EDITORIAL

Editor-in-ChiefHH Sayyid Tarik Bin Shabib

Group EditorMayank Singh

Assistant EditorVisvas Paul D Karra

Sub EditorMuhammed Nafie

DESIGN

Senior Art DirectorSandesh S. Rangnekar

Art DirectorMinaal G. Pednekar

Senior DesignerM. Balagopalan

Senior PhotographerRajesh Burman

PhotographerSathyadas C. Narayanan

Concept and Cover DesignChanjeet Singh

Production ManagerGovindaraj Ramesh

MARKETING

Business HeadJacob George

Senior Advertising ManagerAvi Titus

Advertising ManagerArif Abdul

Assistant Advertising ManagerJinu Mathew Varghese

CORPORATE

Chief ExecutiveSandeep Sehgal

Executive Vice PresidentAlpana Roy

Vice PresidentRavi Raman

Senior Business Support ExecutiveRadha Kumar

Business Support ExecutiveZuwaina Said Al-Rashdi

DistributionUnited Media Services LLC

OER Presentations

Special Reports:HSBC, Voltamp and BankDhofar

Published byUnited Press & Publishing LLCPO Box 3305, Ruwi, Postal Code - 112Muscat, Sultanate of OmanTel: (968) 24700896, Fax: (968) 24707939Email: publish@umsoman.comWebsite: www.umsoman.com

All rights reserved. No part of this publication may be reproduced without the written permission of the publisher. The publisher does not accept responsibility for any loss occasioned to any person or organisation acting or refraining as a result of material in this publication. OER accepts no responsibility for advertising content.

Copyright © 2010 United Press & Publishing LLCPrinted by Oman Printers

Correspondence should be sent to:Oman Economic ReviewUnited Media ServicesPO Box 3305, Ruwi 112, Sultanate of OmanFax: (968)24707939Email: editor@oeronline.comWebsite: www.oeronline.com

No 123 October 2010

The Omani women’s symposium, held in Sohar in October 2009, during the

Royal Tour, whose recommendations were endorsed by His Majesty Sultan

Qaboos bin Said, was a milestone in empowering women in the Sultanate. It

also underlined the importance the government gives to women in nation-

building. The seminar’s suggestions would form the basis for future laws

aimed at safeguarding women’s rights while the existing rules would be strengthened to

enhance the role of national women in professional jobs and businesses.

One of the interesting outcomes of the symposium was to mark Omani Women’s

Day on October 17 of every year. Since the dawn of the Blessed Renaissance, one of

the top priorities of His Majesty in nation-building has been education and the

empowerment of women. In the last four decades, women have beaten new paths on the

socio-economic front.

The emphasis in the country’s five-year plans is on realising the full potential of women

in their multiple roles as wives, mothers, employees and social changers. In recent

years, they have taken up all the challenges confidently and are forging ahead. Thanks

to the government’s efforts and encouragement to women to be part of the development

process, they enjoy equal opportunities with their male counterparts in the country’s

socio-economic life.

Omani women have full civil and political rights, including the right to vote, and they

can stand for the membership of the Consultative Council (Majlis A’Shura), State

Council (Majlis A’Dawla), the Board of Oman Chamber of Commerce and Industry

and other bodies. They have been proving their mettle as members of the Sultanate’s

executive, parliamentary, judicial and public councils and authorities for many years. At

the government level, we find women in ministerial, diplomatic and official positions,

performing their work efficiently.

Omani women are on a par with others in any developed country. In fact, women’s rights

have been guaranteed in the Basic Law of the State. Article 12 of the statute affirms that

“justice and equality and equal opportunities for the Omanis are pillars of the society

and are guaranteed by the state.”

As the country celebrates its first Omani Women Day, OER pays tribute to the strides

taken by women in the Sultanate and celebrates their triumph.

CELEBRATING WOMANHOOD

Mayank Singh

To read, click on link at: www.oeronline.comOER -magazine

A BREAKTHROUGH TO THE 21ST CENTURY

TURBINEA1047/1

PARTNER OF

www.perrelet.com

4 October 2010

WIRED-INApropos your story ‘On Cloud Nine’ in September OER, the proliferation of IT in the Sultanate is mainly because of the digital strategy launched by the government of Oman. As part of this, the government has launched the e-government portal, which is expected to be the lifeline for every citizen and resident of the Sultanate in a few years.

Many of the IT companies are flourishing based on this single biggest public sector initiative because most of the corporate companies in the private sector have realised that they need to be wired-in if they want to enjoy the numerous benefits and services being provided by the government.

As a consequence of this realisation, companies are investing in upgrading their IT infrastructure thus ushering in a boom time for IT service providers, both on the software and hardware side.

Many new IT companies and firms from outside Oman, who are regional and global players are either setting up their own offices or are tying up with

local partners to leverage on the huge IT spending that is going in Oman.

The CBO has launched a number of major projects like cheque imaging system and RTGS which are expected to make the life of the common man much simpler. And we expect that many more IT initiatives by the government will spawn a wave of IT spendings in the country.

Das Prakash, Ruwi

AN ENCHANTING PERSONALITY It was really inspiring to read about Sahar Askalan, the first women to start a legal firm in Oman, in OER’s September issue. Despite the discouragement from male lawyers, she has succeeded in establishing an amazing team with extensive legal experience and is all set to build it up as an international Omani firm. She has created an impressive legacy for other ladies in the country to emulate. She has proved that with consistency, hard work, efficiency and professionalism, a woman, irrespective of her profession and background, can achieve what many of her male compatriots fail to do. Her advice to woman not to be put down by

others clearly reflects her courage and steely determination.

Wafa Al Kharusi, Nizwa

ENCOURAGING The OER cover story on CFOs was truly enlightening and encouraging. What did come out of the story was the fact that “staying calm” and not pressing the panic button was the need of the hour. Most or in fact all of the CFOs featured in the article seem to have weathered the storm rather bravely. I only hope that economic buoyancy returns and CFOs around the globe and Oman in particular do not face any financial predicaments of the past.

Khoula al Riyami, Mawaleh

Write to us with yourcomments/feedback at: editor@oeronline.com

Generally, the chief financial officers (CFOs) of companies are considered as the chaps who hold the purse strings. And rare would be an employee who would want to turn a blind eye while walking past them in the office corridors. Yes, there is no doubt that the role of the CFO is not exactly a glamourous job. Neither is the number crunching job, a favourite activity for everyone.

In this regards, the cover story of OER ‘The True Performers’, written by Mayank Singh, was an eye-opener as it placed the CFOs on the winning podium. It seems to be an ironical fact that the whole global crisis which started because of wrong financial

management, also had to glorify the same men for their astute and tactical

jugglery of money, which resulted in saving that extra bit of cash for their companies during troubling times.

It would make for interesting anecdotes to know what the CFOs were thinking when the bottom lines were falling apart before they finally scrambled to save themselves and their companies from going down the drain.

The most notable part of the story is that while CEOs and chairmen hog the limelight when companies are flourishing, it’s the CFO who has been literally laughing his way to the bank when the chips were down.

Paul Danny, Al Qurum

AN EYE-OPENER

CORRIGENDUMIn the story ‘On Cloud Nine’ (OER September 2010 issue), the name of Integrated Systems has been erroneously written as Integrated Services on Page 65. The error is regretted.

–Editor

6 October 2010

26PERISCOPEOPEC and crude oil marketOPEC will have to engage in strategic diplomacy with the rising industrial powers in Asia

64COMPANY PROFILEA focused approachAl Ansari Group is consolidating its operations to make the most of impending opportunities in Sultanate

BEYOND BOARDROOMS

Penchant for innovationGhaya Al Barwani capitalises on her abilities to

adapt to changes and take decisions

111

AUTOMOTIVEUntapped potential

Shoichi Sakuma, President, Bridgestone Middle East and Africa, speaks about the

prospects of the retarding industry

60

STOCK MARKETSky is the limit

Ross Cormack, CEO, Nawras speaks about the forward approach and growth

plans of the company following the launch of its IPO

81

62ENVIRONMENTCollective responseTAC Eco Drive seeks to reduce the impact of irresponsible lifestyle on the environment

68POWERGenerating confidenceWadi Al Jizzi Power Company’s credibility rating has gone up since it began to generate power independently

C O V E R S T O R Y

INSIDE

A report by Visvas Paul D Karra and Muhammed Nafie

THE SULTANATE’SMOST POWERFULWOMENIN BUSINESS

30

8 October 2010

84INSURANCEA qualitative changeGargash and Trade Links Insurance Services has emerged as a one-stop-shop for insurance products in the Sultanate.

By Kannan Murali

CARTOON CORNER

Editorial 2

Economy Watch 10

Business Briefs 12

Executive Movements 18

In the News 20

OER Event 24

CSR 88

Auto News 100

Golf Update 102

Billboard 104

Market Watch 108

Gizmos 109

Browsing Corner 110

72EDUCATIONExperiencing real EnglishELS Oman has emerged as the largest provider of English as a Second Language programmes in the country

98 AUTO TALKJaguar XJ

76VIEWPOINTTime for fundamental changeConsumer products companies have introduced fundamental change in their culture and behaviour

INSIDE

1702 VW Touareg Oman ER 25x18.5.ai 9/23/10 12:11:30 PM

89SPOTLIGHTBouncing backThe real estate market in the country is returning to normalcy with a generous demand for both commercial and rental properties

1702 VW Touareg Oman ER 25x18.5.ai 9/23/10 12:11:30 PM

10 October 2010

NUMBERS

Media consumption and habits of MENA Internet users KEY FINDINGS

32% of Middle East and North Africa (MENA) Internet users buy products or services online

32% of all MENA Internet users surveyed buy products or services online, compared with 62% in the UK

GCC Internet users lead online shopping in MENA region

43% of Internet users surveyed in the GCC bought products or services online, 11% higher than the MENA average, with 11 per cent shopping online more than three times per month.

Male and female online shoppers have different purchasing profiles.

While all online shoppers surveyed share similar online buying habits, there are differences in habits such as an increased preference for buying clothing and accessories by female shoppers and for buying electronic equipment by male shoppers.

Consumption of media by MENA Internet users during the Muslim holy month of Ramadan varied only slightly compared to July.

The survey found differences in media consumption habits during Ramadan (end August), compared to July 2010, but all variances were less than 5.5% plus or minus.

Source: Research conducted by Effective Measure in conjunction with Spot On PR September

32 per cent of MENA Internet users purchase producrs online

0%

5%

10%

15%

20%

25%

30%

35%

40%

1 to 3 timesper month

24%

3 to 6 timesper month

4%More than 6 times per

month

4%Total

32%

31 per cent of GCC Internet users buy online at least 1X per month

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

1 to 3 timesper month

31%

3 to 6 timesper month

6%

More than 6 times per

month

5%

Total

43%

13 per cent of Qatar Internet users and 12 per cent of Saudi Internet users made purchases online more than three times per month

0%5%

10%15%20%25%30%35%40%45%50%

1 to 3 times per month 3 to 6 times per month More than 6 times per month

12 October 2010

SMARTCALLER MAKES INTERNATIONAL CALLS CHEAPERNawras’s SmartCaller service offers fantastic discount for all its Mousbak (prepaid) and Shababiah customers to make unlimited international calls to two of their favourite destinations at any time. This innovative service enables the customers to call at two chosen numbers at a monthly rate of just RO1. After choosing any two international destinations worldwide, customers will receive 10 per cent discount on published tariffs during both peak and off-peak hours.

40,000 ATTEND SWISS BALLOON FESTIVALThe 32nd International Hot Air Balloon Festival in Switzerland attracted more than 40,000 visitors and at least 100 pilots at the controls of standard and special shape balloons. Held in a scenic valley in Canton Vaud in Switzerland recently, the balloon festival was a spectacular success. Parmigiani Fleurier, the luxury watch maker, was the presenting sponsor of this year.

NEW OFFERS FOR NAWRAS BLACKBERRY® CUSTOMERSNawras customers using BlackBerry® smartphones can now enjoy new weekly and monthly prepaid plans via a simple subscription process. Weekly plans are just RO2 for 10MB of national data usage and monthly plans are just RO9 for up to 50MB of national data usage. BlackBerry® customers with Nawras can activate a prepaid subscription plan by sending a free SMS to 80050 with the keyword ‘BB7’ to choose a weekly plan or keyword ‘BB30’ to the same number to activate a monthly plan.

Renaissance Services recently signed a term loan facility with BankMuscat worth RO19.25mn to support the company’s growth investment plans, primarily in the development of its marine offshore support vessel (OSV) fleet, which was ranked in the top 10 OSV fleets in the world. The facility with BankMuscat is the final tranche of a total RO38.5mn term loan funding announced by Renaissance last month. AbdulRazak Ali Issa, chief executive of BankMuscat, says, “We are impressed with Renaissance’s achievements and look forward to a long and fruitful relationship with the group.” Stephen Thomas, CEO of Renaissance says,

Renaissance signs term loan with BankMuscat

National Bank of Oman (NBO) announced the re-launch of its ‘Al Amaal’ child security savings account with new features and attractive offers. A savings account without any interest and allowing unlimited deposit and withdrawals at any time, ‘Al Amaal’ is

aimed at inculcating saving habit among parents, for securing their children’s future. The account will be directly linked to the Al Kanz Prize Draw system and will give customers chances to win fabulous prizes. Free insurance and recurring deposit are some of the

attractive features of the scheme. A minimum deposit of RO100 is required to open an Al Amaal account. On the other hand, NBO‘s Al Kanz Savings scheme will have 507 lucky winners – more winners than any other bank in the country – taking away big prize in this year.

NBO relaunches Al Amaal

Oman Mobile network handled more than 80mn text messages during the Eid Al-Fitr days (from September 9 to13) with an increase of over 17 per cent compared to the Eid days in the last year. The network has also successfully handled more than 21 million

calls during the Eid days registering an increase of over three per cent compared to the figures in the last year. Commenting on this successful performance, Sami bin Ahmed Al Ghassani, vice president for Networks and Integrated Technology,

Omantel says, “The efforts we made to improve the performance of the network bore fruit. This has been evident in the huge number of successful calls made during single rush hour through Hayyak service which surpassed three million.”

Hayyak handles 80mn SMS during Eid

“Renaissance drives growth through a disciplined approach to investment and a prudent approach to

financing. This new facility with BankMuscat is a crucial part of our current investment plans.”

14 October 2010

NAWRAS LAUNCHES WELCOME PACK OFFERNawras has launched its new welcome pack offer for its prepaid customers with free credit and added SMS services. Everyone joining the welcome pack offer before November 4 will enjoy RO1 of free and open credit plus 100 national SMS, at no additional cost. Available at any Nawras Store and from more than 100 premium dealers all over the country, Nawras Mousbak welcome packs can be purchased at the incredibly low price of just RO2.

VIRTUE APPOINTED AS EDEXCEL’S PR AGENCYEdexcel, the leading UK-based awarding body which is part of Pearson, the world’s largest education services provider, has appointed Virtue PR & Marketing Communications as its regional PR agency. The move is part of Edexcel’s strategic plan to strengthen its position in the Middle East and North Africa market, which has included opening an office in Istanbul, Turkey, and securing university progression for holders of its exclusive BTEC qualifications.

COCA-COLA TOPS INTERBRAND RANKINGInterbrand, the leading brand consultancy, published its annual ranking of the top 100 brands for 2010. The ranking is developed using a unique methodology which analyses the many ways a brand impacts and benefits the organisation. For the 11th consecutive year, Coca-Cola retains its top spot as the number one ranked brand on the list, while technology brands continue to lead the pack, with IBM (2), Microsoft (3) and Google (4).

BankMuscat has won yet another prestigious brand leadership award in recognition of building a successful global brand. The Asia’s Best Brand Award instituted by CMO Asia was bestowed on BankMuscat at the awards ceremony attended by over 200 senior corporate leaders

in Singapore. The award recognised 100 top-notch organisations across Asia. The CMO Asia Awards are the first-of-its-kind accolades recognising organisations and professionals who have shown leadership in building brands combined with consistent innovation and strategic marketing. The criteria for the

best brand award included a balanced internal perception within the organisation and external perception in the public domain on credibility, brand image and contribution to the economy; track record of organisation performance and financial results; values, integrity and work-life balance as essential competencies.

BankMuscat bags Asia’s Best Brand Award

Radisson Blu Hotel in Muscat announced the celebration of the world renowned Oktoberfest which will see the hotel’s Lazy Lizard garden turned into a mini “Wiesn”, the original Oktoberfest venue

in Munich. For three days, from October 13 to 15, guests will have the opportunity to experience authentic Bavarian food and will be entertained by “The Dirndljaeger” an original German Band flown in by the

German carrier Lufthansa. Michael Jacobi, general manager at the hotel, says, “We are very much looking forward to two great evenings followed by a very special Bavarian brunch on Friday.”

Oktoberfest at Radisson Blu Hotel

6 at Shangri-La’s Barr Al Jissah Resort and Spa. Bank Sohar and Omantel in association with Al Madina Development and Supply are the main promoters of the event which has been specially designed for CEOs, CFOs, MDs, GMs, FCs, BDMs, BPMs, FMs etc.

Business Process Outsourcing Services, an Oman-based outsourcing company, will organise “Strategic Planning, Budgeting and Forecasting” an interactive two-day workshop and training course for ‘next generation’ finance professionals on October 5 and

BPO workshop

BPG Group (Bates PanGulf), one of the larger marketing solutions groups in the Middle East, announced its latest joint venture – BPG BLUE, a new digital arm formed to bring the best-in-class digital marketing solutions to the MENA region. A joint venture between BPG Group and BLUE-Interactive, BPG BLUE combines BPG’s

local market know-how with BLUE’s proven expertise in the digital domain. BLUE, a WPP Digital Company, headquartered in Singapore, specialises in measurable marketing solutions by leveraging strategic planning, engagement services, infrastructure operations and measurement and optimisation.

BPG, BLUE in JV for MENA

The Gulf Petrochemicals and Chemicals Association (GPCA), in association with British Sulphur Events, organised the GPCA Fertiliser Convention from September 28 to 30 at the Intercontinental Dubai Festival City Hotel. The event brought senior executives from major fertiliser companies in the GCC and around the world together to discuss the supply and demand dynamics of the fertiliser industry and the

challenges of providing global food security. The conference was aimed at addressing the supply-demand balance and the role the GCC can play to meeting the future demand for fertiliser in global markets. Regional industry leaders, their customers and service providers attended the event and discussed issues relevant to the fertiliser demand trends and recent technological production process advancement.

GPCA fertiliser meet in Dubai

HM’s medal for captain of Jewel of Muscat

His Majesty Sultan Qaboos Bin Said conferred the Honorarium Medal on Lieutenant Saleh Al Jabri, Captain of Jewel of Muscat, in recognition of his leadership

and efforts in sailing the hand-sewn Omani ship which was given as a gift from His Majesty to the people of Singapore. The medal was awarded to Saleh by His Highness Sayyid Haitham bin Tariq Al Said at his High Highness’s office. HE Sayyid Badr Hamad Bin Hamoud Al-Busaisi, Secretary General of the Ministry of Foreign Affairs, and Rear Admiral Abdullah Bin Khamis Al Raisi, commander of the Royal Navy of Oman were present on the occasion.

16 October 2010

JET VOTED THIRD BEST AIRLINEJet Airways, India’s premier international airline, has been voted the third best airline worldwide for business class and cited among the top ten airlines for cabin service by SmartTravelAsia.com readers. The airline was honoured with this prestigious award over several other leading international airlines. The online voting was conducted over a three month period between May and July.

DISCOUNTS OF UPTO 60 PER CENT FOR OIB CARDSOman International Bank (OIB) launched yet another exclusive promotion for their Credit/Debit cardholders titled ‘OIB Privileges’. The programme is aimed at providing unbeatable discounts from a wide range of merchant outlets thus giving OIB cardholders an edge over other cards. Customers can use their OIB cards for purchases as these discounts make high valued purchases affordable during the promotion period which runs up to December 31, 2010.

NBO’S CHARITY INITIATIVENational Bank of Oman (NBO) held a weekly charity fundraising initiative in the Holy month of Ramadan. As part of the initiative aimed at financially supporting and recognising non-profit organisations throughout the Sultanate, the NBO team reached out to six registered local non-profit organisations. The team visited Oman Association for the Welfare of Handicapped Children, Al Noor Association for the Blind, Oman Association for the Disabled, Environment Society of Oman (ESO), Dar Al Att’a Association etc.

Oman Arab Bank (OAB) recently opened its new call centre ‘Fil Khidma’, which will serve as the central communication link of the bank. Abdul Qader Askalan, Chief Executive Officer of the bank, officially inaugurated the call centre in the presence of senior officials of the bank.

