdul Aziz Al Raisi, as chief officer, Management Affairs. Abdul Aziz has been working with Oman Air for over 26 years. He started his stint with Oman Air as an engineering trainee at the engineering and training division, and later moved on to become the aircraft engineer. After that he became senior engineer - hangar supervisor and then senior manager - base maintenance. He later served as senior manager technical projects. In his current position, he will continue being involved in all technical projects.
IN THE NEWS
UMS journalists felicitated Its raining awards on UMS journalists. At the 1st BankMuscat Media Awards, seven journalists from UMS – Mayank Singh, Group Editor, Oman Economic Review; Fatma Al Araimi, Special Correspondent, Alam Aliktisaad Wala'mal; Rana Alawneh, Deputy Editor, Al Ma'ra; Khalfan Al Rahbi, Deputy Editor, Alam Aliktisaad Wala'mal; Visvas Paul D Karra, Assistant Editor, Oman Economic Review; Mohammed Fahmy Rajab, Senior Correspondent, Alam Aliktisaad Wala'mal; Ghalib Al Fori, Editor-in-Chief, Alam Aliktisaad Wala'mal were given awards by HE HE Ali Bin Masoud Al Sunaidi, Minister of Sports Affairs in the presence of Sheikh AbdulMalik bin Abdullah Al Khalili, Chairman; and AbdulRazak Ali Issa, Chief Executive. Singh was also felicitated by HE Ahmed Al Dheeb, Undersecretary of Ministry of Commerce and Industry, at a recently held PEIE ceremony.
Fatma Al Araimi receiving the award from HE Al Sunaidi
Rana Al Alawneh being awarded
Khalfan Al Rahbi being awarded
Visvas Paul D Karra being awarded
Mohammed Fahmi Rajab being awarded
Mayank Singh being felicitated by HE Al Dheeb
22
June 2010
IN THE NEWS
The Country Club Group in Muscat Group’s investment in hospitality industry in the last three years reaches RO60mn
C
ountry Club India Ltd (CCIL), India’s largest leisure and infrastructure company, which has a presence in UAE, is now expanding across the region by opening a new office Country Vacations International LLC in Oman, Muscat with an objective to promote and sell The Country Club Memberships. The new office will be located at Royal Tower, MBD Area, Ruwi, Muscat. Commenting on the proposed plan, Rajiv Reddy, chairman & managing director, The Country Club Group India said, “The Sultanate of
H
ealthyimagination’ is one corporate’s initiative focused on continuously developing innovations to reduce costs, increase access and improve quality and efficiency of healthcare delivery around the world. That is the focus of GE Healthcare, the $17bn unit of General Electric Company that provides transformational medical technologies and services that are shaping a new age of patient care. Last month, GE Healthcare continued its thought-leadership role in boosting the state of healthcare in the Middle East region by bringing together experts and the media for path-breaking brainstorming sessions at the third Middle East Media Summit in Abu 24
June 2010
Oman is an ideal location for the group to venture into as we intend to cater more to the expat Indian community across the region along with the local community while we see immense potential for tourism growth. Our office in Oman, Muscat is an entry point for us to introduce the group membership offers and we are certain of attaining our set targets for this region.” There have been several important acquisitions by CCIL in the recent past across India. The acquisition of The Country Club Hotel in the UAE in the year 2008 is part of the
Dhabi, United Arab Emirates. The Summit highlighted the importance of strong and strategic partnerships in addressing the challenges faced by the healthcare sector in the region, with medical costs in the GCC region alone expected to increase five-fold to $60bn by 2025. The event also provided a detailed overview of the state of healthcare in the region in addition to a comprehensive review of the new technologies that can help address pressing healthcare issues. Aziz Koleilat, general manager, GE Healthcare for the Middle East, said: “The Middle East region faces unique healthcare challenges ranging from the preponderance of
Country Club Hotel in Dubai AED 1bn strategic expansion plan. While there have been an increase in acquisitions in the past one year across India and internationally, CCIL has further identified markets like England, Thailand, Malaysia and other European countries along with various GCC countries for its global expansion. As the group sets up its new office in Muscat to promote and sell the Country Club group membership, the aim is to offer new members an
entry to the huge network of 225 clubs, resorts and hotels including 55 owned properties across India, Sri Lanka and the UAE. There will be three types of membership, namely Kool Life Oman (RO2,200) which is a Life time family membership for the primary member, spouse and two children up to 25 years of age; Kool Global Oman Membership (RO2,500); and Global Platinum Membership (RO3,000) for life term membership.
Health in the spotlight Healthcare experts from the region joined GE professionals to discuss healthcare. Rekha Baala reports from Abu Dhabi healthcare infrastructure in some emerging markets. In addition to presenting a holistic picture of healthcare in the region, the Middle East Media Summit will discuss implementable strategies to address the challenges.”
lifestyle diseases in the Gulf Cooperation Council countries to the lack of adequate
GE Healthcare has an established presence across the Middle East region partnering with various healthcare providers in the private and public sector.
OIL AND GAS
CREATING WORLD CLASS ASSETS
Oman Oil Company has been creating world-class assets and facilitating industrialisation of the country. HE Maqbool bin Ali Sultan, Minister of Commerce & Industry, and Chairman of Oman Oil Company speaks to Sunil Fernandes of Oil and Gas Review on the company’s thrust areas, investments and more. Excerpts:
Could you Company?
elaborate
on
Oman
Oil
Oman Oil Company (OOC) is a commercial company, wholly owned by the government of the Sultanate of Oman. The company was incorporated to pursue investment opportunities in the energy sector both inside and outside Oman. Through participation in energy and energy related projects, the company plays an important role in the Sultanate’s efforts to diversify the Omani economy and promote Omani and foreign private sector investment. In the initial years, OOC concentrated only on the oil and gas sector. However, we gradually diversified into energy related business. OOC’s present portfolio of investments include one, exploration and production projects, namely: Mukhaizana concession, Oman Offshore concessions 18 and 41, Abraj Energy Services, Kareem Small Fields, Rima Small Fields, Dunga Concession (Kazakhstan), and Caspian Offshore Concession (Kazakhstan). Second, Petrochemical companies namely: Oman India Fertiliser Company, Oman Polypropylene Company, Aromatics Oman LLC, Takamul Investment Company, Salalah Methanol Company, La Seda Barcelona (Spain), Qingdao Lidong Chemical Co. (China). Third, refining and marketing companies namely: 26
June 2010
Oman Refineries and Petrochemical Co, Bharat Oman Refineries Limited (India), MOL (Hungary), Oman Trading International (UAE), and Oman Oil Marketing Company. Fourth, energy infrastructure companies namely: Oman Gas Company, Oiltanking Odjfell Terminals & Co., Compania Logistica de Hidrocaburos (Spain), Enagas (Spain), Planta de Regasification de Sagunto (Spain), China Gas Holding (China), Qingdao Lixing Terminals (China). Five, shipping companies namely: Oman Shipping Company, Gulf Energy Maritime (UAE). Six, power companies namely: GS Power (Korea); Orient Power Company (Pakistan) and seven, a metal project namely in Sohar Aluminium.
What is the ratio of investments within the Sultanate and outside? Presently, OOC’s investments are balanced between Oman and abroad.
Will the ratio be maintained? Investment decisions cannot be restricted.
OMAN OIL COMPANY PORTFOLIO OF INVESTMENTS EXPLORATION AND PRODUCTION PROJECT PETROCHEMICAL COMPANIES POWER COMPANIES ENERGY INFRASTRUCTURE COMPANIES SHIPPING COMPANIES REFINING AND MARKETING COMPANIES
For example, if we have an attractive proposition, either in Oman or abroad we are going to pursue such opportunity.
The year 2009 may have been a good year to acquire strategic assets, as valuations were attractive due to the global recession? In 2009, OOC continued to evaluate opportunities both inside and outside Oman and was successful in concluding certain
prudent investments, adding significant value to OOC. These investments include Bharat Oman Refineries Limited (BORL) in India where we have increased our equity interest to 26 per cent; acquisition of five per cent equity stake in Spain’s leading natural gas transportation, regasification, and storage company namely, ENAGAS; signing of a Farm Out and Joint Operating Agreement with Reliance Exploration and Production under which Oman Oil Company Exploration and Production acquired a stake of 30 per cent and 25 per cent in blocks 18 and 41 offshore Oman respectively. We have also finalised the major terms on a Greenfield project in Uzbekistan, apart from initiating and/or advancing significant investment opportunities within the Sultanate.
What’s your focus for 2010 in terms of markets and sectors? In 2010, we are focusing on new opportunities related to our business such
OIL & GAS as mining, upstream, logistics/storage, pipeline, power and petrochemicals. Also, we are assessing the possibilities to optimise, improve assets efficiency, and expand our existing assets such as, Oman India Fertiliser Co, Sohar Aluminium Co, Oman Refineries and Petrochemicals Company. As to the markets, Oman enjoys excellent relationship with all countries around the globe. Hence, if we find any opportunities across the world, meeting with our investment criteria, we are ready to pursue it. Actually, there are no constraints on markets and sectors.
Has there been a change in the management of companies where Oman Oil Company acquires a stake? OOC plays the management role through Board representation in the investee companies both inside and outside Oman. While exercising this role, we try to optimise the interest of the investee company which entails increasing benefit to the shareholders.
What is OOC’s outlook in relation to taking some of the subsidiary companies into IPO? We have Oman Oil Marketing Company listed on the Muscat Securities Market. In the next five years, we might look at some of our companies launching initial public offerings and subsequently getting listed. Facilitating industrialisation of the Sultanate and growing assets through strategic investments remains our objective.
It will always be difficult to quantify the exact value of holdings on daily basis. For example, the equity shares of listed companies would change with the fluctuation in share prices. All indications lead to the fact that the market value of our assets is satisfactory to our shareholders.
What would be the kind of budgets you receive for acquiring assets? OOC is funded though its internal resources by means of return earning and by the direct funding from the government and so far we haven’t encountered any difficulties for investing in viable projects.
Last year you formed the Oman Oil Company E&P. What was the objective? As an international practice, when governments grant oil and gas concessions, the government’s interest in the project is assigned to a government vehicle. In Oman as well, when MOG grants any concessions the government’s interest is assigned to OOC, which is one of the investment arms of the government. We are thankful for the confidence reposed in OOC by the government. OOCEP has been created with the objective of managing the existing upstream assets and to pursue new investment opportunities in the E&P sector both inside and outside Oman.
The Ministry of Oil and Gas has been talking of granting as many as 11 concessions this year. Would Oman Oil Company take any stake in such blocks? We will study each opportunity and take decisions accordingly.
You talked of downstream; would that mean that you would be interested in projects like the Duqm Refinery? As a matter of fact OOC along with International Petroleum Investment Company of Abu Dhabi (IPIC) is doing a detailed feasibility study on the plans for the proposed refinery and petrochemical complex at Duqm. The way forward will depend on the findings of that study which include a market study as well.
What is going to be the role of Oman Oil Company in the development of Duqm? OOC is mostly in the energy sector through stakes in companies that are engaged in downstream projects, upstream projects, power projects or simply storage tank companies. I personally believe that Duqm would have many opportunities for OOC as well as to others and OOC is seriously looking at opportunities there. Duqm will be a key port not only for Oman but also for the region. With a gradual transformation into an integrated city with all necessary infrastructure like an airport, I am bullish on Duqm.
Recently, there were a few MOU signed with different countries. Could you kindly elaborate?
An IPO would mean that you could dilute your stake? It is not a matter of diluting the stake; instead it is about providing the public with an opportunity to participate in our business activities. In today’s business environment, it is not a matter of control but making a successful business case is more important.
We have had MOUs with several neighbouring and friendly countries in other parts of the world and we continue to pursue already identified and/or new business opportunities in those countries.
Are there any examples where you have sold your stake completely or partially?
We have excellent relationship with the Republic of India and that has resulted in identification and successful implementation of major joint venture projects like Oman India Fertiliser in Oman, Bharat Oman Refineries in India etc. We are also pursuing several investment opportunities with our counterparts in India.
Being an investment company, from time to time, we buy and sell assets. However, I must point out that our objective is long term investments.
What is the current value of the holdings of Oman Oil Company? 28
June 2010
A lot of cooperation has taken place between India and Oman. Could you elaborate?
Duqm will be a key port not only for Oman but also for the region
P.O. Box 330, Postal Code 112, Ruwi, Sultanate of Oman Wadi Kabir HO. Tel: 24815971 Fax: 24816782 Honda Road Showroom : Tel: 2483 4864 Fax: 24831707 • Email: mbs@mbs-oman.com
OLIVER CORNOCK
ECONOMY
The right incentives Oman could meet its energy demand through renewable sources and ship its non-renewable fossil fuel to bring in revenues for the national economy
The author is Regional Editor, Oxford Business Group
W
hy would a country which derives approximately 50 per cent of its GDP from the oil and gas sector invest in technology that, ideally, will render hydrocarbons obsolete?
On first thought, this is counterintuitive. Countries which derive a large portion of their revenues from hydrocarbon exports hardly seem the most likely candidates to invest in alternative sources of energy. Throughout the GCC, hydrocarbons account for nearly 90 per cent of exports, and therefore a substantial percentage of GDP. In Oman, the figure is closer to 75 per cent, with only the UAE – with 53 per cent - exporting less. A drop in prices provoked by falling demand would wreak havoc on government balance sheets. Yet the GCC is emerging as a hotbed of renewable energy research and development, and is predicted to become even more invested in the nascent green sector. With a little creative thinking, it is easy to see why. Most obviously, hydrocarbons are a finite resource and so it makes sense to develop alternatives for when they run out. 30
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This has been a concern for Oman, which faces the prospect of running low on its oil reserves earlier than many of its neighbours. Yet Oman is still a net hydrocarbon-exporting nation, and can meet most domestic consumption needs for many years to come – so why put such an emphasis on developing alternative energy sources? A simple answer lies in the continuing high price of oil and gas. Every barrel of oil which Oman uses at home is one less that it can export at a profit. And while domestic energy demand will continue to increase well into the future – indeed, it is expected to double by 2021 – Oman could meet much of it by tapping some other natural resources it possesses in abundance and which are harder to package and ship abroad – namely, sun and wind.
PROFIT OR LOSS? The Sultanate is not a new player in the alternative energy game: the Ministry of Water Resources erected wind turbines in Oman as far back at 1996. Yet for years alternative energy was viewed as a luxury, unlikely to turn a conventional profit. This perception is changing.
As the alternative energy industry is still young, it is hard to estimate the costs associated with a switch to solar and wind power. In the short term, both renewables are much more expensive than conventional gas and coal power. But depending on the pace of development in the sector, that could change more quickly than many expect. The price of photovoltaic (PV) solar cells, which have been implemented on a large scale nearby as part of Abu Dhabi’s Masdar Initiative, are expected to fall 3-7 per cent annually for the foreseeable future, according to a recent report by consultancy Booz & Company. If the price of carbon-based energy production remains the same, solar PV could become cost-competitive with the unsubsidised price of natural gas between 2015 and 2025.
SUBSIDY BARRIER A key element of the preceding sentence is ‘unsubsidised’. As part of its effort to guarantee all Omanis the best standard of living possible, the government currently subsidises the electricity market heavily: energy is sold to the public at a fifth of the generation and transmission cost. The availability of bountiful and cheap energy serves as a disincentive to private investment in
ECONOMY
WHILE DOMESTIC ENERGY DEMAND WILL CONTINUE TO INCREASE WELL INTO THE FUTURE, OMAN COULD MEET MUCH OF IT BY TAPPING SOME OTHER NATURAL RESOURCES IT POSSESSES IN ABUNDANCE AND WHICH ARE HARDER TO PACKAGE AND SHIP ABROAD – NAMELY, SUN AND WIND research and development, which tends to have high upfront costs. To an extent, this can be countered by increased government investment. But an ideal market would see both public and private sector funds contributing to the mix, which is unlikely while the cost of electricity remains artificially low. Subsidies have other downsides. Principally, they are likely to become much more expensive in the coming years, as Oman’s power and water needs continue to increase. Thanks to industrial and infrastructure projects, electricity is increasing by approximately 15 per cent a year, according to Oman Power and Water Procurement Company (PWP) figures. Gas demand as of mid-2009 was 13.6 million cubic metres per day and will increase to 20 million by 2015. To meet current demand, it imports gas from Qatar via the Dolphin Energy pipeline at the highly advantageous rate of $1.35/mn btu. However, with far eastern markets willing to pay up to $10/mn btu, it is unlikely that Qatar will want to increase the amount it sells to its neighbours.
Attractive alternatives “Governments have to start accepting that the gas price 32
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HOTBED OF RENEWABLE ENERGY Hydrocarbons are a finite resource and so it makes sense to develop alternatives Domestic energy demand is expected to double by 2021, which could be met by tapping renewable natural resources (sun and wind) Cleaner sources of fuel will also help preserve Oman’s environmental richness Oman could develop and sell renewable energy technology will have to be higher. They are going to have to be much higher than US$5/mn btu,” Yousuf Al Ojaili, CEO of the state-owned Oman Gas, told local press at the Gas Arabia Summit in Abu Dhabi this February. With increased gas prices, alternative energy sources will become increasingly cost-competitive. But the incentives for developing solar and wind power are not purely economical.
environmental preservation. Perhaps more important, however, is the public perception of the downsides of burning cheap carbon-based fuels. According to a new survey conducted by Accenture, nine out of every ten consumers in the GCC want their country to reduce its reliance on oil and gas. Sixty-seven per cent of respondents think the way forward is through the development of ‘clean’ technology.
Increasing awareness of the stress placed on the environment by fossil fuel-based power generation has led to a flurry of international treaties dedicated to reducing carbon output. Oman, for its part, is a member of the UN Framework Convention on Climate Change (UNFCCC) and a signatory of numerous treaties devoted to
Eco-concerns Pollution and concern for long-term environmental impact are cited as the chief concerns motivating this demand for low-carbon energy. This is especially the case in Oman, which has a rich history of environmental awareness: environmental protection laws have been on the books since
1974, and it became the first Arab state to create a ministry dedicated to environmental issues in 1984. Hydrocarbon extraction relies heavily on machines and capital-intensive exploration. Development and installation of alternative sources of energy requires investment in the knowledge economy and, to a lesser extent, construction. Cleaner sources of fuel will also help preserve Oman’s environmental richness, which is vital to the growing tourism industry. All three of these sectors contribute to diversifying Oman’s economy, a key component of the Vision 2020. And while Oman cannot bottle up and export sun and wind, it could sell the technology it develops. Both Western and Eastern markets have proved themselves willing to spend on green tech, with China recently surpassing the US in overall investment, spending $34.6bn in 2009. The pace of development in the sector will depend on incentives, investment in research, and technology transfer, all of which is hard to predict. However, while exact numbers may be hard to pin down, it is clear that Oman stands to benefit hugely from developing its alternative energy sector.
COVERSTORY
YOUNG EXECUTIVES TO WATCH OUT FOR
Who are the business leaders of tomorrow? OER addresses this query by profiling the ten finalists of NTI BizPro Awards, 2010. These young executives have shown initiative, innovation and a relentless pursuit of excellence. A roster of their achievements is sure to serve as a source of inspiration for the next level of go-getters. Flip the pages to catch the stars of tomorrow
COVERSTORY
NO QUICK FIXES HANNA AL KHARUSI’S DEDICATION TO EVERY PART OF HER JOB IRRESPECTIVE OF ITS IMPORTANCE OR SIZE HOLDS A LESSON FOR OTHER YOUNGSTERS
H
ave you never considered shifting jobs? That's something that Hanna Al Kharusi, unit head, corporate banking division, National Bank of Oman (NBO) gets asked quite often. “I joined NBO in 2000 and still consider it to be my nesting ground, the bank employed me when I had a degree unrelated to banking, trained, invested and rewarded me. I have been recognised and appreciated and I believe in loyalty towards an organisation,” says Hanna. Well said.
