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The Channel
A Renaissance Services SAOG Group Newsletter
volume 2 issue 2
Renaissance AGM and Analysts’ Meet held
www.renaissance-oman.com
Marking a tenth year of year-on-year growth, Renaissance holds its annual general meeting end of March. Also Inside:
Expansion into new markets
Changes to Board of Directors
Topaz Marine expands into Brazil while education arm subsidiary National Training Institue signs a novel deal in Saudi Arabia.
Topaz Marine acquires vessel assets NTI enters Saudi Market Oman Green Initiative campaign
Renaissance Board of Directors A closer look at the profiles of the company’s directors, including a brief interview with two who recently summitted Mount Kilimanjaro.
Progress goes online CSR at Renaissance headquarters Earth Hour 2011 world statistics
Awards Roundup Red carpet events and awards season is well underway with two upcoming events and results from the 5th BizPro Awards 2011.
The Channel is a digital bi-monthly internal newsletter produced by Renaissance Services which aims to reach every employee in each country of our worldwide operations. Please do forward this to your fellow team members and thank you!
Renaissance was among Omani ministries, corporate companies and schools that helped spread awareness messages for Earth Hour throughout March. We extend our appreciation to all our teams around the world that encouraged others to take part in Earth Hour at the office and beyond. To see Renaissance’s animated e-card click http://www.nibblesoman.com/ren/60earth-hour.htm
Renaissance AGM and Analysts’ Meet Renaissance holds its 15th AGM Marking a tenth year of year-on-year growth, Renaissance held its annual general meeting (AGM) followed by an investor and analysts’ meet at the Capital Market Authority hall on March 27th 2011. The meeting was joined by Renaissance Chairman Mr. Samir Fancy, Renaissance Board of Directors HH Sayyid Tarik bin Shabib, Mr. Ali bin Hassan Sulaiman, Mr. Yeshwit Desai, Mr. Sunder George, and members of Renaissance management including Mr. Stephen Thomas, Mr. Vishal Goenka, Mr. Hilal al Esry, Mr. Ananda Fernando, Mr. Adil Bahwan, as well as a shareholder representation at 79%.
The Channel - issue 2 - Mar - Apr 2011
Financial News Topaz Marine acquires vessel assets and enters Brazil market Topaz has recently acquired two Anchor Handling Tug Supply vessels (AHTSV), specialized in the support of offshore oil and gas activity, and named the Sea Otter and Sea Marten. The acquisition of the two AHTS vessels falls in line with the company’s disciplined approach to investment and acquiring assets that represent long-term value and demand. Both vessels are employed on time charter contracts with oil and gas major Petrobras in Brazil, where their contracts stretch into 2013. Fazel Fazelbhoy, Chief Executive Officer of Topaz Energy and Marine, said, “Brazil offers significant growth opportunity for Topaz, and these vessel acquisitions provide us with an excellent first entry point into the buoyant offshore market. We will continue to pursue growth through partnerships, vessel acquisitions and new build orders. This acquisition is in line with the next steps of our declared business strategy and builds upon extensive preparations to enter the Brazilian market.”
Fazel Fazelbhoy, Chief Executive Officer of Topaz Energy and Marine
National Training Institute enters Saudi market National Training Institute (NTI) expanded into the Kingdom of Saudi Arabia with the signing of a joint venture with the Mohammad Al Mojil Group (MMG), a well-known oil and gas construction company is listed among the top 100 companies on the Saudi bourse. The joint venture envisions an excellent business opportunity for NTI in tapping the extensive demand in the local market for development of skills required for the economic progress foreseen in the kingdom. NTI, which counts among its clients Petroleum Development Oman and many of Oman’s top businesses, will provide state-of-the-art vocational training solutions that are tailored to the health, safety and environment needs and high-quality technical standards of oil and gas services companies. Renaissance and MMG executives at the signing
Chairman’s Statement, Annual report available online The Annual Report 2010 draws inspiration from Renaissance Services’ ‘Blueprint for Success’. During 2010 the company’s various businesses grew in capabilities to deliver greater scale and complexity of their respective industries. To find out more about Renaissance’s business segments, financial overview, operating strategy and future outlook, click on http://www.renaissance-oman.com/en-GB/Company_Reports/Annual_Reports.aspx
The Channel - issue 2 - Mar - Apr 2011
Feature Story