Equipped with its dedicated and trained team, the state-of-the-art call centre provides personalised customer support to all of OAB customers. By simply dialing the call centre, customers will access a broad range of the best banking services from a multi-lingual staff. An automated 24-hour service is available with the added benefit of the availability of an agent during banking hours. As ‘Fil Khidma’ will

OAB opens new call centre ‘Fil Khidma’

assist the customers in a professional, knowledgeable and responsible manner, they no longer have to visit branches or stand in queues for conducting most banking

transactions. The customers can also update their personal information and records, report lost or stolen ATM and credit cards and request their re-issuance.

VEC (Value Engineering Centre) Oil & Gas Consultants new office was inaugurated by HE Nasser bin Khamis Al Jashmi, Undersecretary of the Ministry of Oil and Gas. Also in attendance were Sayyid Khalifa bin Taimur Al Said and a number of senior officials from the Oman oil and gas industry.

VEC Oil & Gas Consultants is the first front end high value-

added indigenous Omani Engineering Consultancy

firm that was established by Sayyid Mohammed bin Ali Al Said with a vision to reach global clients. VEC provides a range of consultancy services which include process & hse, project management consultancy (PMC), corporate services, feed, EOR & sour project consultancy services, and production system

optimisation to clients in the oil, gas and refining sectors.

VEC inaugurates new office

18 October 2010

Welcare Diagnostic and Treatment Center (Welcare DTC) announced the appointment of Dr Rajiv Sabnani as the new internal medical doctor. With 11 years of experience in the field, Dr Rajiv Sabnani is an expert in treating respiratory, cardiac, diabetes, thyroid and infectious diseases. Commenting on the new appointment, Christopher Dias, medical director at Welcare DTC says, “Welcare will now benefit from Dr. Rajiv’s experience in the healthcare arena which will help it elevate to the highest international standards in the industry. His capabilities will also ensure that the hospital continues to deliver premium value addition to the hospital’s extensive service portfolio.”

EPSON RELEASES SUSTAINABILITY REPORTSeiko Epson Corporation® has released its Sustainability Report 2010, detailing the business, environmental and CSR initiatives the Epson group undertook during fiscal year 2009. The annual report outlines how Epson aims to achieve its long-range corporate vision and demonstrates progress against the company’s Environmental Vision 2050, where it is committed to a 90 per cent reduction in its CO2 emissions by 2050.

Gulf Infotech has announced the appointment of Pawan Kumar as sales manager for cloud computing solutions in Oman. Pawan would be expanding the reach of the company to medium to enterprise customers for cloud based solutions like Google Apps, CloudCodes and Zoho CRM. Kumar has been in Oman for a long time and is well-positioned to understand the challenges and pain points of enterprise customers. His strong technical background, good market knowledge and enterprise experience will add value to Gulf Infotech.

Youssef Ezikhe has been appointed as the new general manager of Oman Refreshment Company. Youssef, a Moroccan national, has more than 15 years experience in various senior managerial positions with FMCG / beverage industries, including Saudi PEPSICO bottler’s company as a general manager. In addition to his extensive professional experience and command over Arabic, Youssef speaks English and French fluently.

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in the healthcare arenawill help it elevate to thinternational standardsindustry. His capabilitiensure that the hospitato deliver premium valto the hospital’s extensportfolio.”

Shell Oman Marketing co. has announced the appointment of Adil Ismail Al Raisi as the new managing director. Raisi was the vice president of corporate business unit with Omantel and the deputy chairman of Infoline. He has extensive telecom and airline experience in the areas of customer service, marketing, retail channels management and corporate sales. Raisi holds a bachelor degree in management from the US.

BankDhofar, the top bank in Oman, has launched a new Al Heson savings scheme with a weekly prize of RO40,000. The biggest weekly prize scheme ever launched in Oman, beginning from September and lasting till the end of the year, The Al Heson scheme is conceived in honour of His Majesty Sultan Qaboos bin Said’s wise leadership through out the last 40 years.

The scheme offers customers

a chance to win weekly prizes worth RO40,000 for every RO100 saved for those with

a minimum balance account of RO100 to RO999 and for every multiple of RO50 for those with a balance account of RO1,000 to RO9,999. Beisdes, a ticket is generated for every RO20 saved for those who maintain a minimum account of RO10,000 and onwards. The Al Heson scheme will continue to develop as a savings oriented account that reaps benefits for the bank’s customers.

BankDhofar’s Al Heson offers RO40,000 weekly

20 October 2010

Nawras has announced its initial public offering (IPO) for subscription. The IPO of 40 per cent of Nawras’ total share

capital is open to Omani and non-Omani individuals and institutional investors. The one-month subscription will close on October 14. Following the listing of Nawras on the Muscat Securities Market on October 27, the shares will trade on the ticker ‘nwrs’.

Commenting on the IPO’s launch, Ross Cormack, the CEO of Nawras, says, “This is the moment when our customers and investors across the Sultanate and internationally will have the opportunity to share in our future through participation in our IPO. Our focus on improving communication in Oman for the past five years has seen us successfully grow our business through offering our customers pleasingly different mobile, fixed line and broadband services. Now is the right time for us to welcome new investors to participate in this true Omani success

story.” The IPO, Oman’s first since July 2008, is expected to value Nawras at between RO456mn and RO586mn. The price range for the company’s shares will be set at 702 biasa to 902 biasa which includes an issue expense of 2 baisa. The IPO is expected to raise between RO182mn and RO234mn for the selling shareholders.

Cormack adds, “We are very proud of what we have achieved within only five years. None of this would have been possible without the vision of His Majesty Sultan Qaboos bin Said, the strong support of the TRA and the CMA, the loyalty of our customers, the dedication of our internal Nawras family members and the support of our shareholders. We are grateful to them all. We are delighted to be launching this IPO to enable the Omani public and investment community to get closer to Nawras.”

There are two categories of potential investors who can apply. Category one investors can apply for a minimum of

500 shares and in multiples of 100 and category two investors can apply for a minimum of 500,100 shares up to a maximum of 26,037,700 shares, or 10 per cent of the offer. Category one or retail investors will initially subscribe at the top of the price range at 902 baisas for a 100-baisa-share. Any refunds will depend on the final pricing and the final allocation of shares to investors.

The final share price will be determined on the basis of the bookbuilding process and is expected to be announced on October 24. All investors will be allotted shares at the final share price which may be lower than the subscription price for category one investors.

Copies of the IPO prospectus and an application are available at the branches of BankMuscat, National Bank of Oman, Oman Arab Bank and ahliBank. The prospectus can also be downloaded from the IPO website www.nawras-ipo.com or from the website of the Capital Markets Authority – www.cma.gov.om.

Nawras IPO opens for subscriptionThe IPO, Oman’s first since July 2008, is expected to value Nawras between RO456-586mn

IN THE NEWS

22 October 2010

CMA forum looks into new prospectsThe Oman Capital Markets Forum was an excellent opportunity to learn innovative practices and challenges in the stock market

IN THE NEWS

The Oman Capital Markets Forum, organised by OITE Conferences, was held under the patronage of HE Yahya bin Said Al Jabri,

Executive President, Capital Market Authority, on September 28 and 29. The conference which explored the opportunities to establish and develop mutual business relationships was an excellent opportunity to learn innovative practices and challenges in the stock market, discover emerging opportunities in the capital markets, exchange commercial insights and network with key stockholders.

Ahmed Al Hooti, Director of the Information and Awareness Department at Muscat Securities Market says, “we are delighted to support such initiative and are looking forward to sharing the latest updates concerning the local capital markets and at the same time, to learning from experts from around the region who will shed light on the region’s investment growth and potentials”.

The event has attracted much interest from the industry, both in terms of sponsorship, delegation and speakers,

with over 150 delegates and six confirmed sponsors including National Bank of Oman, Falcom Financial Services – Oman, National Investment Funds Co, Oman Investment & Finance Co and Global Omani Development and Investment Co.

An expert panel tackled various topics related to the challenges and opportunities in Oman’s financial market. Ahmed Baabood, executive chairman, at OITE, says, “the past two years was a testing time for most senior executives. The Oman Capital Markets forum came at an appropriate time, with most recession-hit global companies edging back into growth and new opportunities appearing on the horizon.

The conference featured around more than 20 speakers from around the region including Dr Fadi Khalaf, secretary general of the Union of Arab Stock Exchanges (UASE), who delivered the key note address on ‘Arab stock exchanges throughout the difficult experience’. Other speakers include Ahmed Bin Saleh Al Marhoon, director general, Muscat Securities Market; Mustafa Baltaci, executive vice chairman, Istanbul Stock Exchange (ISE);

HH Sayyid Wasfi Jamshid Al Said, deputy general manager and head of investment banking division, National Bank of Oman; Dr. Henry Azzam, chief executive officer, Deutsche Bank MENA Region; Shariq Azhar, chief executive officer, OMINVEST; Mohammed Al Barwani, chairman, MB Holdings Company; Dr P Mohamed Ali, vice chairman, Galfar Engineering & Contracting; Faisal Hasan, head of research, Global Investment House, Kuwait; Mansoor Jamal Malik, founder & managing partner, AMJ & Co; Ilyas Malik, managing director – business development, FALCOM Financial Services, KSA; Rashed Al Baloushi, deputy CEO, Abu Dhabi Securities, UAE; Tim Harvey, head of EMEA, ETF Securities Ltd; Hani Al Anani, Consultant, Muscat Securities Market; Lo’ai Bataineh, deputy general Manager - Investment & Development, Oman Arab Bank; Talal Touqan, specialist asset management trainer, Thompson Reuters; and Mayank Singh, group editor, OER.

OER, AIWA and OGR were the media spon-sors of the programme

HE Yahya bin Said Al Jabri, Executive President, CMA addressing the Forum

24 October 2010

OEREVENT

Oman Economic Review (OER) in association with Capital Market Authority will hold the annual OER Debate titled “The Way

Ahead – Road to Vision 2020” at the Muscat Securities Market on October 25. The forum will be organised under the patronage of HE Yahya Al Jabri, Executive President, Capital Market Authority. Bank Sohar, a leader in the finance sector, will be one of the official sponsors of the event.

Over 200 movers and shakers from Oman’s corporate sector, all innovators in their profession, will be attending the event. Nima Abu Wardeh, presenter of BBC’s Middle East Business Report (MEBR) will moderate the debate.

As part of the proceedings, the OER Top 20 companies in Oman will be recognised with awards for innovation and leadership in their field.

“This year’s conference has evolved into an integrated business symposium which encompasses the key themes that form the business environment of today and tomorrow,” says Sandeep Sehgal, Chief Executive, United Media Services. “Carrying the theme of ‘The way ahead – Road to Vision 2020,’ the forum’s discussions are expected to be dominated by the prevailing socio-economic challenges facing the country,” he adds.

The OER Debate is a unique platform where influential individuals will share

stories of best practices, effective business case-studies and, most importantly, attributes of true leadership. The event not only covers globalisation and economics, human capital, motivation and diplomacy but also has a strong focus on the future through the idea of a new age of leadership in a changing business landscape, and economic trends indicating a slowdown in major world markets. In addition, the

diverse speaker lineup will share key insights into the way businesses in the new age have to show responsibility to their social environment.

The 2010 OER Debate and Top 20 Awards, which is into its second edition, follows the successful maiden debate held in May 2009. The first edition, which discussed the state of Oman’s economy in the midst of the global financial crisis, was well received by the audience as the participants in the debate, which included HE Maqbool bin Ali Sultan, Minister of Commerce and Industry, inspired confidence that the Sultanate’s financial fundamentals are on the right track.

Wardeh, the moderator for the 2010 OER Debate and Top 20 Awards, is a bilingual English Arabic broadcast journalist specialising in Arab issues and presents the BBC World’s weekly business and finance programme, the MEBR and was part of the team that set up the programme. She has reported, produced and presented programmes for Al Jazeera and Dubai’s Business Channel as well as BBC World. Before joining MEBR, Nima was a regular guest on BBC Radio 4’s Four Corners addressing Arab issues, and a guest on BBC World’s Dateline London as a regional expert.

Wardeh is regarded as an opinion leader and in this capacity is approached by think-tanks, the corporate world and government organisations for her insight. She is also invited to give talks as well as to participate in off-the-record discussions about the region.

STAGE SET FOR AN INTENSIVE OER DEBATEOER Debate and Top 20 Awards will see more than 200 business leaders debating about the way ahead for Oman’s economy

THIS YEAR’S OER DEBATE WILL CONSIST OF FOUR QUESTIONS:

Are we out of the woods? 1.

Is this the new normal?2.

Are the government and the 3. private sector working at cross purposes?

Is enough being done to achieve 4. Vision 2020?

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26 October 2010

OPEC and crude oil marketOPEC will have to accommodate the strategic interests of non-member states in its decisions and engage in strategic diplomacy with the rising industrial powers in Asia

BY MATEIN KHALID

OPEC was founded in September 1960 when the chairman of Exxon, eager to

protect his corporate market share in Europe from cheap Soviet Russian imports, unilaterally cut the posted price of oil. Exxon’s price cut enraged the world’s oil producing states, most of whom were dependent on the export of black gold for their survival.

However, OPEC’s bargaining power was miniscule since the logistics of the global oil and gas industry was entirely dominated by the fabled Seven Sisters, integrated supermajors who controlled every facet of the business from upstream production/ exploration to downstream refining/marketing in a world awash with oil. Yet global inflation and geopolitical supply shocks (the 1973 Middle East war, the closure of the Suez Canal, the coups in Libya and Iraq and the Iranian revolution) swung the balance of power in oil pricing in favour of OPEC in the 1970s, with Saudi Arabia emerging as the world’s leading oil exporter and the central bank of oil, with its 10mn daily production and ownership of one fourth of the planet’s oil reserves.

CO-ORDINATED PRODUCTION CUTThe world oil market faced systemic trauma after the failure of Lehman Brothers, the subprime carnage on Wall Street and the onset of global recession. Crude oil prices plunged from $148 to $32 in six months. A freefall in oil prices would have proved catastrophic for the economies and government budgets of the world’s oil exporters, including all six GCC states. So OPEC united under the leadership of its “swing producer” Saudi Arabia and orchestrated the largest production cuts in its history, cutting more than 4mn barrels a day in production. This was the primary reason, coupled with the global economic recovery in the US and the trillion dollar bank lending spree in China, that crude oil prices snapped back from $35 in December 2008 to the $70-80 range now.

OPEC had learnt the lesson of the 1999 oil price free fall all too well, when the Asian financing Armageddon led to a savage downturn in oil demand but internal political divisions within OPEC prevented a coordinated production cut. The oil producers suffered terribly when spot oil prices fell below $10. The pain of $10 oil even forced mergers

among Seven Sister companies Exxon and Mobil, Chevron and Texaco and persuaded BP’s Lord Browne to bet Britain’s oil colossus on risky deepwater drilling in the Gulf of Mexico and the political tempests of Putin’s Russia. The ghosts of 1999 ensured that Saudi Arabia was able to orchestrate a production cut on a scale that was unthinkable a decade ago.

STRATEGIC DIPLOMACYYet OPEC cannot rest on its laurels even though it has reestablished its central role in the production and pricing of crude oil. New major oil discoveries in Brazil and West Africa mean that OPEC will have to accommodate the strategic interests of non-member states in its decisions, as it accommodated the interest of Britain and Norway after the North Sea strikes in the 1970s, Mexico after the Gulf of Campeche discoveries in the 1980s and Russia after the collapse of the USSR in August 1991. Moreover, Iraq intends to spend hundreds of billion of dollars to quintuple oil production to ten million barrels a day in the next decade, raising open the possibility of a future oil glut. Government subsidies in the Gulf have also encouraged massive

The author is a renowned investment

banker based in Dubai

PERISCOPE

SINCE THE WORLD ECONOMY’S RELIANCE ON OPEC OIL WILL GROW

IN THE DECADE AHEAD, OPEC NEEDS TO MANAGE THE DIVERGENT

INTERESTS OF ITS MEMBERS AND CONSUMERS

domestic consumption of gasoline, electricity and air-conditioning, a scenario that will influence export policies.

OPEC will have to engage in strategic diplomacy with the rising industrial powers in Asia, primarily China and India, to recalibrate its traditional economic and political ties with the US, Britain, Germany and France. It is no coincidence that Saudi Arabia’s King Abdullah made his first state visit after succeeding to the throne to Beijing, the kingdom’s new giant consumer whose factories and highways will determine the future of the oil and gas business. The Politburo in the Middle Kingdom is obsessed with energy security on a scale that is not the case with the US, which has a huge domestic oil producing industry in Texas,

Oklahoma, Louisiana and the Rocky Mountain states. China and India, despite their awesome industrial power and export prowess, still have desperately poor citizens, more than a billion peasants who cannot afford food price inflation spirals caused by a spike in oil prices.

OPEC’s engagement with China and India could well result in more stable, long term oil deals, with the result that oil prices could trade in

a range acceptable to both consumers and producers. The Saudis, for instance, have repeatedly stressed that their optimal price point for crude oil is $75-80 a barrel. If the West, China and India are obsessed with oil supply shocks, OPEC’s oil ministers in its Vienna conclave are obsessed with oil demand shocks. It is no secret that Saudi Aramco, the world’s largest oil company, has invested more than $20bn in Asian refineries, the biggest

buyers of Gulf heavy sour crudes shipments. The world economy’s reliance on OPEC oil will only grow in the decade ahead.

OPEC, in turn, will need to manage the divergent interests of its members and consumers as well as accommodate the production spike in Iraq in its current quota system. OPEC member states, as Abu Dhabi’s Masdar City initiative demonstrates, will also need to invest in the emerging energy economy of green technologies like wind/solar and biofuels. International politics could well complicate OPEC’s internal equilibrium. However, OPEC survived the Iran-Iraq war two decades ago and its member states have surely learnt that cooperation, not confrontation, is mission critical in the quest for stable oil pricing.

OIL TALKOPEC’s engagement with China and India to make oil deals more stable and prices more acceptable

Saudi Aramco, the world’s largest oil company, invests over $20bn in Asian refineries, the biggest buyers of Gulf heavy sour crudes shipments

China emerges as the new giant consumer of Saudi

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A report by Visvas Paul D Karra and Muhammed Nafie

THE SULTANATE’SMOST POWERFULWOMENIN BUSINESS

3October 2010

COVERSTORY

The Merriam-Webster dictionary defines powerful as having great power, prestige

or influence. These are the catchwords that make defining the word ‘powerful’ in

a precise manner a tricky business. And when you are drawing up a list of the

most powerful women, it becomes all the more challenging. There are some women who

are powerful in the business they are running, while there are others who wield influence as

social workers and good samaritans.

Breaking the glass ceiling

In our opinion, the touchstone of power is the ability of women to blend pragmatism with

ambition, balance professional and personal lives, and overcome challenges to rise in life

without overstepping the boundaries of their tradition, culture and heritage.

The women listed in the following pages have come from variegated backgrounds, with

a variety of academic qualifications and experience, but they stand out for the simple fact

that they have been able to make a name for themselves amongst a predominantly male-

oriented cultural set-up.

Women’s emancipation in Oman stems from His Majesty Sultan Qaboos bin Said’s

benevolence and foresight to have a balanced demographic profile by ensuring equal

rights to everyone. Empowering women of the country has been one of the basic tenets of

state policy.

Summing up the power of the Omani women, Dr Sharifa bint Khalfan al Yahya’eeyah, Minister

of Social Development, and one of the three women ministers in the Omani government,

says, “a salient feature of Oman’s Blessed Renaissance has been the wise vision of His

Majesty on the education and empowerment of Omani women and His Majesty’s constant

encouragement to women to contribute to the Sultanate’s progress and prosperity.”

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32 October 2010

Because as the Gas Director of Petroleum Development of Oman she is directly accountable for meeting

the company’s obligation as gas operator for the government of Oman. She is the winner of Society of Petroleum Engineers (SPE)’s regional service award in 2010. The award was conferred on her recognising her outstanding service to SPE and the industry.

His Majesty Sultan Qaboos inaugurated the government gas plant at Yibal on October

29, 1978, marking the beginning of the Sultanate’s gas industry. Thirty years after the start of gas production, close to half of PDO’s hydrocarbon production is in the form of gas and condensate. PDO finds, develops and operates natural gas fields and their associated production systems. The company delivers gas to the government gas system, which supplies fuel for most of Oman’s power stations and some of its industries, and to the Oman LNG plant at Qalhat.