Initial grounding
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After doing her primary schooling in Oman, she moved to Holland in class eleven as her father got posted to the Netherlands in Hague. She honed her public speaking and communication skills in school by participating in mock events like a model United Nations, in which various schools represented different countries. After school she
Hanna Mohammad Masoud Al Kharusi Unit Head, NBO
YOUNG EXECUTIVES TO WATCH OUT FOR
proceeded to pursue a degree in science from Indiana University in the US. On coming back to Oman Hanna looked around for a job related to her science background but could not find anything challenging. “It was then that one of my relatives suggested that I should look for a job in banking, but since I had a background in science I was a bit reluctant to take up a job in banking, but I took it up as a challenge.” She applied at various banks and was picked up by NBO to join their management trainee programme. After a rigorous 12 month course she joined the bank’s corporate banking division as an assistant relationship manager and has got promoted as a relationship manager, senior relationship manager and a unit head. Talking about her strengths she counts communication skills as one of her biggest assets. Says Hanna, “This is something that I acquired over the years, in schools there were shows like showand-tell, speeches, singing choirs and it is something that I enjoy doing. Even in my job I do presentations for the higher management and the board.” Apart from communication, commitment, dedication and a willingness to take on even meagre jobs has stood her in good stead. Hanna avers, “Nowadays there are a number of university graduates who come out of college and want a managerial job straight away, they need to realise that things do not work that way.” She feels that a person who rises through the ranks, learns over the years, which in turn gives him the confidence and experience to excel. If someone is given things ahead of one’s time, the person will not have the base, confidence and experience to push forward. Speaking about young Omanis she says, “The new generation coming into the workforce is quite ambitious, has a lot of potential and a number of them have been educated locally, while during our times, most people who used to go to a University came from abroad as there
was only SQU and two private colleges.” While going abroad for an education has its advantages like giving more exposure to different cultures and practices, a number of local graduates have done equally well and so it is no longer a key differentiator for success. Being a women has never been a constraint for her growth, on the contrary it has helped her as people do not expect women to deliver certain things but when they do so, it really shines. Says Hanna, “Women need to work that much harder to prove themselves, but there is no discrimination. In education there is equality between men and women, but in the job market there are certain industries which shy away from taking women as it is a cultural thing, but things are changing and we hear about women pilots, geologists and physicists and it is just a matter of time before things change and women are accepted in these kinds of jobs too.”
HANNA MOHAMMAD MASOUD AL KHARUSI Age: 32 years Education: Schooling in Oman and in Netherlands, Bachelors Degree in science from Indiana University, US Strengths: Communication, commitment, dedication Advice for youngsters: Work hard and be patient
She feels that the growth of Oman’s economy and development is creating a lot of job opportunities for Omani youth and youngsters should get a solid education, good communication and interpersonal skills. As the competition gets tough education is important so that one is on the same level field as everyone else. Speaking about the kind of education that youngsters should aim for Hanna says, “As long as you have a solid foundation, a work ethic, reading skills and an ability to grasp things, it is not essential to have a professional degree. While it helps to study things that you can work around, it does not mean that if you do liberal arts or science you cannot get into business or engineering.” Finally it comes down to accentuating your positives, identifying ones incompetencies and working on them. Being a working women, wife and mother means that she is constantly striving to strike a work-life balance – “It is difficult and more so as one moves up as both ones job and family are demanding, that’s a challenge that I am still working to resolve,” says Hanna. June 2010 35
COVERSTORY
› Hani Dawood Ramdan Al Zadjali Head HRD, ORPC
T
o advance in your career you need to grab every opportunity and even half opportunities that come your way. I was there when opportunities came my way,” says Hani Dawood Al Zadjali, head, Human Resource Development, Oman Refineries and Petrochemicals Company (ORPC). An alumni of Saidiya School and Ruwi Secondary School he went to Kuwait to study Business Administration. Though the course usually takes five years to complete, he completed the course in three and a half years, by taking additional classes during summers. On coming back to Oman he joined the State General Reserve Fund (SGRF) as a systems analyst in its IT department. It 36
June 2010
was here that he cut his teeth in human resource management. Never one to sit on his laurels he went onto get professional certifications from Oracle and Microsoft.
the merger of Sohar Refinery and ORPC he was given the charge of the entire HR department in the merged entity.
In 2006, he joined Sohar Refinery as an HR development officer and did a course from the Chartered Institute of Personnel and Development (CIPD). The decision to shift from SGRF was not an easy one as he was offered a RO8,000 scholarship for doing a masters at SGRF. When he decided to shift to ORPC, the fund threatened to withdraw the offer if he changed jobs, after some deliberation Hani stuck to his decision to join ORPC at the cost of the scholarship. Looking back it proved to be the right move as after
“I am a fast learner, when I joined SGRF, IT was a new field for me but over two years I built up my expertise in the field and became one of the pillars of the company. Even at ORPC, there were people who had 10 to 20 years of experience, but I got the chance to head the HR department. This proves the point that if you work hard you will achieve things,” says Hani. And when it comes to work he brooks no compromises, like for example he gave his CIPD dissertation on the day that he got married. “I had a two
The edge
YOUNG EXECUTIVES TO WATCH OUT FOR
GROWTH IS A WAY OF LIFE HANI DAWOOD AL ZADJALI HAS WORKED TIRELESSLY ON ADDING TO HIS KNOWLEDGE BASE THROUGH EDUCATION AND EXPERIENCE ENABLING HIM TO DO WELL
a successful person and an unsuccessful person is that the former takes the initiative to ask for work, while the latter waits for things to come to them,” says Hani. As the competition hots up it is important for people to stand out. When Hani applied for a vacancy at ORPC he was surprised to see 82 aspirants for a single job. He lists out a number of skills that young Omanis should try and acquire – on the personal side one needs to have management, analytical thinking, planning, teamwork and presentation skills. While on the technical front one can specialise in various disciplines like IT, HR, CIPD, CAT, ACCA etc. The right behaviour and attitude are also of paramount importance as Hani says, “One’s technical skills can be developed but attitude is important because it reflects how a person will react to a certain situation. Your attitude reflects your values, beliefs and complements one’s work.”
HANI DAWOOD RAMDAN AL ZADJALI Age: 26 Education: Schooling in Oman; Business Administration from Kuwait Strengths: Strong education, commitment and never say die attitude Advice for youngsters: Grab opportunities
Big canvas
week deadline to submit my dissertation on ERP, I kept on communicating with my supervisor in UK and on my wedding day went to the printing office and couriered my dissertation and then went for my wedding. I was constantly juggling the two responsibilities.” He feels that the window of opportunity is always there for youngsters, but it all boils down to who is willing to grab those chances. “Developing ones career is a challenge, but it can be done if one has the right skills and temperament. It is also important to coach youngsters so that they can do well.” ORPC has a mentoring strategy to develop skills of young Omanis. “The difference between
He feels that in the last 40 years we have achieved a lot but we cannot just depend or rest on our past laurels. We need to say that this is not enough, this is just the beginning. We have talented youngsters and need to believe that we can do much better, says Hani. He feels that there are times when people start linking their personal matters with ones organisation and it is important that people differentiate between what is personal and what is professional. Young people need to take constructive feedback positively so that they can grow. An avid traveler, finds it to be a great learning process. His various tours to the US, UK, East Asia, Gulf etc have taught him a lot about those cultures and people. For example, he admires the sense of customer service in the US, discipline and planning in Japan etc, “I was in Japan and they gave us an itinerary stating that we had to leave the hotel at 12.07 pm, arrive at the station at 12.11pm and board a train at 12.13 pm. I marvelled at their discipline,” says Hani. June 2010 37
COVERSTORY
A FOCUSED APPROACH TEMPERAMENT AND LIFE SKILLS ACQUIRED FROM SPORTS HAVE HELPED TAHA HUSAIN AL RAISI TO EXCEL IN HIS CORPORATE CAREER
T › Taha Husain Shahdad Al Raisi Department Head, Nawras 38
June 2010
aha Husain Al Raisi, department head of radio optimisation, Nawras recollects an anecdote while working as a radio planner with Omantel. “Our task was to connect two hubs in the Quriyat area and as we could not hire a helicopter we decided to go ahead on foot. The process would have been delayed by three months if we failed to finalise on the sites that day. Starting out we realised that we had to climb four mountains one after the other in the Al Amerat area from 3pm onwards during summers. After the team had climbed two mountains we found that it was very
COVERSTORY
TAHA HUSAIN SHAHDAD AL RAISI Age: 30 years Education: Saidiya School and Ruwi Secondary School, Bachelor of Science from Chennai, India Work experience: Omantel, Nawras Sports: Handball, football, volleyball Advice: Learn from your mistakes and grab opportunities
hot and humid, to make matter worse we ran out of water.” Led by Taha the team prodded on and completed the work at hand. By the time they came down a few of his colleagues had to given medical help. Though it was difficult it proved to be a good learning experience. This never say die attitude has helped Taha to do well in a short career span. Coming from what he describes as a telecom family (as his father, mother, uncle and cousins worked in Omantel), joining the sector was an obvious choice for him. Having started as a project engineer in Omantel over a four year period he got promoted as a radio planner, a 3G team leader and an acting section head. When Nawras was looking for a 3G planner and project manager he saw it as an opportunity to take on a new challenge. As he had been involved in selecting a 3G vendor and the requisite equipments at Omantel, Taha had built up a good knowledge base. In 2006 he joined Nawras as a 3G project manager. Two years later he got promoted as a 3G planning and optimisation section head and in 2009 he was promoted as a department head of optimisation for 2G and 3G. “Nawras has a multicultural environment and people are judged by their performance. Age and nationality is not an issue and as long as you perform you can grow in this company,” says Taha.
Looking back He did his primary and secondary education at Saidiya school in Muscat, the oldest school in Oman and Ruwi Secondary school. At the age of ten he started playing handball and has been a keen sportsperson since then. He recollects the toil involved in pursuing his passion, “As I stayed in Muscat it used to take me an hour to walk down to Sidab club and then we played two to three hours in the sun. I used to walk slowly to the club to conserve energy and on match days, I walked through a mountain which was a shorter distance.” All that hardwork though has paid off in hindsight. 40
June 2010
Taha has been the captain of Oman’s handball team for the last five years. The team finished runners up in the GCC cup in 2009. At the club level he has won 11 league titles – nine with Sidab and two while playing for Seeb. He feels that sports teaches one to be a team player, inculcates discipline, hard work, ambition and motivation. “You learn how to coach others, so that they become better and help the team. In handball we use a lot of body language and by reading people’s faces one can understand that there is a question or a query. Overall it has helped me to become a leader,” says Taha. At one stage he realised that he needed to curb his passion to concentrate on his studies. “I was unfocussed and as luck would have it broke my hand before my 12th exams – which was a crucial factor in deciding my future,” says Taha. He felt that going abroad for higher studies would help him to do better and he decided to do a bachelor’s in electronic science from Chennai in India. The exposure helped his confidence. At college he played in the college basketball, handball and volleyball teams apart from cricket and Kabaddi for fun. He was a foreign students representative and deputy in-charge of the mess. “If you respect people, they respect you. I have never shied away from seeking help or getting help, sharing knowledge or approaching people,” says Taha. On coming back to Oman he got job offers from PDO and Omantel and he took up the latter and as they say there has been no looking back since then. Looking at young Omanis he feels that they are talented but need coaching and proper training. “Omanis are humble and nice but they are also smart and hardworking. On the flip side they get affected by the environment, if the place is competitive they become competitive, but if there are lazy people around they tend to become like them. This may not be true for everyone, but holds true for a majority of youngsters,” says Taha.
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COVERSTORY
A BUNDLE OF TALENT MADIHA AL BAKRI IS A FIRM BELIEVER IN PROVIDING MORE OPPORTUNITIES FOR YOUNGSTERS TO FLOURISH IN OMAN 42
June 2010
›
MULTIFACETED TALENT
Madiha Madny Al Bakri Assistant Manager, Oman Oil Marketing Co
A
n artist, a photographer, an MC, a DJ, a swimming trainer, musician and a promising executive, Madiha Al Bakri, assistant manager, Basma Marketing and Business Development, Oman Oil Marketing Company (OOMCO) is all of this and more. Apart from talent, she also has strong views on various subjects, here are a few examples:
If you had the power to change something in Oman what would that be? Youngsters feel strongly repulsed by the Vasta (influence) culture in Oman. Vasta is a strong thing not just in Oman but in the Arab world in general and this needs to change. Does Oman offer enough growth opportunities for youngsters? Oman does not offer enough avenues for young people because there are
YOUNG EXECUTIVES TO WATCH OUT FOR
not enough forums to get recognised. If you are not at the top or do not get enough publicity then you cannot reach anywhere. Are people ready to work hard in life to achieve their goals? There are people in senior positions in the private sector who just come to work for the sake of it – they have coffee, read the newspapers and go home, people need to want to work and if they have it in them then there is no stopping them. Call it confidence, determination or arrogance, this streak has enabled Madiha to successfully foray into unchartered terrain. As a Basma marketer she goes to industrial areas like Ghala, where few women are seen. Says Madiha, “Initially people used to say that as a lady you should not be going to such areas, but I go there to market cards and I make my company good money. I want to prove that I can do this job as well as any other man. I like that challenge and want to prove myself.”
Keep growing She feels that people should have the willingness to learn constantly. “I have seen people in my age group who have continued doing only one thing. You need to have a wide knowledge and that’s what has brought me to where I am today.” There are a lot of educated and creative Omanis, but they fail to grow as there are not enough avenues for them to get recognised. Talented youngsters can be encouraged by providing them with workshops or public felicitations like the BizPro awards. “There are a lot of avenues for the really young like quizzing competitions, essay writing competitions etc, but more such activities are needed for people in their twenties and thirties.” After her high school in the US she did a major in marketing from the Modern College of Business and Science, Muscat. She worked in the US while studying there. On returning to Oman she joined Nawras in 2005. Starting off as a front
office executive she got promoted to the back office technical department. After a year and eight months she joined OOMCO, where she looks after the pre paid card Basma. Her job includes sale, promotions and marketing of Basma cards, getting in new merchants and sorting out problems with the petrol stations etc. During a three and a half year career she has been promoted from an executive to the post of an assistant manager. She believes that she is good at communication, presentation, speeches and creativity. “Communication was something that I have been born with, my father was an artist and a photographer and I got those skills from him. My mother was in IT and I got my love for computers and presentation skills from her. When you go out, you represent a product which may or may not be great, but if you can communicate with your audience you can market a product,” says Madiha.
MADIHA MADNY AL BAKRI Age: 27 Education: US and Modern College of Business and Science, Muscat Strengths: Communication, presentation, speeches and creativity Skills: DJ, MC, swimming instructor, artist and musician
She feels that youngsters can be encouraged in a variety of ways – for example if a company finds that a person has an opportunity to study, then they should finance him. OOMCO recently asked her to shoot pictures for the opening of the Burger King outlet in the precincts of their petrol station on Qurum Heights road. “It is very satisfying as it gave me the feeling that I do not merely work for Basma cards, but also bring my creativeness to work. People may get rewarded monetarily, but it satisfies you only in the short term, bonuses become meaningless after a point and start resembling bribery.” As one of the few women disc jockeys in Oman she has played DJ at parties and at corporate events. She has also been a part of the Royal Oman Symphony orchestra and is well versed with the harp, clarinet and the saxophone. Though she has achieved a lot, her dream is to be a public speaker – “I feel that I can communicate with people and they will listen. If I had a chance I would open a place where young Omanis can be trained in multifarious talents,” says Madiha. June 2010 43
COVERSTORY
FINDING HIS NICHE
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aid Salem Al-Kathiri, senior manager, accounts, Dhofar Power Company is someone who has seamlessly made a transition from the public sector to the private sector. Having worked on both sides of the divide he gives a firsthand account of their virtues and drawbacks, “fresh graduates are looking for jobs in the private sector and even those who are working for the government are constantly on the lookout for opportunities in the
private sector.” He feels that the private sector helps in developing ones skills, career and pays you better. On the other hand companies are more demanding than the government and expect their employees to work hard and contribute to the company.
Two sides of the coin A number of people prefer the public sector for its stability, but Said chooses to disagree, “the private sector is as secure
A STRUCTURED AND MATURE APPROACH HAVE BEEN THE DEFINING CHARACTERISTICS OF SAID SALEM AL KATHIRI’S CAREER
› Said Salem Said Al Kathiri Sr Manager-Accounts, Dhofar Power Co 44
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COVERSTORY
SAID SALEM SAID AL KATHIRI Age: 32 Education: Schooling in Salalah and Commerce and Economics with a major in finance from SQU Experience: MHEW and Dhofar Power Company Skills: Accountancy, English language, constant learner Advice: Get prepared for the future
as a government job as one can look for opportunities outside the remit of one's company. Over the years your experience becomes the main reference point in addition to your qualifications.” While growing up in Salalah his father supported and encouraged him to get a good education. He later joined Sultan Qaboos University (SQU) to study commerce and economics with a major in finance. A diligent student he stood second in the University. On passing out in 2000 he went back to Salalah and took up the job of an accountant with the Ministry of Housing, Electricity and Water. The start of the privatisation process of the electricity sector saw Salalah Power being taken over by Dhofar Power Company. Said went for an interview was shortlisted amongst 10 candidates who were made an offer, he rejected the initial terms and renegotiated a better package, “I was the youngest person to be hired by the company and that too at double the salary of what I was earning,” he says in jest. Dhofar Power is a subsidiary of an US MNC – PSEG. After joining the company in 2003 he worked hard to prove his mettle and his efforts were recognised. He was promoted from manager - contracts and billing to manager - accounts and billing in 2005. “The entire responsibility of the accounts section was given to me.” In 2008 he got promoted again as senior manager - accounts and billing.
Learnt his lessons Looking back he says, “I learnt from my bosses and subordinates. It is important for people to ask for additional responsibilities so that they can learn new skills. We need to take on new challenges as we need to be a role model for the next generation. With the new generation having educated parents, the latter want their children to get everything that they did not receive in life.” As the job market gets competitive it is 46
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important for people to raise the bar. With more aspirants in the market, companies have a wider choice of candidates. Apart from ones qualifications one should have an interest in what one is doing, “You can have all the qualifications but if you are not interested in what you are doing it is of no help,” says Said. Ask him whether he resents the presence of a large number of expatriates in the country and he says maturely, “Expatriates are our partners in nation building, they have helped us in bringing our country to this stage and they will be there to develop our future. We do not see them as competitors, as a developing country we lacked a skilled manpower base in the early days, but as the local education and skills develop we can take over, but there are enough opportunities for both nationals and expatriates.” The government is looking at developing various projects in Salalah like the free zone and a petrochemical cluster. In addition to this tourism and air connectivity is also being encouraged. In an effort to promote all round development of the country other areas like Duqm and Sohar are also receiving a lot of funding for infrastructure growth. Looking at such growth makes Said confident about his future prospects. “My earlier objective was that after a few years in my career when I sat down with my colleagues from my University, I should be proud of myself. I have achieved some of my objectives and I am confident that I can climb much higher.” He feels that instead of job hopping it is important to work for a company as long as one is learning something, but if this ceases then one is well within his rights to look for a change. “I am still learning and that’s the reason that I have stayed with this company. I am ready to shift to Muscat if the right opportunity presents itself but if one is getting the right opportunity in Salalah itself where one is closer to one's family, then why should one shift,” says Said.
