Booz and Company Encourages Trade, Investment and Common Currency in GCC Countries

According to Booz and Company, countries in the GCC region would benefit greatly from cross-border trade and investment, as well as from a single common currency.

The Ideation Centre, the company’s Middle East think tank, recently stated that any progress made so far is a result of individual efforts instead of a coordinated effort of the region.

Hatem Samman of Ideation Centre said “There has been progress but more could be done to bring more benefits. There is still a lot of focus on the individual but if you complement that with an integrated view, it will do the region good.”

According to the report, the 2010 withdrawal “of the UAE and Oman from the proposed common currency is a major setback to its creation. It is difficult to imagine a monetary union and currency regime that excludes two of the GCC’s members.”

Still, despite the common currency issue, cross-border trade and international investment have been growing in the GCC countries, including Oman.

Just recently, the Oman-India Investment Fund Muscat announced its plans to expand a number of its projects. According to HE Anil Wadhwa, trade between the two countries has surpassed $4.5 billion.

“We have registered impressive growth if you look at the figures for bilateral trade in 2006 which were less than $750 million. India ranked as the fifth largest source of imports into Oman. In 2010, India ranked second among the destinations of Omani non-oil exports and third among the top destinations of Omani crude oil exports,” Wadhwa said. He added that imports between the two countries are continuing to grow.

Mideast Markets Tumble After Downgrade

From Dubai to Tel Aviv, Mideast markets tumbled as news of the S&P downgrade of US credit struck its first victims.

Dubai fell 4.4 percent and Tel Aviv fell 5 percent. Saudi Arabia’s stock exchange which had opened on Saturday plunged more than 5 percent. Complicating matters was the report that Dubai’s largest builder, Arabtec posted a profit loss in Q2 of 74%. This along witht he sell off smashed Arabtec’s stock lowering 5.6 percent.

In Tel Aviv the TA-25 fell 6% and the TA 100 fell 6.5%. The Delek Group led the plunge with 7.4% loss as well as Discount Bank at 7.5% fall.

Ultra Electronics Awarded 207 Million Euro Contract in Oman

Ultra Electronics Airport Systems, the Manchester branch of global aerospace and defense technology, was recently granted a 207 million euro contract by Oman Investment Corporation. The company will provide IT systems for Oman’s two new airports; Muscat and Salalah.

Responsibilities and Ultra’s Accomplishments

Ultra Electronics will be responsible for all operational terminal systems including air control, baggage handling and passenger check-ins for the airports, which will be able to handle a capacity of 58 million passengers per year.

Aidan Douglas, managing director of the project, said “This award is an affirmation of Ultra’s expertise and experience in large scale systems integration and special airport systems projects.”

He continued, stating that the company’s “past successes and continuing engagements with the BAA, Heathrow Terminal 5 and Shanghai Pudong contributed significantly.”

The airports, once completed, will create 450 employment opportunities.

Graduation Ceremony of Newest RAO Soldiers

Last Wednesday the Royal Army of Oman held a graduation ceremony to honor the newest recruits now serving in the Sultan’s Armed Forces.

Held at Training Battalion Grounds

The ceremony was held at the Training Battalion Ground and held under the auspices of the commander of the Royal Air Force of Oman Air Vice Marshal Yahya bin Rasheed bin Rashid Al Juma.

The fresh graduates conducted several military exercises and training displays for the guests in attendance while the musical band of the RAO played along. In an amazing display of synchronization the new recruits placed their rifles into an array which displayed the name of the Royal Army of Oman.

Prizes Awarded

The soldiers were later presented with prizes and awards to those who had distinguished themselves during their training. Soldiers were granted awards in different areas of expertise and success.

The commander of the RAFO addressed the recruits with words of praise for their high level of training and the work accomplished by the SAF Training Battalion.

The ceremony ended with the soldiers chanting the RAO anthem. Then they took the oath to swear loyalty to the army, and then chanted three times,

“Long Live His Majesty Sultan Qaboos Bin Said, the Supreme Commander of the Armed Forces.”