ABLA AL RIYAMIGas Director, PDO

In the spotlight

AMAL BAHWANDirector, Suhail Bahwan Group

Leading from the front

Because as the Director of Bahwan IT she has played a pioneering role in the remarkable growth of the company as the industry

leader in the IT landscape of Oman. She leads a dedicated and competent team comprising professionals with vast industry experience.

Winner of the prestigious QMS ISO 9001:2000 certification in 2009, Bahwan IT offers end to end IT products and services which revolve around the industry

standard hardware, networking, security, data capture and software domain. The 25-year old company works closely with the world’s best IT organisations such as Microsoft, Hewlett Packard, Cisco, 3i Infotech, Red Hat, Oracle etc to bring the best of IT solutions that meet the requirements of the customers. It practices strong quality systems and an excellent project management approach. Amal is also a member of the Board of Director’s of the Suhail Bahwan Group one of the foremost business houses in Oman.

MANAGERIAL HALLMARKA consultative approach to address customer requirements

LEADERSHIP PRINCIPLE:In her ‘enabling’ style of leadership, she specifies her objectives to the subordinates giving them the freedom to accomplish the assigned tasks within a reasonable time frame

Does the current economic climate demand that businesses minimise risks? Or does it call for transformative ideas? Pick a side in the debate on the way ahead for Oman Inc. at www.oerdebate.com

Caution EvolutionDEBATEOERThe

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Because as Joint Deputy Managing Director handling the Automotive Division and Internal Audit & Computer Systems function of MHD, She has played a key role

in the success of the company. She is actively involved in the decision making process charting business strategies and operational plans that align objectives with corporate goals. Says Areej, “I believe that quality after sales service is very important to retain customer loyalty and have chalked out plans towards restructuring the customer care function that would have specific action items linked to deliverables and performance indicator objectives.”

She believes that a leader’s obligation is to lay out clear-cut strategies and goals and to create a healthy working environment of mutual trust, respect and consideration for each other’s ideas and feelings.

A constructive leader

AREEJ MOHSIN HAIDER DARWISHJoint Deputy Managing Director, MHD

SOCIAL CONSCIENCE:Goodwill of the community means more to us than making profits

COVERSTORY

34 October 2010

A s a head of Economic and Business Research, Oman Oil Company, she has proved her mettle in the intensely competitive

oil and gas industry. Earlier in 2001, she had shown the exemplary courage to join Oman Oil Company leaving the comfort zone of her family owned business Al Harthy Group where she was the Managing Director.

At OOC she leads team involved in fostering a performance culture within the organisation and building its reputation as

a world class company. She also played an important role in securing a “Sultan of Oman Professorship of International Relations” at Harvard Business School, her alma mater, in April 2004. The professorship encourages scholarship regarding Oman’s contribution to international affairs.

Besides, she was actively involved with the “Five-Year Planning” process for the Omani government from 2001 to 2005 as a representative of the Oman Chamber of Commerce and Industry.

ASSILAH ZAHER AL HARTHYHead of Economic and Business ResearchOman Oil Company

Off the beaten track

WORK ETHICAs long as you are ready to take on challenges you are bound to grow

FATMA AL KHARUSIFinance Director, PDO

The Midas touch

Because with a career spanning over 30 years at Petroleum Development Oman (PDO), Fatma is one of the longest-serving members of the company

and one of the most experienced and respected businesswomen in the Sultanate.

She oversees the company’s financial services, business controls, internal audits, legal advice as well as its contracting and procurement. She also serves as secretary to the company’s Board of Directors. A graduate in commerce and accounting, she joined PDO in 1974 as a payroll accountant. Her career trajectory has seen her move into a plethora of roles within PDO

and Shell in auditing, management accounting, investor relations and financial management. She was appointed finance director in 1996. After over a decade as finance director at PDO, Fatma says her role still presents new challenges.

Fatma has also been instrumental in highlighting the need for a robust and recognised accounting education in the Sultanate through her status as an FCCA as well as her presence on the government accreditation committee. “I am delighted that at last we have a professional body like ACCA represented here in Oman. Organisations like PDO know their staff will get the best professional education,” says Fatma.

MOTTO IN LIFEIn Oman, it’s about what you do and if you do it well, that’s what counts

36 October 2010

Because she has been instrumental in making Bahwan CyberTek a leader in the Global IT Solutions market with world-class products. Bahwan CyberTek links

four nations known for excellence in IT and ICT – Oman, the UAE, India and the US. Hind is the Executive Chairperson of Bahwan CyberTek.

Her contribution to the Suhail Bahwan Group (SBG) is matchless and cuts across verticals. A graduate in Computer Science and a Harvard Business School alumna, she stands out as an enterprising and dynamic young businesswoman across the Middle East. As the Director of Bahwan Travel Agency, she has been instrumental in bringing all travel related facilities in Oman under one roof.

She also plays a leading role in working with government and other leading commercial companies in the joint pursuit of creating a digital society in Oman. Hind is also a member of the Young President’s Organisation.

Dynamism personified

HIND S BAHWANDirector, Suhail Bahwan Group

ACHIEVEMENTS‘Young entrepreneur of the ›year 2000’ awarded by the Government of Oman and Ernst & Young

Arabian Business ‘e-Achiever of ›the Year’ award from HH Sheikh Mohammad Bin Rasheed in 2001

‘IT women of the year 2002’ ›award by United Nations Development Programme

‘Global Leaders for Tomorrow’ ›by the World Economic Forum in 2003

COVERSTORY

Five years ago we began our journey

Since our launch in March 2005 we have been dedicated to enriching the lives of people in Oman through better communications by offering a range of innovative products, great value and pleasingly different service.

Beginning with our IPO subscription opening on 15 September, we see our upcoming listing on the Muscat Securities Market as a key step in our development and growth. We look forward to welcoming new investors to join our family and share in our continued success.

Nawras goes public. Be part of it!

COVERSTORY

38 October 2010

Because she is a versatile figure with lots of remarkable achievements to her credit ranging from

being an SQU lecturer, to Majlis as Shura member to being voted as one of 50 most powerful women in the region year after year by Forbes Arabia.

As the head of the Human Resources Omanisation and Training (HROT) department

at MHD, she built up a well trained and equipped workforce, which has cohesively worked together, to achieve and exceed targets.

As the head of the HROT department, she tried out a strategic and coherent approach to the management of employees who according to her “individually and collectively contribute to the objectives of the business”.

LUJAINA MOHSIN DARWISHJoint Deputy Managing Director, MHD

An all-round woman

MAITHA AL MAHROUQICountry Manager, Oman, Oman Air

Flying high

Because Maitha’s exposure of working with major airlines of the region enables her to wield her influence

and competence to promote Oman Air. Maitha has experience in sales operations, reservation, ticketing, holidays-packaging, revenue-optimisations techniques and the related support services. Born, brought up and partly educated in Oman, Maitha brings with her a wealth of experience and knowledge that she acquired within a

span of a decade. She also carries with her the tag of perhaps being the first female cartographer from the region, and the first Omani cartographer as well.

Maitha, a science graduate from the University of Oxford Brookes, UK, started her airlines stint with Emirates Airlines, then moved to Gulf Air as its business development manager and was subsequently promoted as the general manager of Gulf Air for Oman.

FAVOURITE QUOTEI feel honoured to be part of our national carrier. It is like working directly for the progress of your country, which is what I had always wanted to do

DEEPLY HELD BELIEFOmani women do no longer prefer to stay at home and are emerging as a power to reckon with in business

Because she is effectively utilising her management skills to transform Sohar Aluminum, Oman’s first foray into the Aluminium industry, into one of the most efficient, cost effective and competitive

aluminium smelters in the world.

Sohar Aluminium intends to become a benchmark smelter while contributing to the sustainable development of Oman. By implementing decades of industry insight in its design, specification and construction, Sohar Aluminium has been created to ensure efficiency, environmental protection and the utmost safety of its workforce. In many ways, its development mirrors the Sultanate’s own emergence onto the world stage.

Earlier, as General Manager of Sharakah Fund for Development of Youth Projects, Malak has worked hard to promote the spirit of entrepreneurship in Oman. She helped small-scale entrepreneurs with necessary funding and expertise needed to convert their business ideas into profitable ventures.

Malak is a seasoned professional and administrator with her years of experience in the Ministry of Commerce and Industry and OCIPED.

At a formidable pace

MALAK AHMED AL SHAIBANIGeneral Manager, Human Resources, Sohar Aluminium

HER MOTTOThere is so much to achieve that at times I feel that there is not enough time in a day

Is a quarterly balance sheet the right yardstick for evaluating business value? Can enterprises serve a purpose beyond profit-making? Pick a side in the debate on the way ahead for Oman Inc. at www.oerdebate.com

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40 October 2010

Because she has transformed Dar Al Atta’a or the House of Giving from a small six-member team in April 2002 to one of the biggest in the

region. The enthusiasm exhibited by Dar Al Atta’a volunteers and the way it galvanised young Omani people into action in the wake of the recent adverse weather condition will suffice to illustrate the importance of its noble social services.

With its family welfare, hospital and student care programmes, Dar Al Atta’a has made an impressive legacy in serving the under-privileged families and supporting the weaker sections of

the society. The organisation has helped raise awareness about the need to help the underprivileged through its programmes and fund raising activities. It has helped over 600 cases over the years.

Says Maryam, “We have gained the trust of people over the years and I cannot describe the joy that I get from working for the needy.” She confesses that while she was hesitant in the initial years, her confidence has grown over the years.

Apart from Dar Al Atta’a, she is the Chairman of Essence Spa; and the Editor-in-Chief of Al Youm al Sabah, an Arabic weekly.

MARYAM AL ZADJALIChairperson, Dar Al Atta’a

On a blessed mission

NATASHA YAHYA NASIBMember, Board of Oman Chamber of Commerce and Industry

Empowering woman

Because as the chair- person of the Omani Businesswomen’s Forum she embodies the aspirations of Omani

women entrepreneurs. Over the last few years, she has steered the growth of her family business, Snowhite, as its chief operating officer and director. She looks after long term policy issues, customer relationship, employee welfare and matters related to Omanisation. Her style of management while result oriented and assertive takes into account the genuine concerns and sympathies of her employees. An alumni of the Sultan School

and a business major from Switzerland, Natasha reflects the increasing number and clout of businesswomen in Oman.

At the recently concluded Women In Business Conference, she said, “We at the OCCI confirm and are fully prepared to extend our support and co-operation in implementation of the recommendations of last year’s Seih Al Makrim Women’s Symposium into reality in a way that will enable business entrepreneurs and women in general to strengthen their role in economic development of the Sultanate.

GEM OF A QUOTEWe bring a women’s touch to business

FOND OF SAYINGIt’s a joy to work for the needy

Because she has an unique position of being involved with two of the leading financial institutions in the country – National Bank of Oman and Onic Holding.

Sayyida Rawan has a distinguished career in banking and investments and has been acknowledged by NBO stating that she is an asset to their Board of Directors. Her intellect, passion and management experience has been making a significant contribution to the bank. Sayyida Rawan was also chosen as a board member of ONIC Holding besides her existing role as group CEO of the company. This shows that the stakeholders of the company have reposed their faith in her.

She earlier held positions like Director of Oman Oil Marketing Co and Director of Research and Financial Analyst in The State General Reserve Fund. Sayyida Rawan holds a Master of Science degree in Economics and Finance, from Loughborough University, UK; a Post Graduate Diploma in Investment Analysis, from Stirling University, UK; and a Bachelors Degree in Economics and Political Science from American University, Cairo.

Holding sway

SAYYIDA RAWAN BINT AHMED BIN THABIT AL SAIDDeputy Chairwoman, National Bank of Oman and Group CEO, ONIC Holding

COMMITMENTThe opportunities given to me strengthen my resolve to implement the long term strategies of the company and take it to greater heights

Should policy makers focus on creating new jobs for young Omanis? Or should they be encouraged and equipped to compete as entrepreneurs? Pick a side in the debate on the way ahead for Oman Inc. at www.oerdebate.com

Employment Entrepreneurship

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42 October 2010

Because she was the first woman to lead an Omani corporation. All eyes from the sultanate’s banking community were on her

in 2002 as she was appointed as the chairperson of Oman International Bank (OIB), one of the leading banks in the Sultanate.

She has been on OIB’s board since 1996. Founded by her father, OIB came into being on January 1, 1984 and became the first 100 per cent Omani owned commercial bank in the

Sultanate of Oman. Reem has won numerous awards for her leadership of the bank, including the Arab Women Award 2006.

OIB is known as an innovative bank with a long list of firsts – it was the first bank in the Gulf region to offer mobile banking service, the first Omani bank to issue a Visa Card, and the only bank currently offering a phone banking service. OIB has more than 80 branches in the country and four overseas branches at Mumbai and Kochi in India and Karachi and Lahore in Pakistan.

REEM BINT OMAR AL ZAWAWIChairperson, Oman International Bank

A quite performer

SHAKOOR BINT SALIM AL GHAMMARIPresident, Omani Women’s Association

Parliamentarian par excellence

Because as the first woman to be elected to the Majlis A’Shura in1994 she achieved the unique distinction of opening the doors for Omani women

to stand for elections and vote. Winner of an award for the Arab world’s most distinguished female parliamentarian and public figure in 2004, this dynamic president of the Omani Women’s Association has been active in voluntary works for women, disabled people and children since 1975. Shakoor who was re-elected to Shura council in 1997 for another term is currently a Member of the Council of States.

As president of the Oman Women’s Association, she is a role model for every woman to emulate.

Shukoor says, “Women here enjoy many rights. Omani women are appointed to top posts in both public and private sectors. This has had a positive impact on the country’s development. But then there is more to be done,” says. Shukoor feels women need to be more aware of their rights. “Women should ask for their rights and get it. They deserve these rights. Women need to work closely with each other to enjoy these rights.

BUSINESS PHILOSOPHYOur tradition of reliability, loyalty and integrity has enabled us to always be there for our growing family of customers, employees and shareholders’ our friends and partners

BELIEFIt is not enough if the rights are on paper. They should be used in a positive way

We changed the telecommunication landscape

Nawras is known for living the customer experience and meeting customer needs through innovation. We have changed what customers buy and where they buy it, as well as how they get help and how they pay.

Beginning with our IPO subscription opening on 15 September, we see our upcoming listing on the Muscat Securities Market as a key step in our development and growth. We look forward to welcoming new investors to join our family and share in our continued success.

Nawras goes public. Be part of it!

COVERSTORY

44 October 2010

Because of Sharifa’s active role in the overall day-to-day functioning of MB Holding, a company which has over 6,800 employees. At one time, she was also head of two departments at the

Institute of Public Administration.

Sharifa possesses a Bachelor’s Degree in Business Administration from Jordan University (Amman, Jordan) and Masters Degree in Business Administration from Texas Southern University (USA).

In addition to MB group of companies she has also worked for the Institute of Public Administration, Oman from 1980-1990. Was the head of two departments, and gained extensive experience in instructing government employees in public policy, administration, and work efficiency.

She left the Institute of Public Administration to join MB Petroleum Services and was involved in developing its management systems. She was responsible for human resources, administration, development of policies, management systems, training and government liason.

In 2005, MB Holding Company was formed as the parent company of a number of companies with wide ranging interests in oilfield services, oil & gas exploration and production, mining and investments. In the last few years, the MB Group has spread its operations to 20 countries, grown its employee strength and generates revenues in excess of $1bn.

She has also spear headed MB Holding’s corporate social responsibilities (CSR) activities, charity and participated and supported Women’s Leadership conferences in Oman and internationally.

Abiding commitment

SHARIFA MOHAMMED ABDULLA AL HARTHYVice Chairperson, Shareholder and Board Director of MB Holding Company

COVERSTORY

INSTRUMENTAL ROLEWas the head of two department in Institute of Public Administration and instructed government employees in public policy and work efficiency

Let’s get closer and reach new heights

Following the launch of our fixed services we have transformed in to a full service provider, offering a one-stop shop for all telecom needs. This has brought us one step closer to becoming the communications provider and employer of choice in Oman.

Beginning with our IPO subscription opening on 15 September, we see our upcoming listing on the Muscat Securities Market as a key step in our development and growth. We look forward to welcoming new investors to join our family and share in our continued success.

Nawras goes public. Be part of it!

COVERSTORY

46 October 2010

Because she braved many challenges in her professional life to emerge as one of the most successful

businesswomen in the Sultanate. Since she took the helm of Al Madina in 2004, she played a constructive role in the growth of the company.

Thanks to her background, Sheila combines all the positive traits of both the far East and the West. While in the US she worked with a Japanese

company. After graduation, she worked as an assistant analyst with the NASA International.

After marriage she moved to Kuwait with her husband who was a specialist in industrial engineering. After eight years in Kuwait, they came to Oman to join his brother.

A mother of two, Sheila hopes one day her children will take up the company so that she can relax and allot more time for her hobbies.

SHEILA JAMALCEO, Al Madina Development & Supply

Synthesis of cultures

BARKA S AL BAKRYLife honorary member of the Al Noor Association for the Blind

Leading from the front

Because as one of the founders of Al Noor Association for the Blind she has been working strenuously for the cause of

the visually impaired and blind in Oman for the last ten years.

Barka has selflessly worked for creating a society where each and every blind person will be able to lead a life up to his optimum potential and be so empowered as to be able to work towards his own growth and development. She firmly believes that the visually impaired and blind, If properly

trained, would be perfect for any job. “It is most important for blind people to have the chance to choose whatever job they want, and for the public to give blind people the opportunity,” she says.

Barka who has turned 64 and is considering retirement is happy that things are moving in the right direction. She is also hopeful that an eye bank at Oman will become a reality in the next five year plan. For 2011, she wants a professional director taking over the running of Al Noor Association for the Blind.

INSPIRING REMARKThe blind have the potential to contribute to the development and manpower requirements of the country

FAVOURITES AND HOBBIESTravelling, Italian food, sushi and tofu

47October 2010

Because of her commendable social services as the honorary president of Al Noor Association for Blind and the leadership qualities she exhibited as the patron of highly successful

Women in Business Conference.

Al Noor Association for the blind provides support for visually impaired people and helps them improve their living standard. The association focuses on the welfare, education and health of the blind and works out and implements plans and programmes for their overall development. It gives top priority for their education, training and professional development and conducts special training programmes for the teachers to treat the visually impaired students. Alia was the real driving force behind the highly acclaimed exclusive annual conference for women which attracted entrepreneurs, prominent businesswomen from all over the world who shared their expertise and experiences in the corporate arena.

The conference which addresses key issues particularly relevant to Arab world is aimed at helping the delegates develop key skills in business processes needed for effective company management. The conference 2010 included workshops conducted by America-Mideast Educational and Training Services (AMIDEAST) on two topics – Strategy Development and Leading with Emotional Intelligence. It provides a platform for women in the Sultanate to come together for networking and imbibe core business values and principles for running a successful enterprise.

Committed to bring light

SAYYIDA ALIA BINT THUWAINI AL SAIDHonorary president of Al Noor Association for Blind and Patron, Women in Business Conference

ACHIEVEMENTSPatron of Women in Business Conference and honorary president of Al Noor Association for Blind

COVERSTORY

48 October 2010

Because for the last 16 years she has been in the vanguard of a noble mission to conserve the natural environment and rich heritage of Oman for

future generations.

As the President of the Environment Society of Oman (ESO), Sayyida Tania, together with the members of the ESO, is making every possible effort to educate and spread awareness among the public on environmental issues. ESO enables the public to become actively involved in conservation by organising participatory events and serves as a platform for exchange of ideas and

information related to human and the natural environment of Oman. ESO has led initiatives to reduce the use of plastic by offering shoppers an alternative in canvas bags. It has conducted clean ups, held lectures, started a paper recycling project in schools and taken part in various marine research projects focusing on turtles, whales, dolphins and the coral reefs around the Daymaniyat islands.

In 2009, she bagged the Environment Personality of the Year award at the GCC Environment Awards. It was quite a feat, because she was the only woman to be ever nominated to this category.

SAYYIDA TANIA BINT SHABIB AL SAIDPresident, Environment Society of Oman

For a green cause

YUTHAR BINT MOHAMMED AL RAWAHIFounder, National Association for Cancer Awareness (NACA)

Way to go

Because Yuthar is a three times cancer survivor and has been at the forefront of cancer awareness programmes in the Sultanate of Oman.

Not only that, she is the founder of the National Association for Cancer Awareness (Naca) which is the leading organisation in the Sultanate helping to not only combat cancer but also support victims of the dreadful disease by developing awareness, advocacy and research in cancer in Oman so as to help the community.