Renaissance Board of Directors Renaissance announced the appointment of Ms. Ekaterina Sharashidze to the Renaissance Board of Directors in place of Mr. Rishi Khimji recently. In honor of Mr. Rishi Khimji’s countless contributions to Renaissance over the past years, and in welcoming Renaissance’s newest director Ms. Ekaterina Sharashidze, we take a closer look at the profiles of Renaissance directors. Samir J Fancy- Chairman Mr. Samir J. Fancy is a founder of Tawoos Group and Renaissance Services, and is Chairman of the Renaissance Board of Directors since its formation in 1996. Mr. Fancy also holds senior positions as the Chairman of Tawoos Group since 1983, and Chairman of Topaz Energy & Marine SAOG since foundation and is now Executive Chairman of Topaz Energy & Marine Ltd. Mr. Fancy is actively involved in charitable work including the establishment of a (not for profit) microfinance bank in Oman and support for the Early Intervention Centre for children with disabilities. He was nominated for Ernst & Young’s Middle East Entrepreneur of the Year award in 2007. Mr. Fancy also founded the Oman Chapter of The Young Presidents Organization. Mr. Fancy is also: • the Vice Chairman of SAMENA Capital, an asset management company regulated by the FSA with offices in London, Hong Kong and Bahrain • a Director for Omani companies Vision Insurance and National Hospitality Institute SAOG • a previous Director of National Bank of Oman and Muscat Finance Co., and was also a founder and Director of United Power SAOG
What does a Board of Directors do? The Board of Directors is a group of people elected by the shareholders to represent their interest. A company's board of directors provides the company with direction and advice. It is the responsibility of the board of directors to ensure that the company fulfills its mission statement, and is responsible for hiring the CEO, setting compensation policies, determining dividends, and evaluating performance. The board of directors sets the company's overall policy objectives, and for these reasons, a good board of directors includes knowledgeable and experienced business people.
Ali bin Hassan Sulaiman – Deputy Chairman Mr. Ali bin Hassan Sulaiman is a member of the Board of Directors since its foundation in 1996 and was appointed Deputy Chairman in 2010. He is also a Director of Oman-based companies National Hospitality Institute SAOG and Majan Glass Manufacturing Co SAOG. Mr. Sulaiman is a founder of Ali and Abdul Karim Group, a manufacturing and services group that owns seven subsidiaries operating in the oil & gas, construction, FMCG consumer goods, and wireless networking. He has over 25 years of experience in managing FMCG, manufacturing and services companies with global operations.
The Channel - issue 2 - Mar - Apr 2011
Feature Story HH Sayyid Tarik bin Shabib bin Taimur HH Sayyid Tarik bin Shabib bin Taimur is a member of the Board of Directors of the Company since 1996 and also a founder and Director of Tawoos Group. HH Sayyid Tarik is also Chairman of National Hospitality Institute SAOG since 1995, and previously Chairman of Marina Bander Al Rowdha SAOG for six years until its takeover by the Government of the Sultanate of Oman in April 2003. HH Sayyid Tarik is renown in Oman for his championship of environmental conservation and talent for photography. He is patron of the Environment Society of Oman and The Gulf School of Business.
Yeshwant C. Desai Mr. Yeshwant C. Desai is a member of the Renaissance Board of Directors since 2001 and is a Chairman of the Audit Committee. He has had a successful career and extensive experience of over 50 years in banking and finance. He has held senior executive positions in Oman and abroad, most notably as Chief Executive Officer of BankMuscat previously. During his premiership Mr. Desai was heavily involved in mergers and acquisitions as well as overseas expansion initiatives. Mr. Desai was instrumental in setting up Industrial Bank of Oman and has also been advising institutions in Oman and abroad including Bank Sohar. He also serves as a Board Director at HBG Holdings Ltd, YES Bank Ltd, Steel Authority of India, Zee Telefilms Ltd and Bharat Hotels Pvt.
Sunder George Mr. Sunder George is a member of the Renaissance Board of Directors since 2001. He has over 35 years of international banking and finance experience and is the Deputy Chief Executive Officer of BankMuscat SAOG as well as member of the board. Mr. George also sits on the Board of Directors of BankMuscat International, Bahrain and on the Governing Council of Oman Medical College, among a few other companies in Oman. Sunder George is one of the few Indians who have been accorded Omani Citizenship in the year 2001 considering his dedicated services to Oman. He is a Fellow of the Chartered Institute of Bankers, London and an Associate of the Indian Institute of Bankers.
