Nokia Intoduces E7 Into Omani Market

Nokia’s premier smartphone, the E7, was officially launched in the Sultanate of Oman, marking its entrance into the MENA (Middle East/North Africa) region of the world.

Oman and the Nokia E7 Smartphone

The Nokia E7 was introduced to the world last September, boasting the Symbian 3 operating system. It is also has a 4 inch Amoled ClearBack touch screen which will increase significantly its outdoor visibility. The E7 comes with a full QWERTY key pad which slides in and out for convenience and storage. It has an amazing 8 megapixel camera which comes complete with a dual LED flash and HD video capture.

Most important of all for Omani business leaders and others in need of a full-function, easy to use smartphone is that the Nokia E7 supports a full array of business applications from the most prominent technology providers such as Microsoft and IBM.

It is a great show of confidence that Nokia should choose Oman as the first of the MENA countries to distribute its state-of-the-art smartphone.

Hackers Target Mobile Devices as They Gain Popularity

In related news, a recent wave of security breaches in Oman was shown to be caused by the rising popularity of smartphones there. A recently published report by IT security solutions provider Symantec stated that hackers are now changing the focus of their trade onto mobile devices and away from computers. ‘The major mobile platforms have become ubiquitous enough to garner the attention of attackers,’ said the report.

The founder of knowledgeoman.com, Tariq Barwani explained that hacking into smartphones is definitely possible in Oman, but it is easily avoided. Users should refrain from downloading illegal copies of applications as well as never entering suspicious websites and never accepting unknown Bluetooth files.

“It could definitely happen here. The operating systems for smartphones are mini versions of those in computers, and if people understand the core of how these systems work, they could easily create Trojan viruses or back doors in systems which control how these operating systems work.”

Another IT expert, Saurabh Vats, the business development manager for Imtac, agreed that consumers must be aware that they can be targeted easily by hackers.

“Mobile devices have become an extension of our lives, and at the same time they have become a soft and easy target for those who are always on the hunt for easy money.”

Oman’s Photocentre to Distribute Olympus Products

Photcentre will become the official distributor of Olympus digital cameras, binoculars and dictation products in the Sultanate of Oman, it was announced by Olympus Europa GmbH at the beginning of the week.

Roman Askari, the head of Sales and Marketing for the Middle East for Olympus Europa, headquartered in Hamburg, Germany, gave the following statement:

“With Photocentre and its many years of expertise in marketing consumer electronic brands, Olympus is confident that we will improve the position of our brand in Oman.”

Olympus is one of the world’s premier manufacturers of optical and digital technologies. Their products are widely used by businesses, health care facilities, science, industry and consumers throughout the globe. They were first established in Japan in 1919 and today there are over 33,000 employees working for Olympus around the world.

The new partnership with Photocentre is expected to benefit Olympus by partnering with an Omani company with an excellent reputation, which has been a provider of regional photographic services in Oman for almost forty years.

The announcement was made at a joint press conference. In attendance at the press conference were Roman Askari and the General Manager of Photocentre Mohammad Al Farei, in the presence of representatives of the media and important dealers and business partners of Photocentre.

Since the creation of Photocentre, which is a fully integrated part of the Zubair Corporattion, one of Oman’s top family business groups, it has been a distributor for many of the leading global brands in the realm of photography and imaging. Photocentre has become well known for its quality products and professional after-sales service, making it almost an icon among Omani businesses. Photocentre is allied to a powerful network of resellers and dealers, including the Sultanate’s best retailers.

The General Manager of Photocentre, Mohammad Al Farei said,

“We are very proud of this new strategic partnership with Olympus, one of the world’s leading brands in Digital Imaging.”

“Photocentre is confident that we will be able to use our many years of knowledge and expertise in the Omani market to help take Olympus to new heights and promote and sell their outstanding range of digital imaging products. This new partnership is another commitment from Photocentre to its customers in ensuring the provision of the very best quality products and services,” he added.

Dhofar Bank’s CEO Babicci Resigns

In an announcement released on Sunday by the Bank Dhofar in Oman, Kris Babicci, the bank’s Chief Executive resigned and will be leaving his post as of April 24. In the meantime Mohd Redha Jawad has been named as the acting CEO for the bank.