Realising that cancer was a taboo topic in Oman, Yuthar decided that it

was her duty to speak out and shed light on the disease, especially given the crucial importance of awareness and regular examination. As a living proof of the life-saving importance of early detection, Yuthar has not only been inspiring cancer-stricken people but is also fighting to remove to misconceptions about the disease.

On Omani women’s rights, Yuthar says, “We have held our head high because of the backing of His Majesty but there is the societal attitude we need to address when we talk about rights of women. However we are moving in the right direction.”

OPINIONOmani women enjoy an extensive range of civil and political liberties that are founded on the basis of religious and state laws but I think we can’t rest on the laurels since we have a long way to go.

HER ASPIRATIONA green building as the headquarters of the ESO, so that it sets an example for other real estate projects in Oman

023_300_2mbed_205x270_Oman 1 12.05.10 10:31

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COVERSTORY

50 October 2010

DR SAIDA BINT KHATIR AL FARSIState Council Member

Pen is mightier than the sword

Because, as an Omani littérateur and academician, Dr. Saida has employed her writing as a powerful instrument for social transformation and woman

empowerment.

Saida who was born and brought up in Sur had moved to Kuwait when she found it difficult to pursue higher studies in pre-renaissance Oman. After her graduation from the University of Kuwait, she came back to Oman in 1970s when His Majesty Sultan Qaboos Bin Said urged thousands of Omanis living in exile to return to the country

and help rebuild the nation. Later, she earned a PhD in Arabic literature and comparative literature from Cairo University in 2002. Her doctoral dissertation was on the psychological alienation of women in Gulf countries. She was the Head of Arabic department, Curriculum, Director of the Office of the Minister of Education, Director of Model School for Girls in 1980, Assistant Dean of Student Affairs for cultural activities at Sultan Qaboos University from1986 to 1996 and Incharge of cultural activity in Muscat Science and Technology College from 1996 to 1999.

NOTABLE MILESTONEDr Saida was one of the founding leaders of Family of Omani Female Writers in 1996

Because dispelling inaccurate or outdated stereotypes about women’s roles in the Arab world – or at least in Oman – is one of HE Hunaina’s primary objectives

as Oman’s top diplomat in the US. HE Hunaina is not only Oman’s first women ambassador to the US but she is also the first woman ambassador to represent an Arab country in America.

An economist and New York University graduate and hailing from a prominent Omani family, HE Hunaina was Oman’s permanent representative in

the United Nations in New York before she was appointed as the country’s ambassador to the US in 2005. She played an instrumental role in lobbying for congressional ratification of the US-Oman Free Trade Agreement, which came into effect in 2009.

HE HUNAINA SULTAN AHMED AL MUGHAIRYOman’s Ambassador to the US

Diplomacy talk

ON WOMEN’S CAREER PROSPECTS IN OMANAs long as you know what you are doing and you are capable, there is no problem moving up the ladder

THE MOST POWERFUL WOMEN FROM THE PUBLIC SECTOR

Because she has demonstrated her entrepreneurial skills to make Oman Flour Mills (OFM) a leading mill in the region with a flour capacity of 850 tonnes per day and over 1000 tonnes of

animal feed.

As the Chairperson of the mill, she has helped the mill grow not only in stature but also in credibility features that have been consolidated with sheer hard work and determination to deliver high quality products. These attributes have helped the mill in gaining an exceptional market share in the Gulf, in addition to developing exports to Africa, the Commonwealth countries and East Asia.

Says Manal in her Chairperson’s report, “With a sales turnover of more than RO26mn, we are proud to be the market leader in the Sultanate, way ahead of competitors. Our presence in over 10 countries is a proof of our ability to understand customer requirements across the globe.” Her leadership also helped MDC, which distributes power in Al Dakhilyah, Al Sarqiyah and the South Al Batinah regions, to improve its financials and operation and reduce losses. Apart from these she also happens to be the Director General of Planning and Follow-Up at the Ministry of Commerce and Industry.

A tale of two successes

MANAL MOHAMMED AL ABDWANIChairperson, Oman Flour Mills and Mazoon Distribution Company (MDC)

ABIDING CONTRIBUTIONHas been instrumental in making Oman Flour Mills a leading mill in the region

Do tough times call for a sensitive approach to management? Do organisations perceived as ‘caring’ have a competitive advantage? Pick a side in the debate on the way ahead for Oman Inc. at www.oerdebate.com

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COVERSTORY

52 October 2010

Because, as Vice-Chancellor of Sultan Qaboos Univer-sity (SQU) for External Cooperation, Sayyida Mona plays a major role in raising

the profile of the University and promoting international collaboration. The Office of External Cooperation was instituted 2002 in this regards.

SQU vigorously pursues collaboration with a variety of institutions in order to promote and strengthen both teaching and research, and

also to enrich the experiences of its staff and students. Over the last few years, the Office of External Cooperation (OEC) has taken big steps to strengthen and improve its strategies and efficiency. Sayyida Mona holds a PhD in special education, Queen’s College, UK. She is fluent in English, Arabic and French. She is majorly involved in activities within the university and outside as well and is part of an ambitious project, the first-ever dedicated Children’s Public Library.

SAYYIDA DR MONA BINT FAHAD AL SAIDAssistant Vice Chancellor for External Cooperation, Sultan Qaboos University

Promoting learning

NAASHIAH SAUD AL KHARUSIMember of Telecommunication Regulatory Authority

Always give your best

Because Naashiah has been in the telecommunications industry for 40 years and is credited for being the first woman engineer

to join the sector. Presently as a member of the TRA, she plays an influential role in the formulation of policies for the telecommunications sector in Oman. The telecom sector is presently going through an interesting phase with two fixed line operators and as many as seven mobile operators (two Class I and five Class II).

She had assumed responsibi-lities at TRA at a time when it

was important that TRA’s role was understood and respected at a professional level by the sectoral players.

Naashiah was instrumental in establishing the first frequency coordination committee for the AGCC countries. In 1996, she acted as a governor for a full year on Intelsat Board, representing AGCC group in this organisation. On the international level, Engineer Naashiah was elected as Vice-chairperson of the Telecommunications Development Advisory Group of ITU from 2001 to 2002.

SUCCESS MANTRABe professional, never compromise your integrity, be knowledgeable, master your subject and be humble

RECENT HIGHPOINTPresided over a dialogue on ‘Omani women in journalism’ in May which aimed at enhancing communications and sharing of information

Because she occupies the chair of one of the most important government authority namely the ministry of tourism. Tourism is expected to be the mainstay of

the government’s efforts to diversify the national economy from oil to non-oil sources. Dr Rajiha is also the Chairperson of Omran (Oman Tourism Development Company), a public-private vehicle established to develop key tourism infrastructure in the Sultanate.

The Ministry of Tourism has been at the forefront of allowing the tourism industry to grow and prosper despite negative impact of the global financial crisis. Despite the global slowdown, Dr Rajha says that there were some positive effects. These include the elimination of speculation from the real estate market; investors who have became more keen on not depending on pre-selling of real estate units; and the appearance of focus on executing tourism components side by side with real estate components.

Cynosure of all eyes

HE DR RAJIHA BINT ABDULAMEER BIN ALIMinister of Tourism and Chairperson, Omran

ENDEARING THOUGHTTourism is going to be a principal driver of the country’s economic development and developing international markets for Oman tourism is imperative

COVERSTORY

54 October 2010

Because Dr Rawiyah was the first female Minister with portfolio in Oman’s history when she was promoted to become the Minister of

Higher Education on March 8 in 2004. She is also the president of the council of Sultan Qaboos University. She obtained a PhD from Oxford University. Before her appointment as Higher Education Minister, Dr Rawiyah held the position of higher education undersecretary.

The Ministry of Higher Education (MoHE) is a key player in the development of Oman’s human resources and

critical to the supply of qualified professionals and skilled labour for the country’s increasingly diversified economy. Serving a rapidly developing economy and society, the Sultanate’s system of Higher Education has grown quickly over the past two decades since the establishment in 1986 of Oman’s premier university, Sultan Qaboos University with a few hundred students. Sultan Qaboos University now has over 15,000 students and eight colleges offering forty-three programmes in a range of areas, including Engineering, IT, Medicine, Science, Agriculture, Business, Education, Arts,Humanities, Law, and Music.

HE DR RAWIYAH BINT SAUD AL BUSAIDIYAHMinister of Higher Education

A historic achievement

HE AISHA BINT KHALFAN AL SIYABIYAHChairperson, Public Authority for Craft Industries

Preserving for posterity

Because of her invaluable contributions and dedicated efforts for the survival and growth of Oman’s traditional crafts and trades. Her

appointment as the Chairperson of the Public Authority for Craft Industries (PACI) in 2003, with the rank of a minister, was a remarkable milestone in the history of modern Oman. It paved the way for more women’s induction to the cabinet. As the chairperson of PACI, she played a pioneering role in the development of crafts industry as a vibrant sector capable of attracting a new generation of craftspeople. Established in 2003 as an independent legal entity overseen by the Diwan

of Royal Court, PACI focuses on protecting traditional knowledge and cultural forms of expression, especially the Omani cultural heritage which is rich in traditional arts and craft.

Recently, HE Aisha led the Sultanate’s delegation at the 48th World Intellectual Property Organisation (Wipo) meeting in Geneva. Aisha was the driving force behind an ambitious technical co-operation programme which PACI and WIPO signed at the sidelines of the conference. PACI will organise an Omani crafts exhibition to mark the 40th anniversary of Oman’s National Day which coincides with Wipo’s 40th anniversary.

CONTRIBUTIONUnder Dr Rawiyah’s leadership, the Ministry of Higher Education has ushered in a number of vital changes in the system

ACHIEVEMENTOman has made great strides in the intellectual protection of the traditional legacies of the craft industries under her leadership

COVERSTORY

56 October 2010

Because she is one of the formidable voices among Omani women parliamentarians. She was among the two women candidates elected to the fourth

term of the Majlis a’Shura, which went into session in 2001. Rahilah who represented the wilayat of Bowshar in Majlis a’Shura till 2003 was appointed as a member of State Council in 2007. She is the chairperson of human resource development panel of the state council and heads Women and Children council at Oman National Commission for Education, Culture and Science

(ONCECS) from 2004 which is chaired by the Minister of Education.

With extensive parliamentary and administrative experience, Rahilah stands out as one of the more energetic public figures in the country. She has done her BA in Psychology and Social Studies from Egypt in 1969 in addition to a certificate course and a diploma in education from the United Kingdom in 1977. After returning from Kuwait in 1974, she joined the Ministry of Education where she served as the head of the private education department till

1978. Later, she became the director of public education department from 1978 to 1980 and the director of education planning department from 1980 to 1996.

RAHILAH BINT AMIR AL RIYAMIMember of Majlis A’Dawla

Indomitable spirit

HE DR SHARIFA BINT KHALFANAL YAHYA’EYAHMinister of Social Development

Transforming lives

Because of her exemplary services for the comprehe-nsive development of all sections of Omani society. A university professor,

Dr Sharifa was appointed as the Minister on October 22 in 2004. Since then she has been actively involved in the efforts of the Ministry of Social Development to provide basic community and family services. Sharifa believes women are key players in ensuring sustainable development and in shaping their communities and families.

The Ministry of Social Development carries out technical and research studies and operates projects and pilot schemes in various social fields with the aim of promoting community development, providing people with the tools

and knowledge to enjoy more productive and fulfilling lives. The Ministry prepares social welfare plans and programmes for families and individual citizens, frequently backed up by material assistance. It takes steps to improve the housing, economic and social conditions of families on social security and involves the government and non-government sectors in an increasing number of development and social projects in cooperation with various state authorities. The Ministry of Social Development employs a highly professional team of more than 160 experts and administrators to fulfill a range of functions, including research into social trends and developments, interviewing families applying for social welfare and conducting regular home visits where necessary.

HER FIRM BELIEFLook at our country; we have been given equal status (for women) in every sphere

OFT-QUOTED SAYINGOmani women are the foundation of support for their families and in the forefront in every sphere of life

ZAMZAM AL RASHDIEditor-in-chief, Oman News Agency

Knowledge is powerBecause she is the first woman editor of Oman News Agency also known as ONA – the most important news agency in the country and the official channel for news about the Sultanate.

Zamzam graduated from Sultan Qaboos University and worked as a teacher of English before moving to the Ministry of Information, where she held a range of positions. These included several stints in the Oman TV as a news broadcaster, chairperson of the news and advertising department and then marketing. Her effective contribution in the establishment helped her to become the Director-General of Oman TV 2.

From a television presenter and broadcaster to the helm of the country’s most important news agency, it was a qualitative leap and a different experience for Zamzam but she is excelling in her present role.

The spread of news to the public has undergone a great metamorphosis with the emergence of new information channels and this is the challenge that information providers face. However, ONA under Zamzam has risen to the occasion.

COMMENT ABOUT WOMENWomen are now seen in all sectors of political, economic and social spheres. Similarily, Omani women have made a name for themselves in the media both at the local and regional levels

Are tough times exacerbated and long term brand value eroded by over-cautious marketing strategies and tight advertising spends? Pick a side in the debate on the way ahead for Oman Inc. at www.oerdebate.com

Cost cutting Brand building

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58 October 2010

COVERSTORY

Because she plays a major role in the development of Sohar Free Zone, one of the most important infrastructure projects in the country, expected to attract billions of dollars through FDI. Vyas, who is the Chief

Operating Officer of Sohar Port and Free Zone has been in Oman for almost five years and has been professionally involved with infrastructure projects. Vyas first came to Oman to join the Sohar Industrial Port Company (SIPC) heading the Finance and Strategic Development.

Prior to joining SIPC, Vyas was involved in setting up the Pipavav Port, a Greenfield and India’s first private sector port. She has specialised in Transport and Logistics in The Netherlands at Delft and Rotterdam and has a Master’s Degree from The World Maritime University.

Often asked the Question: How does it feel as a lady to be a CFO or a COO?

She replies: Responsibilities should be managed and delivered irrespective of being a woman or man. Sincerity and dedication in anything that one does whether at home or work as a home maker or a COO is rewarding.

NEELIMA VYASCOO, Sohar Free Zone

Delivering results

Methodology

THOUGHT-PROVOKINGI would be very concerned if an individual at work is not taken seriously as he or she has to deliver results as responsible human beings

OER’s listing of the Most Powerful Women in Business and the government involved various stages of research.

The UMS editorial team reached out to various industry leaders asking them to suggest names of the Most Powerful Women.

A comprehensive list was drawn up based on these suggestions. This list was deliberated upon by a team of senior editors from UMS and a final listing was arrived upon after consensus by the editorial team.

The following parameters were used for the process:

The position occupied Length of experience Contribution to the organisation and society at largeVisibility Ability to influence others Respect amongst peer group Leadership Courage to take decisions Integrity Ability to drive change Motivating and encouraging others Empowering others

Humility Innovation and generating new ideas.

The editorial jury from UMS comprised: Mayank Singh, Khalfan al Rahbi, Rana Alawneh, Rekha Baala, Visvas Paul D Karra, Sunil Fernandes, Fatma al Araimi, Mysaa Said al Hinai, Deepa Rajan and Muhammed Nafie.

The survey is a listing and not a ranking. The effort has been made to place the personalities in an alphabetical order, though some exceptions have crept in due to editorial and design constraints.

60 October 2010

Can you give us a brief background of Bandag?Bandag is a brand of Bandag Inc, USA. It was incorporated in 1957 by the founder Roy Carver. Carver got the rights to the tyre retreading process in Germany from Bernard A Nowak, the inventor for the US. In 1960, Bandag got the world rights for the process. In the last 53 years, Bandag with its extensive R&D has developed the process into a fine art. In June 2007, Bridgestone Americas purchased the company for $10.5bn. Since then the worldwide operations have been segregated commercially and legally. Currently, MEA franchisees of Bandag System are commercially aligned with Bridgestone MEA. By 2011 a complete alignment will be completed. We plan to promote the brand in the region and increase the number of franchisees. Towell Auto Centre is opening a retreading factory in Oman.

What kind of a dealer network does the company have across the globe and in the GCC?Bandag system is franchised on a non-exclusive basis across the world. It has operations in over 95 countries with 900 plus franchisees who produce 10mn retreads a year for the truck and bus segment all over the world. We already have four Bandag system franchisees in the region -- one in UAE, two in Saudi Arabia and one in Kuwait.

What advantages does retreading of tyres bring to companies and fleet owners?Bandag retreading is mainly for commercial tyres like trucks and buses. Retread tyres give 80-90 per cent of the performance of new tyres. Retreading helps in recycling used tyres, which helps not just fleet owners and companies but the society at large. By reusing a new tyre, one can save waste, fossil fuel and steel. Apart from helping them to reduce the total cost of tyres, retreading also makes a major environmental contribution in terms of the more effective utilisation of natural resources which in turn helps to ensure a healthy environment for current and future generations.

Do you see potential in Oman’s market? If so, how do you plan to build your business in the Sultanate?

UNTAPPED POTENTIALShoichi Sakuma, President, Bridgestone Middle

East and Africa, was in Oman recently for the

inauguration of Towell Auto Centre’s Bandag retread

factory. He took time out from his busy schedule to

speak to Mayank Singh. Excerpts

Our market feasibility analysis and study has shown us latent demand for a good retread service in the Oman market. The retread market in Oman is around 16 per cent. In developed markets like the US and Europe this market is as high as 40 to 60 per cent. If Oman grows into a sophisticated and mature market then it

would go upto those levels. So the market has the potential to triple. While we promote retreads independently, we also propose to offer the unique convenience to fleets of Oman to get their new tyre and retread requirements from a single source. Towell Auto Centre has a number of retail outlets that can be a one-stop-shop for transporters and their convenience.

Do you think that retreading of tyres may eat into your market share as customers may delay buying new tyres?That is a possibility, but we want to grow our business by acquiring new customers and we see this as a partnership rather than a threat.

BANDAG – SNAPSHOTOperations: Over 95 countries

Franchisees: 900 plus

Output: 10mn retreads a year

AUTOMOTIVE

P.O. Box 330, Postal Code 112, Ruwi, Sultanate of OmanWadi Kabir HO. Tel: 24815971 Fax: 24816782

Honda Road Showroom : Tel: 2483 4864 Fax: 24831707 • Email: mbs@mbs-oman.com

62 October 2010

Eco Drive is an environmental consciousness and respon-sibility awareness programme initiated by Towell Auto Centre (TAC) to mitigate the

challenges faced by environment due to irresponsible lifestyle. As one of the first environment campaigns from Oman, Eco Drive aims to motivate people to take simple pragmatic steps to achieve the desired response on a continued basis. It seeks to generate consciousness and sensitivity towards the environment, especially among its staff and customers, by promoting to do small things in daily life at schools, homes and offices etc, which can go a long way to create a difference for the community at large.

As part of the campaign, green plants were sent with Eco Drive messages to several corporates, decision makers, media people and academia to raise awareness about environment. This inspired other organisations too to take up the cause of environment consciousness and conservation.

Effective strategiesTAC Eco Drive made a strategy to target people at two levels: Internally it aimed at the staff and their families and externally

children in various schools across Oman. A multimedia campaign was launched across daily newspapers and magazines in addition to using radio as a medium to make the message reach the masses. Besides, TAC produced and distributed bookmarks, time tables, book stickers, folders, flags, etc to school children and through the showrooms across Oman. It also distributed green plants to major corporates and media in Oman to remind the importance of environment. In order to educate the customers, tips were given through POSM across TAC showrooms on how to save fuel and maintenance costs.

The purpose of the message was conveyed through interactive presentations to all

staff internally and to school children at Indian school Wadi Kabir. The message of the campaign was also disseminated through sponsoring the recyclable shopping bags for ESO’s anti plastic bags campaign with TAC volunteers working in various supermarket outlets to promote the campaign.

Looking for evolutionThe Eco Drive was launched as an integral part of the CSR agenda at TAC and was incorporated as part of the company’s corporate culture. The project is not intended to become a mission to bring about revolutionary changes in peoples’ lives and habits but is planned to generate an evolutionary response from the target group to bring about permanent change in their attitude over a period of time. After successful and effective campaign that lasted for almost two years, TAC now plans to take the message across to other group companies and to actively organise and participate in interactive events implemented at ground level across Oman as an ongoing exercise. It believes that collective belief and action will encourage more and more people to re-think about the impact of their actions on our environment and help in reducing their carbon footprint in the world.