Colin Rutherford Mr. Colin Rutherford was formerly Chairman of BUE Marine Holdings prior to its acquisition by the Renaissance Group in 2005, and has since been a director on the Renaissance Board. Mr. Rutherford is also currently Chairman of Midas Capital Plc, a UK AIM listed fund management firm with assets under management in excess of £1 billion. Mr. Rutherford is considered to be one of Scotland’s leading deal makers. He was a founder and Chairman of Rutherford Manson Dowds (RMD), a successful Scottish based accountancy firm, which was sold to Deloitte and Touche in 1999. Mr Rutherford also founded Intelli Plc, a company that specialised in mergers and acquisitions, equity and debt markets, and corporate finance advisory work, and subsequently sold the company in 2006 to Limia Plc. He is a visiting professor at the University of Edinburgh Business School, and in 2001, Mr Rutherford was awarded the President’s Degree in Leadership by Harvard Business School.
Rishi Khimji Mr. Rishi Khimji served as a member of the Board of Directors of the Company from 2004 until March 2011. He is also a managing director at Ajit Khimji Group and its subsidiary Asha Enterprises LLC, a retail, projects and communication services conglomerate with wide-ranging services that extends from award winning retail and restaurants to advanced building, security and furniture solutions and even advertising and media services. Mr. Khimji voluntarily resigned from the Renaissance board due to growing personal business commitments.
Ekaterina Sharashidze Ms. Ekaterina Sharashidze was elected to the Renaissance Board of Directors in 2011. She has extensive experience in the public and private sector, having served in the government of Georgia as the Minister of Economic Development and held other high level cabinet posts. Ms. Sharashidze is credited with being a driving force behind leading the country to unprecedented economic growth, for new privatization and liberalization policies, and for attracting record foreign direct investment. She was instrumental in setting up Georgia’s Financial Services Authority, and she has 15 years of hands-on business experience in emerging and developed markets ranging from management consulting to investment banking. Ms. Sharashidze is also currently a Director of Samena Capital and an Independent Director on the Board of Punj Lloyd Limited.
The Channel - issue 2 - Mar - Apr 2011
Ali bin Hassan Sulaiman (left) and Rishi Khimji lift the Renaissance flag on top of Mount Kilimanjaro
Renaissance flag atop highest peak in Africa At 19,336 feet, snow-capped Mount Kilimanjaro in Tanzania is Africa's highest peak. It is the world's tallest walkable mountain, and what a walk it is. You go through 5 different climatic zones to reach the summit. Mr. Ali bin Hassan Sulaiman (AH) and Mr. Rishi Khimji (RK) share the ups and downs of their Kilimanjaro climb: Which was more important to have on this journey, physical endurance or mental endurance? AH: Even with meticulous planning, and an enjoyable and informative training to lead a group of YPO’ers to the highest mountain in Africa, it was still a big challenge. Fortunately enough I had been to Kilimanjaro a couple of years earlier, therefore the idea of what is expected physically was not a surprise, but mentally there is a game to play to overcome the fears that arise along the way. But what raised my confidence and courage was my son’s company and to keep up the brave role model image of a group leader. RK: As this was my first climbing trip I had no idea what to expect so the easiest thing to do for me was to get physically fit. I knew there would be a mental game to play but due to the lack of experience I had no idea how to prepare for it. On the journey it was clear that you need to be both physically fit and mentally ready. You are constantly being pushed by the guides and everyone on the team helps each other out, which definitely helps you on crossing physical barriers, but you are on your own to cross your own mental barriers!
How has the trip changed you for better or worse? RK: This trip really opened up my eyes to how different countries and cultures differ from what we are used to and maybe comfortable with. The porters earned very little and worked very hard to make your trip an absolute success. Sometimes you take things for granted and this trip really takes you back to reality. A great reality check! AH: It is amazing how quickly we forget the moments of pain and cherish the moments of success. Making it to the summit was exhilarating and particularly because my son was next to me. To say I felt a little intimidated and insignificant would be an understatement. I absolutely loved my experience of Kilimanjaro. Is summiting another peak in your foreseeable futures? AK: The team I went up with, from individual members to the porters and guides, were terrific. Soon after the descent I was already planning my next trek! Annapurna in Nepal, during the coming May with my daughter Razan, is enticing. RK: Once we came down from Kilimanjaro I swore never to do anything like this again, but a week later I was ready to talk about options, and a month later a few of us already started looking into climbing Aconcagua in South America. Not sure if it will happen but would definitely be up for it.
The Channel - issue 2 - Mar - Apr 2011
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When Business Gets Personal Dear Colleagues, I would like to share with you a summary from an Economist Conferences Innovation Lecture by author and innovation expert Charles Leadbeater, in which he argues that companies will need a combination of efficient systems and personal interaction in order to succeed. Start with this thought-provoking quote:
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The point of business is not really to make money; the point of business is to help people live better lives – and if you do that, people will give you money.