COVERSTORY
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Abdul Razzaq Said Al Zakwani Chief Accountant, Petrogas
A BORN ACCOUNTANT SINGLE MINDED DEVOTION AND AN ABILITY TO CREATE OPPORTUNITIES HAVE AIDED ABDUL RAZZAQ AL ZAKWANI’S CAREER PROSPECTS
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bdul Razzaq al Zakwani, chief accountant Petrogas says, “In 1999 I used to often wonder about the growth opportunities in Oman, but today there are so many new vistas that have opened up.” The growth of the Sultanate has banished such doubts from his mind, “I feel confident about our future, compared to other countries our progress is steady and stable.” This is a sentiment that is shared by many young Omanis today. Abdul Razzaq came to Oman at the age of 17, after finishing his primary and a part of his secondary schooling in Africa. Though his father wanted to go back to Africa, his children insisted on staying back. As the medium of instruction in schools was Arabic, Abdul Razzaq and 48
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YOUNG EXECUTIVES TO WATCH OUT FOR
his siblings were faced with the choice of either going to India or to England to complete their higher education. After some deliberation, he went to Panchagani in Maharashtra, India to finish school. Once back he took up a job as a clerk at Al Shatti hospital, it was here that he discovered his interest in accountancy.
MB Petroleum as a senior accountant in 2008. “I was always keen to learn about the exploration and production side of the business and this was a good chance to do so,” he avers. Within six months he became the acting finance manager and then the chief accountant.
Changing streams
Looking back he feels that he matured faster than his compatriots due to the circumstances of his childhood. He acquired a working knowledge of finance while helping his mother to run her export and import shop as it required him to deal with banks, cheques etc. At school he was chosen as a captain, adding to his sense of responsibility.
His flair for accountancy was fuelled further by his an uncle who was a chartered accountant and with whom Abdul Razzaq was staying at that time. His uncle encouraged him to look at accountancy as a career option. He decided to take a shot at the CAT (Certified Accountant Technician) exams and to pursue it if he did well. “I got 96 per cent in class and my teachers prodded me on to go on.” He fondly remembers Mohammed Sajid Khan, who taught him at Polyglot as one of his mentors. In the final year he gave up his job to concentrate on his studies. He was offered a job as an accountant at GAC and became a practicing accountant. It was at GAC that he got a CAT qualification. No mean feat as he managed to crack the test in two years. On the lookout for a better opportunity, he joined MB Petroleum as an accountant in 2005. Being in a big group was an overwhelming experience, but not one to give up easily, he put forward his best foot. “I used to volunteer to work wherever there was a gap.” His diligence soon caught the eye of his bosses and he was promoted as a senior accountant within six months. Taking up his work a few notches he also started training his other Omani colleagues. After a year’s time he rose to assistant chief accountant and then got promoted as the acting financial controller. His flair for accountancy and analytical abilities further aided his meteoric rise. He says in jest, “My colleagues say that I was born as an accountant.” After spending three years in his new post, he felt that it was time for him to explore new vistas and in an internal shift he moved to Petrogas, a sister concern of
Cutting edge
ABDUL RAZZAQ SAID AL ZAKWANI Age: 29 Education: Schooling in Africa and Panchagani in India; CAT Experience: Al Shatti hospital, GAC, MB Petroleum and Petrogas Skills: Accountancy, English language and socially active Social conscience: Helping the homeless
Apart from his maturity his socially amiable nature has helped him to cultivate a large network of friends and well wishers. “As doctors and financiers you need to trust a number of people and your words carry a lot of credence in the market. For example in a difficult year like 2009 my network helped in getting better interest rates and bargaining for better terms from people in the market,” says Abdul Razzaq. He feels that young Omani graduates are a bit scared and shy initially in their job, but they learn fast and are ready to shoulder bigger responsibilities. In return they expect freedom, transparency, trust and appreciation from their superiors and the company. Communication and a flair for English plays a big role in a person’s growth and he feels that though the medium of education in Oman is English, young Omanis still need to improve their language skills. A friendly disposition is equally important, “We Arabs tend to lose our cool easily and need to control our anger,” says Abdul Razzaq. He feels strongly about people who do not have shelter and he says that if everyone only gave one per cent of what they earned it would be enough to provide houses for so many people. “It is a part of our religion and we are taught to help the needy, we believe that when we help others we help ourselves,” says Abdul Razzaq. June 2010 49
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COVERSTORY
Juma Khamis Juma Al Sulaimani Unit Head Mid Corporates, BankDhofar
SLOW AND STEADY JUMA KHAMIS AL SULAIMANI IS A FIRM BELIEVER IN THE OLD WORD VIRTUES OF HARD WORK, APPLICATION AND PERSEVERANCE 52
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uma Khamis Al Sulaimani, unit head Mid Corporates, BankDhofar narrates an experience: “While working in the bank's credit card centre in 2002, I found that we were using software systems from Bahrain in accordance with which we used to fill out the card application and courier it to Bahrain. The office out there used to send us back the cards along with thick reports. The process used to cost us a lot of money every month. On questioning the process I was told that the process was being followed for six years. I suggested that since we had a software we could possibly create a connection
YOUNG EXECUTIVES TO WATCH OUT FOR
between Oman and Bahrain. On delving deeper we found that there was a software which could connect the two centres. The software cost us RO2,000 but saved the bank $16,000 (RO6,250) a month.”
generate profits.” He was the only Omani in his batch who was working and studying simultaneously. “I used to go for my classes in the morning and in the evening I went for this job,” says Juma.
Juma joined BankDhofar in 1996 as a trainee as the bank was looking for people who could be sponsored and sent to the US. The idea was to put people in the main branches in or outside Muscat. He was sent to pursue a bachelors degree in finance from the University of North Texas in 2002. On reurning, he was attached to the card services centre, as an officer. Since he had a degree in finance he was shifted to corporate banking in 2003 as officer one. From officer one he got promoted to officer two, credit manager and a unit head in 2009.
Standing out
“I was raised in a particular way by my parents and teachers who taught me that it was important to do things professionally and to do things perfectly. I inculcated the habit of doing things perfectly whether it was in my games, studies or hobbies,” says Juma. A firm believer in the credo that nothing comes easy in life, he has always been ready to apply himself. For example as a non English speaker when he found it difficult to find a job in the US he started working in the University library. His job included organising the shelves and helping others to find books. After some time he moved to the computer lab and worked there for a few months. That’s when he saw a vacancy ad in a telecommunication company called – GTI. He recalls, “In the interview I was asked to read a long paragraph in English as the job entailed customer service. When I left the room I was sure that I would never get the job as my language skills were limited.” But as luck would have it he got the job. Starting as a data entry person he rose to the position of an operations manager. “I learnt the importance of profitability, targets etc there. This experience helped me understand that when you are working in a private organisation you have to
Juma thinks that he has good communication skills in terms of talking to people, listening and being friendly with them. “Communication is important because that is the way that you get your contacts.” As people in the trade would tell you having good contacts is one of the principal factors in bringing in business in corporate banking. Secondly, he takes quick decisions. Looking around he sees a lot of opportunities in Oman and feels sorry for people who are not planning their careers. “We are growing, the country is growing, so there are a number of opportunities. Youngsters who are depending on others are making a mistake as they have to plan for themselves. The government cannot do everything, people have to do things for themselves.”
JUMA KHAMIS JUMA AL SULAIMANI Age: 34 Education: School in Rustaq and University of North Texas Experience: GTI in US and BankDhofar Skills: English language, quick decision maker Advice: Plan properly, have patience and aim high
One should know as to what is expected of him if you want to reach a certain position. “When I was an officer in the card centre and was starting a career I knew nothing about banking and felt that it was not appropriate to call myself an officer, I told my team not to treat me as an officer but just as a clerk. I started by photocopying, writing vouchers, sending cards and receiving cards.” He felt that since an officers job was to supervise all these functions it was important for him to know about these before he could supervise them. “If I want to be a credit manager, I need to have certain qualities like writing proposals, reading financial statements, making decisions etc.” His advice for youngsters is simple, “everyone should have a role model and see what qualities that person possesses. They should plan realistically and have patience, one should not try to jump from one to five, but go slowly from one to two and then to three, but one should always aim for five,” says Juma. June 2010 53
COVERSTORY
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hen Aliya Ali Al Balushi first went abroad for her studies in 1999, extended family members expressed concern because very few girls in her family had gone abroad for further studies at that time. Being alone in a foreign country at a young age was a scenario they could not envisage. However, the determination, faith and trust shown by her parents made her determined to pursue her higher education. However, all that was in the past. Today Aliya Ali Al Balushi has returned twice from the UK armed with degrees and is a successful career woman as relationship manager, Wholesale Banking and
International Operations, Executive Management in BankMuscat. “Family support is absolutely essential, because in a conservative society like ours, it is the parents who take the risk to give you good education,” says Aliya. “It is up to us to prove to ourselves and our families that we can do it,” she says. “When I was young and at a time when the role of a woman was to stay home and have kids, my father provided me – being the eldest – support and encouragement. He instilled different beliefs in us siblings (two sisters and one brother) that women have the same capabilities as men and that they can be as successful. So the mental barriers were removed. I think family, in that
PROVE YOUR WORTH ALIYA ALI AL BALUSHI URGES OMANI YOUTH TO MAKE THE MOST OUT OF THE AVAILABLE OPPORTUNITIES
› Ms Aliya Ali Humaid Al Balushi Head Wholesale Banking & International Operations, BankMuscat 54
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Al Khamis Plaza – Tel: 24560992, Muscat City Center – Tel: 24558148 Al Khamis Shoes, Sohar – Tel: 26841178
COVERSTORY
ALIYA ALI HUMAID AL BALUSHI Age: 29 Education: The Sultan’s School; University of Nottingham (Bachelors in Finance, Accounting and Management) University of Durham (MBA) Experience: BankMuscat Skills: Desire to excel, will and drive to learn more Advice: Open-minded, ready to learn, observant and flexibile
sense, is more important for you to become successful in life,” she says.
Two-way street Achieving success in a career is a twoway affair – the individual’s desire to excel and the organisation’s (where you are working) willingness to support you. Having a good organisation like BankMuscat that recognises good people, develops, and trains them is important to be successful. Aliya passed out from the Sultan’s School in 1999 and went on to pursue her bachelor’s degree in the University of Nottingham in Accounting Finance and Management. After four years, she returned and got a job with BankMuscat and has been there since 2003. She began as an assistant manager in the corporate communications department and got a lot of exposure dealing with the various departments of the bank as well as with outside people. It increased her confidence and general knowledge about the banking sector. Of uttermost importance, says Aliya, is having the desire to develop yourself and the will and drive to become someone and make the best of opportunities that are available which help you to become successful. Citing her own example, she says, she could have just said, okay the bachelors degree is enough and been satisfied with the job. But she decided that she needed to continue to do a master’s programme to advance her career. And, fortunately, BankMuscat gave her the chance to do it by supporting her financially when she got the Chevening scholarship for an MBA programme at the Durham University in England. Being faithful to your own culture and values also helps you to develop a respect for other cultures. This is valuable when you work in a multi-cultural work environment like that of BankMuscat, opines Aliya. “When you tend to meet a
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lot of people from different cultures, you need to adapt to their personalities and see their strengths. This helps you in your career and your personal life,” she says.
Eyeing opportunities Aliya remarks that there are many opportunities currently presented to Omani youth, all they have to do is to find them. “The chances are definitely there. Just take scholarships for example. We have the Chevening and the Fullbright. Besides this, if you just open the newspapers you will find plenty of scholarships. Sometimes you need to look for it, work hard and prove yourselves.” There has to be a culture shift, believes Aliya. You should drive yourself and not wait for others or the government to give you something. The State has already formulated laws like the Omanisation regulations to help youth get jobs. As for women, His Majesty The Sultan has emphasised the rights of women and made sure that she takes her rightful place in the society.
Parental support Proper guidance, a good education, respect for others, open-mindedness, being aware of your strengths and weaknesses; being flexible and ready to explore and the keenness to develop oneself would go a long way in enabling Omani youth to become achievers in life, observes Aliya. Amidst all this, parental support also plays a key role. When parents teach their children to be independent and responsible, they develop a positive attitude towards life and become successful. If at all she had a chance to bring about change in the society, she would focus on the SME sector, says Aliya, and adds that we need to encourage entrepreneurship in individuals and introduce the concept to individuals from a young age. There are many youth who have bright ideas but do not find the support and guidance to turn their ideas into a reality.
COVERSTORY
STAYING AHEAD OF THE REST
AMBITION AND DRIVE TO BE A TOPPER AND NOT SETTLE FOR ANYTHING LESS GOT SAUD AL SHEZAWI TO HIS PRESENT POSITION
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aud Al Shezawi, Regional Manager, Oman Oil Marketing Company hails from a family where most of his siblings occupy well-to-do positions. One of his brother, Mohammed, is a journalist with Arabic newspaper Oman, while his brother-in-law is with another Arabic newspaper Al Shabiba. Another of his sibling is with the PDO. With a proud lineage like this, it was only natural that Saud was inspired to make himself big in life. The signs were there early on. While studying at the Sohar Secondary School, he scored high marks in all subjects paving the way for him to bag a fully funded Ministry of Higher Education scholarship to go abroad for further studies. He graduated from the California State University, US, in December 2004 in Business Administration concentrating on management information systems. During the five years at the California University, he bagged a number of awards as the best student. Saud was among the top three percent of graduates and received the Magna Cum Laude Certificate and was judged as being amongst the top five percent in the business school of the university.
Family support Says Saud, “I always receive encouragement from my family especially from my mother while my siblings who are all in top positions inspired me to follow in their footsteps. That ambition and drive to be at the top and not settle for anything less has been one of the reasons which has helped me to do well in life.”
› Saud Ahmed Al Shezawi Regional Manager Oman Oil Marketing Co 58 58
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After returning from the States, Saud joined Gulf Stone Company as a senior marketing executive. Later when opportunity arose, he moved to Oman Oil Marketing Company (OOMCO) in 2006 as a Fuel Cards business manager. He was then promoted as regional manager of OOMCO office in Sohar where he is building up his experience and profile in different areas of management.
YOUNG EXECUTIVES TO WATCH OUT FOR
Thanks to his ability to learn and grasp things quickly and take on challenges, Saud was quick of the block to maximise on the management’s continuous support and encouragement. Not a person to let go of an opportunity, he utilised the freedom to be creative and make independent decisions. Naturally, accolades followed. Saud got the ‘Best achievement in collection’ award in 2007 and was named as ‘Manager of the year’ in 2008. “Good on the job training, examples of leaders, opportunities at work, my ability to make decisions, take the lead and solve problems, have all shaped me and contributed to my growth, points out Saud.
Opportunities galore Oman is a young country, with a majority of the population being under the age of 30. And, definitely, there are enough opportunities for all the youngsters in Oman, opines Saud, while saying that you can now see a lot of young doctors, lawyers, engineers, managers and many other young Omani professionals. If one company does not employ you then it means they do not need your skills so look for a place, which needs you. Sometimes you may start with a low paying job, but then you move up and to a better company and better offer. Saud cites the example of Sohar city where most of the people have taken up the jobs either in the port, industrial estate or in the shopping malls. You rarely find someone sitting at home idle, he says. According to him, the most important skill essential for young Omanis to do well in life is the ability to learn things quickly and apply what you learn in your life. He also believes that everyone should aim to have strong communication, planning, implementation/execution skills, as these are important to succeed in a challenging business environment.
Top jobs Many Omanis now are acquiring leadership skills and landing managerial jobs such as supervisors, managers and
CEOs and many of them are relatively young, says Saud. That is because of the availability of opportunities, he adds.
SAUD AHMED AL SHEZAWI
Apart from leadership skills, Omanis also need to hone their language abilities especially in English, both written and oral, besides soft-skills like IT, because most of the companies have modernised themselves and look for candidates who can work in multi-cultural environment using the latest computers and software.
Age: 28
Saud adds that it would help a lot if his Omani brothers learn project management in order to be successful and move up the career ladder very quickly. Companies are looking for people who have the ability to meet and cope up with deadlines and deal with challenges.
Skills: Learn and grasp things quickly, take up challenges, tackle obstacles, problem-solving
Education: Sohar Secondary School, California State University (Business Administration) Experience: Gulf Stone Company; Oman Oil Marketing Company
Social conscience: Raising awareness about road safety
Young executives could benefit from appreciation and encouragement besides guidance from their line managers or seniors, explains Saud, while disclosing what Omanis expect from their seniors at work. Support and knowledge sharing from seniors will assist Omani youngsters to build themselves up. You learn numerous things like time management, presentation skills etc from your seniors, he feels. Saud has a strong opinion about road safety and wants to do his bit to change people’s perception on safety. His roadsafety awareness came about while studying in the US where it is rare to see any driver breaking any kind of roadrules. “During the five years that I spent in the US, I hardly came across anyone who said their family member were injured in an accident but here in Oman, it is so common to hear from friends and family about the loss of their loved ones in road mishaps,” he says. “I want everyone in the society to care about safety while driving. I would love to see seatbelts being used by all passengers in the car. I want to see child seats being used always, and mobile phones never used while driving. And most importantly, do not exceed speed limits,” adds Saud. June 2010 59
COVERSTORY
IN FULL FLIGHT SHADLI AL ABDULSALAM’S WORK ETHIC AND FORTITUDE HAS HELPED HIM TO SCALE NEW HEIGHTS
Shadli Al Abdulsalam Product Manager, Nawras 60
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used to work 16-18 hours a day when I started out at Nawras, the management recognised this and promoted me. If you do not sacrifice something then you should not expect to do well in life.”
He joined Nawras in October 2004. The telecom major was setting up its operations in Oman at that time and Shadli came on board as a shop representative. Within a month he was promoted as an assistant manager of shops. When the company set up six shops, he was made the assistant manager of their airport and City Centre kiosks and soon became the manager of the airport shop. He says, “I
After a year and a half he was promoted as the head of the Business Sales and Support section. The department focused on after sales service and his job was to focus on pre sales as its project manager. In 2008, he was moved to the marketing department as a product manager for Business Solutions and Mobile Number Portability. “As a product manager my job is to look into the marketing, sales channel, the services required and adhoc solutions.” From consumer marketing Shadli has moved into business marketing now. “Nawras as a company keeps me on my toes. Telecom is a challenging sector and it is a new day every day. As a working environment we have an
hadli Al Abdulsalam, product manager, business solutions and MNP, Nawras, Business, believes in a 20-60-20 rule in life. He explains, “The 20 per cent of the people on the bottom on the corporate ladder never make much of an effort. The 60 per cent of the people in the middle rung are average and are happy to be stuck at the same position where they are, while the 20 per cent at the top work hard in life, take chances and move up.”
YOUNG EXECUTIVES TO WATCH OUT FOR
open office and an open management system,” says Shadli.