COLLECTIVE RESPONSETAC Eco Drive focuses on collective belief and action to reduce the impact of irresponsible lifestyle on the environment. An OER report

ENVIRONMENT

MB HOLDING COMPANY LLC

64 October 2010

From a humble beginning of two people and an indenting activity in 1975, the Al Ansari Group has been able to diversify into different

verticals in the construction arena such as civil contracting, electro-mechanical works, instrumentation, calibration, steel fabrication, and trading of high value engineering products; and has expanded operations into three different geographical areas. Today the group boasts of over 3000 employees and 10 group companies across Oman, UAE and India.

“Timely diversification and converting the opportunities into a viable business over the last 35 years have significantly contributed to our great success. A lot of this success can also be attributed to the continuous focus on developing the Al Ansari brand and the Al Ansari family culture,” says Yusuf Esmailji Nalwalla, joint managing director, Al Ansari Group of companies.

For most companies the primary objective of building a strong brand is to “fence off” the competition and increase marketshare. Al Ansari has tried to build a brand that invokes a sense of trust and reliability amongst clients and all its stakeholders. The key to building such a brand image is the fact that it ensures that customers are treated with respect, they receive high quality products and services and that the execution process is an enjoyable experience. The organisation is built on the same principle of employing and training a team which can provide products and services that benefit the customer and meet their

A FOCUSED APPROACHThe Al Ansari Group is consolidating its operations to make the most of

impending opportunities in the Sultanate and simultaneously looking at growth

across geographies, reports Mayank Singh

YUSUF NALWALLA, Joint Managing Director, Al Ansari Group of Companies

Under his leadership, Al Ansari Trading Enterprise got registered as an “Excellent Grade” company with Chamber of Commerce and the Tender Board of Oman. The company is accredited with an ISO 9001

Board member of Al Ansari Group and manages the multifaceted organisation and director for Essenco –a leading plumbing company in India

Socially involved as the Chairman of the board of directors of all the Indian Schools in the Sultanate

Member of the managing committee of MES MF High Technical Vocational Training Institute. Founder of “Yusuf Nalwalla Centre for Plumbing, Kerala,” which is managed by this institute

COMPANYPROFILE

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66 October 2010

expectations. Says Kiran Asher, group managing director, Al Ansari Group of Companies, “I take pride in the fact that we have established a reputation of being a company which is known to fulfill its commitments and deliver at any cost and under any circumstance.”

Riding the waveThe company has benefitted from the overall development of the Sultanate’s economy. Says Nalwalla, “Over the last decade the construction business sector has grown in several fold. The government of Oman has made massive strides in developing the infrastructure of the country. Several infrastructure projects such as road works, pipeline works and sewage treatment plants have been completed all across Oman and many such projects are on the anvil. Such initiatives by the government not only benefit our business but also give a boost to the economy which in turn fuels growth across sectors.”

Oman’s economy is buoyant and poised for growth. The government plans to spend on several infrastructure projects and this would directly help businesses in a positive manner. Al Ansari is strategically aligning its resources to take on the business opportunities that are on the anvil. The group is focusing on growing its trading business unit and the civil works division. Says Asher, “We have decided to consolidate our group companies under one roof and build a corporate office in Ghala. The development of this building is already on its way and we plan to complete it by early 2011.”

The group has also spread its wings geographically. Apart from the Sultanate it has operations in Dubai, Chennai and Bangalore. In the UAE it has a landscaping and electro-mechanical contracting company called Akar. Within a short period Akar has been able to establish itself as a premier landscaping company in the region. Apart from this, it also has a company called Kimoha in Dubai which is a leader in manufacturing and marketing of paper products and labels. In Bangalore it has established Al Ansari power technology which provides electro-mechanical solutions. In Chennai it has set up JSK ltd which supplies and

KIRAN ASHER, Founder-Partner and Group Managing Director of Al Ansari Group of Companies

Actively associated with Indian associations in Oman – Indian Merchants’ Community, Indian Social Club, India Economy Forum and Indian Schools in Oman

Ex-chairman of the board of directors of Indian Schools in Oman

Ex-chairman of the education cell of Indian Merchants’ Community, which also manages temples in Oman

A board member of Oman Cricket Club

Senior management committee member of the Indian Merchants Association

Involved in establishing fraternity of Indian Businessmen at JAFZA at Jebel Ali Free Zone, Dubai. This fraternity is responsible to act for the close co-ordination between the Free Zone management and the fraternity of Indian business institutions in the Free Zone

Provides financial support to many NGOs in India in their noble activities

Has done his BTech (Hons) in industrial engineering and management from UK

installs high-end engineering products in the building industry.

The Al Ansari logo amplifies the brand image fostered by the company. Says Nalwalla, “the colour red signifies the vitality that we possess and exuberate. It also symbolises that we are sensitive to the ongoing trends in the market and are constantly looking to implement and promote innovations that are required to have the cutting edge. The fort signifies the commitment we as a company wish

to extend to our valued customers and the strong character of encompassment and strong protection. It also symbolises that our clients can feel secure with us and that they trust us to deliver products and services that are of high quality standards.” The two ‘A’s imply that Al Ansari is an A grade company and its employees take pride in being part of such an organisation. The square engulfing the fort exhibits the “fair and square” dealings that it practices with its customers, suppliers and employees.

COMPANYPROFILE

68 October 2010

May 2005 was a watershed in the history of the utility sector of Oman. That was when the unbundling of the

ministry of housing, water and electricity took place and the first seeds for privatisation of the power and water sector were sown. Wadi Al Jizzi Power Company (WAJPCO) was one of the unbundled subsidiaries generation company along with Rusayl Power Company; Al Ghubra Power and Desalination; and Rural Areas Electricity System as well as distribution and power and water procurement companies

What also followed in this period was that all the power plants became separate entities and each had its own set priories of operational challenges according to the business model. The operational efficiency of the power plants then started to shape up and reaching the international standards and reliability and availability of power from these plants accordingly significantly improved.

It was only when the Electricity Holding Company decided to sell the Rusayl Power Company to Suez Tractabel and restructure the remaining two power plants (Wadi Al Jizzi and Al Ghubra) did things begin to take better shape. Each of the companies was placed under independent management with express orders to rev up the efficiency of the plants.

Challenging taskWAJPCO, situated in Wadi Jizzi in the wilayat of Sohar, generating 297 MW of power fired with natural gas, was handed over to Eng Zahir Khamis Al

GENERATING CONFIDENCEWadi Al Jizzi Power Company has achieved important milestones and

its credibility rating has gone up since the time it began to generate power

independently. A report by Visvas Paul D Karra

Bahri who became the company’s general manager. Bahri was earlier the GM of Al Ghubra and Rusayl plants, where he had achieved a good record of reliability and implemented a successful programme of Omanisation.

“There were plenty of challenges when I took over as GM of WAJPCO. The biggest job was to maintain the international standards of operations to produce power apart from complying with sectoral laws as well as those of the ministry of environment and the ministry of civil defence,” Bahri informed.

Bahri also had an uphill task of developing the human resources of the plant apart

from increasing the availability and reliability of power from the plant. At the same time, he had to keep an eye on the balance sheet of the company in order to increase net profits of the company.

Team workIf you ask how Bahri was able to overcame all these challenges, he promptly points out that he believes in team work and group delivery of the job. Further, you should believe in people skills, he says. Explaining this, Bahri he adds, “I had to open two fronts to streamline the operations of the plant. The first was to improve individual competence and the second was ensuring at the same time that this individual was able to work in

POWER

Eng Zahir Khamis Al Bahri, GM, WAJPCO

70 October 2010

harmony and homogenously with a team. This way, the staff had common goals and achievements and they were able to talk the same language which led to better understanding of the work.”

Continuing further, Bahri says, “I can say very proudly that from 2008, onwards, I was able to build a very good team in my company and now most of the initiatives are now coming from the staff itself. Now I can sit back and just play the role of monitoring and as an overall incharge. I don’t believe that one man can do everything. Any credit for company achievement goes to the team. This is the only thing that we should do – develop individual skills and hone their capabilities.”

The vast experience of Bahri in the power and water sector came in handy during the crucial times. His first stint in this sector began when he joined the ministry of housing, electricity and water in 1992 as desalination project engineer at the Sur desalination plant. Bahri was involved in commissioning of the plant in coordination with international consultants. The Sur plant with its reverse osmosis technology later went on to become a reference point in the whole of the Middle East as the most reliable plant at that time.

From there, Bahri became a section head of water department and was later the director of production incharge of all the North power stations and desalination plants. In 1998 he returned from Scotland armed with an M.Sc and became the section head for electricity and water in the directorate of production, which was a wider body. Four years later, Bahri became the director of production before becoming involved in the unbundling process and later taking over as WAJPCO’s GM.

At WAJPCO, Bahri embarked on a policy of instituting systems to usher in efficiency and reduce dependency on individuals. When there is an efficient system, even if one person remains absent, the work will go on, explains Bahri. The company also introduced multi-tasking and cross-synergies so that there was rotation of staff from one department to another. To ensure that the staff and management are on the same wavelength, WAJPCO conducts atleast two or three training

workshops per year for its middle level managers outside the plant. The company’s plans and strategies are reviewed, future course of action is discussed, and ideas are welcome from everyone. “At WAJPCO, we have flat integration, so there is no position but only ownership for everyone,” says Bahri.

OmanisationAnother notable aspect of WAJPCO is its reputation for a high retention rate. Thanks to the exceptional HR policies of the company and a very fair system of recognition within the team, the company has become a very attractive place for good talent. “When you have loyal staff, it makes the whole growth and development of the company more streamlined. Our company has become so attractive that many job applications are pending with us. Besides this, WAJPCO has the highest level of Omanisation in the power sector with 80 per cent and we have the potential of increasing it to 85 per cent in the next two years,” informs Bahri.

We are also taken aback when we are told emphatically that WAJPCO has also ‘Omanised’ its work. Explaining this, Bahri says that that the maintenance and servicing work of the gas turbines is very complicated and highly technical. In addition, generally most power companies outsource this job to the technical advisers of the OEMs. In the case of WAJPCO, the staff felt that they are capable of handling this by themselves without inviting any technical expert from outside.

Enviable recordThey started with small jobs and the risk assessment showed that indeed the plant’s staff could handle even the

complicated tasks as well. Finally, all those jobs done by technical advisers flown in from abroad began to done 100 per cent by the WAJPCO’s staff.

“This is the only power company in Oman doing all the major maintenances works such as , combustion inspections (CI), hot gas path inspections (HGPI), and other major inspections. This year we will start the major inspections(MI) of gas turbine on our own as our people are very confident that they can do it without outside support,” Bahri says.

With this move, the company was able to actually achieve better results, discloses Bahri. “We have gained more than 1.5 MW as a total proving that we can do it better. Usually, the gas turbines have a degradation of at least 1 per cent every year of its lifetime. However, instead of losing, we gained 1.5 MW from our 11 turbines. This is big achievement,” he says.

Further WAJPCO was able to achieve another milestone of zero LTI since the past two years. Reaching this important highpoint in WAJPCO was not easy. Unskilled and semi-skilled staff from the previous operation and maintenance company, who were very weak in communication skills had to be trained in the importance of health and safety environment through group lectures and workshop. “Since all workers have a right to work in a safe and healthy environment we drew up an in-house policy on HSE to raise awareness and make sure they understand the dangers at work. We made it clear that all departments have to work together and work side by side. Now we are aiming for zero LTI in the next three years also,” Bahri says optimistically.

Bahri expresses his gratitude to the company Board of Directors who have provided a continuous direction and support as well as the shareholders Electricity Holding Company for their valuable support to the company. And we can be certain that the shareholders will have many reasons to cheer now as the efforts being put in by the management and the staff towards operational efficiency has paid off. WAJPCO, today, has managed to raise its reliability to 100 per cent and availability to 99.7 per cent in one month in August.

I can say very proudly that from 2008, onwards, I was able to build a very good team in my company and now most of the initiatives are coming from the staff itself

– Eng Zahir Khamis Al BahriGM, Wadi Al Jizzi Power Company

POWER

72 October 2010

ELS Language Centres (ELS) has emerged as the industry leader in English language instruction in the Sultanate, offering first class experience

in English language proficiency for academic, professional and everyday purposes. One of the world’s most respected English language providers and training institutes, ELS was introduced in Oman under joint-venture control and guidance of the International Training and Educational Services (ITES) company. With five centres situated in main urban areas of the country and equipped with highly qualified on and off centre teachers comprising native English speakers from the US, Canada, UK, Australia, and New Zealand, ELS offers a wide range of English as a Second Language (ESL) programmes designed to help students reach their personal, academic and career goals.

“We are purely business-oriented and academic-oriented. ELS specialises in English language, unlike many other institutes and cultural centres that offer such courses,” says Hussein Hassnaoui, corporate managing director, Muscat Branch, ELS. “We are not part of any organisation and ours is not a non-profit organisation or a cultural arm. ELS is an international brand name and we have gained the trust of a large number of people, institutions, organisations, and ministries. We know the requirements and the scope of the industry.”

“We do not belong to any other cultural or non-profit centres in the world. We take our own independent decisions based on our requirements. We specialise only in English. We do not provide English with other things. There are institutes that provide English with IT, accounting etc.

EXPERIENCING REAL ENGLISHELS Oman has come of age becoming the largest provider of English as a

Second Language programmes in the country. Muhammed Nafie reports

But we are not providing any other thing along with English.”

Down memory laneAlthough ELS language centres came into existence as the US State Department-affiliated English Education Institute in the 1950s, it became a private centre in 1961. Nearly three million people from over 140 different countries acquired

English language skills suitable for everyday communication and for academic study in foreign colleges and universities.

With more than 600 US universities, colleges and career schools recognising ELS graduation as an enrollment alternative to the TOEFL test, ELS helps a large number of foreign students every

EDUCATION

Hussein Hassnaoui, Corporate Managing Director, Muscat Branch, ELS

74 October 2010

year to embark on academic studies around the world. “Currently, we have roughly 100 centres all over the world – including 50 in the US and 18 in the Middle East,” says Hassnaoui.

ELS became a part of the Berlitz International group of companies in 1997. ELS recognition was acknowledged by numerous national governments and multinational companies. US educational institutions enrol ELS graduates with ToEFL requirement and leading companies such as American Express, Bank of America, Citibank, Coca-Cola, DuPont SA, General Electric, IBM, Johnson & Johnson, Mobil Oil, Nestle, Price Waterhouse, UNICEF and Xerox have employed ELS programmes.

ELS Language Centres is fully accredited by the government-recognised body responsible for oversight of ESL schools (ACCET) and is affiliated with a number of US organisations such as Accrediting Council for Continuing Education & Training (ACCET), American Association of Collegiate Registrars and Admissions Officers (AACRAO), Teachers of English to Speakers of Other Languages (TESOL) American Association of Intensive English Language Programs (AAIEP) and Association of International Educators.

Courses on offerELS Oman has carefully designed curricula and courses of study to help students develop the language skills and test-taking techniques needed to succeed in TOEFL iBT, the GMAT, SAT, GRE, TOEIC, IELTS or any other English language proficiency exam.

Intensive English Programme (IEP), ELS’ most popular programme of study, prepares the students for university study in America and other English speaking countries. A popular course among young Omanis aspiring to improve the chances of a better career and education in Oman, IEP focuses on the communicative approach to teach all key language skills- speaking, listening, pronunciation, vocabulary, reading and writing.

ELS has also designed various business and legal English courses catering to the new professional and industrial

requirements. English for Special Purposes (ESP) is a special programme for industry professionals. It offers the employers an opportunity to provide their staff with a customised English programme that focuses on the vocabulary and real-life experiences specific to their industry and specialisation.

A multi-level conversation programme and conversation club of ELS gives an opportunity for the students to participate in informal discussions on current events and interesting topics designed to develop spoken English strengths and combat fluency and pronunciation weaknesses. Beside, ELS offers a fun and exciting Children’s and Young Adult English Language programme during the winter and summer months.

Strategic programmesOman ELS has a tie-up with many universities and government and private companies. “We have prepared foundation courses for many universities. We have a tie-up with Buraimi University and Al Sharqiyah University,” says Hassnaoui.

“Apart from General English programmes, ELS has prepared university foundation year programmes for the Tourism College and Nizwa University. Besides, we have implemented a joint project with the Arab Open University (AOU) in Muscat which has given us the opportunity to run the AOU foundation English classes in remote areas such as Nizwa, Sohar, and Salalah.”

Moreover, ELS programmes have been employed by Nawras, Oman Mobile, Bank Dhofar, Oman Development Bank, Royal Oman Police and several ministries in the Sultanate.

In another major development, ELS Oman became a testing partner with the world’s largest language assessment company, ETS, to deliver the new TOEFL iBT exam. ELS has expanded its portfolio to include a stream of academic programmes to guide students through a multi-level course in order to achieve successful results on this difficult and important exam.

High on optimism Elaborating on the interest of Omani students in and their enrollment to various proficiency courses in ELS centres, Hassnoui says, “Almost 90 per cent of our students are Omanis, though we have students of other nationalities. They are very eager to learn. We are getting a lot of new requests. They believe in the importance of continuous training updating skills and give a lot of priority to improving themselves.

“We inculcate in the students the values of open-mindedness and encourage them to adopt and adapt which is very essential in the communication. We also encourage them to learn by themselves,” he adds.

Headquartered in Azaiba, Muscat, ELS Oman has an annex in Al-Hail and branches in Salalah, Sohar and Sur.

SNAPSHOT600 US universities, colleges and career schools recognises ELS graduation as an enrollment alternative to the TOEFL test

ELS has roughly 100 centres all over the world - including 50 in the US and 18 in the Middle East

Headquartered in Azaiba, Muscat, ELS Oman has an annex in Al-Hail and branches in Salalah, Sohar and Sur

ELS Language Centres became part of the Berlitz International group of companies in 1997

ELS has prepared university foundation year programmes for Tourism College and Nizwa University and implemented a joint project with the Arab Open University (AOU)

We do not belong to any other cultural or non-profit centres in the world. We take our own independent decisions based on our requirements

– Hussein HassnaouiCorporate Managing Director

Muscat Branch, ELS

EDUCATION

76 October 2010

VIEWPOINT

Responding to the recession, individual consumer products companies have taken specific actions which have collectively contributed to a fundamental change in their culture and behaviour

Time for fundamental change

BY SRIDHAR SRIDHARAN

It is well recognised that the consumer products (CP) industry has fared better than many other sectors

during the global economic slump. Most strikingly, the consumer landscape has changed irrevocably, at least in mature markets. Value is now in the forefront of almost all consumers’ minds. The recession has also heralded a further shift in the relationship between manufacturer and retailer, with the balance of power tipping even further in favour of the latter.

The recession has also marked the start of a significant shift in the culture and behaviour of many consumer product companies. Most have used the recession to become sharper, leaner and fitter, accelerating pre-recession efficiency and simplification programmes.

REASSESSING INVENTORYInventory reduction, in which progress has been more modest, still offers a major opportunity. Retailers have already driven some of these reductions, as they destocked in the early days of recession; but many of them also

have aggressive long-term inventory-reduction targets.

While reducing inventory will drive efficiencies for the retailer, it will also give brand owners more visibility. And the ability to reduce inventories could help CP companies to differentiate their overall offer to retailers, gaining vital competitive edge in the process.

A CLEAR VIEW OF RISKRisk management is a key challenge across the CP sector, exacerbated by the global downturn. While the level and management of risk vary enormously according to the region, many companies recognise that though risk management and compliance have not been core competencies, but they need to be. But perhaps more important is that CP companies are also recognising that they need to be smarter about mitigating risk while keeping compliance functions streamlined and focused on the total cost of controls.

The potential failure of key suppliers has been a constant threat during the

recession. To reduce this risk, CP companies have worked to gain full visibility of the extended supply chain and either broaden or reduce their supplier bases.

TRANSPARENCYWhile all forms of business investment have come under increased scrutiny, selective investment in IT has accelerated principally because existing systems and infrastructures have been inadequate to fulfill the needs of today’s global enterprises. Although skepticism about the benefits of major IT programmes still exists in many companies (not least due to the significant cost), there is increasing acknowledgement that technology can fundamentally improve visibility across the organisation.

Companies continue to simplify and eliminate duplication, but it now seems that cost-reduction programmes are increasingly moving into a strategic and sustainable phase, more closely aligned with changes made to global operating models.

RIGHT PRICEPressures on pricing and

The author is Managing Partner,

Ernst & Young, Oman (sridhar.sridharan@

om.ey.com). This article is extracted from Ernst & Young’s publications on

Lessons From Change

78 October 2010

VIEWPOINT

THE WORST PRESSURE ON CP COMPANIES SHOULD DISSIPATE WHEN THE RECESSION ENDS, BUT THE GLOBAL SLUMP WILL LEAVE A LASTING FOOTPRINT - AN IRREVOCABLE SHIFT IN THE CONSUMER LANDSCAPE

the management of the customer relationship have understandably increased during the recession, exacerbating the challenge of managing the price versus volume equation. Commodity prices have been highly volatile and continue to cause massive uncertainty.