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For much of the 20th century, the goal of management was to create robust, efficient processes that would drive down cost and be replicable around the world. But this focus on systems design will no longer be sufficient. Relationships and personal interaction – not systems – have become the primary source of value creation in today’s economy, Leadbeater argued. Companies urgently need to alter their view of the world to reflect this shift. Many of the companies that have proved most successful in recent years have a deep understanding of the value of effective customer relationships. Apple, for example, is renowned for the design and utility of its products, but it has also succeeded in creating a powerful community of dedicated users who feel a close personal affinity with the company. This type of interaction takes place not just at the point of sale, but extends all the way back to the product development stage. Companies such as Procter & Gamble are using open innovation principles to source new product ideas from a diverse range of stakeholders, including customers. Crowd-sourcing takes a similar approach by using customers as one potential source of new ideas. For Leadbeater, the companies that succeed in the future are likely to be those that combine an efficient, systematic approach to their business processes with the ability to build a personal relationship with their customers. Take the micro-
finance lender Grameen. Its business model relies on a system for making loans built around a robust set of technologies and underlying processes. But the business itself takes place through one-to-one relationships between the customer and the loan officer. Facebook, while a very different type of business, succeeds because of a similar ability to combine systems and relationships. Companies that can achieve this combination between systems and personal interaction tend to have a model that is more “pull” than “push” – they attract people and resources to them, rather than having to reach out to customers via traditional marketing efforts. It is this ability to inspire a sense of participation that sets them apart. Their customers are contributors to the business, not just consumers, and this creates value far beyond that which is achieved by a more traditional customer relationship. Charles Leadbeater’s lecture resonates well with Renaissance’s sense of purpose: To improve the economic well-being and quality of life of all stakeholders – Customers, Employees, Families, Shareholders, Suppliers and the Communities in which we serve. That purpose is all about living relationships within the collective Renaissance family. If we conduct those relationships in line with our stated values, commercial success will come as a consequence, not as a singleminded objective in its own right. Stephen R. Thomas OBE CEO
The Channel - issue 2 - Mar - Apr 2011
Oman Green Initiative campaign It’s time now. An Oman Green Initiative – “It’s Time” is described as a need-of-the-hour campaign, drawn to inspire every individual in building a sustainable future. This campaign is built around the belief that most people are sensitive to the environment and have made tremendous progress in adopting eco-friendly measures in their daily lives. Many have been contributing, in their own spheres, as responsible green citizens and advocating green initiatives. There is a high level of awareness among us to drive a green future. The campaign comes right in time to re-emphasize our action towards this large vision: Green Oman.
This is the first time Oman sees a response-contact campaign which encourages individuals to act beyond thought. By sending in green ideas to www.omangreenawards.com, one commits to the cause, that is, responsible use of precious resources. The green pledge is a reaffirmation to focus on pragmatic measures. Summing up the concept, Sandeep Sehgal, CEO of United Media Services, says, “It’s time- a green initiative that starts from home, from every individual, and fuels a truly cherished vision: making Oman proudly Green.” To participate in an exchange of green ideas for the workplace please visit http://www.omangreenawards.com/
Statistics from around the world for Earth Hour 2011 The international Earth Hour Campaign, now in its fifth year, is a shining example of how one small act can make a big difference if we act together. World landmarks, governments, companies and people at home contribute to turning off non-essential electrical items for one hour. Around the world, it is estimated that over a billion people from 134 countries participated in the annual event. The numbers of kilowatts combined proves that combined efforts really make a difference. Here are just a few examples of numbers from around the Earth:
Sources: Oman Electricity Transmission Company; PowerStream; Dubai Electricity and Water Authority; greenanswers.com
Oman- reported 20 MW UAE- reported 204 MW Vietnam- reported 400 MW Canada- saved about 450 MW South Africa- saved 420 MW Philippines- saved 611 MW Delhi, India- reported 1000MW
The Channel - issue 2 - Mar - Apr 2011
Company News NTI’s BizPro 2011 Awards
National Training Institute (NTI) held its 5th consecutive BizPro award ceremony, a social investment initiative by the National Training Institute that aspires to motivate Omani youth and encourage social development and direction for the national economy. Launched in 2007, the BizPro Awards is a celebration of the passion and commitment of leaders in Oman, thereby rewarding successful individuals and promoting them as role models. 2011 Winner This year, Mr. Samir Fancy, Renaissance Chairman, presented the three winners of the Omani Young Achievers awards and the Omani Business Leader award honoring Dr. Rawan Al Said, CEO of ONIC Holding, pictured below against the captivating BizPro stage.