Great expectations He feels that young executives expect their company and managers to get the best out of them, to guide and mentor them apart from giving them a transparent environment with all round communication. When people are not kept in the loop they get demotivated. He has just completed his post graduate diploma from the Institute of Leadership and Management, UK. Nawras selected 16 people for the course and Sahdli devoted one week every month to write his thesis. He feels that it is an avenue for him to do a MBA. “I am a self motivator and have a vision for myself. My communication and analytical abilities are good but I still need to work on organising my time, I tend to take on more work than what I can deliver
and need to learn to say No,” he avers. His advice to youngsters is simple – take interest in your work and do more than what is expected from you. “People in the US start working at the age of 15 they go to McDonalds and serve as an intern, this builds their character and experience. They learn to become independent and to provide for themselves and push themselves.” He feels that youngsters in Oman are looking for challenges, I have seen sales support ladies who are ambitious and are ready to work hard. The country is moving up and it is diversifying from being dependent on the oil and gas sector, tourism is opening up and the employment rate will go up as these opportunities open up. In the early 1990s the country used to be a government oriented country, but that has changed now. The country is moving fast. “When I came back to Oman from Canada after seven years, it was a culture shock as Oman had moved on.” As more graduates come into the job market the existing industries will not be able to absorb all of them and so they need to get into the service sector.
SHADLI AL ABDULSALAM Age: 32 Education: Associate degree from Malaysia’s Damansarautama college, post graduate diploma from the Institute of Leadership and Management, UK Work experience: Seven years of work experience in Canada and Nawras Strengths: self motivator, vision, strong communicator and analytical abilities Advice: Have a plan for yourself and deliver more than what is expected
There are opportunities but people need to keep their eyes on the ball. “I constantly analyse as to where I was, where I am and where I want to go. I do this road map every year. People need to keep doing research, keep up one’s contacts, network, look at catalogues and exhibitions etc,” says Shadli. In today’s competitive environment Omanis cannot do a bachelors and expect to start at a managerial level. You may have to start as a sales executive to get to a particular level. Shadli got an associate degree from Malaysia’s Damansarautama college in 1997. He moved to Ottawa in Canada in 1999 to do a business administration degree, though he dropped out from the course mid way he gained valuable experience working in a variety of jobs over seven years. He started by doing door-to-door selling, then moved to UAC, a third party call centre which used to service clients like P&G, Haier, Black & Decker. June 2010 61
COVERSTORY ing effort on the goals, and meeting or exceeding them. – Creative thinking and problem solving: Ability to look at situations from multiple perspectives and create solutions to problems using novel methods and processes. – Communication skills: Ability to clearly convey and receive information and ideas in a manner that engages the audience, helps them understand and retain the message, and permits response and feedback from the audience. Once the above assessment is carried out, the final five finalists need to give a presentation on a specific topic using powerpoint slides. The purpose of the presentation is to assess the ability of the candidate in communication and presentation.
What is your impression of young Omani executives in terms of temperament, their strengths and weaknesses and skill sets?
FULL CIRCLE COMPETENCE
Overall, the candidates preformed very well. There has been a significant change in the areas of achievement and responsibilities undertaken by young Omani executives. One of key strengths which we saw consistently across all candidates was their ability to adapt to various situations and to be patient and persistent when dealing with problems.
Ahmed Tufail al Siddiqui, senior manager, audit, KPMG shares the methodology used by NTI and KPMG for choosing the winners of the NTI BizPro Awards with OER
Do young Omanis have the qualities that companies are looking for?
Can you share the process used by KPMG to choose the finalists and the winners of the BizPro Awards?
The candidates are assessed on the following competencies:
What can be done by companies and the government to equip young Omanis for the future?
– Leadership and people management: Ability to coordinate, facilitate, and participate in a collaborative approach for the completion of tasks or assignments. – Critical analysis and decision making: Ability to analyse information and take effective decisions. – Result orientation: Ability to focus on the desired end result of one’s units work; setting challenging goals, focus-
The government has been very generous in supporting the development of young Omanis. His Majesty, the Sultan is very keen to develop young Omanis to be future leaders. I believe now is the time to focus on acquiring and developing specialised skills which are needed in the private and public sectors. Proper mapping of skill set requirements between market needs and educational institutions will be key to produce the required manpower.
The process consist of various tasks which include – a series of exercises which are designed to provide inputs on the abilities of a person. These exercises are both individual and group oriented. There are also assessments done by multiple assessors. The purpose of the process is to create an opportunity to assess the competence of participants in a variety of simulated situations.
What kind of skills sets and personality traits 62
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do you look for to choose the winners?
I think it will fair to say yes, however, we need to further enhance the abilities and capitalise on their undiscovered talent. There are a lot of young Omanis who are eager to get an opportunity to develop their skills to attain higher positions.
INTERVIEW
IMPARTING QUALITY TRAINING The Tamkeen programmes of study through research and partnerships with a wide variety of organisations and institutions, facilitates Omani jobseekers success in the new millennium. SHK. Mohammed bin Abdullah Alharthy, Chairman of Knowledge Grid that manages the Tamkeen programmes talks to the OER team
Could you elaborate on the programmes provided by Knowledge Grid? Knowledge Grid will provide job oriented training programmes aimed at promoting life-long learning for the development and empowerment of individuals, communities and nations in the new millennium. Knowledge Grid currently offers TAMKEEN programmes; a set of technical and non-technical training programmes that focus on bridging the skills gap between standard education outputs and industry talent requirements.
Are these programmes recognised? All TAMKEEN programmes are conducted after the approval and recognition of the Curriculum Development Department at the Ministry of Manpower. TAMKEEN seeks to be a brand for excellence through our programmes of study and research, and our institutes partnerships with a wide variety of organisations and institutions – Edexcel, Microsoft IT Academy, City & Guilds, ACCA, CompTIA, Cadd Centre and Chartered Institute of Environmental Health. Candidates who 64
June 2010
hold one of our certificates have attained an excellent form of skills recognition – all certificates detail those skills that have been assessed and which the candidates are competent in.
Which training institutes provide these programmes? At this stage training programmes are to be implemented through TAMKEEN approved institutes. Currently three institutes are approved to conduct TAMKEEN programmes; Polyglot Institute for administration, finance and IT programmes, Rusayl Institute and Sohar International Institute for technical programmes in all streams. Knowledge Grid also wishes to invite other training institutes to register and start benefiting from TAMKEEN programmes. Selected institutes are best known for their work in providing effective training solutions to different types of industry.
Could you elaborate a little on the facilities at the training institutes? TAMKEEN
approved
institutes’
classrooms and laboratories are equipped with the latest means including projectors, large show screens, audio and visual equipment and PCs for Languages, Secretarial and Business Administration programmes. In addition, institutes’ workshops include a wide variety of electrical and mechanical tools, equipment and machinery, as well as specific welding and instrumentation workshop setups.
What are the education and other requirements to seek admission to these programmes? TAMKEEN comprises of a set of technical and non-technical training programs
“Achieve Omanisation through qualifying competencies” that focus on bridging the skills gap between standard education outputs and industry talent requirements. Generally, candidates, from those with a high school diploma to those who are university graduates, who pass an entry test and demonstrate commitment and motivation during their placement interview, can gain admission to the programme that they wish.
What employment opportunities are available after completing the programmes? TAMKEEN seek to find ways for all Omani jobseekers to gain opportunity
and success in the new millennium. One of TAMKEEN’s objectives is to build Omanis’ competencies so that they become the optimal choice at the time of recruitment and raise the quality of their competitiveness. Our graduates are treated as specialised technicians in their particular fields. There is a shortage of trained technicians and there are many opportunities available to TAMKEEN graduates. Our programmes are developed based on specific skills required by industry and are hence highly job oriented, which means our graduates have very high employability skills
that are sought after by most companies.
Will there be an assessment and certificate awarded? A combination of practical and written assessments will be applied to check that the candidate’s knowledge and performance is in line with the programme outcomes. Upon passing these assessments, a TAMKEEN certificate, issued by the institute and attested by the Ministry of Manpower, is provided to successful candidates. Other international certificates can be attained after meeting the set criteria and passing further examinations. June 2010 65
FINANCE
BULLISH ON GCC MARKETS Bank Sarasin is a leading Swiss private bank, acting as an investment advisor and asset manager for private and institutional clients. Dr Burkhard P Varnholt, Chief Investment Officer talks to Sunil Fernandes on equity markets, commodity prices and more
Equity markets have rallied sharply over the last few months. Are valuations now looking stretched? My view is that the equity market recovery is lasting longer than many would have thought. We have begun to take away money from emerging markets like Brazil, China and India, as they have turned expensive. Our decision has been prompted by very high valuation in these 68
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markets and some monetary tightening that is already happening in countries like China. Within emerging markets our favourite destination remains the Gulf region.
What are the reasons for being bullish on the Gulf markets? There are two reasons for this. Firstly, they lagged global emerging markets
in 2009. Secondly, our forecast for hydrocarbon prices remain very upbeat and hydrocarbons are the bulwark of these economies. We also believe that financial parameters like price to book values and price to earnings growth make these markets an attractive buy. In fact, we had less exposure to the Gulf region, but are now betting big on the region.
Would liquidity in these markets remain an issue?
How do you see stock markets in the developed region faring?
The GCC markets are best suited for patient investors. A patient investor would not depend much on liquidity like a speculator would. If you have the patience and the time horizon, things would move in your favour. What I can see in the region is a deeper and broader economic integration. As that happens, stock markets would be increasingly deregulated and hence we will see more investment from global investors.
One thing that is important to recognise with globalisation and technological development, is that companies have decoupled more strongly from their economies. My forecast for the global economy is a mediocre one, as they will be burdening themselves with higher taxation and slower growth. They may see a much better stock market in the next three years, but the lead will continue to come from emerging markets.
You talked of price to earnings multiple being high in Brazil, China and India? Do you have any specific price to earnings multiple in mind when you target investments?
Do you foresee the possibility of a double dip recession happening in the developed economies?
What I am really looking at is price to earnings growth. If a company has a 20 per cent earnings growth, I am happy to pay a decent price for it. However, I am not merely buying because it’s cheap – the point is that there is no magic number. If you see price to earnings and price to book, the GCC companies look far more attractive.
With global commodity prices rising, there are fears of inflation and with it a threat of rising interest rates. What are you views on the scenario?
Clearly, we are of the view that the double dip scenario is not our scenario. We believe that there will be a softening of global indicators and this is very natural. Just as we had a horrific drop in trade and growth, we have had an amazing recovery and now a softening. However, I don’t think that we are going to have negative growth rates all over again.
You said that your own focus would now be changing from emerging markets to the GCC? Do you believe that fund managers are becoming more confident on the GCC now and a trend is likely to emerge?
My view is very clear that interest rates are going to be lower for longer. And, of course, zero is the bottom. Dollar interest rates will be lower for longer and that would be true for at least another three years. I have no desire to hold US treasury bonds, when they yield next to nothing.
I think it will still take a while and I believe one of the reasons for this is that the markets here have not made it into some of the internationally relevant benchmark indices.
But, there have been monetary tightening in certain countries like China and India, while rate hikes in countries like Australia?
I have a high conviction that food, power and water, will be hitting a real bottleneck. Resource availability in these categories becomes limiting in the sense that there would be simply no more of these in future. One number that in my opinion is consistently underestimated and not factored into oil prices is depletion. At some point, supply would not be going up, no matter how deep you dig in offshore Brazil or America. At that point prices will sky-rocket not only for oil and gas, but also for food.
These countries have the benefits of a flexible currency. So they have a choice whether they would like to devalue their currency, whether they want to raise interest rates, or use other monetary mechanisms. Commodity prices are rallying and would continue to do so. Hence, in countries with relatively low income per head, commodity inflation matters most. I tend to think for the global investment community, it is not commodity inflation that matters most, but it’s asset price inflation that will be a surprise. I believe that it will continue to remain so, for the next three years.
Do you believe that oil prices would rise from the current levels of around $85 per barrel?
However, we recently had the energy Minister of one of the GCC countries saying that supplies are more than adequate? We have always heard that argument,
but oil prices continue to go up. You have heard that countries here have invested billions of dollars in the past. In one particular case, a large producing country has invested mammoth sums, but despite that we have not seen a substantial increase in output from that particular country. I believe that depletion may be one of the reasons.
On the supply side, one would see a lot of oil coming from Iraq, which could see downward pressure on prices? This supply should happen in three years time at the very earliest and my forecast is what happens between now and the next three years. Do not forget that oil consumption will also increase tremendously, by the time the Iraq oil output hits the market. Of course, Iraq has good reserves and the oil is also easy to extract. I believe Iraq is the best untapped potential as far as oil is concerned.
LOOKING AHEAD Bearish on emerging markets like Brazil, China and India, as they have turned expensive Within emerging markets the Gulf region shows potential Led by emerging markets we see better stock market valuations in the next three years Oil prices would be $100 by the end of the year Where do you see oil prices by the end of the year? I believe oil prices would be $100 by the end of the year.
At $100 the alternative energy picture also becomes attractive. Will that affect oil prices? Most certainly. The best argument for oil prices going down once again could also be that argument.
Do you believe that the present levels of oil are based more on fundamentals and less on speculation? Speculation is much lower than they were during the pre-crisis era. June 2010 69
BY MATEIN KHALID
Fallen angels in oil services shares The fall in crude oil, the politics of Washington restrictions on coastal offshore drilling and liabilities related to the Deepwater Horizon oil have devastated the shares of Transocean, the owner of BP’s oil rig in the Gulf of Mexico which blew up
The author is a renowned investment banker based in Dubai
O
il services and contract drilling companies are ubiquitous in the world’s oil provinces, including Oman and the GCC states. The fortunes of the oil service/drilling firms depend less on crude oil than on the capital spending budgets of the world’s largest private and state owned companies, colossi such as BP, Exxon Mobil, Shell, Chevron, Lukoil, Saudi Aramco, Pemex and PDO. However, oil services companies face the same geopolitical or environmental liabilities risk as the super major oil companies whose oilfields they service or for whom they operate their drilling fleets on contract. This was tragically demonstrated when the recent BP oil rig, owned by Transocean, blew up. The financial markets have turned bearish on oil service companies, whose shares fell 20 – 25 per cent in a month after the accident. Their fall was accelerated when oil prices fell by $15 on Greek debt woes and the surge in the dollar against the Euro. However, panic on
70
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Wall Street has created an opportunity in oil services firm Weatherford and contract driller Transocean, two classic fallen angels. IRAQ FACTOR The reconstruction of Iraq’s oil fields could well prove to be the most compelling macro theme in energy investing for the next decade. Iraq floats on an ocean of black gold, with the world’s third largest proven reserves and an oil infrastructure devastated by Saddam’s wars against Iran and Kuwait, UN sanctions, civil war, Desert Storm and the 2003 American invasion. Yet Iraq’s dismal oil production prospects (current production of 2.4 million barrels is way below 1980’s OPEC quotas) have changed dramatically in 2009. A new Petroleum Law has been accepted by the Baghdad government as well as the autonomous Kurdish regional authorities. The recent oil exploration concessions have been awarded to ten of the world’s leading oil and gas colossi. In essence, the Seven Sisters have won 20 year contracts
to pump Iraqi crude for the first time since Saddam nationalised the oil industry in the 1970’s. Iraq, in my opinion is the world’s greatest growth opportunity for Big Oil and the oil service firms, with six million barrels per day (MBD) in exports entirely possible in the next six years. Not even deepwater Brazil can match the sheer scale of Iraq’s estimated 110bn reserves. Iraq is the major reason I am bullish on the prospects of Weatherford (WFT), which has won oil services/drilling contracts in both BP’s Rumaila field as well as in Iraqi Kurdistan. While Schlumberger is obviously the world’s biggest, classiest oil service firm, it trades at a premium valuation of 20 times earnings and Iraq is a miniscule fraction of its global earnings. WFT is a far more compelling, focus play on the Iraqi oil services spending market, which could be worth $40–$50bn in five years. This figure could rise if Iraq oil reserves exceed 200 billion barrels, as prominent geologists and energy economists expect. WFT, far
PERISCOPE
TRANSOCEAN SHARES COULD FALL AS LOW AS $54–$58 BECAUSE HEADLINE RISK FROM WASHINGTON AND THE GULF OF MEXICO HAS CREATED A PERFECT STORM FOR THE COMPANY smaller than Schlumberger, Halliburton and Baker Hughes, will benefit most from the Iraqi oil bonanza. The market does not remotely rate Weatherford as a growth stock with a price/earnings growth ratio of only 0.75, half the valuation of Schlumberger. Nor am I entirely convinced that WFT can manage the huge capex required to exploit its Iraqi footprint. This means that Weatherford is a compelling takeover candidate for Halliburton or Baker Hughes, not that Schlumberger has bid and won Smith International (40 per cent premium) and France’s Geophysique WFT’s international portfolio in Russia, the Gulf, Iraq, West Africa and offshore Brazil should surely be attractive to Halliburton, which desperately needs to boost its non US business. Wall Street oil service analysts are not gushingly bullish about WFT. Fine. This means earnings upgrade and a potential takeover premium is not priced in the shares at $15. I can easily see WFT trade at $25 in the next year even if no takeover bid emerges for the
BP’S GULF OF MEXICO’S OIL RIG FALLOUT Oil service companies shares fell 20–25 per cent in a month after the accident The fall in share prices was accelerated when oil prices fell by $15 on Greek debt woes and the surge in the dollar against the Euro Shares of Transocean which owned the oil rig fell from $94 in April to the $65–68 Transocean shares could further fall to as low as $54–$58
NYSE best Iraqi oil services play, the Cinderella among contract drillers. COLLATERAL DAMAGE Transocean (RIG) owns the world’s largest oil and gas drilling fleet. It was the operator of the Deep Water Horizon offshore rig on behalf of BP that exploded, cost the lives of thirteen oil wells and created the worst oil spill in American history since the Exxon Valdez supertanker ran aground in Alaska two decades ago. This tragic accident has gutted Transocean shares, which fell from $94 in April
to the $65–68 range now. The fall in crude oil, the politics of Washington restrictions on coastal offshore drilling and liabilities related to the (insured) Deepwater Horizon oil have devastated the shares of Transocean. Transocean shares could fall as low as $54–$58 because headline risk from Washington and the Gulf of Mexico has created a perfect storm for the company. However, as always, I believe the financial markets have overreacted to the Deepwater Horizon disaster. BP is liable
for clean up costs, environmental costs and damages to the Louisiana shrimp fishermen, whose livelihoods are hit by the oil spill. RIG’s insurance is more than a one billion dollars, which should cover personal injury, the removal of the doomed rig, third party claims and legal costs. The world’s largest offshore drilling rig fleet now trades at a rock bottom valuation of six times earnings and four times forward enterprise value/EBITDA. This company could well deliver $8 in 2010 and $11–$12 in 2011. No other oil service company in the world can match the size of RIG’s deepwater drilling fleet and deepwater (even more than LNG) is the future of the global energy business, as the euphoria over Brazil and West Africa proves. The tragic accident will not end the contract drilling business any more than the Apollo 13/ Challenger disasters killed the American space programme. This means Tranocean (RIG) is a classic fallen angel in the oil service business. An entry point in the $54–58 range for a $100 target is optimal. June 2010 71
TOURISM
Can you give us details of Sabre Travel Network and the Sabre Global Distribution System? Sabre Travel Network, a Sabre Holdings® company, is the world’s leading provider of high performance travel solutions. Sabre combines its unique expertise and leading technology to help power the business performance of the travel industry, enabling thousands of corporate, leisure and online agencies, corporations, airlines, hotels and other travel suppliers around the world to make money, save money and provide better customer service. Sabre’s multi-channel merchandising and procurement solutions are backed by Sabre’s industry-leading customer service and socially responsible initiatives that support the communities in which we live and work. Sabre Travel Network connects travel buyers and sellers through the world’s largest travel marketplace, the Sabre® global distribution system (GDS). And, through advanced technological solutions and services that are uniquely ours, we bring travel to life for millions of people each year.