While CP companies might not have been hit as hard by the recession as most other sectors, they have nonetheless been using it to get sharper, leaner and fitter, and as impetus to challenge long-established preconceptions. In many ways, the tough economic climate has driven a far more rigorous culture and has provided greater license to make bolder decisions across the organisation.

GAIN MARKET SHAREThe worst pressure on CP companies should dissipate when the recession ends, but the global slump will leave a lasting change – an irrevocable shift in the consumer landscape. Consumers will always expect value, but as consumer confidence returns they will also be increasingly capricious, switching between value and premium purchases.

Brand portfolios will have to reflect this dynamic. Categories in many sectors will also continue to converge, such as health and wellness in food and beverages or health and beauty.

CP companies will also be looking to intensify an already extreme focus on understanding consumer purchase patterns and habits, in order to develop the right brands for tomorrow. Hard discounters have made significant marketshare gains during the recession, and these are likely to continue in the future.

REVITALISE OPERATIONSThe severity of the recession has forced many CP companies

to revitalise their existing operating models, as they seek to develop competitive cost structures for the long term and a platform for sustainable growth.

Many CP companies still operate a country model, which invariably results in widespread duplication and inefficiency. Companies also recognise that talent could be deployed far more cost effectively around the world, in a way that could reinforce the global footprint and utilise IT more effectively to enable better decision-making. How to carry out these activities – at regional or country level and shared or outsourced service – is equally difficult. But it does

not stop there – executing a new organisational structure is typically where companies leak intended benefit, and sustaining the positives of a new operating model in the long term is a further hazard.

THE LONG ROAD TO CHANGEYet much work remains. For instance, for many companies, the process of shifting to a more agile global operating model still has a long road ahead. Opportunities in new emerging markets need to be capitalised upon, brand portfolios require further reshaping, supply chain forecasting needs to be improved, inventories can be reduced significantly and sales force execution needs to be sharpened.

Perhaps the most striking response to the recession is not the specific actions of individual business units but that collectively they amount to the start of fundamental change in culture and behaviour. As the focus switches to preparing for the upturn in global consumption, this appetite and capacity for change must not end with the recession.

THE APPETITE AND CAPACITY FOR CHANGECP companies have used the recession to become sharper, leaner and fitter, accelerating pre-recession efficiency and simplification programmes

The ability to reduce inventories could help the companies to differentiate their overall offer to retailers, gaining vital competitive edge in the process

CP companies have worked to gain full visibility of the extended supply chain and either broaden or reduce their supplier bases

80 October 2010

Nawras is the first company in Oman to use a book-building process for an IPO. How did you arrive at a fair price with this method?When we sat with the Capital Market Authority (CMA) for our IPO, they said the banks had recommended an improved process of price setting and they actually had asked BankMuscat to study this process over the last two years and they had concluded that the time was ripe to introduce the book-building process. In addition, we were glad to be part of this process as it is yet another first.

The principle is that the process interrogates all the professional investors who follow telecommunications in this region. They are the experts who have paid to get the answers right. They were asked en masse to tell how many shares they would buy at different prices. This means that you can basically draw a demand curve and since you know how many shares are available

and you have the demand curve, the place where they intersect is the fair price for the institutions.

If it is a fair price for the institutions, how can you say that it is a fair price for retail investors?Well, the fact is that they (institutional investors) are specialists at that business. Clearly some get it right more than others but they are still fully informed as compared to retail investors who can of course never be fully informed because it is not their job. Therefore, they can rely on the fact that the price, which is finally struck, is a price, which should broadly meet the available demand with the available supply, in other words a fair price.

Why did you choose the book-building approach for your IPO?People are concerned about after-markets therefore book-building helps in

this. Firstly, because the equilibrium of the price setting is so much better than other methods. There should be relative stability going forward, all other things remaining equal.

Secondly, because of the process, the institutions will look at their appetite in a demand-curve way, which means that if they see a difference in pricing as they go forward they are ready to come in. So it creates stability. You are talking to the manager of the company now. You may ask why we need a stable life. What we are doing is looking after customers. Now if we lose that focus, it is not a good way of spending our time. The virtuous circle we have at the moment is that if we look after our customers properly, they will use our service; if they use our service, that drives our financials and that looks after the shareholders. So we try to stay focussed. That’s why we like stable markets. Now obviously, our

SKY IS THE LIMITRoss Cormack, CEO,

Nawras speaks about the

forward approach and

growth plans of the company

following the launch of its

IPO. Excerpts from a

candid interview with

Visvas Paul D Karra

STOCK MARKET

challenge – one that we gladly accept – is to try to grow that value over time. It is an important point to remember that we are still talking about a growth company; this is not just a dividend yield company. So, if you look at Nawras it is something very special. You will be a very satisfied receiver of dividends and you will also be participating in a company that is growing. We think it is very attractive and we are very excited by this opportunity.

How successful will Nawras IPO be in the prevailing weakened economic conditions?I see success being defined as ‘happy sellers meet happy buyers’. Then this is also a kind of an opportunity for us. At the moment, people may have an opportunity to enjoy our services or they may choose not to; but this IPO can now appeal to an even wider group and we may attract people who are not our customers to invest. Maybe we can get them to try our services as well. We think it is a very good time to come into the market from

an operational point of view because we can really meet and exceed the demands of the new shareholders and at the same time attract new customers.

Shareholders will be curious to know the growth areas for Nawras, knowing that you have geographical limitations for any expansion.We see growth in a number of areas. By the way we don’t feel geographically limited, as we have got over 300,000 sq mtrs of land in Oman (laughs) itself. The growth that we see in continuing the mobile business, with 140 per cent penetration, is enormous if you just compare with the UAE, which has 230 per cent, SIM card penetration. And we are seeing growth every day with hundreds of customers being added everyday.

The other growth areas are largely new, making us very excited. The first is in the business corporate market. In the past, we had only mobile services but now we can go to the corporates and ask if we can bring fibre to your business as

we can provide all types of services. And when we look at our corporate customers in the eye, they look absolutely excited because there is an unrequited demand for real latest fixed services and we have some unique aspects to our product offerings in the fixed area. This is why we have been able to attract some famous names like Imtac, BankDhofar and Oman Air. That means we are already showing the benefits of having that fixed portfolio.

Then there is growth in the international market. As we land our international cable, it gives us the opportunity to take benefits of the geography of Oman as a hub in the region. So we can move other people’s traffic through our country on to other countries. That is a very big business indeed by the way and that is a new revenue stream for Nawras, which we didn’t have before. Apart from that, being part of the Qtel group we have the natural advantage of having a large number of sister companies that would love to route and receive traffic through

82 October 2010

our cable. So it’s a win win situation. We can be a hub in this region for independent operators of the world and also for our parent company. Domestic broadband is another area of growth. That is relatively underserved. Even if it is as high as 10 or 15 per cent in Oman there is still a massive underserved portion. That is a growth oppor-tunity. Because of the international cable and international gateway, we can control our costs much better and because of that we now have the virtuous circle of having more opportunities to control costs and also grow our revenues, which is obviously something, which the shareholders will be very pleased to enjoy as that will translate into more net profits.

Has there been a delay in the listing of the IPO?No, there has been no delay. In terms of the license we are supposed to launch around now.

Do you think that, with seven telecom operators in the country, your marketshare will come down?I think that if you look at what we have done well until now, I don’t mean to do anything different now. We will focus on customers. The virtuous circle is we get great people to work in the company who are really enthusiastic about what they are doing. So they look after the customers, and then we will have customers who use more of our services. They will delight the shareholders with increased revenues and profits. That is the approach. Further, as far we are concerned, competition keeps us on our toes. It means we get out of bed every morning delighted because we are having a good focus on our customers.

How will the money that will be raised going to be utilised?The money is not coming to the company. The money will just come from a new group of shareholders to the selling shareholders. One-for-one map. So it does not touch Nawras. We have got sufficient funds for our operations. Usually people selling on the stock markets are attracting funding for their operations, whereas we have already got that. We are a growth company with an excellent prospect of dividend yield with enough funding to deliver that internally without any shareholder funding.

STOCKMARKET

Company Name: Omani Qatari Telecommunications Company (under transformation) trading under the name “Nawras”

Duration: Unlimited

Financial Year: Commences on January 1 and ends on December 31 each year

Authorised Share Capital: RO70mn, divided into 700 million shares with a nominal value of RO0.100 (Bzs 100) per Share.

Issued and paid up share capital: RO65,094,423 divided into 650,944,230 shares issued by the company with a nominal value of OMR 0.100 (Bzs100) per share.

Number of Shares offered for subscription: 260,377,690 shares representing 40 per cent of Nawras’ total share capital.

Price Range of Shares offered for subscription: Price range of a minimum price of Bzs 702 per Share (Floor Price) and the maximum price of Bzs 902 per Share (Cap Price).

Percentage of the total share capital on Offer: 40 per cent of the issued and paid up share capital of Nawras

Selling Shareholders:1) TDC-Qtel Mena Investcom BSC’s

97,641,630 Shares, representing 37.5 per cent of the Offer Shares

2) Nawras Development LLC’s 91,132,190 Shares, representing 35 per cent of the Offer Shares

3) Diwan of the Royal Court Pension Fund’s 13,425,720 Shares, representing 5.16 per cent of the Offer Shares

4) Ministry of Defence Pension Fund’s 22,376,210 Shares, representing 8.6 per cent of the Offer Shares

5) Royal Office Pension Fund’s 22,376,210 Shares, representing 8.6 per cent of the Offer Shares

6) Internal Security Service Pension Fund’s 8,950,490 Shares, representing 3.44 per cent of the Offer Shares

7) Sultan’s Special Force Pension Fund’s 4,475,240 shares, representing 1.7 per cent of the Offer Shares

Eligibility: The subscription will be open to Omani and Non-Omani individuals and juristic persons.

Allocation Procedure: • Category I Investors: 182,264,383 Shares, being 70 per cent of the Offer, will

be on a proportionate basis • Category II Investors: 78,113,287 Shares, being 30 per cent of the Offer, will be on a proportionate basis

Min. Subscription Limit under one Application:

• Category I Investors: 500 Shares and in multiples of 100 Shares thereafter

• Category II Investors: 500,100 Shares and in multiples of 100 thereafter

Max. Subscription Limit under one Application:

• Category I Investors: 500,000 Shares • Category II Investors: 26,037,700 Shares which is 10 per cent of the OfferOffer Opening Date: September 15, 2010

Offer Closing Date: October 14, 2010

Nominal value of the Shares: Bzs 100 per Share

Subscription process: • Category I Investors: Should apply at cap price (Bzs 902) with desired number of shares. Offer price will be determined by the book building process of Category II Investors.

• Category II Investors (Book Building): Can place orders at any price within the price range with desired number of shares, have right to revise their order as well.

Sole Issue Manager: Bank Muscat SAOG

Joint Bookrunners: Morgan Stanley & Co. International plc• Bank Muscat SAOG•

Subscription Banks: Bank Muscat SAOG• National Bank Of Oman SAOG• Ahli Bank SAOG• Oman Arab Bank SAOC•

Proposed Time table: Commencement of subscription - • September 15, 2010

Closing of subscription - • October 14, 2010

Due date to receive subscription data - • October 23, 2010

Offer price finalisation & allotment - • October 23, 2010

CMA approval on proposed allotment -• October 25, 2010

Notice of allotment & refund -• October 25, 2010

Share listing with MSM - • October 27, 2010

NAWRAS IPO – QUICK FACTS

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A QUALITATIVE CHANGEGargash and Trade

Links Insurance Services

has emerged as a one-

stop-shop for insurance

products in the

Sultanate. The company

also plans to establish a

pan-Oman presence in

the near future,

writes A Hari Kumar

INSURANCE

Dr J Retnakumar, CEO, GTLS

85October 2010

Around two months after launching operations, Gargash and Trade Links Insurance Services (GTLS) which offers professional

insurance intermediary services, is all set to bring a qualitative change to the insurance sector in Oman. The company has emerged as the one-stop-shop for corporate and individual customers who want to get professional advice on insurance matters including risk evaluation and management. Gargash Insurance is accredited as a chartered insurance broker by Chartered Insurance Institute (CII) London.

Dr J Retnakumar, CEO, GTLS, says the response from insurance companies, corporate, SMEs and individual customers has been very encouraging.

“Gargash is one of the most respected names in the insurance industry and everybody is aware of our strengths and expertise in the field. We expect to make a mark in the insurance sector in Oman soon,” he says. The company has a full fledged team providing excellent broking services to all types of customers, without any cost to the customer. It aims to reach all parts of Oman and plans to open offices in Sohar, Salalah and Sur in the coming days.

Commenting on his change from country manager of a leading multinational insurance firm in Oman to CEO of a professional broking firm, Retnakumar says he viewed it as an opportunity to serve customers in a better way. “This is a very interesting assignment which is at the same time challenging too,” he adds.

Brokers’ relevance“As a professional broking firm we are able to provide competitive quotes from all leading insurers to customers. We also help them select the policy best suited to cover their risks. We help customers select the best coverage based on competitive and financing terms and liquidity,” says Retnakumar. GTLS has qualified professionals and a customer friendly insurance software to service customers.

All these services go to its customers, free of cost. Moreover, its Oman operations

are fully supported by Gargash Insurance based in Dubai which has allied with Trade Links Insurance Services to form GTLS.

GTLS has signed agreements with several major insurance companies in Oman and already has major corporate clients. Pointing out the relevance of a professional insurance broker, Retnakumar says, many clients are not fully conversant with all the clauses of agreements which insurance companies execute with them. Clients often do not study the agreement fully and companies sometimes fail to educate them. This might eventually lead to a strain in relationships between both at the time of claims.

The role of professional broker is to bridge the gap between the two. They ensure that clients are adequately insured for risks. Customers should not only consider cost of coverage while selecting a policy but also the attitude of the insurance company while making claims, notes Retnakumar. They should select policies of those companies which protect their interests adequately during the time of a claim even if the cost of coverage is a little high, he observes. A professional intermediary could assess all these for the customer.

Retnakumar observes that awareness of the public on insurance is minimal in the Sultanate. “We plan to organise a series of workshops and informal chats on different topics in the insurance sector in the future with the support of social organisations. We will organise safe driving campaigns and awareness campaigns through print media and FM channels,” he says. Creating awareness among the public on insurance sector and customer delight would be our focus areas in the coming days, he adds.

Future prospectsOman offers excellent conditions for the growth of the insurance industry. The Sultanate has one of the best regulatory set ups in the world and the regulatory measures implemented by Capital Market Authority (CMA) under the leadership of HE Yahya bin Said Abdullah Al Jabri, its executive president have benefited the insurance industry, general public and intermediaries and are helping

the steady growth of the industry, says Retnakumar.

Currently the insurance sector in the Sultanate is experiencing slow growth but future prospects are bright. The Sultanate is executing a slew of major infrastructure projects and other engineering and housing projects which offers great scope for the insurance sector. The economy of the country is also growing steadily which will eventually help the insurance industry.

Medical insurance Referring to medical insurance segment, Retnakumar says it has huge potential for growth. “In association with insurance companies, we plan to design innovative and tailormade health policies for various corporates as per their requirement. But the use of medical insurance policies needs to be monitored closely by individuals, insurance companies, hospitals and clinics,” he says.

Medical policies are successful as long as individuals and companies find it viable. As cost of treatment is escalating, there is a need to use medical insurance policies judiciously. The practice of making patients undergo unwanted costly tests should be curbed, otherwise companies may wind up such policies, because of non-viability, says Retnakumar.

Commenting on the impact of recurring adverse weather conditions in Oman on the insurance sector, Retnakumar says many insurance companies and reinsurers have suffered from the disbursal of huge amounts as claims following weather disturbances. Flood and tempest coverage have now become a major area of concern for insurance companies. Precautions need to be taken while undertaking construction at localities which experience frequent weather disturbances. Meanwhile, those who take policies to cover risks arising from weather disturbances should exercise caution while selecting one,” he adds.

In the light of all these, role of intermediaries in the insurance sector in Oman has become very vital at the time of executing contracts and making claims, observes Retnakumar. There is big scope for professional insurance intermediaries in the coming days, he adds.

88 October 2010

The OHI Group and Dar Al Atta’a joined hands to take 40 children on their dream vacation to Disneyland. A week-long trip was organised

in July as a part of the ‘Bring a Smile’ campaign that OHI has launched in association with Dar Al Atta’a to mark the 40th year of Renaissance of His Majesty Sultan Qaboos bin Said.

Smiles and giggles were the order of the day as the children returned after the vacation of a lifetime at Disneyland, Hong Kong. The children travelled in two batches and were accompanied by supervisors from OHI and Dar Al Atta’a. The trip was organised by Eihab Travels, an OHI Group company.

On their return the children were full of anecdotes about their trip. “Ever since I heard about it, I’ve yearned to go to

Disneyland. I couldn’t believe my luck when I was chosen for this exclusive trip,” declared one of the children, voicing the sentiments of the whole group. In between trying out every single breathtaking ride that Disneyland had to offer, the children rubbed shoulders with Mickey and friends and took enough pictures to fill a dozen albums. “But the excitement didn’t end there,” declared another child. The organisers made sure

SMILES LIVE ONThe OHI Group kicked off its Bring a Smile campaign with a novel idea of

sending 40 children to Disneyland, Hong Kong. An OER report

the children had enough time to explore the four classic theme parks.

The children threw themselves whole-heartedly into the Disney Parade in Main Street, USA and marvelled at the amazing firework display. Tarzan’s Treehouse and an exciting Jungle Cruise were the highlights of USA Adventureland. Fantasyland brought all the Disney princesses to life, while Tomorrowland was a firm favourite with the older children, with its futuristic sci-fi adventures.

Reactions galore“Amazing!” “Incredible!” “Unforgettable!” were some of the adjectives used by the children to describe their holiday. The news was broken to 12-year-old Aliya Khamis by her teacher. Though she was a bit afraid initially, she was thrilled on reaching Hong Kong. “I enjoyed the games particularly the car games,” says 13-year- old Marwah Nooruddin. On their return the children were greeted as heroes. Says Bassam Mohammed, “Everyone in my family is feeling good and it has become quite an event at home.” If there was one regret that all the children had it was the fact that the trip ended so fast. The smallest child sums it up succinctly – “Now I know dreams do come true!”

Maqbool Hameed, Chairman, OHI Group says, “The five-day all-expenses paid trip to Disneyland is just the beginning of the ‘Bring a Smile’ campaign through which our main objective is to give back to those less fortunate. We admire Dar Al Atta’as commitment to reaching out to the underprivileged, and are proud to support them in every way we can. We believe in the power of partnerships, and we shall strive to join hands with all the right organisations to change lives for the better,” he adds.

CSR

REAL ESTATE SPOTLIGHT

89October 2010

BOUNCING BACKThe real estate market in the country is returning to normalcy with a

generous demand for both commercial and rental properties, thanks to the consistent economic growth witnessed by Oman despite the

slowdown of the past two years

SPOTLIGHT REAL ESTATE

90 October 2010

The volatile period of the past two years has eased for the real estate sector and stability now has returned with an increased

supply as well as demand for the entire spectrum of properties – from high end to low end.On the demand and supply side, the demand for apartments and supply are evenly matched. But there is an excess supply of villas. Construction costs and land prices have come down therefore housing is much more affordable now than in 2008. But there is nothing like a breakthrough, which will make house prices very cheap.

According to the Ministry of National Economy’s monthly statistical bulletin, the price index for rents confirmed a 16 per cent increase in January of 2009, compared to the same month the previous year. Meanwhile, a slight challenge still exists in commercial property spaces in the medium range. The rents of commercial spaces are much lower than what existed in the peak of 2008. Given land price and construction costs, prevailing rents give reasonable returns to the developer as well.

Figures released by the ministry of housing, in the first quarter of the year indicate that there is a 62 per cent rise in sale value of property and 11 per cent rise in the sale volumes compared to corresponding period last year.

Price correctionsThe property prices peaked in 2008 and moderately dropped since then. The phase of price correction that the market had experienced through 2009 is over. Market experts have predicted that rental prices may not go down any further but instead the market is expected to move forward.

Vacancy rates in rented houses have decreased significantly since 2003, despite an influx of new units. Before the so-called real estate bubble, apartments that were rented out at RO250, reached RO600, today the prices have come down and became stable at RO450 after correction. Although the prices are now stabilising, they still remain high.