No reason was given for the departure of Babicci, whose resignation was accepted by Dhofar Bank’s board of directors at a meeting of the board on April 13. The resignation was announced in a statement which was issued from the bank to the Muscat bourse.

Bank Dhofar posted fourth quarter earnings of 7.9 million rials in January, representing more than a doubling in earnings since the previous quarter.

Omran Wins Meed Quality Awards for Projects

Omran, a top-notch tourism-related development, investment and management firm in Oman, won significant honors at the Meed Quality Awards for Projects, thanks to a timely delivery of the Asian Beach Games site.

Omran started working on the game site in June of 2008, and the project was completed in only 900 days. The site was delivered to the Muscat Asian Beach Games Organizing Committee in November of 2010, which was, according to a company statement, “just on time and just on budget.”

The Oman Society of Engineers chose Omran as the winner of the ‘Leisure and Tourism Project of the Year’ award in the Sultanate, a part of the provincial finals for the yearly Meed award competition.

The company came out on top of numerous other projects from within the Sultanate, winning the category for delivering Al-Musannah Sports City. The city is the site of the second Asian Beach Games.

The Meed Award nominees must demonstrate outstanding achievements in economic and and social master-planning, architecture, design, engineering construction and sustainability. The chosen projects are evaluated by a team of professionals who represent the Society of Engineers of each GCC country.

CEO of Omran, Wael Bin Ahmed Al Lawati, said “This is a fantastic achievement for Omran and reflects years of commitment and hard work poured into this project by our in-house delivery team and our many partners, including the main contractor Larson & Toubro.”

“We are particularly proud of our project safety record, which saw more than 2,500 workers complete 12 million man hours without lost time incident (LTI), and the positive impact made to local communities,” he continued.

Since the games, the said site has hosted residential, commercial and tourist visitors. Based on Oman’s first marina hotel, the facilities include residential apartments, a 4-star hotel, numerous restaurants, meeting and conference halls, and media and business centers. More than 200 jobs were created along with this facility, while the company worked with Injaz Oman on training programs for 2,000 students, in order to prepare them for jobs in the private sector.

Lawati said: “Winning this award also reflects the sound project management processes we have in place for all our projects, including health and safety, sustainable development and responsible tourism practices. This stand us in a good stead for the development of all our future projects throughout Oman.”

Mutual Funds Gaining Interest in Oman

United GCC Fund First Mutual Fund for Oman’s United Securities

One of Oman’s largest brokerage and investment firms announced the launch of its first mutual fund investment vehicle, adding itself to the short list of financial companies offering this option to investors. United Securities will be creating the pan-GCC fund, known as United GCC Fund, as an open-ended fund in which both foreigners and Omani nationals can invest. The fund will be opening with a targeted body fund of RO10 million, aimed at the Oman market, beginning as early as next week.

Last year the Oman Arab Bank began its Oman Al Arabi Fund, the very first open-ended mutual fund scheme in Oman which is especially interested in targeting the Omani market. The United GCC Fund of United Securities is the second mutual fund scheme after the Oman Al Arabi Fund.

“Unlike other GCC funds, which invest a significant portion in Oman and a small portion in other Gulf Cooperation Council (GCC) states, our investment decision will depend on the opportunities in each market and will vary from time to time,” Deepak Radhakrishnan, fund manager at United Securities.

Small Investors More Than Welcome

This fund is especially designed to attract smaller investors in Oman, with a minimum investment of only RO3000 required. There is no upper limit in the amount that can be invested in the fund.

The unit price of each share of the fund will be set at RO1, and it is expected that this scheme will bring increased stability to the county’s bourse as well as help to develop and strengthen Oman’s mutual fund market.

The opening subscription period for this fund is one month. After that investors will be able to purchase more shares at the latest net asset value. The main goal of the United GCC Fund is to allow small investors to get involved in the equity marketplace.

Now Is the Time

Radhakrishnan addressed himself to the instability now prevalent in the Middle East and the recent fall in share prices due to this uncertainty.

“We believe that it is the right time to invest, as the valuations are more realistic now. Many of the negative factors have already been discounted in the stock market. The panic is over and we do not expect any further panic.”

The government watchdog for the investment and financial marketplace in Oman, the Capital Market Authority, (CMA), has already given its blessing to the new mutual fund scheme.
On the issue of what kind of return on investment can be expected from this fund Radhakrishnan said:

“We are aiming to beat the GCC benchmark. Our aim is to give a better return than the GCC benchmark.”