What kind of network of hotels, travel agencies, cruise liners etc does Sabre link across the globe? Sabre already provides almost 90,000 hotels in the GDS and this is set to rise rapidly as more hoteliers come onboard. This is in addition to the car and cruise suppliers already available in the GDS. We link more than 55,000 travel agency locations with more than 400 airlines, 88,000 hotels, 24 car rental brands, 13 cruise lines – every type of travel supplier under the sun – enabling them to create unforgettable experiences for travellers and fuel our industry. The Sabre GDS is very powerful. We process over one million transactions per minute, during peak times. Our GDS is the world’s best at finding the lowest fares, saving on average, 10 per cent globally.
In what ways is Sabre Travel Network more efficient or better than its competitors? Each year, Sabre invests significantly in R&D to develop innovative new products that help agencies and travel suppliers (airlines, hoteliers etc) make money, 72
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MILLION A MINUTE Daniel Naoumovitch, CEO, Sabre Travel Network Middle East expects the Middle East airline industry’s recovery to be slower than other parts of the world
THE SABRE NETWORK NUMBERS OF NOTE
55,000 400
Travel agencies
Airlines
88,000
Hotels
24
Car rental brands
13
Cruise lines
save money and provide better customer service. The introduction of new airline ancillary services is a rapidly growing trend, and today, Sabre is the only GDS to support these airline bundling and unbundling activities in the GDS, providing agencies the ability to shop and
book new airline ancillary services like pay-for-seats (United Airlines, WestJet etc), and Branded Fares for Qantas. Sabre is also the first GDS to announce Attribute-Based-Shopping, a new tool allowing agencies to compare shop by
their trip. Another big trend is the use of social networking in travel. Sabre is the only GDS to offer a social networking site called AgentStream, specifically for agencies to connect with each other, share tips, advice and information. AgentStream is currently available in the US and UK, and is being launched in other countries soon.
The year 2009 was a difficult year for the travel and tourism industry worldwide. Has this impacted the financial performance of Sabre? Sabre is a well established brand and is the most popular choice of GDS, with more than 40 per cent of the world’s global air booking share. Sabre makes significant investments in R&D, and is continually pushing the envelope with new and innovative solutions that help all its customers make money, save money and provide better customer service. The company’s focus continues to be on helping its customers leverage its technology for cost savings and future growth through the current economic environment. We are starting to see some strength in the market however recovery in the Middle East is slower than other parts of the world. We expect to see airlines and agencies continuing to seek cost savings while also looking for opportunities to differentiate and grow. There might be more consolidation within the industry, and airlines will continue to explore, experiment and launch new ancillary services to boost revenues and differentiate their product offering.
What kind of a footprint does Sabre have in the Middle East and do you have plans of enhancing your network in the region in 2010?
‘airline attribute’ (e.g. baggage fees and seat selection), giving the traveller a total price for their fare. The use of mobile in travel is also a rising trend. Sabre offers a range of mobile solutions including VirtuallyThere
Mobile, giving travellers access to their itinerary on their mobile, and TripCase, a mobile application available on the Apple iPhone, Blackberry and Windows Mobile devices, which provides travellers with itinerary details, updates and notifications throughout the journey of
We are the oldest GDS in the world. Sabre was formed to cater to the needs of the airlines. By listening to our customers, we cater and customise our global solutions to their local needs. This is where we make out mark. With a regional headquarters in Bahrain and offices in Oman, Qatar, Kuwait, Egypt, Saudi Arabia, Lebanon, Syria, UAE and Yemen, we are very much local but bringing in international and global expertise. June 2010 73
ENVIRONMENT
ALL EYES ON FIRST OMAN GREEN AWARDS
OGA will honour, appreciate and promote voluntary efforts and achievements by individuals and organisations
T
he first Oman Green Awards (OGA) awards function is being held on World Environment Day to celebrate the achievements of organisations and individuals. OGA will give green groups a platform to create awareness, bring about concerted action through exchange of ideas, and propel others to come forth and participate in this social cause. As the country’s first Environmental Awards, OGA has been created to awaken the eco-consciousness in every citizen and resident. The ultimate aim is to motivate behavioural change and increase awareness in relation to the protection and preservation of our environment.
from companies and individuals for the OGA, it obviously means they understand the role of businesses, institutions and individuals in environmental protection and preservation through responsible and sustainable consumption of natural resources. And the adoption of environmentally sound technologies, policies and practices is a must to protect the natural resource that we call our earth. The list of companies and organisations that are championing Oman’s green cause are listed on the OGA website www. oeronline.com/greenawards. Meanwhile, OGA’s Green Oman Partners include
Bahwan Engineering Company-Carrier; Voltamp; Oman Oil Marketing Company; V-KOOL Oman; Shangri-La’s Barr Al Jissah Resort & Spa; MB Petroleum; Panasonic Ideas for Life. Oman Green Awards is being supported by the Ministry of Environment and Climate Affairs, the Ministry of Health (Department of Environmental and Occupational Health), Muscat Municipality and the Environment Society of Oman. Oman Green Awards esteemed panel of judges include Ali Al Kiyumi, Director General for Nature Conservation from
OMAN GREEN AWARDS CATEGORIES
A large number of entries have been received, both from companies and individuals, in all the eight categories and the results will be announced at a grand function being held at Shangri-La’s Barr Al Jissah Resort & Spa on June 5.
The Green Innovation Award - The most original idea for environmental protection
Speaking about the steady stream of entries, Ms Alpana Roy, executive vice president, United Media Services (UMS), said, “As a media house, UMS has a strength to get the ‘green message’ out and we feel it’s our responsibility to make sure it’s the right message. Therefore, as part of our corporate social responsibility, we are delighted to be driving this national platform to popularise the initiatives of companies and achievements of individuals in Oman.”
The Green Champion - Any person/individual who has contributed to the ‘green’ cause
Going by the number of entries received 74
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Green Campaigner of the Year - The best public awareness campaign across all mediums The Green Habitat Award - For the most eco-friendly and healthy workplace
Green Research Award - Best research in the field of environment conservation Green Landscape Award - Most eco-friendly landscape in terms of utility Green Footprint Award - For companies who have initiated measures and taken steps to effectively reduce or offset their carbon footprint Green Guardian Award - For the organization that strongly espouses the values of environmental protection, preservation and conservation through ecofriendly practices at the workplace and in the community as a whole
Ministry of Environment and Climate Affairs; Dr. Reginald Victor – Dean of Research, Sultan Qaboos University; Dr. Salim Al Wahaibi – Director of the Environmental and Occupational Health Department, Ministry of Health; Mayank Singh, Group Editor, Oman Economic Review and Environment Society of Oman The Support Partners are Majan Electricity, Oman Printers and Stationers, Times of Oman, Al Shabiba; Business International Group (BIG); Proscape Al Ansari; and Oil & Gas Review. Speaking about their association with OGA, R Prabhakaran, general manager, Oman Printers and Stationers, says that as a responsible “corporate entity” and with the inherent belief that the environment needs to be preserved, it is an imperative responsibility of every institution to participate in some way or the other in the first National Environment Awards in the Sultanate. An initiative like OGA will raise environment awareness in the Sultanate as it is a big leap in a
mammoth social responsibility and this is sure to spread the message and every individual will feel the need to be a part of this initiative.
OGA will raise environment awareness in the Sultanate.”
According to Ahmed bin Said Khamis Al Mazrouy, general manager for Majan Electricity Company (MJEC), going green is a call for survival of all living beings on earth and his company is part of the earth’s ecological system. Mazrouy says the mission statement of MJEC is to deliver a safe, reliable and economical electrical supply to its customers.
Meanwhile, Hemant Pajankar, general manager of Business International Group (BIG) mentions that by partnering with OGA, his company wants to show that it cares for the protection of Oman’s environment. “We encourage more companies to join in the efforts being made by the UMS group for the ‘green’ cause which is in line with His Majesty The Sultan’s vision for Oman,” Pajankar says.
Furthermore, MJEC has the obligation to improve customer awareness in conserving electricity use, and minimise system energy loss, thereby reduce gas emission from fossil fuels, Mazrouy added. Continuing further, Mazrouy says, “Our decision to partner Oman Green Awards stems from the fact that it is the first national environment awards in the Sultanate and we want to show our commitment and contribution towards Oman and the world in saving earth and we strongly believe and think that the initiative like
Landscaping company Proscape Al Ansari is in the forefront of environmental activities with its basic activity being landscaping. Says Paul Thomas, manager Operations, “We are instrumental in nurturing a love for plants, which is the vital instrument in reducing the carbon dioxide in the atmosphere. And since OGA is the first national initiative for raising awareness about the need to preserve the environment for the future generations, we feel proud to be associated with OGA.”
ENVIRONMENT
DUTY TOWARDS SOCIETY Bahwan Engineering Company – Carrier has made environmental stewardship a core part of its business strategy, says S K Virmani, Managing Director, Bahwan Engineering Group. Excerpts of an interview
T
he whole world is talking about going green to save the environment. How important is ‘going green’ for BEC?
‘Going green’ is not a choice – it is a duty towards society at large – it is about life on the planet! For us, sustainability or ‘going green’ is not a buzzword. It is a comprehensive framework whose three pillars – the environment, the economy and society – are fully embedded into our daily activities. Sustainability guides our policy-making, our operational decisions, the way we source our materials, and how we execute the projects. We are making the transition from easy-to-implement green initiatives such as replacing light bulbs, launching recycling programmes or choosing more energy efficient technology to becoming a green company by making environmental stewardship a core part of our business strategy. This is done with the help of active commitment from company leaders and a willingness to change the way we do business and look at all projects and decisions with an eye towards the environment.
How is BEC contributing to the cause of environment? As an engineering construction company, 76
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we take pride in involving ourselves in the nation-building projects, which are environment friendly and promote sustainability. We feel that we are participating in the efforts made by our clients like PDO, Oman LNG, Qalhat LNG and Ministry of Health – Hospitals towards sustainability and environment when we partner with them in their various projects. Besides this, since the last three decades, BEC supplies and maintains products, which are environment friendly and consciously reduce carbon footprint. Carrier developed the 30XA series air cooled screw chillers operating on environmentally sound refrigerant R134a in the year 2005, which helps in reducing the power consumption, and hence lowers the carbon footprint of buildings where
these are installed. BEC also promote Cummins Engines, which was the first to certify to US EPA’s 2010 emissions standards, a full three years ahead of schedule. Everything that Cummins does leads to a cleaner, healthier and safer environment. Otis, the world’s largest selling elevators and escalators sold by BEC, not only make energy-saving products like Gen2 elevators, but also manufacture them in a way that is kinder to the environment.
What made you partner the Oman Green Awards? To visibly demonstrate that ‘we care’. We care for the environment we live in and want to fully pass on a better planet to our future generation.
Do you think Oman Green Awards will raise environment awareness in the Sultanate? It has and of course, it will! The number of participants registered speaks for itself. We wish that what is started as ‘Oman Green Awards’ should become a nationwide movement and every common man in Oman should become a partner of this movement which has always been a priority of His Majesty’s Government.
ENVIRONMENT
THE POWER TO TRANSFORM Alok Bhargava, CEO, Voltamp shares his views on the need for energy efficient solutions and the company’s efforts in this direction
T
he whole world is talking about going green to save the environment. How important is ‘going green’ for your company?
‘Going green’ means being environmentally prudent. It is very important to use energy resources more wisely and efficiently. We would like to do our bit to support the cause in every possible way and support the green cause.
How is your company contributing to the cause of environment? Transformers are needed to transport electricity economically to our homes and workplaces. They are designed to raise or lower (i.e., transform) voltage to meet specific electrical needs. Copper-intensive energy efficient transformers can be a very smart decision for conserving precious energy resources and for reducing industrial operating costs and losses in the distribution networks of electric utilities. This is why, in many parts of the world, government regulators are actively promoting energy efficient transformers and industry is discovering the financial benefits of owning them. When ‘standard’ transformers are used, a lot of energy is wasted in the form of 78
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heat. Energy efficient transformers substantially reduce the amount of this wasted energy. Energy efficient transformers rely on high conductivity copper windings. As a general rule, the electrical energy efficiency rating of a transformer increases as the amount of copper is increased. This means that copper, and more of it, enables transformers to run cooler with higher overload capacities – and therefore to run more efficiently. Also, coolerrunning energy efficient transformers are expected to have a longer service life. We’ve partnered with the International Copper Association to help you find more ways to save energy and reduce the carbon footprint in the World. Voltamp is in the process of optimising their designs further and is working with utility companies for improving the technical specifications for more energy efficient transformers.
What made you partner the Oman Green Awards, the first National Environment Awards in the Sultanate? Voltamp is a talent centric company and
a prominent brand name in the field of electricals in the Sultanate of Oman and as a company we impact the environment largely. Also we are largely dependent on natural resource for its raw materials – Copper, CRGO and Oil. Voltamp Energy is committed to reducing the carbon footprint in Oman. And that’s the reason why we are supporting Oman Green Awards.
Do you think that the initiative like Oman Green Awards will raise environment awareness in the Sultanate? The three critical issues facing the world today are: Energy Shortages Climate Change Concerns to sustain economic development And these issues could compromise our standard of living for all. And awards do attract attention from the public at large. Last year we had sponsored the Energy Efficiency Award at the Middle East Power and Water Awards in Abu Dhabi.
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PDP-2529
y 7” Screen (16:9) y MPEG4, MP3 y USB 2.0, SD / MMC y Inbuilt TV Tuner
MOHSIN HAIDER DARWISH LLC – Electrical & Electronics Division PO Box 880, PC 112, Ruwi, Sultanate of Oman. Tel: 24732401/24732413, Fax: 24798662, email: eep@mhd.co.om, Website: www.mhdoman.com
ENVIRONMENT
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he whole world is talking about going green to save the environment. How important is ‘going green’ for your company?
V-KOOL products have been recognised globally as leaders in providing daylight harvesting and energy efficient solutions through advanced thin film coatings for architectural and automotive glass. Todate, 18 million car owners in close to 30 countries are enjoying the benefits of up to 94 per cent heat rejection and reducing 2.38 million tonnes of CO2 emission with V-KOOL. Going green for our company will initially help to raise the awareness and get the attention of people about climate change and global warming, which is caused by the increase of CO2 level in the atmosphere. Moreover, going green will help us to improve our business because people have to think about the environment when they purchase any product. Their needs should focus on how they can reduce air pollution and save energy.
How is your company contributing to the cause of environment? The advanced smart coating of V-KOOL can make the one-inch thick glass to possess the same isolative capability of a six-inch thick wall. This attribute helps in reducing the amount of power required to cool a car or house – thus reducing carbon emissions significantly. By selectively rejecting solar heat and reducing air conditioning loads, V-KOOL improves the fuel efficiency of a typical car by three per cent. This can be translated to a 132 kg reduction in carbon emissions every year. More than 18 million cars worldwide are incorporated with V-KOOL technology, and we are proud to be accountable for reducing 238 million tonnes of CO2 annually and 198 million trees are absorbing this quantity of carbon dioxide during one whole year. The US Environmental Protection Agency (EPA) has awarded V-KOOL with the prestigious Energy Star Buildings Ally. This highly exclusive marquee is awarded to technologies that make a significant contribution in reducing energy consumption at a global level and thereby reducing air pollution and emissions. V-KOOL has since helped numerous corporations and buildings around the 80
June 2010
REDUCING CARBON FOOTPRINT Alaa M Jarrar, General Manager, V-Kool shares his views on the importance of preserving the environment and Oman Green Awards with OER
world in being more energy efficient. V-KOOL technology has been voted as one of the Top 100 Inventions of the Millennium by Popular Science Magazine.
What made your partner the Oman Green Awards, the first National Environment Awards in the Sultanate? We have seen many initiatives and campaigns to raise the awareness for the environment care, but in my opinion Oman Green Awards will be the strongest campaign till now which will have a very positive impact at the national level towards
directing people’s attention for environment protection and energy savings.
Do you think that the initiative like Oman Green Awards will raise environment awareness in the Sultanate? I am sure that if everyone thinks the same way as the organisers of Oman Green Awards, then the awareness about the solutions for reducing the danger of environment pollution will spread very fast. And I hope it will be the responsibility of every person to think of earth whenever we take any step in life.
ENVIRONMENT Raising green awareness is like raising your children – it is a continuous process says Mohammed Al Kharusi, Director HR & IT, MB Holding Company while talking about Oman Green Awards
GREENING OMAN MAKES COMMON SENSE
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he whole world is talking about going green to save the environment. How important is ‘going green’ for your company?
“Going Green” is important for our MB Holding Group of companies – MB Petroleum Services, Petrogas, United Engineering Services and Mawarid Mining. Care for the environment translates into good health for our staff and stakeholders, long-term sustainability for mother earth and ultimately makes good business sense. Oman is mainly an arid country and as such conservation of water, which is the main source of greening Oman, will be essential if we are to succeed and survive the next centuries given the growth in population and industrialisation. We have to be part of the society, which raises awareness to protect our environment and livelihood. It is our corporate and social responsibility to do so.
How is your company contributing to the cause of environment? We contribute by raising our staff’s awareness for the need to protect, preserve and nurture the environment. We conduct environmental impact assessments in all 82
June 2010
authority and desire to make our projects, which might Oman Green and ultimately have an impact on the envia healthy work place for its ronment whether it is liners people. It is also a way of for the pit dams in mining contributing to the global or in our oil operations or in village by influencing the waste disposal. Our slogans greening of Oman thus under the “We care” promoreducing carbon emissions tion in our communications and conservation of our for corporate Social Responnatural resources. sibility are – ‘We care for our human assets’, ‘We care for MB HOLDING COMPANY LLC our society’, ‘We care for the Do you think that Oman Green Green cause’ and ‘We care for our peoAwards will raise environment awareness? ple’. Our risk management processes also Yes. It is a first initiative and as such it help us minimise risks in what we do and will be a pioneer but I believe we have a increase sustainability. good chance of raising awareness. We will need to learn from the response of the organisations and its people. It is a good What made your partner the Oman start and we know that change does not Green Awards? happen overnight. It will need continuous We have partnered with the Oman communication, engagement and feedGreen awards because of its originality back to really make a difference. If we can and conviction that we need to change convert organisations then they will be organisations’ and people’s behaviours able to raise awareness of its staff, famitowards the environment. This is coupled lies of such staff and friends of families with the partnership it has in relevant thus spreading the message that Greening government ministries, the municipality Oman makes common sense and is pleasand the Environment Society of Oman, ant to the eyes and that protection of our which have individuals who know what environment is a must and not a wish. they are talking about and have the
ENVIRONMENT
COMMITMENT TO THE NATION
Oman Green Awards is an excellent platform to raise green awareness among the public, says Omar Qatan, CEO of Oman Oil Marketing Company. Excerpts of an interview
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he whole world is talking about going green to save the environment. How important is ‘going green’ for your company? As a fuel marketing company, ‘going green’ and supporting initiatives that promote saving the environment is very important for us. As an Omani company, we truly feel it is a part of our community and our people, and it is our core value and commitment to the nation. By taking steps and doing the best we can to protect the environment we feel that we are building a better place and setting the stage for the future generations.