Comparing the current rents with that of 2008, rents have come down. But

between 2009 and 2010 10 there isn’t much difference. Between 2008 and 2009 there was a drop of 15- 20 per cent in rents of apartments. The government expenditure in the infrastructure development for ports, airports and roads is giving a boost to the economy. Consequently, there is going to be more liquidity in the money market and the standards of living are expected to go up. This will see more spendings and a resultant growth across the economy. Such growth will definitely be witnessed in the real estate sector as well.

FinancingIn 2009, banks and investors were unwilling to provide funds to the sector but 2010 has witnessed a change in attitude. Both banks and investors are willing to lend at present. While many speculators were active in the real estate market earlier, the people who buy property now are real investors. They are the people who actually buy properties that they now want to live in.

For a reliable client, funding is not an issue but banks no longer fund speculative activates and they would

Hamptons International was formed over a century ago and has evolved into one of the most

respected and successful real estate consulting groups in the UK.

The company has a network of offices in major cities in England and Europe and a rapidly expanding international network. The Group is renowned for its excellent track record in the marketing of exclusive and prime residential properties.

Owned and operated as a subsidiary of Emaar Properties, one of the world’s largest real estate companies, Hamptons continues to expand both locally and internationally, positioning itself as one of the most valuable

residential property groups in the world.

Hamptons International established in Muscat in early 2000 as a first phase in its Gulf network presence and brings to the region a full range of residential, commercial and related professional real estate services in partnership with HE Abdul Alim Mustahil Al Rakhyoot.

Hamptons International is a leading firm of real estate consultants with its headquarters in London, UK and Dubai. The company is represented in over 85 offices globally. Hamptons is on the surveying and valuers panel of numerous banks in the GCC region and in the Sultanate particular emphasis on Bank Muscat, Bank Sohar, HSBC, Oman International Bank, National

Bank of Oman, Ahli Bank, Oman Development Bank and Oman Arab Bank.

Some of the services provided under the Hamptons International umbrella in the Sultanate of Oman are as follows:

Property Leasing Property Sales Valuations Property Management Research & Feasibility Studies New Developments

The company’s management strives to achieve excellence in all property related services and assist existing as well as new clientele with its unparalleled knowledge and experience in the field.

HAMPTONS INTERNATIONAL & PARTNERS LLC – OMANComprehensive service provider

SPOTLIGHT REAL ESTATE

92 October 2010

like to see tangible results from a project. Some market observers feel that the issue facing Muscat is that of an oversupply of properties. There has been a lot of building activity in terms of office space supply, which might be absorbed at a low rate. People are still looking at developments but they are more realistic about their feasibility studies.

People are much more aware now than they were three years ago. If you are looking for a quick short-term profit from investments in property market, then it is high risk. But people, who look at long-term investments, will be successful.

Affordable housingThe crash of the real estate sector in the turmoil of global financial crisis has given a new urgency to affordable housing. Oman’s beachfront and cityscape are dotted with high-end luxurious properties that are much talked about. Ongoing projects in the housing sector, especially in the affordable housing sector are progressing fast and serious buyers are active in the market. Real estate agents are getting enquires. But for Omanis, who belong to the middle rung of the

society, this expensive housing, which is currently available in the market, is not affordable. Therefore, affordable housing is the need of the hour.

One of them is the growing young population of Oman, which is also becoming affluent. A whopping 60 per cent of Oman’s population is below the age of 30 with the average salary earned being RO600. It is this segment that wants to create their own set-up and want to invest and buy property such as those available on affordable investment schemes. It is estimated that by 2025, the country’s population will swell to 5 million from the current 3.3 million.

In the absence of official price statistics for the real estate sector, both rental and sale prices are estimated to have doubled over the past four years. It is a fact that many Omanis are finding it hard to keep up with rising housing costs. There is a speculation that rents will further go up in 2011 for new properties. The government has done its bit to ensure that Omanis in the middle to low income brackets do not get priced out of the housing market.

High potentialTo limit the impact of the high prices, in June 2008, an amendment in the 2007 housing law limited the cap on rental price increase to 7 per cent per annum for three years, subsequent to the signing of a lease agreement. Under the previous cap, landlords could increase rent up to 15 per cent over two years. This may have a bearing on how flats are taken on rent.

Many Omanis who work in Muscat currently take flats on rent but are interested in paying an equated monthly (mortgage) installment that is equal to monthly (rental) rates in order to finance a property purchase. The average income of this particular segment rests between RO700 and RO900, though that may not be the full picture of his income. His earnings may also come from other sources like stock market, financial support from family, land, shops and rents.

In the absence of personal tax, it is difficult to assess people’s income. There is a potential demand for affordable housing, which will continue growing as Oman’s large youth population moves

First Choice LLC is an ‘A’ Grade real estate company with over 400 employees and was founded

in 2000 under the able leadership of Muneer Ahmed Sulaiman, managing director, a pioneering and a visionary entrepreneur.

Today, it is a specialised group, well known and reputed having offices in Sohar, Dubai, Kuwait and Bulgaria.

Over the years, the company has fast blossomed with a stunning 100 per cent growth achieved over the previous two years. It is now preparing for a quantum leap in turnover and profitability with it’s dedicated team of professional management and skilled workforce.

The mission of the company is to contribute significantly to Oman’s construction industry and become the country’s most valuable builders and real estate company that is founded on deep mutual trust, confidence and quality par excellence.

The operations of First Choice today can be categorised in the following areas headed by their respective Divisional Heads under the esteemed leadership of Muneer Ahmed Sulaiman, Managing Director.

Property Valuation and Appraisals DivisionReal Estate Division: Buying and Selling Properties & Property Development

Civil Construction & Contracts DivisionProperty Management & Rental DivisionCast Aluminium Products Division: Decorative gates (manual and remote controlled system); staircases, grills, balustrades, window frames and fencing. (All these products are manufactured under one roof at its Mabelah factory)

First Choice vision is to be the market leader and a trusted name in every field of business it represents. To achieve this vision, First Choice dedicates itself to uncompromising business commitments, love and respect to every patron of the company.

FIRST CHOICE LLCYour best choice

SPOTLIGHT REAL ESTATE

94 October 2010

away from joint families to the system of nuclear families. However, in the absence of a proper survey, demand cannot be quantified. Oman’s biggest advantage is that it has sprawling land, prices for which had dropped dramatically at one point of time. Location wise, there are two segments of markets, based on personal preferences. There is demand for houses in Muscat city; a sound infrastructure and a happening city life being the reason behind such demand.

The government of Oman is spending a huge amount of money on infrastructure projects like the Southern Express highway and Batinah Coast Highway. Muscat International airport expansion is going on. In short, Muscat is getting connected to the outskirts of the city and there are buyers, who by choice, would like to be located there for comfort and a bigger house, away from the hustle and bustle of city life.

Popularising the segmentAccording to the statistics from MONE, the wholesale price index, for building materials in Muscat fell to 163.2. The index has plummeted further as the cost of steel, cement and other materials remain low due to decreased worldwide demand stemming from the global meltdown. This dip in construction and

materials costs has spurred developers to deliver more units to the expanding middle-income market. Their high price was once a prohibitive factor in building affordable housing. But with the situation easing out, developers are now looking to increase their presence in the sustainably affordable housing sector or on reasonably priced properties.

However, Omanis have not yet reconciled to the fact that they can own and live in apartments as most of the people perceive them as smaller and closed space. The general preference is for more open space as in villas. Developers need to raise awareness among buyers to invest in this kind of property. Generally, an affordable property hovers between RO50,000 and RO70,000. Muscat is becoming a much denser city, which is making affordable housing increasingly important. Certain areas are zoned and rezoned for allowing the higher density development, based on the infrastructure provided around them.

Companies like Alargan Towell Investment, Zain Property Development and a few others are moving in to take advantage of low-cost constructions.

Moody’s forecastThe supply-demand imbalance remains

a key driver of the continued negative outlook for the property industry in the Arabian Gulf, says Moody’s Investors Service in a new Industry Outlook report. The negative outlook reflects the rating agency’s view of fundamental credit conditions in the industry over the next 12-18 months.

“The supply-demand imbalance in commercial property and to some degree in residential units, depending on the city or country, is likely to grow worse as vast supply meets slack demand and is a major driver of our negative outlook,” says Martin Kohlhase, a Moody’s Assistant Vice President – Analyst and author of the report. In the report, Moody’s notes that the other drivers of the outlook remain the same as in 2009, namely funding and the preservation of cash, which includes potential disposals of non-core assets, cash collection and debt standstill agreements. Moody’s believes that these factors will remain in place for the rest of 2010, albeit with a different emphasis from the previous year.

Ratings downgradedThe rating agency further notes that it has downgraded the ratings of all GCC issuers with real estate exposure over the past 12 months. The average rating of A2 at the beginning of April

Siraj Real Estate is fast becoming a leading player in real estate investment, brokerage and real

estate services in the Sultanate with extensive regional presence. As a real estate company equipped with competitive professional knowledge and experience, Siraj offers smart, progressive and innovative solutions and efficient expertise and advice.

Siraj is a shareholder in Dar Althwabt, a Riyadh-based real estate company, enabling Siraj to provide a wide range of real estate quality services including property sales, land sales, property

investment, arranging tenancy for clients property and marketing and resale of clients property.

Siraj always adheres to the philosophy of creating a high value culture that delivers clever solutions. Siraj gives top priority to employing qualified manpower, utilising advanced technologies and adopting the best work techniques. Besides, in order to achieve its visions and objectives, the company has developed extensive cooperation with leading local and regional partners. Strategic investors from Kuwait have been part of the

company for the past four years. The company’s strategy of focusing on prime locations has also helped it consolidate its growth despite challenging market environment. Clients and their aspirations have always been the company’s strategic priority.

Though Siraj is clearly focused on achieving commercial success, it has successfully incorporated to its business ethical values and respect for people and accorded greater importance to the conservation of nature and the development of indigenous talent.

SIRAJ REAL ESTATEOn a growth trajectory

SPOTLIGHT REAL ESTATE

96 October 2010

2009 now stands at Ba1, a five-notch drop. This is largely a reflection of lower government support assumptions that had underpinned a number of ratings.

However, although Moody’s industry outlook for the region as a whole is negative, it notes that significant differences continue to exist across the region, with Saudi Arabia seen as the brightest spot of the six Gulf Co-operation Council (GCC) countries. “The large, growing and young population of this Kingdom continues to support the local residential market,” explains Kohlhase. “Furthermore, rent and sale prices have remained stable in prime areas, while limited price correction has been witnessed on the outskirts.”

The rating agency says that several factors could prompt a revision of the outlook to stable, including government spending for public infrastructure work; government intervention; a shortage of low- and middle-income housing and international expansion. “However, we do not envisage moving to a stable outlook in the near term,” Kohlhase cautions.

Foreign investment One of the biggest countries in the Middle East, the Sultanate holds tremendous potential in terms of trade,

industrial growth and of course, real estate. As a result of a long maritime history and interaction with various cultures, Oman can rightfully claim that it is the friendliest country in the Gulf basin. Today, Oman is one of the fastest growing economies in the Gulf, thanks to prudent government planning, responsible expenditure as well as heavy investment in the non-oil sector.

Unlike other countries in the Middle East, Oman boasts lush green terrain in certain areas that spell out the promise of a relatively calm and unhurried lifestyle. This country is home to vast agricultural farms that are a vital source of fruits and vegetables to the rest of the GCC. With extensive geographic and climatic diversity, fertile coastal zones and mountains, Oman has the most versatile terrain in the Gulf. As the country is poised to develop further, the local real estate sector is going through an exciting phase.

Oman is attracting foreign investors, not only from the GCC and Asia but also from distant Europe, due to the low cost of its land, high economic growth potential, easy availability of beachfront plots and good infrastructure. Of late, Oman has been investing heavily in its tourism, infrastructure, specifically in its airline,

roads and airports. Foreign participation in the tourism industry has also been increasing due to government incentives to investors.

Over the last five to ten years tourism in Oman has taken off in a big way, with remarkable growth being experienced recently. There has been an increase in direct, non-stop flights from key international markets which have identified the potential of Oman as both a tourist and business destination. This boom in the tourism sector is reflected in the real estate industry as well.

Advantages of property Investment in Oman

Oman has zero taxation Rental market in tipped in favor of landlordStrong economic growth of the country Exceptional performance of tourism sectorFreehold property ownership

The government is drafting a law to attract foreign investments and is on a liberalisation drive to expand the markets. Many multinational companies have taken advantage of the situation and established bases in Oman, especially in Muscat. This has boosted rents and consequently the rental yields.

Taif Properties is one of the most prominent sales and leasing agents in Oman, headed by a

long-time resident with an abundance of local knowledge and a deep understanding of the Omani culture.

Established in 2006, Taif Properties believes successful long term partnerships are a crucial factor to the continued success in the property market. The successful track record for delivery and careful selection of opportunities has been of fundamental importance in building long term

relationships with a number of international investors and developers.

In the beginning the focus was on sales and new developments in Muscat and Salalah which brought many new opportunities for the company not the least of which was teaming up with a well known mega developer from Qatar. This led to new development projects in the countryside beyond Muscat and the beautiful, Indian Ocean town of Salalah.

Taif is now a prominent force to be

reckoned with in both sales and leasing and particularly specialises in new expatriates coming to Oman guiding them through the process of finding a new home. Giving advice on schools, neighbourhoods, banks, shopping and anything a new family needs to know is all part of the service which is much appreciated by the new arrivals.

Taif Properties offices are located in the business and diplomatic district of Shatti Al Qurm, close to A’Sarooj. Tel 99595592Email info@taif.me.uk

TAIF PROPERTIESExploring new horizons

Oman's most

dedicated realtor

Converting dreamsinto reality

THE JAGUAR XJ COMBINES DEFT PERFORMANCE, UNPARALLELED CHARACTER AND A UNIQUE BLEND OF

STRENGTH AND PRECISION. AN OER REPORT

AN AHA!DRIVE

AUTOTALK

Launched in 1968, the XJ has served as Jaguar’s flagship model for most of its life and still continues to do so today. Now it seems that Jaguar is throwing ‘the retro’ look right

out the window with the introduction of their latest revision of the XJ lineup, while still keeping some of the design cues that distinguish it as Jaguar’s flagship model. The new fourth generation XJ, in keeping with Ian Callum’s new design direction for Jaguar, offers a modern reinterpretation of a number of key XJ design cues while maintaining the highest standards of personal luxury. This is evident in how the strong, muscular lower half of the car contrasts with the slim and graceful quality of the roofline -- a nod to the original 1968 XJ sedan. The front of the car has clear links with the XF, although with slimmer, sleeker lights and a larger grille that makes for a more aggressive appearance. A standard panoramic glass roof is an integral part of the all-new XJ design, enabling the car to have a lower, more streamlined roofline, while dramatically enhancing the feeling of light and space inside. The LED light clusters wrap over the rear fenders, and feature three dramatic red vertical strips. Two of the most striking features of the rear are the black roof panels each side of the rear screen, which aim to hide the

XJ’s width, and the conscious absence of ornamentation; the rear features only a single leaping Jaguar.

Refined stylingThe sleek design and refined luxury contin-ues inside the all-new XJ by mixing newly advanced technologies and contemporary design to create an environment more akin to a state-of-the-art living space than a luxury car cabin. Chrome and piano black detailing provide an eye-catching con-trast to the beautifully crafted leather and veneer surfaces. To further complement the cabin design, Jaguar offers a level of choice in colours, woods and leathers not seen before in a Jaguar. Four specifica-tion levels – XJ, XJL, Supercharged and Supersport – allow the customer to tailor the car to suit their tastes.

A stunning 12.3-inch high-definition virtual instrument gauges complement an innovative 8-inch touch-screen that displays vehicle functions ranging from audio and video to navigation and climate control. Premium surround sound options include the top-of-the-range 1200-watt Bowers & Wilkins system, itself a standard on the Supercharged and Supersport models. Advanced infotainment features also include hard drive-based audio and navigation systems, and comprehensive connectivity

for portable audio and video devices.

The all-new XJ’s beauty is much more than skin-deep. All engines transmit power through an enhanced version of Jaguar’s acclaimed electronically controlled, six-speed automatic transmission which has a fully-adaptive shift system that delivers extremely smooth gear changes and works to balance performance and economy. With the XJ, Jaguar has built upon its leading-quality performance using the latest technologies. Features such as air suspension, adaptive dynamics (continuously variable shock damping), active differential control (on Supercharged and Supersport) and quick-ratio power steering deliver a remarkable blend of responsive, dynamic handling at the same time as the refined, supple ride expected from a Jaguar. The new XJ will be available with a choice of three engines: a 5.0-litre, 385-hp naturally-aspirated V8; a 5.0-litre, 470-hp supercharged V8; and a 5.0-litre, 510-hp supercharged V8. In naturally-aspirated form, the XJ develops 380 lb.-ft. of torque. The supercharged versions develop 424 lb-ft. and 461 lb-ft. of torque, respectively. All three engines combine deft performance, unparalleled character and have a unique blend of strength and precision that is to be expected from a Jaguar.

SPECIFICATIONS

Engine: 5.0L V8 Naturally AspiratedMax Power: 385 ps @ 6500 rpmMax Torque: 515 Nm @ 3500 rpm

6 Speed Electronic Automatic TransmissionJaguar Drive Selector with Sequential shiftDynamic Stability ControlAdaptive Cruise Control with EBA

Price: RO37,500Available at: MHD Automotive, Azaiba

100 October 2010100

Cruze EV demo fleetGeneral Motors announced a demonstration project to explore market needs and customer acceptance of batt-ery electric vehicles in Korea. The project involves a fleet of electric vehicles based on the successful Chevrolet Cruze. The result of shared deve-lopment with GM Daewoo, LG Chem and LG Electronics, the electric Cruzes will be part of a demo fleet that will

operate in South Korea’s capital, Seoul. The project is aimed at benefiting GM’s core vehicle electrification competencies, which include batteries, electric motors, power controls and charging. It will provide real-world data on customer acceptance of battery electric vehicles, studying driving patterns and charging behaviour while sharing costs and resources.

The new Chevrolet Captiva SUV features a new front-end design, a range of enhancements to the interior and new engines and transmissions. Combining confident and dynamic new styling with an available active-on-demand all-wheel drive system, the new Captiva retains the advantages of its adaptable, theatre-style seating in three rows which comfortably accommodates up to seven passengers. Some of the immediately noticeable features of the new Captiva include fresh and sporty appearance, powerful and efficient engine line-up, manual and automatic six-speed transmissions and front or all-wheel drive. Accentuating the new Captiva‘s body are the new exterior colour palette and the sculpted wheel arches which will accommodate wheel sizes of 17 to 19 inches. In the Middle East, two new powerful engines will come with a new manual or automatic six-speed transmission for a powerful and smooth ride.

Comes sporty Captiva SUV

The Dr Ing HCF Porsche AG, Stuttgart, launches an exclusive edition of a new 911 Speedster. Paying homage to the first Porsche model that bore the name Speedster – the 356 Speedster – the production run for the new model is limited to 356 cars. The two-seater is significantly different from other members of the 911 family. In best tradition, the striking profile of the new 911

Speedster is defined by a 60 millimetre lower, more raked windscreen, a flat contour of the sporty-look manual hood, and a characteristic double-bubble hardcover for the soft top. This makes the body of this rear-wheel drive with its 44 millimetre wider rear stand out even more. The new Porsche 911 Speedster will celebrate its world premiere at the Paris Motor Show in early October.

New Porsche 911 Speedster

101October 2010101

Performance PR to support Abu Dhabi Motor ShowPerformance PR has been appointed to provide communications support for Abu Dhabi International Motor Show 2010. The automotive and sport PR specialist was selected by show organiser, Reed Exhibitions, after a three-way pitch process. The Abu Dhabi International Motor Show (ADIMS), which takes

place from December 7-11 at the Abu Dhabi National Exhibition Centre (ADNEC), will be the largest and most comprehensive motor show to take place in the Middle East in 2010. The show’s 13th edition is set to feature a number of major product launches as well as some exciting new developments.

New ASX Crossover launched

The all-new 2011 Mitsubishi ASX Crossover has officially been launched in the Middle East by the Zubair Automotive Group and MMC Japan representatives at Grand Hyatt Hotel.

The new ASX (Active Sports Crossover) offers excellent drivability and handling with an elevated driver’s position that along with the sloping hood design, gives a better view of the road for easier manoeuvring and greater

safety. This new car has all the features expected of Mitsubishi, but condensed into a more compact form. The ASX delivers superior interior comfort, with luxury features such as USB and audio jack. The ASX also has additional environmentally friendly improvements not seen on any other SUV, such as its greater use of recycled materials, highly efficient and clean MiVEC engine and class leading aerodynamic styling.

