Majlis Ash’shura Elections
The Wilayat of Wadi Al Ma’awil representative — Khalid bin Hilal al Ma’awali — was just elected chair of the Majlis Ash’shura 7th term. The session – seen by many as historic – was quite spectacular in many ways. In an unprecedented move, it marked the first time the chairman was elected by members under His Majesty Sultan Qaboos’ directives following the Royal Decree No 99/2011, Article 85 (bis 12). Two deputies were elected at the same session, first deputy Salim bin Ali al Ka’abi and second deputy, Abdullah bin Khalifa al Maja’aly. As well, presiding over the session was Salim bin Ali al Khatheri (who is the oldest member). It was practically a full attendance with only one person missing. The secret ballot was supervised by the Majlis Ash’shura General Secretariat. The entire election process was monitored by assistant trustees and legal experts. The event was covered by media.
Unprecedented Elections
So why were these elections so different? Well, some of the reasons have been discussed above. But there are other features which also distinguishes them from others that have taken place in the past. Any members that get elected to the 7th Majlis term are subject to increased flexibility vis-à-vis legal and auditory rights and abilities. Second, it is a far more modern and efficient ballot process. Third, the entire process is way more democratic than it’s ever been as it is a far more accurate and representative election – vis-à-vis the peoples’ desires – than it has ever been in the past. This in turn gives credence to democracy in general and democratic confidence in particular of Oman and its Sultanate.
So overall, yesterday’s elections certainly gave the people something to talk about, and something positive at that.
Gaddaffi and Oman
The murder of Gadaffi should be having an impact on other Arab countries now and the way they run their governments. This includes Oman. Tyrants have to start realizing that their undemocratic ruling is on shaky ground and simply cannot last forever. The Arab region has, to date now, witnessed the end of three-long serving rulers in the space of 12 months.
In the Arab world though – amongst regular people living in the region – it seems that Gadaffi’s murder was not a surprise, nor was it unwelcomed. According to a recent Reuters news article Libyans, Egyptians and others have described it as “deserving” since he was a dictator who never listened to the cries of his people pleading for a “more open and free society.”
Now that Gadaffi is dead, Egyptians are “looking forward to helping the Libyan people rebuild their country.” In Muscat, the capital of Oman, Gadaffi’s death is being hailed as “a lesson to other Arab rulers [who] will face such a fate if they keep oppressing their people,” Haji Ismail, a banker from Muscat said.
Gaddaffi and Oman
The murder of Gadaffi should be having an impact on other Arab countries now and the way they run their governments. This includes Oman. Tyrants have to start realizing that their undemocratic ruling is on shaky ground and simply cannot last forever. The Arab region has, to date now, witnessed the end of three-long serving rulers in the space of 12 months.
In the Arab world though – amongst regular people living in the region – it seems that Gadaffi’s murder was not a surprise, nor was it unwelcomed. According to a recent Reuters news article Libyans, Egyptians and others have described it as “deserving” since he was a dictator who never listened to the cries of his people pleading for a “more open and free society.”
Now that Gadaffi is dead, Egyptians are “looking forward to helping the Libyan people rebuild their country.” In Muscat, the capital of Oman, Gadaffi’s death is being hailed as “a lesson to other Arab rulers [who] will face such a fate if they keep oppressing their people,” Haji Ismail, a banker from Muscat said.
Oman Gets New Mobile Broadband Packages
Omantel will be launching some new mobile broadband packages. This will be conducted through the company’s mobile telecommunications branch, Oman Mobile. The new packages will offer customers a whole slew of different options (price-wise) to connect to Oman’s widest 3.5G coverage. These rates have been substantially reduced from previous ones and there will be many more usage allowances available too. Rates will start from as low as RO 1 daily. This will result in over 2 million customers getting Internet access from their phones or laptops.
According to the company’s VP for Customer Business Unit, Haitham Abdullah al Kharusi, “as Oman’s population becomes increasingly mobile, the demand for internet connectivity on the go has increased significantly over the past few years. We listen to our customers and the new mobile broadband packages are a direct response to their demands. Listening to the need of our customers ensures that Oman’s largest mobile operator will continue to enrich the Omani market with innovative products.”
Given that this area is the country’s largest mobile community to use the Internet wirelessly, the company has attempted to build packages to respond to this need. Omantel has been focusing on great packages at exceptional prices for its customers. One example of the packages it offers is monthly 500 MB package subscriptions that sells at RO 12 will be getting an upgrade to the 1GB package for a mere RO 5. And of course there are many other attractive plans too. So Oman mobile users will be getting true value for their money and great mobile enjoyment on the move thanks to Omantel.