AIWA Awards Alam al-Iktisaad Wal A’mal (AIWA), Oman’s leading monthly business magazine in Arabic published by United Press & Publishing, is organizing a gala event for the corporate community on 30th May this year. Titled ‘ALAM AL-IKTISAAD WAL A’MAL AWARDS FOR BEST PERFORMING COMPANIES’, the red carpet event will felicitate the top listed companies in Oman at Al Bustan Palace. AIWA will give awards to the top-ranked 15 Omani companies: five companies in each of the three categories (large cap, mid cap and small cap), based on their 2010 performance in five key financial parameters. The ranking process will be done by Gulf Baader Capital Markets and audited by a reputed multinational auditing firm. AIWA will also felicitate two prominent Omani nationals who have done the nation proud by excelling in the fields of business and economy. The ‘Global Omani of the Year Award’ will salute a prominent Omani who has taken the Omani flag to international shores with distinction, while the ‘Lifetime Achievement Award’ will recognize a businessperson or professional who has rendered an unparalleled service, for decades, in the development of the business and economy in the Sultanate. Please visit www.alamaliktisaad.com for more information on the event.
Oman Green Awards
Renaissance’s Role The winners of the Young Achievers Award receive a scholarship award of Rial 2500 each, while the Business Leader receives Rial 5000, totaling Rial 12,500. Renaissance Services has been the sole-sponsor for the scholarships each year since the start. Selection Process The entire assessment is coordinated by KPMG to ensure the greatest transparency and objectivity to the results. Out of 300 applications, some 90 candidates are then invited to participate in an exam which tested math and business retail aptitude, narrowing the results finally to six candidates. The finalist candidates deliver oral presentations to a judging panel, which selects the final winners.
Oman Green Awards, Oman’s sole environmental award event, is gearing for its second edition scheduled for 5th of June alongside the World Environment Day. Conceptualized and implemented by the United Media Services team, the Oman Green Awards were created to awaken the eco-consciousness in citizens and residents of Oman, and to motivate behavioral change and increase awareness in protection and preservation of our environment. With the support of Oman’s Ministry of Environment and Climate Change, Ministry of Health, Muscat municipality and Environment Society of Oman, the first edition of Oman Green Awards received a Certificate of Appreciation from the United Nations Environment Programme. These awards will reward contributions from both individuals and companies across nine categories. To nominate your company, department or team member please visit http://www.omangreenawards.com/register_now.html
The Channel - issue 2 - Mar - Apr 2011
Company News
SAFE HSE Statistics from Renaissance Contract Services Group March
CSG Corporate HSE Statistics
February
2011
2010
2011
2010
Number of Employees
6,951
6,436
6,408
6,565
Number of Man Hours
2,154,810
Number of LTI Number of KMS Driven
2,024,669 1,794,240
0
0
924,733
935,111
0 826,910
1,820,020 0 768,081
LOCAL Renaissance corporate office holds blood donation drive Every quarter, the HR/GLD Department at the Renaissance Services corporate office organizes a blood donation drive at the Renaissance headquarters, which runs in association with the Ministry of Health. “Donating blood is a noble way to serve humanity,” says Hilal Al Esry, GLD General Manager at Renaissance, adding, “the group has been conducting blood donation drives for many years now and we do many things to encourage our colleagues to donate, even following up with people personally from office to office sometimes. It is well known that donating blood helps saves lives, and it is also a healthy habit that helps blood renewal, so keeping healthy and helping others are two important causes that we promote this way.”
UMS Advertising team spreads Holi happiness Holi is a boisterous occasion of the Hindu calendar, celebrated in March or April, and is meant to welcome the spring with colors. Holi is typically all about fun and joy. Wherever it is celebrated in India or around the world, people dress in white and gather in large numbers to smear each other with bright hued powders and colored water. Seen here, some members of the UMS Advertising team cultivate the colorful atmosphere at the office.
‘Progress 2010-2011’ goes online United Media Services has launched a digital version of ‘Progress 2010-2011.’ The annual publication, now in its 16th edition, highlights the major milestones in Oman’s socio-economic development during the Sultanate’s Blessed Renaissance. The digital version provides readers with easy online access to all the chapters of the bilingual publication, and in a special feature, a separate link is given to view the greeting messages and video clippings of various industry heads. To view the in-depth coverage and walk down memory lane of 40 landmark events, click on www.progressoman.com Available in English and Arabic
The Channel - issue 2 - Mar - Apr 2011