How is Oman Oil contributing to the cause of environment? Over the years, our company has initiated various measures in an effort to do our best to protect the environment. All our company road tankers are made of aluminium rather than steel. While it is more expensive, aluminium road tankers are friendlier to the environment as they minimise carbon emissions and use less 84
fuel. We also use a recycling system at all our car wash facilities. We have recently also improved construction specifications for our forecourt flooring to include concrete hard stands around the pump islands at our retail sites. For more than 10 years, we have been considered as leaders in implementing non-metallic double skin pipes and double skin retail underground tanks with leak detection system in all our filling stations. This is a preventive measure against pollution. Additionally our company actively participates in air quality monitoring at the Mina Al Fahal Area along with all players in the area in collaboration with MECA. Promoting an environmentally friendly culture within our head office has also taken centre-stage. Recently, we installed recycling boxes in all our offices and we also began distributing our quarterly newsletter electronically to reduce usage of paper. OOMCO has an HSSE division headed by a senior manager who sets HSSE stand-
ards and procedures and overlooks the company’s adherence to this.
What made your partner the Oman Green Awards, the first National Environment Awards in the Sultanate? We are happy to collaborate with such initiatives especially given that Oman Green Awards is the first of its kind in the country. Thus, hand in hand with OOMCO’s policies and procedures that gives commitment and objectives, we have always believed in the education and the development of the public. This is an excellent platform to kick off such an important education to the public and we are proud to be a part of it.
Do you think that and initiative like Oman Green Awards will raise environment awareness in the Sultanate? Definitely! I believe that with such strong collaborations from the Ministry of Environment, Environment Society of Oman and United Media Services the campaign will do a great job. Also given that the campaign runs for a period of one year there is ample time to communicate messages to the public.
June 2010
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ENVIRONMENT
LEADER IN GREEN INNOVATION As Panasonic – Ideas for Life is the ‘Green Oman Partner for OGA, officials of OMASCO – George Alexander, Divisional Manager, Consumer Electronics; and Michael Hansen, Managing Director speak about their association with this unique event
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he whole world is talking about going green to save the environment. How important is ‘going green’ for your company?
For Panasonic, this has become the soul mantra. Panasonic has already declared that it wants to be the No. 1 green innovation company in the electronics industry and all innovations in the business activities are based on environment. The dream is to create every house with zero carbon dioxide emissions. Panasonic, as part of its corporate culture promotes all business based on the environment only. In fact in a research done in GCC countries, 80 per cent of the people were eco-conscious and 56 per cent of them rated Panasonic as the No. 1 company which contributes to Green movement and to environment.
How is Panasonic contributing to the cause of environment? Panasonic had started environmentfriendly products many years back. All its products have been developed keeping the environment as the major consideration. The television manufacturing does not contain any lead or phosphorus and uses very little energy during operation; the air conditioners are designed to save energy; the washing machines are designed to save water; the LED lighting has practically no emissions, the list is endless. Panasonic has developed the concept, which is called as ‘Link for Greener Living’ based on the three parameters of create, store and save. The management slogan for Panasonic is “Unite Our Efforts – Drive Eco Innovation”. Omasco is setting up a interactive display at its flagship store in Qurum and 86
June 2010
customers can get a great insight into the entire Green Movement as well as create a thirst for eco-knowledge through an interactive panel which will be fun learning.
What made your partner the Oman Green Awards, the first National Environment Awards in the Sultanate? Panasonic is synonymous with green innovations across the globe and has been involved in various green activities in many countries. As the local partner of Panasonic, Omasco want to contribute to a green Oman through Panasonic products and its new green innovations. OGA would provide the platform for the citizens of Oman to become aware of the need to become soldiers in the green
movement which is sweeping across the globe and Omasco, through Panasonic would like to contribute to a better tomorrow for the next generation through the green environment movement of today.
Do you think that the initiative like Oman Green Awards will raise environment awareness in the Sultanate? All countries needs to start somewhere for the green movement to catch the imagination and make people aware of the need to become environment conscious. OGA would not only strive to start this, but also recognise the individuals and companies who with their activities have been doing their bit towards the Green movement.
Serving the nation since last 11 years
Al –GHALBI International Engineering & Contracting LLC company established in Sultanate of Oman, in Feb 28,1999. It is an engineering, contracting and an ISO 9001:2008 certiÀed and a limited liability company, providing services for many oil Àeld companies of Oman and also for the Ministries. Our main business activities involve the scope of work of Pipeline Construction & Maintenance, Mechanical, Engineering, Electrical & Instrumentation, Civil, Structural, Provision of Contracting services for project Management, Procurement, Commissioning and Installation Activities associated with Oil, Gas and power Sectors.
Our Business Principles ¾ Providing the highest quality services ¾ Engaging cost effective working methods ¾ Employing the best technical expertise ¾ Completion of projects in stipulated time ¾ Constant upgrading technical resources ¾ Effective implementation of ISO 9001:2008 QMS ¾ Maintaining of excellent HSE Standards
ENVIRONMENT
HAVEN OF ENVIRONMENTAL ACTIVITY Three initiatives distinguish the green activities of Shangri-La’s Barr Al Jissah Resort and Spa namely, sustainability, embrace and sanctuary, says Kate Jones, Director of Communications in this interview
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he whole world is talking about going green to save the environment. How important is ‘going green’ for your company?
As a group, Shangri-La Hotels and Resorts is encouraging all its hotels to implement green activities within the scope of their CSR programmes. In particular, the group has established three initiatives that all hotels must subscribe to – sustainability, embrace and sanctuary.
How is Shangri-La’s Barr Al Jissah Resort and Spa contributing to the cause of environment? Following on from the above answer, ‘Sustainability’ relates to the hotel becoming ISO 14001 certified – the first hotel in Oman and we have laid the foundation to ensure that Barr Al Jissah can continue to operate without having an adverse affect on the local environment. 88
June 2010
Our Turtle Care Project relates to ‘Sanctuary’ – although turtles have been visiting these beaches for tens of thousands of years, we must provide a sanctuary for them to ensure their long-term survival as a species. By championing these initiatives, we are able to spread the green message to the local people – we can ‘Embrace’ all others that come into contact with the hotel - of course employees and their families, but also suppliers and stakeholders.
What made your partner the Oman Green Awards, the first National Environment Awards in the Sultanate? Green initiatives have been part of the hotel’s activities since the opening in 2006
and we are delighted to be given the opportunity to share our experiences with the rest of Oman. We can also learn from other organisations with more experience in Oman than ourselves.
Do you think that the initiative like Oman Green Awards will raise environment awareness in the Sultanate? Certainly. The general public will be able to learn more about green initiatives taking place in Oman. However, in order for them to make their own contribution to the environment, we must find a way to relate it to their own personal lives. We must ensure that amongst the initiatives being showcased, there are those that are relevant to the general public and our daily lifestyles.
ADVOCATES OF THE GREEN CAUSE As the leading media house in the country, Muscat Press and Publishing House has contributed its mite to protect Oman’s environment in a big way and partnering OGA is part of this commitment, says its CEO Ahmed Essa Al Zadjali
The whole world is talking about going green to save the environment. How important is ‘going green’ for your company? The Muscat Printing and Publishing House (MPPH) has always been in tune with the times. And, protection of environment is the need of the hour. We have been advocating the need for protection of environment through our publications. Given the reach and penetration of our media in the society, we have been able to bring like-minded people together and inspire them about protecting the environment.
How is your company contributing to the cause of environment? Being the leading media house in the country, MPPH has shouldered the responsibility of protecting the environment in a big way. In our office, we have been relentlessly making efforts to prevent wastage of paper by finding ways and means of reducing its use even for our routine work. Out efforts in cutting down on the use of ink has been our contribution to protect the environment. We have been emphasising on cutting down chemicals’ use in the form of ink.
Environment Awards in the Sultanate?
Printouts are the most ‘abused’ form of wastage in newspaper office, but on this front, we have been cautious, and have been working out various ways and means to promote the use of computers in our day-to-day office work. For instance; sub editors, and the reporters have been told not print pages unless and until it is necessary to do so, instead, they have been asked to learn methods that would discourage taking printouts and resorting to use of computers.
As an emerging country on every front, I see that Oman can play a vital role in the protection of environment at an international-level. The example of which was seen at Copenhagen Climate Summit, wherein, Oman had sent its representatives to show its concern for environment protection. Our commitment and resolve to do our bit in the field has been the driving force for us to partner OGA.
What made you partner the Oman Green Awards (OGA), the first National
Do you think that the initiative like OGA will
raise environment awareness in the Sultanate? As a journalist it is my firm resolve that media plays a vital role in creating awareness about environment, and the initiative of OGA is one of these endeavours, which would go a long way in creating awareness among the masses about the significance of environment. The effort on part of OGA of roping in people from different parts of life is commendable. OGA I feel would be an ideal platform recognising the contribution of the people of Oman for protecting the environment. June 2010 89
TECHNOLOGY
GIVING AN ACCURATE PICTURE While there is no scientific evidence about the adverse affects of mobile phones
on health, public concerns persist. To dispel such notions it is imperative for the media, mobile companies, government and regulators to work in tandem
T
cancers.” This premise is embellished by other sources like the Stewart report like the UK 2000, “…on the basis of the evidence currently available, there is no need for the general population to be worried about the use of mobile phones.” Health Canada 2003 states, “the weight of evidence from animal, cell culture and human studies does not indicate that the energy emitted by cell phones is strong enough to cause serious health effects.”
he question of whether the media gives an accurate picture of health issues associated with mobile phones belongs within a wider area of research in the social sciences: media reporting of scientific issues. Public opinion on mobiles phones and health is greatly influenced by what they read, hear and see in the media and an important parallel here is the reporting of scientific research on global warming. To put it succinctly, almost all scientists think global warming is happening, yet the public think this is an area in which expert opinion is evenly divided. The UN Intergovernmental Panel on Climate Change’s fourth report in 2007 made its strongest ever recommendation stating that global temperatures are rising and there is a 90 per cent or more possibility of this being caused by human activity. So scientists agree there is a crying need for more action to reduce emissions. And no national or international scientific body has a dissenting opinion on the topic. 32 national science academies back the UN view and have called for reduction in greenhouse gases. On the other hand, there are a tiny number of individual scientists who question the prevailing view. To see how well the public understands scientific opinion on global warming the World Bank in 2009 took a poll of 13,000 people in 15 nations. While 99 per cent of the scientists think that the “problem is urgent and enough is known for action”, the general public has a very different impression. The survey showed that only in countries like Bangladesh and
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By Martin Sims Managing Editor, PolicyTracker Vietnam does the public have anything approaching the correct understanding. Across the 15 countries on average only 51 per cent of the public have a correct picture of scientific opinion, and 39 per cent think this is an area in which expert opinion is evenly divided or not enough is known to justify action being taken.
Mobile phones and health So what do the scientists say about the impact of mobile phones on health? According to the World Health Organisations’ (WHO) Factsheet 2000, “Current scientific evidence indicates that exposure to RF fields, such as those emitted by mobile phones and their base stations, is unlikely to induce or promote
The public perception is far removed from such a standpoint. In 2007 Eurobarometer carried out a survey which involved face-to-face interviews with approximately 30,000 EU citizens at their homes. The survey found that concerns about mobile phones and health had increased since 2002. The results showed considerable cultural variations. For example people in Italy, Greece and Cyprus were most concerned while in Sweden, Finland and Denmark they were least concerned. Remarkably, there was little variation within the survey in the responses of people due to their level of education or between the sexes. Close to 76 per cent thought that mobile phone masts affected their health “to a big extent” or “to some extent”, while 63 per cent thought the same about mobile phone handsets. Overall, around 48 per cent of the public was fairly concerned about the implications of mobile phone handsets, while 49 per cent were not very concerned or not concerned at all. The depth of the misunderstanding is shown by comparing public opinion on global warming - an issue backed by confirmed scientific research and views on mobile phone related
health risks, where there is no confirmed research. In the UK, around 52 per cent of the respondents were concerned or very concerned about mobile handsets, while 65 per cent were concerned or very concerned about climate change. The perceived risk has made this a common reason for the public to complain to their elected representatives. In 2005 UK MPs like Ian Gibson stated that constituents raised concerns about health risks from mobile phones and masts ‘incessantly.’ The constituents of Andrew Mitchell MP Praised concerns ‘extensively.’ Andrew Stunell MP went on record saying, “In the last four years, I’ve probably had seven or eight communities send me petitions about mobile phone technology.”
Scientific method In popular perception scientists are seen as finding ‘the answer’ or things that can be, ‘scientifically proven.’ In fact scientists try to disprove the currently accepted orthodoxy. Hypotheses are not ‘true’: they have merely resisted falsification, while scientists who believe a theory will often try their best to disprove a hypotheses. When a theory is disproved a new scientific paradigm begins, which researchers then test until its flaws are exposed. Accepted theories rarely explain every conceivable circumstance: science is far less certain than the public imagine. The internet has changed the traditional relationship between science and the media as it has empowered the public to find things out for themselves. Self-diagnosis is a new frontier for medicine but whether this is a blessing or a curse remains unanswered. The internet also empowers small groups to communicate with each other and it is a boost for special interest lobbying. Much of internet content though lacks the discipline of the traditional media like balance and a separation of fact and comment. The growing importance of search engines further clouds the picture – the best researched and most balanced views doesn’t necessarily get the most google hits! The power of the internet does as much to spread false rumours as it does to empower the public. Remember the video showing that you could use your mobile phone to make popcorn? Nonsense, but it
SCIENTIFIC CONSENSUS ON GLOBAL WARMING Is it your impression that among scientists: Most think problem is urgent and enough is known for action Views are pretty evenly divided Most think problem is not urgent, not enough known for action Blank space at end of bars represents Don’t Know /Refused US
38
Japan
43 43
44
France Russia
53 23
39 52
Iran
17
China
19
8
57
27
50
28
35 43
11
Vietnam
16 14
69
Senegal
14
62 5
Bangladesh 61
Average
51
8
13
70
Kenya
8
18
33
India
11
15
60
Egypt
9
34
48
Turkey
13
37
27
Mexico
Indonesia
17
14
9
13 24
23 15
Source: World Bank (2009) Public attitudes towards climate change
has become an urban myth. It was in fact a viral marketing scam by Cardo, a company making Bluetooth headsets for motorbikes and it got nine million views in 180 days. As these rumours have the power to adversely affect public perceptions, it is important for various constituents to play their respective roles responsibly. The media needs to give an independent critical assessment and an accurate
picture of scientific research and alert the public about possible health risks. They must resist the temptation to exaggerate and recognise that one experiment or an individual experience does not add up to a confirmed hypothesis. The government should protect the public, have a legal framework based on scientific knowledge and stimulate economic development. Regulators on their part need to ensure compliance with regulations, stimulate competition, improve services to public June 2010 91
TECHNOLOGY and stimulate economic development. It is tempting for journalists to demonise the commercial sector: in fact there are profound social benefits from improving the communications infrastructure and many members of the public, either personally or through their pension funds are shareholders in mobile companies. Scientists on their part need to add to knowledge and public safety cannot be guaranteed without their independent assessment of possible risks. In fact, the public feel poorly informed and want to know more, preferably on TV, according to a recent Eurobarometer study. What can public bodies do to address this lacunae? I would argue that regulators and governments have the resources to influence the debate, they can promote public protection while emphasising that their risk assessment is based on the latest scientific research. They should try to become the public’s No.1 trusted source by promoting a balanced view and challenge inaccurate and balanaced media reporting. They should also make reliable and easy to understand information available in print and online.
Consultation wins friends Operators need to realise that applications used to erect base stations are a key moment to win consumer confidence. In the UK opposition to base stations is often driven by poor public consultation, mobile companies are often perceived as arrogant – assuming that no-one will object to the mast. Many people believe that masts are a health risk: so they think it is arrogant if operators try to install one without trying to persuade them that it is safe. Failure to persuade feeds into public distrust of governments and big business while openness counteracts claims of conspiracy. Operators wanting to put up base stations need to put resources into convincing the public by attending or convening public meetings, carrying out leaflet campaigns and PR campaigns. The government and regulators need to produce information packs for the public about base stations. There should be media guidelines on such matters. New research must be reported but journalists should make clear where this research stands in relation to majority scientific opinion, 92
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WHAT GOALS DO WE NEED TO BALANCE?
The media
• Independent critical assessment • Accurate picture of scientific research • Alert public to possible health risks
Commercial sector
• Make money for shareholders • Improve communications infrastructure
Government
• Protect public • Legal framework based on scientific knowledge • Stimulate economic development
Regulators
• • • •
Scientists
• Add to knowledge • Independent assessment of possible risks
whether it is unpublished or published (and therefore peer reviewed) and how much credence it is likely to be given within the scientific community. Research saying there is no health risk should be given similar prominence to that which suggested there was a danger. The language used by the media should also be well thought out. Lines like “A new study proves…” does not make a claim incontrovertible? Single studies are rarely conclusive. It is better to say that the study ‘indicates’ or ‘suggests’ rather than implying it is conclusive. It is important to give journalists better training on science issues as most journalists are arts graduates. Science is not the same as risk assessment. Risk assessment is usually done by governments on which they are advised by national and international scientific bodies. It’s not just a question of what the media say… it’s a question of what the public understands. People don’t understand the science in detail, they “are aware of the main themes or frameworks of media coverage” and use these as “building blocks” to make sense of an issue, according to a recent academic study in this area.*
Ensure compliance with regulations Stimulate competition Improve services to public Stimulate economic development
Developing this idea, what framework have people taken from media coverage of mobiles and health? I would argue that for many members of the public it is the following: there is a scientific debate about whether mobiles harm health, therefore there is good reason to doubt claims that there is no health risk. It is therefore important to provide the public with another framework and this can come from friends, family or education. For example the study of mobile phones and health can be part of the health or science agenda in schools and colleges. Regulators or government representatives can talk to parents’ organisations, clubs, societies, workplace organisations and trade associations about the issue. Combined with a communications strategy by governments and regulators, all these measures will go a long way in helping the public form balanced assessments of mobile phone health issues based on confirmed scientific research. *Hargreaves, Lewis and Spears (2003) Towards a better map: science, the public and the media.
June 2010 93
FRANCHISING
BREWING SUCCESS
Second Cup International is all set to strengthen its presence in Middle East and expand to other parts of the world. Hari Kumar reports
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econd Cup International, Canada’s largest coffee café franchisor and a fast growing international brand is planning an ambitious expansion in Oman and other countries of the Middle East. It also has plans to strengthen its presence across Europe. Steven Tsambalieros, president of Second Cup International says, the company wants to triple its presence in Oman in the next few years. “The Second Cup has a presence in Oman since 2004 and we are doing good business in the Sultanate,” he said.