Understanding Business Fraud in Oman
Fraud is unfortunately, bound to be an issue all business people need to be aware of and confront at some point in their careers. That fact is a given. But now it appears – according to some experts on the subject – that it is also a somewhat significant contributing factor to today’s worldwide economic recession too. There were around 50 accounting and finance professionals at the conference, with representatives from Oman’s Central Bank, Capital Market Authority and State Audit Institution. The event’s Guest of Honor was the adviser to the Central Bank of Oman and President of Institute of Internal Auditors (IIA) Oman, Ayisha Al Mawaly.
Speaking at the Association of Chartered Certified Accountants (ACCA) Oman held at the Muscat’s Majan Continental Hotel, forensic accounting and fraud and corruption investigations expert Simon Padgett pointed out that the first step in countering this issue is to develop a sensitivity to different types of corruption, fraud and money laundering. As well, as recorded in an article in the Oman Tribune, this “goes a long way towards establishing anti-fraud programs in our companies. We can only fight the opponent we know,” he noted.
Counteracting Fraudsters
Since Padgett is director of corporate integrity at the Tourism Development and Investment Company, he is definitely in the know when it comes to fraud combatting methods. Indeed, he is quite the expert on “fraud prevention techniques and anti-money laundering and protection.” There were various other presentations at the conference, which were also received well. Indeed, according to country manager of ACCA Oman, Mohammed Sajid Khan, they were very timely since the Sultanate has recently “entered the era of massive development in all sectors and means to prevent fraud have to be kept in mind.” The ACCA is today working very hard to develop auditing skills and methods of preventing any types of business malpractice activities.
Opening of OCCI and INDEXPO
Last week, the Oman Chamber of Commerce and Industry (OCCI), together with the Indian Chambers of Commerce and Industry Union and the Silver Star Projects Company, opened the INDEXPO, the fourth Oman-India trade exhibition. Shaikh Abdullah bin Nasir al Bakir, the country’s Manpower Minister, engaged in the opening process, said that the exhibition is important in terms of the development of good relations between India and the Sultanate.
These exhibitions are extremely important for many reasons. It already shows those in India and Oman how well relations are progressing between the two regions and it further opens opportunities for businesses and investors to bolster all activity in the Sultanate. Officials also hope that it will be extremely beneficial to all, especially the over 80 Indian business participants since it should open the potential for new activity for them in the Omani market.
Further Omani Business Potential
The OCCI’s chairman, Khalil bin Abdullah al Khonji also spoke about the upcoming plans of an Omani trade exhibition in New Delhi later on this year. This will be attended by Omani companies as well. So it seems there is definite activity that will be furthering possibilities for businesses and investors in Oman.
Oman Heads to Marmomacc
This year’s Marmomacc 46th International Exhibition of Stone and Design and Technology will have some new attendees. Four companies from Oman will be traveling to Italy for one of Europe’s most impressive fair in stone and design later on this month. Areas of interest include: machinery, marble, instrumental products, stone processing, and more. Experts in contract and construction sectors will find the exhibition particularly beneficial, being able to view more than 1,500 exhibitors from over 50 countries. Indeed, according to the Oman Observer the exhibition is seen by many as “the essential business exhibition for international producers, designers and decision makers seeking success in an increasingly specialist marble and stone market.”
Oman Companies at Marmomacc
The four companies that will be in attendance from Oman are: Al Madina Engineering & Industrial Works LLC; Al Shanfari Marble Company LLC, Al Turki Enterprises LLC and the Gulf Stone Company SAOG. This is definitely a momentous time for Oman business in general. Indeed, as Acting Director General of Export Development at the Public Authority for Investment, Promotion & Export Development, Faris al Farsi said, “Marmomacc 2011 is going to be the best yet. There’s an amazing variety of people, both exhibitors and visitors at this important four-day show and a really all-round experience is had by the exhibitors. At the end of the day, we want the participating Omani companies to meet existing and potential customers and have the opportunity to do some serious business networking.”
<h2>Good for Omani Business</h2>
In addition, as Al Farsi noted, that given the economic slump, often a trade show is the first thing to be reneged upon. But, as he also pointed out, “if you save on the cost of participating but miss out on the RO 100,000 contract or sales opportunities that the trade show could have generated, you aren’t coming out ahead. To make sales, you have to make contacts and the Omani companies participating with the Authority at Marmomacc clearly understand that. I’m confident that the Omani exhibitors will leave Verona with a wealth of information on great new products and ideas to boost their business. Indeed, I fully expect them to meet the right sort of people and get great feedback and positive business leads.”