Codeshare Deal Forged Between BMI and Oman Airlines

Codeshare Deal Finalized

The second largest airline based in Heathrow Airport in London, British Midland International, BMI Airways, has sealed a codeshare deal with Oman Air which is designed to allow passengers to reserve flights from the UK to the airport in Muscat.

The new arrangement will include flights originating in the British cities of Aberdeen, Edinburgh, Belfast and Manchester which stop in Heathrow and switch to one of Oman Air’s Airbus A330 planes at Terminal 3 and head out to the Gulf sultanate of Oman.

Extending Global Reach for BMI

Joerg Hennemann, BMI commercial officer praised the deal: “Our new codeshare with Oman Air further extends our global reach and will enable seamless and convenient travel connections for customers of both airlines between the Sultanate and key regional cities of the UK.”

Everyone Benefits

Peter Hill, chief executive officer of Oman Air also believes the codeshare deal will benefit both parties greatly, explaining that the codeshare partnership “will not only extend the range of options open to each airline’s customers, but will also encourage visitors to both Oman and the UK and promote tourism between the two countries.”

Other Middle Eastern countries serviced by BMI are Amman, Beirut, Cairo, Jeddah, Riyadh, Damascus, Dammam, Tbilisi and Tehran.

US Academicians Seek to Strengthen Bond with Oman

Meeting of Fulbright Hays Delegates

Seven university and college presidents from the United States are currently in Oman as participants in the Fulbright-Hays Seminars Abroad program. The program emphasizes higher education in Arab nations and the US.

Fulbright-Hays gives grants to students from Oman who which to undertake research or other academic goals in the United States. The group of university presidents now in Oman wishes to encourage exchanges between student and faculty, promote research, and support connections between educational institutions in Oman and the US.

US Outreach to Arab World

The goals of the delegation were announced at a press conference which was organized by the US embassy in Oman. The press conference was held at the Intercontinental Hotel in Oman’s capital, Muscat. In addition the academicians announced to the media that the current visit is an element in the US government’s desire to reach out to the Arab world.

The program of visiting university presidents was funded by the US Department of Education, and administered by AMIDEAST. The goals of the program, also known as “Higher Education in Transition,” hopes to give the participants a chance to learn about best practices, as well as share experiences with their colleagues in Oman. They also hope to develop future programming in the region in conjunction with campuses in the US.

Prosperous Nation Needs Higher Education

The US Ambassador to Oman, Dr. Richard J. Schmierer described the goals of the Fulbright-Hays Seminar Abroad group at the press conference, saying,

“The embassy is pleased to support efforts to foster linkages between institutions of higher education in the US and Oman and promote the ongoing development of educational exchange and training opportunities for the US and Omani students, faculty and staff.”

Dr. Schmierer added that if a nation wishes to secure an affluent future for its citizens, higher education of the highest quality must be promoted. We are gratified to see our growing partnership with Oman in this field and we thank the members of the Fulbright-Hays delegation and AMIDEAST for their interest, time and efforts in helping to build this key relationship.”

Record High Profits Posted for Omanoil

Omanoil Execs

In the midst of Middle Eastern turmoil Oman appears to be relatively untouched, at least economically, by the winds of change blowing all around them. Take for example the success of Omanoil, which posted record high revenue for the fiscal year 2010 of RO 216.2 million (USD 561 million). This historic total sales was consistent with higher demand for petroleum products and the 6% projected economic growth for Oman in the coming year. This is a 28% increase as compared to sales of RO 168.4 million in 2009. Pre-tax profits increased as well by 28%, from RO 6.1 million to RO 7.8 million.

Net profits after corporate taxes have been accounted for will be RO 6.1 million, with earnings per share of 106 baisas.

“In 2010, the company undertook a series of grass-root improvements and upgrading initiatives to ensure efficient and reliable logistics support systems to meet the demand growth by focusing on effective asset management, operational improvements, as well as the development of a knowledgeable and skilled workforce,” stated Sheikh Salim bin Abdullah Al Rawas, chairman of Oman Oil Marketing Company.

“These initiatives are crucial in supporting the company’s various business portfolios to achieve their respective sales targets and remain competitive in product distribution to all locations nationwide,” he added.