In expansion mode “We have got a very strong presence in the Middle East and we have franchisees in all the GCC countries. We want to further strengthen it. We are opening in Cyprus shortly and our plan to open in Morocco is also progressing. We plan to cover the Middle East fully in the coming years,” he added. He said the growth of the chain was slow in 2009 because of the impact of the global economic slowdown. But there was little impact on our sales, he added. We plan to open 15-20 cafes this year, and over 55 cafes next year, he said. Our aim is to make our presence in two to three new countries a year, he said. We also plan to open outlets in Russia, Poland, the Czech Republic and Serbia. We are in discussions to open cafes in India and South Africa also, he added. Tsambalieros said consumers and consumption of coffee were showing a healthy growth. A lot of young people are taking to coffee drinking. Jim Ragas vice president, international business development and operations said Second Cup offers over 15 types of coffee. The 94
June 2010
Steven Tsambalieros (left) and Jim Ragas with Hani Ali Mirza, Partner and MD, Bin Mirza International and franchisees of Second Cup in Oman types available with the Second Cup include Discovery Series (Estate Coffees) which are premier coffees produced in limited quantities on a specific farm that gives them unique characteristic, single-origin coffees which are coffees from a single country or region and Decaffeinated coffees which are 99.9 per cent less caffeine. He said the local franchise could select the variety of coffees to be served based on the customer taste as they the best beans in the world from organic coffee cultivators. Tsambalieros said the second cup has plans to introduce a few new tastes in the market soon. Hani Ali Mirza, partner and managing director Bin Mirza International who are the franchisees of Second Cup in Oman said flexibility is the main part of their local operations. We offer local tastes. Our concept is that of a ‘neighbourhood oasis’ which is within the reach of local people.
SECOND CUP Middle East presence: GCC, Turkey, Lebanon, Jordan, Syria No. of coffees varieties: Over 15 No. of tea varieties: 13
He said as a part of the corporate social responsibility initiatives, the outlet has associated itself with Omani Society For Fine Arts and offers opportunity for local artists to exhibit their works in the café. Apart from coffee, the Second Cup also offers thirteen varieties of teas and a wide variety of specialty beverages which include low fat ones. To go along with coffee and tea, Second Cup outlets offer great food to customers which include pastries, desserts, cookies and other dishes.
DR JASIM HUSAIN ALI
GCC: Envisaging budgetary surpluses Thanks to firm oil prices, collectively Gulf Cooperation Council (GCC) countries are expected to post a surplus rather than a deficit in fiscal year 2010. The original forecast called for shortage reflecting unease related to lingering adverse effects of the global financial crisis
The author is an eminent economist and Member of Parliament, Bahrain
O
n an average, oil income accounts for three quarters of the total budgetary revenues in GCC countries. Yet oil income comprises nearly 90 per cent of treasury earnings in Kuwait, making it the most dependent amongst GCC countries on the petroleum sector. As such, changes in oil prices affect the level of income and thus expenditures in GCC countries. By and large, GCC states prepared 2010 budgets using relatively low average oil prices, ranging from $40 per barrel in the case of Bahrain, $50 per barrel in Oman and $55 per barrel in Qatar. Yet, average oil prices have been hovering around $70 per barrel in the first quarter and are projected to remain steady for the rest of 2010. Notwithstanding the significance of this, two GCC countries elected not to publish assumed oil prices used in preparing their budgets. Two GCC members namely Qatar and Kuwait start their fiscal years in April rather than January,
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PROJECTED GOVERNMENT EXPENDITURE IN 2010 Saudi Arabia: $144bn Qatar: $32.4bn Oman: $18.7bn suggesting that figures relating to deficit or surplus of GCC budgets are not utterly confined to 2010. A SURPLUS A report by Emirates Industrial Bank predicts the sixnation GCC reverting the projected deficit of $2.9bn into $50bn surplus. Together, GCC budgets posted surpluses of $19.6bn in 2009 and a hefty $189bn in 2008. The extraordinary surplus registered in 2008 partly reflects rising oil prices, which reached a record $147 per barrel in July of the same year. Yet, prices dropped sharply for several months following the outbreak of the global financial crisis reflecting declining confidence. In fact, oil prices
dropped below $40 per barrel towards end of 2008 and the start of 2009. This explains the reason behind Bahrain’s decision of assuming average oil price of $40 per barrel for fiscal years 2009 and 2010. To be sure, Bahrain stands out within the GCC for preparing budgets for two consecutive fiscal years. The programme has its advantages and disadvantages like providing direction of governmental spending and being far too long in a fastmoving world, respectively. The same report puts GCC’s combined budgetary expenditure at around $270bn in fiscal year 2010, up from $236bn in 2009. This represents a notable growth of 14.4 per cent and deserves commendation. A number of institutions like the IMF and G-20 amongst others call for enhancing public sector spending as a means of containing adverse effects of the financial crisis. ECONOMIC GROWTH In reality, government expenditures in GCC are sizable by virtue of representing nearly 30 per cent of the combined gross domestic product
CLOSE UP
PROJECTS ENVISAGED IN THE GCC INCLUDE EXPANSION OF THE ROAD NETWORK AND NEW POWER AND WATER PLANTS, CONSTRUCTION OF NUMEROUS EDUCATIONAL AND TRAINING INSTITUTES
Private sector investors take the lead on the economic direction from public sector spending. In other words, stronger public sector spending serves the purpose of encouraging private sector investors to follow suit. STRONGER SPENDING PLANS GCC countries have planned stronger spending for fiscal year 2010 on the back of
For good reasons, the authorities allocated some $70bn for developmental projects in 2010, up by $10bn from the previous fiscal year. Undoubtedly, this is a considerable figure by virtue of accounting for 49 per cent of total projected expenditures. Projects envisaged include expansion of the road network and new power and water plants, construction of numerous educational and training institutes. For its part, Qatar projects expenditures of $32.4bn in fiscal year 2010-2011 which commenced in April, up by nearly a quarter. Yet, Oman has pegged government expenditure in 2010 at $18.7bn, showing a rise of 12 per cent. Bahrain authorities also managed to secure parliamentary approval for increasing spending thanks to a higher budgetary income than what was originally pro-
GCC’S COMBINED BUDGETARY EXPENDITURE 300 250
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2010: $270bn
What matters in this case is that higher actual oil prices versus the projected ones provide GCC governments an ideal opportunity to increase their spending levels, thereby paving the way for firmer GDP growth rates. This in turn is considered essential for addressing challenges like creating job opportunities and meeting expectations of locals. GCC nationals prefer jobs offering a reasonable salary together with attractive working conditions and hours of work.
gradual return of normalcy of economic conditions following the global financial crisis. For instance, projected expenditure in Saudi Arabia amounts to $144bn, up by 14 per cent versus the originally planned figure for fiscal year 2009.
2009: $236bn
(GDP). This is only an average figure, as the rate reaches as high as 40 per cent in some GCC countries.
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jected. As mentioned earlier, Bahrain assumed a low oil price of $40 per barrel for fiscal years 2009 and 2010. INFLATIONARY THREATS However, stronger spending carries with it the threat of inflation. According to the IMF, all GCC countries notably Qatar suffered from relatively high inflation rates in 2007 and 2008 partly due to solid public spending. The IMF put Qatar’s inflation rate at 15 per cent in 2007 and 2008. Undoubtedly, return of infla-
tionary pressures cannot be ruled out, but comparison with 2007 and 2008 is possibly not warranted. In those two years, the gWwlobal economy was suffering from the phenomenon of inflationary pressures partly due to declining value of the US dollar. GCC economies tend to suffer from the debacle of imported inflation during the period of declining value of the dollar coupled with rising values of other hard currencies such as the Euro and Yen. This is the price GCC countries have to pay for linking their currencies to the dollar. Kuwait is an exception as it links its dinar to a basket of currencies that include numerous currencies including the dollar. Nevertheless, the challenge nowadays is rejuvenating local economies in order to register the highest possible economic growth rates. This particularly critical time requires steady public spending, so as to deal with fundamental problems, namely addressing matters such as economic growth and creation of job opportunities. June 2010 97
AUTOTALK
PEUGEOT RCZ EMOTION IN MOTION THE PEUGEOT RCZ IS THE FIRST EXCLUSIVE VEHICLE OF THE PEUGEOT RANGE WITH A DISTINCTIVE AND SPECIFIC IDENTITY. VISVAS PAUL D KARRA JOINED A GROUP OF JOURNALISTS FROM THE MIDDLE EAST TO GET A FEEL OF THIS SPORTS COUPÉ IN SPAIN
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he sprawling Marqués de Riscal hotel nestled along a hillside in Elciego town in northern Spain evokes a range of feelings like exclusivity, flamboyance, exuberance and most notably uniqueness. The hotel, ideally located in wine country Rioja Alavesa and set against the backdrop of a beautiful rural church, with colourful titanium curves swirling to all sides, is really a statement of style created by Frank Owen Gehry, the renowned architect whose buildings have become tourist attractions, simply because of his badge of distinction. Then, it was only appropriate that the RCZ sports coupé, which marks a new stage in the line up of Peugeot’s “leisure vehicles”, was lined up for a test drive at this very hotel. The Peugeot RCZ gaining reputation as more than just the embodiment of a concept car, they say, was designed to evoke emotion in motion with its expressive and innovative style, exclusive interior, dynamic and environment-friendly engines and the driving enjoyment it produces. All made to project the Peugeot brand, bu98
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oyed by 200 years of history, into a future that promises more emotion than ever. The first stage of the RCZ project began in September 2007, at the Frankfurt Motor Show, when Peugeot unveiled a concept car, which excited all that saw it. After two years, the concept became a reality at a production centre specialising in exclusive vehicles at Magna Steyr plant in Graz, Austria. Peugeot disclosed that buyers were quick off the mark to reserve the first 200 “Limited Edition” RCZ models, which sold out in less than 48 hours at the 2009 September’s Frankfurt Motor Show. The RCZ was indeed born under the sign of exclusivity, strong design and emotion.
Exterior emotion Athletic, elegant and aerodynamic, the style of the RCZ offers a new experience and energy derived from the original architecture. The sensuality of the car’s double bubble roof and rear windscreen, combine with its two aluminium arches to produce its most distinctive features. The feline look of the car is unmistakable and definitely is a head turner.
Interior emotion With an ideal driving position, a fluid and streamlined fascia panel, traditional and high-tech materials, the passenger compartment of the RCZ instantly immerses the driver in an elite, sporting ambience. The RCZ is also practical, offering two occasional rear seats whose backrests can be folded to open up a boot with a generous capacity in its category (from 384 to 760 litres). A small drawback for the passenger is the lack of hand-rail which was compromised due to seamless aluminium arches of the car body. The Peugeot RCZ is exclusive in other ways as well. To begin with, its name, RCZ, symbolises its singular position in relation to the Peugeot range: it is the first specialist car not to use the numbering system with a central or double zero and secondly, the RCZ illustrates the Marque’s “new identity”, and is the first product to benefit from the latest Peugeot Lion brand identity. The RCZ, a sporty and compact 2+2 coupé, is aimed at the modern customer,
PEUGEOT RCZ PETROL
Engine: 1.6L Inline-4 Turbo Power: 200bhp @ 5500 – 6800 rpm Torque: 275Nm @ 1700 – 4500 rpm Transmission: 6-speed manual Dimensions (l x w x h): 4287mm x 1845mm x 1359mm Acceleration 0-100kmph: 7.5s
The Peugeot RCZ shot against the backdrop of Marqués de Riscal hotel in Elciego town, northern Spain 99 June 2010
AUTOTALK particularly demanding and well informed when it comes to cars, who seeks to stand out… and is ready to succumb to automotive temptation.
Engineering emotion With its reduced weight, finely honed aerodynamics and modern engine technologies, the RCZ offers an innovative blend of performance and environmental friendliness. The range of engines available in 2010 are as follows: 1.6 litre THP 115 kW (156 bhp) Euro 5, 240 Nm, 6-speed manual gearbox – CO2: 155 g/km, 2.0 litre HDi FAP 120 kW (163 bhp) Euro 5, 340 Nm, 6-speed manual gearbox – CO2: 139 g/km; 1.6 litre THP 115 kW (156 bhp) Euro 5, 240 Nm, 6-speed automatic gearbox – CO2: 168 g/km, 1.6 litre THP 147 kW (200 bhp) Euro 5, 275 Nm, 6-speed manual gearbox – CO2: 159 g/km.
Driver’s paradise The Basque country-side of Northern Spain is driving paradise with beautiful roads meandering through undulating fields and through mountainous areas which take you past some of the most
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stunning locales. The 250km test drive from the Marques de Riscal Hotel began in the afternoon and took us past quaint little villages and sometimes on the highways giving room to test the car’s capabilities on straight roads, tight curves as well as the steep slopes of the mountains.
to this version, the front suspension incorporates a special lower anti-collision bar to give the car even livelier and more agile handling response, while guaranteeing exceptional stability.
During the 250km drive we had the option of switching between the 2.0 litre, 163 bhp, diesel and the 1.6 litre Turbo 200 bhp petrol version all equipped with a 6-speed manual gearbox but since diesel engines are not exactly favourites in Oman, we stuck to the 1.6 Turbo petrol version.
To match its dynamic, exclusive positioning, and in addition to its stylish and mechanical innovations, the RCZ comes equipped with sophisticated features and driving aids to ensure both peace of mind and safety with ESP, hill start assist (as standard), WIP Com 3D (top of the range multimedia system), directional bi-Xenon headlamps, etc.
Dynamic emotion
Emotion à la carte
Expressing all of Peugeot’s expertise in terms of road holding, the RCZ provides a thrilling experience with precision and driveability, creating a sense of real excitement and occasion for the driver.
So that customers can transform their car into a unique extension of their personal preferences, the RCZ can be personalised in line with the car’s exclusive character, with the choices available including: carbon roof, arches from a range of different colours, a wide choice of alloy wheel designs, etc. Peugeot also intends to maintain its leadership in terms of tertiary safety. For example in 2010 the Marque will be deploying, at no extra cost and throughout the RCZ range – in a world first – services including Peugeot Connect SOS (emergency call) due in particular to the adoption of a “localised communication unit” system.
The RCZ benefits from a strong base – that of “platform 2” architecture (MacPherson type front suspension, rear suspension with deformable cross member). It also has a particularly low ride height and centre of gravity, with a wider track and generous wheel dimensions of 18” or 19” diameter. Lastly, the RCZ can be specified with the THP 147 kW (200 bhp) engine. Uniquely
Retreading made easy
Michelin has launched a state of the art truck tyre retreading plant in Buraimi, Sultanate of Oman. The facility has been launched in partnership with Mohsin Haider Darwish along with Central Trading Company from the United Arab Emirates. The factory under the name of ‘Gulf Retreading Solutions’ was inaugurated by HE Ahmed Hassan Al Dheeb, Undersecretary, Ministry of
Commerce and Industry, Sultanate of Oman. Mohsin Haider Darwish, managing director, MHD; Hassan Al Rostamani, vice chairman, Al Rostamani Group of Companies; Saeed Abdul Jalil Al Fahim, chairman, Al Fahim Group and Pierre Granzotto, director of marketing & sales, Michelin Africa, India and Middle East were also present.
For the love of cars A proactive team of young marketing professionals studying at the Sultan Qaboos University called on Zubair Automotive Group this week to help them showcase a fleet of luxury and sport cars besides exclusive watercrafts within the university’s grounds. Delighted to assist, Zubair Automotive Group showcased their leading 2010 models in support of the SQU Business Week 2010. The group of marketing students who belong to the College of Commerce and Economics transformed the SQU lawns into a car showroom, giving teachers and students a taste of what it would be like to own one of Oman’s most prestigious and luxury cars. Serdar Toktamis, Zubair Automotive group general
manager, commented: “We were absolutely delighted to be able to help young aspiring business students to pull this event together. The event allowed students to experience a world promising exhilaration at every turn through exposure to some of the most luxurious, and sports brands in Oman.
A morning spent with a Ghost In a recent event held at the Al Bustan Palace Hotel, select journalists and customers were given a unique opportunity to drive the epitome of luxurious, sophisticated and innovative automotive engineering – the Rolls Royce Ghost and Phantom. The recently launched Ghost was the true star of the event, although the Phantom is just as alluring, and like the Phantom Coupe and Drophead it is a car that one would much rather drive than be driven in. Like all Rolls Royce models, the Ghost
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is a vision of simplicity – of taking the core values of the brand and creating contemporary effortless luxury. It was engineered to ride and drive in a peerless fashion. The chassis’ poise delivers a dynamically engaging experience for the driver, yet a serene, comfortable ride for passengers. Engine power is delivered in a manner which has become an engineering signature, seemingly effortlessly and endlessly. The latest in-car technology falls easily to hand while forming part of the background.
Twice the success
Teamwork evolves The Zubair Automotive Group recently hosted a spectacular launch event on behalf of Oman’s “EVO” team. The event brought together car junkies from across The Sultanate who congregated in the Mitsubishi showroom in Azaiba to find out more about one of the best loved street cars in the region. Dedicated to enhancing the performance of the Mitsubishi Lancer EX, the team dedicates their spare time to making positive changes
to the car’s engine and body work inspired by the Lancer Evolution. The official launch ceremony allowed the 40 team members to not only unveil their new logo and website but also to speak to the crowds about their passion for the car as well as welcoming guest speaker Anwar Al Zadjali from the Oman Automobile Association and Khalid Al Zadjali and Saif Al Harthy winners of the 2010 Oman Rally cup.
Towell Auto Centre has done it yet again by winning the Mazda Customer Relationship Management global award for the second year in a row. The award was handed over to Hassan Kamer Sultan, Chairman TAC at a function held at the TAC corporate office at Athaiba. Launched in 2008 by Towell Auto Centre, the department plays a key role in enhancing overall customer satisfaction levels. At TAC, CRM is a corporate
level strategy, focusing on creating and maintaining relationships with customers. It is based on a holistic approach in tandem with the organisation’s philosophy, placing emphasis on the customer. The core initiative of the CRM department at TAC is Mazda’s ‘Owner Communication Programmes’, which aims at providing customers with a completely unique ownership experience.
Technological perfection Ferrari’s new 458 Italia was unveiled to media and customers during an event held at the Ferrari showroom Al Khuwair in presence of Pietro Innocenti, general manager, Ferrari Middle East and Africa. The new V8-engined berlinetta is a synthesis of style, creative flair, passion and cutting-edge technology, characteristics for which Italy as a nation is well-known. For this reason Ferrari chose to add the name of its homeland to the traditional figure representing the displacement and number of cylinders. Designed to fulfill the expectations and ambitions of our most passionate clients, the 458 Italia continues the Ferrari tradition of putting the thrill into driving as a result of track-derived technological innovations. The Ferrari 458 Italia is a completely new car from every point of view: engine, design, aerodynamics, handling, instrumentation and ergonomics, just to name a few. The powerful heart is a 4,499 cc engine with an output of 570 hp at 9,000 rpm and a torque of 540 Nm at 6,000 Rpm (80 per cent available at 3,250 rpm). The Ferrari 458 Italia accelerates from 0 to 100 km/h in less than 3.4 seconds, 0-200 km/h in 10.4 seconds, and top speeds lies close to 325 km/h. 103
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Park Inn Hotel gets recognition
Grand Hyatt bags two awards After only just recently receiving “Leading Hotel in Oman 2010” by the World Travel Awards, Grand Hyatt Muscat has now been awarded with two more awards; the Rubin Business Hotel award 2010 and the “Best Foreign Cuisine in Oman”, presented to Grand Hyatt Muscat’s Italian restaurant Tuscany from the prestigious German publishing house Berliner Tageszeitung. The awards were presented in an award ceremony which took place in the hotel on May 8th. Queen of the Universe, Julia Schmidt presented the awards
The Park Inn Hotel Muscat has received high recognition for its outstanding PR activity in the region, scooping the ‘Best Newcomer of 2009’ and being placed overall third in the Rezidor Hotel Group’s Middle East PR
Nawras launches ‘stop the clock’ offer
to the Grand Hyatt Muscat, which was also the first time that a Queen of the Universe has visited the Sultanate of Oman.