Omani business definitely has much to look forward to.
Growth of Sultanate
There has been substantial growth in all operations of Sultanate – the national air carrier – over the last year. According to deputy chairman of Oman Air Board and head of the Executive Committee and undersecretary of the Transport and Communications Ministry for Civil Aviation Affairs, Sheikh Said bin Ali bin Nafl Al Mas’hali, there was a 24 percent jump in the number of passengers traveling via this airline in the first six months of 2011. Sheikh Al Mas’hali discussed this matter in a statement to Oman News Agency. Figures show that there were 1,845,341 who traveled during this time period via Sultanate.
Good Business News for Oman
This has to be good for other Omani businesses. And that is exactly what has proved to have happened. Just looking at the Oman Air Catering Unit, it is clear that everyone is benefitting. This company provided more than 16 percent of meals than they had done last year, which resulted in a staggering 2,450,151 meals being prepared for the flights. So, one successful business results in more business and profits all around for Oman, or at least it has the potential to.
As Sheikh Al Mas’hali noted, “the company managed to increase revenues by 40 per cent, passengers by 38 per cent (3.3 million passengers), seat occupancy rate by 72 per cent from 61 per cent and transport 28,600 tons of goods (increase by 99 per cent in air freight).” In addition, there was a 238 percent increase in revenues and a 29 percent increase in meals on the flights. Go Sultanate!
Good Tidings for Oman’s Stocks
Last Thursday saw an increase in Oman’s blue chip stocks, alongside a higher closing of Gulf markets. This occurred amidst an environment of optimism and hope that America’s Federal Reserve Chair is to announce new measures that will boost the country’s economy, leading to good news for economies around the world.
For Oman it was exciting to see a raise of 5.3 percent in the Renaissance (oil) Services which marked the highest trading volumes in Oman. This followed a substantial low of last week after a financial fraud at Topaz was revealed.
Global Economy Fears
Still, this hasn’t stopped fears for the global economy. Due to a huge slump in the benchmark index (the lowest level ever in two years), fears mounted once more that the world economy may start going back into a recession. Indeed, according to United Securities brokerage manager Adel Nasr, “there is a strong come-back from local pension funds and also foreigners. Lots of asset managers are accumulating [stocks] after the drop we had last week. The upward trend was accelerated by global markets’ sentiment.”
The Flip Side
On the flip side however, there was an increase in Muscat’s benchmark up to 1.2 percent for a second consecutive day. Indeed, trading volumes were the highest since April 24. And even world stocks weren’t having it too rough. The MSCI measurement saw the world equity index increase by 0.3 percent. Investors are now playing the waiting game, with the optimistic hope that Bernanke will reveal the Fed is prepared to offer more stimulus to the world’s largest economy in his upcoming address to central bankers at the yearly symposium in Jackson Hole, Wyoming at the end of this week. While there is definitely positive feelings about what will happen with the global markets (along with some high expectations of drastic measures to be taken), only time will tell which will the pendulum will swing.
NBAD Ranked One of World’s 50 Safest Banks
If you’re looking to bank in the Middle East – the National Bank of Abu Dhabi (NBAD) may be just the place to be. For the third year in a row, they have been ranked as one of the “World’s 50 Safest Banks” and the safest bank in the Middle East. This according to Global Finance.
Bank Selections
The selection of the world’s 50 safest banks comes from a comparison of the long-term credit ratings and the total assets of the 500 largest banks in the world. The ratings come from Moody’s, S&P and Fitch.
NBAD Response
Certainly, NBAD is thrilled with their most recent rating. As Michael Tomalin, the Group Chief Executive of NBAD said, “We are delighted that NBAD has been recognised as one of World’s 50 Safest Banks and the safest bank in the UAE for the third year in a row, and we proud to be listed as the safest bank in the Middle East especially as it comes during a period of unprecedented market turbulence.”
Even during the recent global financial crisis, NBAD has worked hard to continue to achieve its goals. As Abdulla M.S. AdulReheem, the Senior General Manager and Group Chief Operating Officer of NBAD, said, “NBAD has remained and strengthened its position in the league of the safest institutions in the world by virtue of the prudence exercised in the conduct of its business.”