“Customer Service which lies at the heart of our operations witnessed significant improvements across all business units through the creation of new internal and external systems and processes that promote superior customer care to dynamically exceed expectations.”

Omani Companies Fear PEIE Directives Will Hurt Business

A number of small to medium sized businesses in the Sohar Industrial Estate have expressed concern over the newly established regulations now proposed by the Public Establishment for Industrial Estates, or PEIE. These new regulations are the government’s response to the recent demonstrations in Oman for more economic security and improved working conditions for workers. The head of the PEIE explained to the Times of Oman that the Omani economy is strong and unhurt by the recent unrest, and in addition the Sultanate is anxious to protect the interests of business in Oman.

Business Leaders in Oman Worried

But the business leaders are nevertheless concerned that the PEIE directives will harm their profit margins and could even force them to move their businesses to other neighboring countries.

According to the Times of Oman there are now between 15 and 20 companies within the industrial estate which are likely to close down their businesses in Oman and move elsewhere. These companies have received an official communique from the PEIE explaining to them the same new requirements which companies with the Rusayl Industrial Estate have already been given.

Rusayl companies were told to begin to provide for a cost of living allowances ranging from RO50 to RO30, depending on the workers present salaries. The PEIE also directed the Rusayl companies to provide health insurance benefits of Omani employees and also begin to implement a five-day work week.

“I am running a small food processing unit. I am ready to pay the higher salaries. But if I have to pay for the cost of living allowance and medical health insurance benefits then I have to shell out at least extra RO3,500 per month.

This would be without considering the overtime payment. Moreover, I don’t have financial strength like bigger companies,” an entrepreneur said.

This same businessman also complained that he suffered a loss of 65,000 metric tonnes to his business as a result of the recent blockades at the Sohar roundabout.

“I will not be able to compensate it even if I work for extra hours the entire year,” he said.

PEIE Says There is No Reason for Worry

The CEO of PEIE, Hilal Al Ahsani said that he does not see any reason for concern in the industrial estate, and the government is highly motivated to promote and protect the business sector in Oman.

“A lot of new initiatives have been discussed and the government always follows a policy to promote industrial sector,” he stated.

But another entrepreneur said that the government is not showing the proper concern for their problems.

“We are running from pillar to post to resolve this issue. We don’t know whom we should approach to find a solution. If we have to follow these instructions then we should wind up our business. I heard that some companies in Rusayl Industrial Estate are also moving out to neighboring countries. Who will compensate for our losses,” he asked.

“The government should adopt plans to subsidize salaries of national workforce like other neighboring countries are doing,” he suggested.

Investors Hesitating to Invest in Oman

A financial consultant, Jose Chacko, warned that the economy of Oman could be adversely affected by the relocation of businesses out of the Sultanate.

“After witnessing the recent developments, investors are reluctant to pump in more money. The government should initiate steps to attract more foreign investment.

The establishments should be categorized based on their financial strength. Unexpected financial commitments will altogether disrupt their operations. So, a detailed study is a must to assess the latest situation,” he said.

Oman Begins Campaign to Save Electricity

Electricity in Rural Oman

For the second time in two years Oman’s Rural Electricity Company will be kicking off a campaign designed to end wasteful use of electricity in rural sections of the country. Last year’s efforts led to a 9.4% reduction in rural electricity use, according to the Oman Daily Observer.

Promoting Smart Electricity Use in Rural Communities

The campaign to save is being dubbed “Rationalize Electricity…and Save Money for Your Kids.” The goal is to promote a rational approach to using electricity, as well as promoting the safe use of it by people in rural areas of Oman.

Meeting the People

Official representatives of the Rural Electricity Company will meet with residents of these areas, including in Musandam, Dhofar and Al Wusta and discuss with them how electricity is produced, how much it costs to produce including the subsidies which the government provides to offset the high cost of supplying electricity to rural areas, and finally the benefits to electricity users in rural areas as well as the rest of the country of conservative, rational use.

Official Statement

An official from the Rural Electricity Company, Hamad bin Salim al Magdheri said about the campaign that, “The campaign will include the rationalization in the use of electricity and safety from the risks, by focusing on adaption and how to maintain equipment.

“We’re delighted with the success of the first campaign, especially as they came in order to spread awareness of the need for rationalization in the consumption of electricity.”