The all-new2011 Cadillac CTS Coupe and CTS–V Coupe has been launched at a lavish gala event in Lebanon. The CTS Coupe which arrived in Cadillac showrooms in September 2010 is a new luxury sports coupe designed to become the centerpiece of the brand’s revised lineup. The Coupe is a classic 2+2 layout bolstered with advanced technology, such as a rear-view camera system and a performance-

oriented suspension system coupled to rear-wheel and all-wheel drive. The CTS Coupe emerged as a proposal inside Cadillac’s dedicated design studio, where designers develop and evolve the brand’s art and science design philosophy. The overall effect is a distinctive design that is both precise and refined, and includes touch-pad door entry, revised gearing and increased cornering capability.

Luxury sports coupe

Mazda Motor Corporation announced Mazda’s new design theme, ‘KODO – Soul of Motion’, and the design concept model, Mazda SHINARI, a pure expression of this new theme. Since launching its first passenger car, the Mazda R360 Coupe, exactly 50 years ago, Mazda has spent many years exploring the concept of ‘motion,’ offering customers designs that are exciting both to view and to drive.

In particular, since the launch of the Zoom-Zoom brand message, Mazda has pursued the concept of more athletic and sporty motion, and has adopted dynamic designs for all Mazda models starting with the Mazda6 and followed by the RX-8 and the Mazda2. Since the launch of the first Mazda6 in 2002, Mazda design has been the subject of great acclaim, receiving 30 global awards for car design alone.

Mazda announces new design theme

102 October 2010

Jack Nicklaus won 18 professional majors – twice as many as all but one other golfer. He finished second 19 more times and third nine

times. In all he posted 48 Top 3 finishes, 56 Top 5 finishes and 73 Top 10 finishes. Perhaps Tiger Woods will someday challenge that record. But for now, Nicklaus remains – by far – the most accomplished player in the history of the majors. And he did it all exhibiting great class and sportsmanship.

Child prodigyNicklaus shot 51 in his first nine-hole round of golf at the age of 10. By age 12, he was winning the first of six straight Ohio State Junior titles. He missed the cut in his first US Open in 1957 at the age of 17. Nicklaus won the 1959 and 1961 US Amateur titles while playing collegiately at Ohio State. He finished second to Arnold Palmer in the 1960 US Open. He turned pro in 1962, earning $33.33 in his first event as a pro. By age 26, Nicklaus had completed the career grand slam. Then he won all the majors a second time. And finally, with his 1978 British Open victory, he had won them all at least three times each. His final major came in 1986, at the age of 46, with his sixth Masters. Nicklaus played sparingly on the Senior PGA Tour, but won 10 times, including 8 senior majors. He founded and hosts the prestigious Memorial Tournament on the PGA Tour.

Final TournamentNicklaus turned 65 in January 2005,

RECORD SETTERKnown as “the Golden Bear”, Jack Nicklaus brought power to the forefront in golf, being the longest driver of his generation

GOLFUPDATE

which was the last year he entered a PGA tournament as an exempt player. He announced that he would retire in 2005 at the Open Championship at the Old Course at St Andrews. The very fact that the 2005 Open was scheduled at the Old Course can be seen as a tribute to Nicklaus. Nicklaus finished his professional career at the Open Championship at St. Andrews on July 15, 2005. He played with Luke Donald and Tom Watson in his final round. On the 18th hole, Nicklaus hit the final tee-shot of his career, and strolled to the Swilcan bridge and waved to the appreciative crowd. Afterwards, Nicklaus ended his illustrious career in style, making a fifteen-foot birdie putt and extending his putter and left arm in the air as he had done so many times to celebrate crucial putts. He is currently a golf course architect and is personally responsible for over 200 golf course designs including Muirfield Village, Shoal Creek, Castle Pines and the PGA Centenary Course at the Gleneagles Hotel.

TOUR VICTORIES

PGA Tour: 73

Senior PGA Tour: 10(113 total victories worldwide)

Major Championships

Professional: 18 Masters: 1963, 1965, 1966, 1972, 1975, 1986

US Open: 1962, 1967, 1972, 1980 British Open: 1966, 1970, 1978 PGA Championship: 1963, 1971, 1973, 1975, 1980

Amateur: 2 US Amateur: 1959, 1961

Awards and Honours Member, World Golf Hall of Fame Eight-time PGA Tour money leader Five-time PGA Tour Player of the Year Recipient, 2 “Golfer of the Century” awards

Named “Athlete of the Decade” for the 1970s by Sports Illustrated

Member of 6 US Ryder Cup teams Captain, US Ryder Cup team, 1983 and 1987

Captain, US Presidents Cup team, 1998, 2003

TOUR VICTORIES

PGA Tour: 73

Senior PGA Tour: (113 total victorie

Major Championsh

Professional: 18Masters: 1963, 191975, 1986US Open: 1962, 1British Open: 1966PGA Championshi1973, 1975, 1980

Amateur: 2US Amateur: 1959

Awards and HonourMember, World GEight-time PGA ToFive-time PGA TouRecipient, 2 “GolfawardsNamed “Athlete of1970s by Sports IMember of 6 US RCaptain, US Ryder

d 1987

1

104 October 2010

Aafiyaa Imaging and Diagnostic Centre has opened its first stand-alone imaging centre at Al Wadi Commercial Complex in Qurum. The centre will offer technologically advanced and up- to-date medical equipment and ensure provision of one of the best professionals in the field of radiology. The new imaging centre is equipped with state-of-the-art ultrasonography

machine along with colour doppler and four-dimensional facilities. The ultrasonography machine, apart from the routine abdomen and pregnancy related scans, would also enable gynaecological scans of the uterus and ovaries and scanning of the breast, thyroid, to name a few. The four-dimensional scans will be able to show the baby in motion, inside the mothers’ womb in 3D.

Aafiyaa opens stand-alone imaging centre

Muscat Eye Laser Centre organised a free eye check-up in Ramadan for the children of Al Khoudh Orphanage. As many as 93 children aged four and above had their eyes examined by the centre’s optometrists. Besides checking their eyes for any vision-impairment or eye disease, the team also made a careful assessment of each child’s need for visual aids to help remedy any vision deficiency. Children from the orphanage requiring further diagnostic and treatment services will later be brought in batches to

the centre’s modern clinic at Qurum. After a comprehensive examination by the centre’s professional team of doctors, kids who need correction will be prescribed corrective spectacles.

Muscat Eye Laser Centre’s free eye check-upahlibank launches corporate

internet banking

Bahwan Building Materials, a flagship of Suhail Bahwan Group has introduced the Price Pfister bathroom products from the house of Black & Decker. The products are available at Bahwan Building Material showroom in Wadi Kabir for an exclusive preview. When you blend the European spirit with American individualism, this creates a unique concept of exceptional beauty that can only be seen in the graceful curves, sculpted shapes and

cutting edge design of Price Pfister bathroom products.For a century, Price Pfister has been a leader in the industry, creating bathroom products and accessories that are stylish, innovative and dependable. From sleek, modern design statements to charming vintage updates, the new collection of Price Pfister products from the house of Black & Decker integrate the water’s fluidity with metal’s strength, offering customers a personality that complements their lifestyle.

Black & Decker’s Price Pfister bathroom products unveiled

ahlibank recently launched its corporate internet banking services aimed at providing the best services to its corporate customers. The new service which has several innovative features will enable corporate customers to check balance and trade enquiries across various ahlibank accounts as well as view or print transaction history. The corporate internet banking service provides a unique set of capabilities for corporate and SME customers to simplify operations, including tools that help them manage payables and receivables, and obtain timely management information. “The move is another way in which ahlibank is

proving to be a supportive partner to its corporate customers through its innovation, dedication and pursuit of cutting edge technologies,” says AbdulAziz, CEO, ahlibank.

105October 2010

Avaya, a global leader in enterprise communications systems, software and services, announced the Avaya Flare™ experience, an industry-first family of next-generation, real-time enterprise video communications and collaboration products and services that deliver unique collaboration capabilities and an intuitive end-user experience across video, voice and text. The new products, which range from personal desktop to multi-screen room systems, make

high-definition, low-bandwidth video collaboration accessible to more employees in more enterprises. In addition, the solutions operate at one-third of the cost, using significantly less bandwidth than competing solutions. Based on Avaya Aura™, the first true Session Initiation Protocol (SIP)-based architecture, the new offering makes video calls and conferencing as easy as making a telephone call by using the same platform for both.

Avaya transforms business collaboration

Al Hassan Group of companies donated RO10,000 to Pakistan Prime Minister’s relief fund to help the victims of a devastating flood that affected upwards of 14 million people in that country. Hassan bin Ali Salman, chairman of Al Hassan Group of Companies, presented the cheque to HE Sohail Amin, Pakistan’s

ambassador to the Sultanate. “We recognise the dire circumstances of the displaced Pakistanis following the worst flooding in the country’s history,” says Hassan bin Ali Salman. Al Hassan Group is a leading business conglomerate structured around 11 operating companies in Oman and UAE.

Al Hassan Group donates to Pakistan relief fund

Welcare DTC, a leading multi disciplinary medical centre in Oman, has added Clinical Psychology & Neuropsychology to its wide array of medical services. Under clinical psychology, Welcare will be providing medical services for depression and schizophrenia, adjustment to physical illness, neurological disorders, addictive behaviours, challenging behaviours,

eating disorders, behaviour disorders, personal and family relationship problems, learning disabilities, etc. Dr Christopher Dias, Medical Director at Welcare DTC says, “The newly appointed staff for this specialty has been chosen with the aim of ensuring that the highest level of care and medical governance is provided to the patients.”

Welcare launches psychology specialty

Leading global LCD manufacturer, SHARP has launched its new QUATTRON LED TV range in the Middle East equipped with its revolutionary Quattron quad pixel technology that adds a fourth colour – Yellow - to the traditional Red, Green and Blue palette. The innovative Quattron technology promises the next

level of growth for SHARP, as part of the company’s aggressive global strategy to take on the leadership position in LCD TV technology. The new Quattron LE-820 series featuring Quad Pixel technology come in 52, 46 and 40-inch sizes, and they all have Sharp’s UltraBrilliant Edge-lit LED technology as standard.

SHARP’s 4-colour excitement

Oman International Bank sponsored Onam celebrations organised by Sree Narayana Pravasi Samithi, Oman Chapter, on September 11. HE Anil Wadhwa, Indian Ambassador to Oman, was the chief guest. Douglass Emmett,

general manager of the bank and Salim Kumar, cine artist, were the guests of honour. More than 1,500 expatriates attended the festivities which included cultural programmes and Onam feast (Sadhya).

OIB sponsors Onam celebration

Al Mazyona draw held in City Centre branch

Talib bin Omar Al Balushi, region manager of Al Futtaim Group in Oman, picked BankMuscat’s Al Mazyona daily prize winners of RO4,000 and the winner of Double-Your-Salary scheme as customers of City Centre branch experienced the excitement of the popular savings scheme offering daily, monthly and jackpot prizes. Saif al Jabri, branch manager, says,

“BankMuscat is delighted to provide yet another opportunity for members of the largest banking family in Oman to witness and participate in Al Mazyona draw programme.” BankMuscat offers a daily prize of RO4000 for customers maintaining a minimum balance of RO100 and a monthly prize of RO40,000 to customers maintaining a minimum balance of RO1000

2010

It’s time to be you.

Fashion addicts to shopaholics,

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inspiring Abaya and Jalabiya designs, all set to bring a rave.

108 October 2010

MASCULINE ALLUREMeisterstück Atelier is a new ultraluxe “connoisseur” range of Montblanc Meisterstück fine leather goods – a high end, top-tier line of men’s accessories which are finely crafted from the rarest and most precious materials in the world. The launch of the first two Meisterstück Atelier collections – Meisterstück Atelier Genuine Python in October 2010 and Meisterstück Atelier Genuine Karung in April 2011 – marks the first time Montblanc men’s leather goods conceived from the prized snakeskins. Graphic snakeskin print projects a powerful, masculine allure. While python is an eternal symbol of ultra-luxury, karung, a water snake-skin, has lately become sought-after due to the distinctive beauty of its mottled markings as well as for its exceptionally soft texture.

VIRILE AND INTENSESensuality and Masculinity: a blend of daring and refinement born out of a blend of Iris and Cedar. A virile reinterpretation of Iris makes Dior Homme Intense a milestone in the history of men’s perfumery. It is unique and so terribly modern. Dior Homme Intense is an intense and sophisticated perfume, a worthy successor of Dior Homme 5 and Dio Homme Cologne. Composed of floral and woody accords, it seduces with the notes of lavender, iris, vanilla, amber, Virginia cedar and vetiver. Film makers Guy Ritchie and Jude Law have recently come up with a short film to celebrate Dior Homme Intense.

VERSATILITY AT ITS BEST Citizen has introduced the all new Citizen Yacht Timer (JR4046-03E), a magnificently powerful watch that combines the innovation of function and refinement of design. Powered by Citizen’s eco-drive technology, the watch features Race timer-99 min countdown, split time, automatic chrono start, 1/100th of a second chronograph up to 24 hrs and water resistant to 200 metres, making it the ideal watch for yachting. The watch is also equipped with convenient features like 30 cities world time, UTC display, dual time, dual alarm, 12/24 hr time and daylight saving time. The rose gold colour case and the black PU strap makes this watch a real head turner.

PANASONIC’S 3D-CAPABLE LENSPanasonic is aggressively pushing their migration to 3D technology, and to make other uses to their 3DTVs, the company introduces a new camera lens that was able to capture 3D images along with Lumix DMC-GH2 camera, the company’s new Micro Four Thirds model flagship. To achieve a 3D effect, the Panasonic lens has small twin lenses built within, separated by a distance of 1cm. Light from each shines separately onto the image sensor, which captures two images from the differing viewpoints. This is a bit interesting as to how the 3D-effects will be achieved since the normal human eye is approximately 2.5cm apart.

HIGH GRAPHIC PERFORMANCEFujitsu introduced a new model of the LIFEBOOK AH530 featuring an external graphics card with dedicated 1GB video memory. This completes Fujitsu’s line-up for the all-round notebook segment, with a choice of models to meet every need. The LIFEBOOK AH530 GFX is designed for users working with demanding graphics, pictures and video applications, combining high performance and a slim and stylish notebook package at a competitive price. LIFEBOOK AH530 GFX model users will experience the power of external graphics for demanding graphics applications and video, thanks to the on-board ATI Mobility Radeon HD550v graphics with a dedicated 1GB video memory. Users can choose between a Blu-ray Disc™ drive or a DVD-drive, and LIFEBOOK AH530 GFX models are equipped with the new Intel® Core™ processors that deliver smart performance.

ULTRA-EXPENSIVE M9Leica’s newest limited edition product called ‘M9 Titanium’ was officially unveiled by executives from Leica and Volkswagen at Photokina 2010 photographic trade fare at Cologne, Germany. This ultra-expensive camera, intended for the high-fashioned aristocrats, is coated with a fingerprint-resistant overlay and trim that uses leather typically reserved for the interiors of Audi’s premium automobiles. The camera kit also includes a 35mm Summilux F/1.4 prime lens, lens hood, a new carrying concept, a new fangled electronic illumination system and an indulging cardboard box.

Much of Lords of Finance is b iographica l . The lords of

finance who constitute the title of this book are the four central bankers who dominated the postwar era: Benjamin Strong of the Federal Reserve Bank of New York, Montagu Norman, the longtime head of the Bank of England, Emile Moreau of the Banque de France, and Hjalmar Schacht, who headed the Reichsbank. The decision to build Lords of Finance around these four men is a brilliant concept. Each of them was a powerful personality, with the full range of strengths and weaknesses and insights and eccentricities. Because much of the book concerns decisions, like raising or lowering interest rates, there was a need for great characters to pull the story along. Ahamed not only has them, but also knows how to make them come alive.

Strong is the domineering American; Schacht the arrogant, headstrong German; Norman and Moreau prideful Europeans. Strong and Norman became close friends, and their letters to each other are a rich source of material, sometimes quite touching.

The central bankers were prisoners of the economic orthodoxy of their time: the powerful belief that sound monetary policy had to revolve around the gold standard. That is, each country’s reserve bank had to have a certain amount of gold in its vaults

ITS ABOUT MONEY, HONEY!

THE BOOK REVOLVES AROUND FOUR CENTRAL BANKERS FROM TWO CONTINENTS

WHO SHAPED THE FINANCIAL WORLD OF THE 20TH CENTURY, WRITES

GANESH SUNDARARAMAN

BROWSINGCORNER

lower interest rates.

Fast-pacedWho knew that a study of central bankers could be a page-turner? Investment manager Liaquat Ahamed spins this fast-moving yarn about central bankers’ disastrous monetary policy decisions in the 1920s and early 1930s. The story itself yields little suspense – you already know how it ends, but Ahamed uses thorough research and gripping detail to paint a complete picture of how the world economy collapsed.

The Great Depression preceded today’s credit default swaps, collateralised mortgage obligations and arcane derivatives, so there are many lessons for the modern crisis. There is no attempt in Lords of Finance to present any macroeconomic theory, however, and Ahamed concludes with a non-explanation: “More than anything else, therefore, the Great Depression was caused by a failure of intellectual will, a lack of understanding about how the economy operated.”

This is a beautifully written book. Ahamed has a gift for storytelling that most full-time writers would envy. Lords of Finance is definitely for those who want a deeper understanding of the gold standard, and the events that led to – and out of – the biggest economic crisis of the 20th century.

to back up its currency — and indeed, “all paper money was legally obligated to be freely convertible into its gold equivalent,” as Ahamed says. Again and again, this straitjacket caused the central bankers — especially Norman,

gold’s most fervent advocate — to make moves, like raising interest rates, that would allow their countries to hold on to their dwindling gold supplies, even though the larger economy desperately needed help in the form of

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BEYONDBOARDROOMS

111July 2010

Ghaya Al Barwani, Head of Marketing of Ahli Bank, draws her inspiration from

the two maxims that she used to hear from her superiors: Jedi Master Yoda’s famous “Do or Do Not, there is no try” and “QED – Quite Easily Done.” The secret behind her rise to the top echelons of the corporate sector has been the indefatigable spirit generated by these two ‘favourite phrases’ which inspire her daily.

Ghaya’s abilities to adapt to changes helped her brave all challenges and scale new heights in her professional life. Although Ghaya originally studied to be a town planner, she started her career with Citibank where she could develop and brush up her financial skills for four and half years. Later

she moved to BankMuscat. Meanwhile, while working in Bank Muscat, she secured an MBA (Finance) from Leicester University which opened up new opportunities and responsibilities in front of her. She says, “I believe that my abilities to adapt to changes and take decisions are part of my core strengths. I capitalise on these strengths on a regular basis, to enable the bank’s business and communication to adapt thus remaining competitive.

Taking chargeGhaya joined ahlibank two months after its inception in 2008. Under the guidance of the cooperative executive management team of the bank, she worked on the development and implementation of the retail products and services and the general communications strategy of the bank.

Ghaya Al Barwani capitalises on her abilities to adapt to changes and take decisions. Muhammed Nafie reports

Penchant for innovation

EducationMBA (Finance) from Leicester • University

Work experienceCitibank, BankMuscat and Ahli • Bank

LeisureWatching comedy shows, • outdoor camping, driving off-road and travelling

She believes that the management style of each team leader varies and is influenced by the overall organisational style, the task at hand and the level of expertise of the team members. She says, “At ahlibank, I am fortunate enough to work in an environment that invites and encourages the participation of all staff members to grow and develop the bank. Working with a professional team of ahlibankers and suppliers encouraged me to be more participative in management delegating responsibilities as warranted”.

She does not claim to have found a balance between her work and family commitments. However, she is happy that her family understands her work commitments and her organisation greatly appreciates that each individual needs to honour his or her commitments physically, socially, mentally and emotionally.

Referring to her role models in life, Ghaya says, “I have several role models and people who have supported me, starting from my parents who continue to evaluate and advise me professionally to superiors, colleagues, friends of family and friends who help me and inspire me daily.”

She spends most of her leisure time with family and friends watching comedy shows, going for out camping, driving off-road and enjoying delicious barbeques. Ghaya would like to travel to old metropolitan cities which offer a synthesis of the richness of past and the glitter of modernity. “My favourite cities include Cairo, Paris, London and Berlin. I look forward to enjoying more of the cities in Indian Subcontinent,” she says.