OIB is the golden sponsor in Jobex OIB recently participated as the golden sponsor in the Gulf exhibition of higher education which was organised under the auspices of the Ministry of Manpower. The bank’s pavilion witnessed an overwhelming response from students who are studying in colleges and universities
awards. The company awards ceremony was held during the course of a recent General Manager conference in Yas Island, Abu Dhabi. Francois Galoisy, general manager, received the award for Park Inn, Muscat.
and others expressed their desire to get acquainted with the systemic and improvement policy in the development of staff working in OIB, which allowed them to debate and dialogue freely with the bank’s representatives participating in the exhibition.
Nawras launch its latest great value promotion named ‘stop the clock’; a deal that is allowing the company’s postpaid customers to pay as little as 19 Baiza per call and never more than 57 Baiza, even when talking for a whole hour. This fantastic offer is
available 24-hours a day and is open to every Nawras Ajel customer when calling any other customer in the Nawras family. ‘Stop the clock’ can be enjoyed as often as customers like, up to and including the last day of July 9, 2010.
Raman perfume launched Samad Al Qurashi stores has launched a new perfume called as Raman fragrance. Raman comes from the Abdul Samad Al Qurashi House of Oud and amber fragrances and is the first product from that company. This is for the first time that Raman
is being sold on a commercial basis and contains the Omani frankincense Alihujeri, distilled and extracted in the southern province of Dhofar. It is also the first spray frankincense perfume. There are two types of perfumes, the Raman Male and the Raman Female.
NPA Events wins top honours
Bobcat machinery to clean Muscat At a glittering award presentation ceremony held on May 26 at the Joharah Ballroom of Madinat Jumeirah in Dubai. NPA Events, one of the leading event management companies in Oman, was awarded the ‘Best Arts and Cultural Event Award’ at the Middle East Event Awards 2010 for managing the prestigious event ‘Rembrandt in Oman’. The third edition of the Middle East Event Awards, presented by Sourceme, the region’s only dedicated events directory, rewards excellence in the Middle East event industry. 104
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International Heavy Equipment (IHE), which forms part of the Zubair Automotive Group recently delivered seven units of Bobcat Skid Steer Loaders with sweeper attachments to Muscat Municipality. With this new order Muscat Municipality will have a combination of 11 Bobcat
S130’s and sweeper attachments in their fleet. These machines are used extensively for cleaning Muscat streets. IHE is renowned for distributing leading brands of trucks, buses, heavy construction equipment and engineering products in the Sultanate of Oman.
FireKiller showcased at Traffic Expo
Oman Sail, BOMU announce joint initiative to promote Oman
Abou Nabil’s eco-friendly FireKiller participated in the first Traffic Safety Expo 2010. Throughout the three- day exhibition, the FireKiller’s stall was flooded with curious visitors, industry professionals and VIP’. Delegates from the ministry visited the stall too. Most of the visitors and industry professionals flocked to the stall
as they were curious to see just how a compact aerosol dispenser could be of such tremendous value while subduing and extinguishing fires. The FireKiller is a non-toxic, non-pressurised, completely green product that comes with a life time guarantee and can be used in almost any environment for class A B & C type of fire.
Lulu opens 7th store in Muscat HH Sayyid Faisal bin Turki Al Said, COO of Band Oman Management Unit (BOMU) and David Graham, CEO of Oman Sail unveiled the new branding of Masirah, Oman Sail’s Extreme 40 catamaran. The two entities have joined forces in order to promote a unified brand of the Sultanate internationally, raising awareness
of Oman as a tourist and business destination through one of the world’s premier international sailing competitions. Oman Sail’s Extreme 40 catamaran Masirah will take to the water in the upcoming Extreme Sailing Series Europe (ESSA) competition proudly displaying the new external brand image of the Sultanate.
Lulu Hypermarket has opened its 7th outlet in Oman and 78th in the Gulf at Wadi Kabir in Muscat. Spread over two levels, the outlet will have an extensive supermarket section with fresh vegetables, fruits, butchery and delicatessen serving hot and readyto-eat foods and special counters serving the best of bakes and cakes and special sections to promote Omani products.
Apart from this, the hypermarket also has huge area dedicated for department store items like electronics, home appliances, furnishing and furnitures and fashion brands for ladies, gents and kids. It also features a number of outlets including Top Note, Zahra Phones, Sea Pearls Jewelery, Lulu Pharmacy and a soon to be opened money exchange.
COMEX 2010 draws huge crowd The Sultanate’s premier IT, telecom and technology show, COMEX 2010 & the 3rd Government eServices Exhibition, the technology event of the year, attracted more than 70,000 visitors. Talal Sulaiman Al Rahbi, Chairman of the Advisory Committee for Comex 2010 and Chief of Information & Awareness Division at the Information Technology Authority (ITA) commented: “We are extremely proud of the progress achieved by
COMEX this year. We have heard a lot of praise from the citizens about the exhibition’s daily activities, whether provided by e.oman and other governmental organizations displaying their eServices or through the presence of the latest trends shown to the businesses or general public.” The Information Technology Authority (ITA) pavilion showcased e.oman projects.
New IDdesign catalogue in stores IDdesign Oman launched its very own catalogue revealing a new season of exciting design and furniture for your home. The brand new exclusive IDdesign catalogue reveals a small taste of what will be in store in 2010. IDdesign continues the successful and innovative way
of thinking about interior design – with its range divided into four style groups to make it easier for the customer to pick and choose their individual look. IDdesign has moreover created a style group test for the customers to get words on their specific style.
Hatat House Phase 2 development Cluttons announced that Hatat House phase 2 is scheduled for completion in September 2010. Hatat House has been part of the Muscat skyline for the past 26 years, as the first major landmark residential and commercial development within the capital. This second phase development serves to enhance this popular complex, pro-
viding 4,800 m² of commercial office space and 54 two and three bedroom apartments. The commercial space is located over three floors, each floor offering a maximum of 1600 m2, or capable of convenient sub division. Tenants individual fit out requirements and cabling can be catered for prior to completion. June 2010 105
PASSINGBY
W
hen you enter a building or a house, the first thing that you notice or are forced to observe is the flooring. However fanciful or beautiful a building is, the interior glamour is added only by its flooring, whether it is designer tiles or expensive rugs and carpets. It is precisely for this reason the upcoming DOMOTEX Middle East 2010, the only dedicated carpets and floor coverings exhibition in the MENA region, is going to be important for players from the Omani construction sector. It has been noted that Oman maintains its positive outlook with a projected 2.7 per cent annual growth in the construction sector, which is expected to reach a value of RO1.57bn by the year 2013 in line with the general growth trends across the GCC countries like Qatar and Bahrain.
FLOORED IN
As demand for residential and hotel projects increase across the region, the carpets and flooring segment is booming, writes Visvas Paul D Karra after a chat with Angela Schaschen, Managing Director, Deutsche Messe, Dubai Branch
“The popularity of DOMOTEX Middle East is visible in the growing list of exhibitors who are excited about the emerging new business opportunities thanks to improving real estate activity across key GCC markets which are expected to register positive growth rates of upto 15 per cent in 2010 and beyond,” says Angela Schaschen, Managing Director, Deutsche Messe, Dubai Branch. Deutsche Messe, based in HannoverGermany, develops, plans and runs trade fairs and exhibitions in Germany and abroad. It is also the organiser of the world’s leading trade fair for floor coverings and carpets – the DOMOTEX Hannover – and DOMOTEXasia/ CHINAFLOOR, the number one flooring show in Asia.
Knowledge sharing DOMOTEX Middle East will be held from May 10-12 at the Dubai International Convention and Exhibition Centre (DICEC), showcasing a comprehensive range of flooring solutions targeting various construction and real estate projects across the GCC. Exhibitors and visitors attend the show to find the latest trends, see the global market survey, share knowledge and benefit from the most efficient business platforms in the flooring industry. The exhibition targets wholesalers and retailers in the carpet and floor coverings sector as well as decisionmakers from the construction companies, 106
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architects, interior designers, project planners, floor layers and fitters. Giving further details of DOMOTEX Middle East, Schaschen disclosed it will feature a comprehensive selection of carpets and floor coverings including hand-made and machine made carpets; textiles and resilient floor coverings, besides application and floor laying techniques and equipment; machinery and technology for floor covering industry. Schaschen, who was on a short visit to the Sultanate last month, observes that the GCC market, to a large extent has remained resilient, which has helped to maintain a positive growth outlook
for various related industries, including the carpets and floor covering segment. Omani businessmen should develop the carpets and floor coverings into a vibrant industry in the Sultanate itself as this will bring in more revenues to the country when dealers and manufacturers do direct marketing here itself, she adds. Creating greater business value and enhanced networking opportunities for exhibitors and visitors, DOMOTEX Middle East 2010 will be held concurrently with R+T Middle East 2010, the Middle East spin-off of the world’s leading show for roller shutters, doors, gates, windows and sun-protection systems.
Oman Economic Review is now available online on
oer.menamag.me
GOLFUPDATE
END OF AN ERA Women’s world number one Lorena Ochoa has ended her full-time playing career to focus on her family and charities
A
tearful Lorena Ochoa announced her retirement from professional golf recently. The 28 yearold Mexican, who won two majors, has dominated the sport for the last three years since usurping Annika Sorenstam as world number one. Sorenstam, who retired at the age of 38 in December 2008, dominated the women’s game for over a decade, winning 90 tournaments, including 10 majors, and was player of the year eight times. She plans to play annually in the LPGA’s Lorena Ochoa Invitational. “I wanted to retire as the world number one and this is the moment,” she said. “I realised I didn’t feel [the same] motivation this year and that I wanted to start a new life,” she told a news conference in Mexico City, crying as she read a letter thanking her parents for their support. “I want to dedicate to my family the time I have taken from them all these years.” Ochoa married father-of-three Andres Conesa, the chief executive of Mexican airline Aeromexico, in her home city of Guadalajara in December 2009. She won two majors – the Women’s British Open in 2007 and Kraft Nabisco Championship in 2008 – and has recorded 27 victories in eight seasons on the LPGA Tour. Ochoa, who has missed the cut only four times in 172 LPGA events, finished fourth earlier this month in the Kraft Nabisco Championship, this 108
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LPGA TOUR WINS 2004: Franklin American Mortgage Championship, Wachovia LPGA PGA Classic 2005: Wegmans Rochester ter LPGA 2006: LPGA Takefuji Classic, ssic, Sybase Classic, Wendy’s Championship for Children 2007: Safeway International, nal, Sybase Classic, Wegmans LPGA 2008: HSBC Women’s Champions, Safeway International, ational, Nabisco Championship 2009: Honda LPGA Thailand, and, Corona Championship, Navistar LPGA Classic
year’s first women’s golf major. She has finished outside the top 10 in three other LPGA starts in 2010. Last season, Ochoa edged South Korea Jiyai Shin to claim her fourth consecutive LPGA Player of the Year award. Ochoa won three tournaments in 2010 after collecting seven titles in 2008, eight in 2007 and six in 2006. “I must admit that I was surprised, but not shocked, when I heard the news that Lorena is going to retire,” said Sorenstam on her blog. “She has always said she would play for maybe 10 years and then leave the game to start a family. She just got married and obviously feels that she is ready for that next chapter in her life,” she added.
Beyond the game Ochoa’s successes fuels the family business, the Ochoa Group in Guadalajara, managed by her brother Alejandro Ochoa. Ochoa Sports Management also operates the LPGA Corona Championship, an annual tour stop in Morelia, Mexico; and the Lorena Ochoa Invitational. The Lorena Ochoa Foundation operates La Barranca, a
primary school in Guadalajara with 250 underprivileged students and an innovative curriculum. In 2008, the foundation opened a high school with 21 freshmen students. The plan, according to foundation director Carmen Bolio, is to add a new class each year and then construct a high school building that’s separate from the primary school.
BROWSINGCORNER
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his book is a tour of the Great Recession and its aftermath. It tells the truth, the whole truth, and reveals major facts and failings. The authors do an exceptional job of describing the current economy and decisions that lead to the current situation. They also effectively layout the potential future outcomes based on actions being taken worldwide right now. The book explains the global impact of US economic decisions as they relate to the bailout and more.
that are highlighted. These examples show as to how hard it is to use basic strategies in a successful manner. Additionally, the book offers some great details on how
some of today’s best known companies became leaders in their fields. The authors use examples from the great depression,
This is essential reading right now because it is one of the best reviews of the changing consumer mindset as well as building a road map for the future of businesses. The authors shed light on the businesses that they expect to grow in the future. They don’t just offer pie in the sky take profit approaches, but rather focus on solid opportunities that exist for companies to build a foundation on.
An interesting fact from the book was that in 1950 it took one dollar in credit to create one dollar of Gross Domestic Product (GDP), today it takes five dollars of credit to create one dollar of GDP. With tightening credit restrictions it makes it much harder for the economy to grow. In the second part readers can find a lot of well-known strategies that are more or less all taught in B-school’s. They are interesting to read but not new. Applying them is what is hard and neither this nor any other book can tell you how to do so. However, reading them is a great refresher.
A brief look The structure of this book is easy to follow and understand. The first part offers a summary of the recession and explains the new world after, what the authors call, the great recession, including an interesting take on the new role of politicians. The book researches companies like GM, Ford and Chrysler. The business model of these three companies are totally out of date, but in the 1930s and 1940s they were able to beat their competitors. Similarly, there are several other interesting examples from the last century
the recessions of the 1970’s and 1980’s as well as Japan’s lost decade to build a model of the future. They are also quick to point out that while the bailout of the US economy probably stopped us from sliding into a deep depression, that those ideas were floated during the Great Depression but not implemented. As a result we have no idea as to what will happen as a result, it may take a completely different path and we could see another deeper depression in the short term, especially if there (and there likely will be) another huge round of foreclosures.
THE NEW REALITIES THIS BOOK COMBINES A COMPREHENSIVE ANALYSIS OF THE GLOBAL ECONOMIC MELTDOWN WITH SMART MANAGEMENT ADVICE ON HOW TO WIN IN AN ERA OF GREAT COMPETITION
The book does an astute study of new consumer behaviour and this is particularly helpful for those in the retail industry to think through new strategies. This is an exceptional book which has something for every business owner. The book is a nice read and has a clear message, unlike other books from consultancies.
SHOOTING MADE EASY Make full HD movies the way you want with the stylish, compact LEGRIA HF M36. With 8GB of Dual Flash Memory, the LEGRIA HF M36 offers both internal capacity and memory card shooting. And, with Relay recording, you’ll never have to stop shooting to change media. And with its built-in HDMI connection, watching your movies is just as easy as shooting them.
SKELETAL PERFECTION Pursuing his innovative strategy, ROGER DUBUIS has chosen, simultaneously with the radical transformation of the architectural structure, to blacken the “skeleton” tourbillon movements. The two sapphire crystals surrounding the beating hearts highlight the rigorous and technical lines of this model. Radiating an understated and decidedly urban aura of elegance, technique meets aesthetics in a sophisticated stage-setting. This model in titanium, water-resistant to 30 bars is equipped with a mechanical self-winding movement stamped with the Poinçon de Genève.
3D COMES HOME Samsung’s recently launched premium LED models, the C8000 and C7000, feature the companies Clear Motion Rate technology and proprietary built-in 3D processor. Samsung’s 3D technology and a faster panel, optimised for 3D, work together to deliver an immersive viewing experience. Using LEDs as its primary light source, the televisions will also feature ultra-high contrast ratios as well as slim depths that allow for more artful designs and increased energy savings. 110
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LIGHTNING RESPONSE The Viewsonic VX2739wm is the world’s first and only 27” Full HD monitor with a blazing fast 1ms response time. Ideal for gaming and entertainment, the VX2739wm packages a 1080p full HD panel and crystal clear 100,000:1 dynamic contrast ratio into a sleek design.
SCANNING ON THE GO With HP’s new compact portable scanner, you can scan documents on the spot, wherever you are – in the office, in the field or on the go. You can scan and organise contracts, forms, receipts and even business cards with your laptop instead of being tied to your desk, a real time-saving productivity tool for those on the go.
LOGICAL TV SOLUTION With the advent of Google TV just around the corner a lot of manufacturers are revealing their plans to support the innovative new platform and one of them is Logitech with their companion box. Compatible with existing HDTVs, the companion box will also incorporate Logitech’s Harmony remote control technology and include a controller that combines keyboard and remote control capabilities.
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ameer Gupta, vice president of Infoline started his career with an American publishing house called John Wiley, handling accounts of Europe and the Far East. After having worked at the company for three years he left it and joined India Today as the head of finance. “This was where I learned a lot about the publishing and media industry,” adds Gupta. Following that he joined HCL as the CFO and along with handling whatever he was doing there, in terms of accounts and finance, he was occasionally given the portfolio to handle some business units, it was this that got him into the IT business. Following his stint at HCL, he joined a call centre, again as the CFO but because of the 9/11 incident, the company’s COO, who was an American, left overnight and he was asked to handle his work because there was no one else who knew the job. Over time he took over the position and a new CFO was appointed. Following that he came to Oman and joined Infoline and has been here ever since.
Love for literature “Outside of the office I have a lot of interests, I read a lot and it is something I definitely love doing,” says Gupta. A lover of both, fiction and nonfiction, some of his favourites are books by author Jhumpa Lahiri. He also enjoys old classics and biographies. He added, “My favourite biography till date is that of Nelson Mandela called Long Walk to Freedom.” He also enjoys travelling occasionally, though he prefers avoiding cities whenever possible. “I also like to spend as much time as possible with my family. I believe that whatever time is spent with them has to be quality time.” 112
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Passion for poetry Sameer Gupta has lived a very diverse life and he shares his passion for poetry, literature and movies with Malcolm Xavier Crasta
Lasting Memories
“I used to be an avid movie buff when I was in college and used to write a lot of poetry. It was also the time I wanted to take up a career in literature but somehow ended up as an accountant,” he adds, His guides at the time were Saleem Peradina and Nissim Ezekiel. The latter, a professor at Bombay University guided him in writing poems and as a result 30 of his poems got published in a Commonwealth poetry magazine, published in the UK.
The greatest influence At that time he shared a great passion for literature and wanted to take it up as a career. Unfortunately, he did not have the freedom to choose a career like children have now. So, pressure forced him to take up accountancy. “Furthermore, over time, your personal life becomes heavily influenced by
corporate life and it becomes very difficult to distinguish between the two. Also, as your career moves you up the ladder in society or moves you to different countries, you tend to drift away from your old passions and friendships. Also as time passes, your friends' habits and lifestyle change, just like yours, making it all the more difficult to retain their friendships. At the end only a few of your closest friends, if any, are left and your passions and hobbies usually take a back seat to your regular life and career,” says Gupta as he explains his reasons for giving up on his career as a poet. Regardless of this fact, he is perfectly content with his current career path and has no regrets. He has thoroughly enjoyed the seven years that he has spent in Oman and still writes whenever he gets the time.
It’s all about you and me, Roses and meadows and the chilling nights Mountain, ranges and passionate heights Playful breeze singing a song probing glances inviting and long. It’s all about you and me. Lost somewhere Searching for it far and wide. It was slow with a glow The breath tattooing my core fragrant smile etching music on our soul. Flowing laughter and body heat resting on the satin sheet longing desire passion and fire careless touch It’s all about you and me Night rained subtle to make the body glow. Unflinching inordinate sublime letting unhindered melody flow. Darkness gobbled by morning ray As I discover a fresh day Buried below mad delight The memories will last forever holding me tight. It’s all about you and me. By Sameer Gupta