Kuwait and Oman Sign Memoranda of Understanding

Sheikh Dr. Mohammed Sabah Al Salim Al Sabah

After a two-day visit to the Sultanate of Oman, Sheikh Dr. Mohammed Sabah Al Salim Al Sabah, Deputy Prime Minister and Foreign Minister of the State of Kuwait, along with his accompanying delegation, left Oman to return home after completing the fifth session of the Omani-Kuwaiti Joint Committee meetings.

Sheikh Dr. Mohammed Sabah Al Salim Al Sabah chaired his country’s delegation at the deliberations of the fifth session, and was given a fond farewell on Wednesday at the Salalah airport by Yousef bin Alawi bin Abdullah, Minister of Foreign Affairs and Salim Ghassab Al Zamanan, the ambassador of Kuwait in Oman.

Presiding over the fifth session of the Omani-Kuwaiti Joint Committee were the Deputy Prime Minister Al Sabah and the Foreign Affairs Minister Alawi bin Abdullah. During the session two memoranda of understanding were signed: One connected to technical cooperation, especially in the areas of environment and climate protection; and the other concerned with cooperation in sports and youth programs.

BankDhofar Reporting First Half Loss Due to Legal Action

The period ending on June 30, 2011 was decidedly unfavorable as BankDhofar posted a loss of RO 4.55 million. This is an especially disappointing showing compared with last year’s gain of RO 17.73 million.

The Bank explained that the loss is related to the booking of RO 26.1 million as a result of a recently determined legal case.

“Although we have booked this loss in compliance with the relevant accounting standards, the Bank challenges the premise of this legal case and is exercising all legal actions to reclaim the amount and to protect the bank’s interests,” the bank stated in a disclosure notification to the Muscat Securities Market (MSM).

The bank has stated that it is taking every possible legal action to reclaim the funds in an effort to protect the Bank and its shareholder’s interests.

Intex Cellphones Enter Oman Market

Mobile phones from Intex are now available in Oman. They are available at Emax, Muscat City Center as of this past Monday.

Clive Freeman the general manager of Landmark Group spoke to this development in introducing Intex phones into the Omani marketplace:

“This exclusive partnership is a matter of great pride and brings a wider spectrum of products to Emax.”

“We are sure that the value for money proposition of Intex mobiles will be a great advantage to customers,” continued Mr. Freeman.

The phones are available in a wide variety of styles, ranging in price from RO 14 to RO 64. Included in the new line will be the Intex IN 2020 Vision. This is a specially designed phone to allow blind people to easily operate, including voice recognition and talking phone ability. There is also Omani’s only available phone which can project images.

Talking phone facility gives users voiced directions rather than written as an aid to those with visual disabilities. New phone models are constantly being launched by Intex, including tablets and Android 2.2 operation system phones.

Oman’s Port to be Transformed to Exclusive Tourist Hub

Port Sultan Qaboos

As part of Oman’s master plan to develop tourism into a major part of its GDP, Port Sultan Qaboos is slated to be turned into an exclusive hub for tourists to Oman and the rest of the region.

Today the port is the Sultanate’s main harbor for the import and export of cargo. The goal in Oman is that the development of the port will be part of an expansion of the tourist trade in general until it becomes 2.4% of the country’s GDP.

A joint statement was issued by the ministries of transport and communications explaining the intention to soon creating a master plan:

“The two ministries will develop the master plan and detailed designs for the port and its associated services and utilities in coordination with the concerned government and private establishments.

“It will be totally dedicated to tourism,” a joint statement said.

The present activities at Port Sultan Qaboos will be transferred to the port in Sohar in as smooth a way as possible “to ensure non-conflict with the existing concession agreement for the management and operation of Port Sultan Qaboos.”

Peugeot Oman Launches Latest Peugeot 3008

Peogeut 3008

This summer the Sultanate of Oman will be able to experience first-hand the advantages and pleasure of driving the all-new Peugeot 3008, a realization of a concept incorporating spaciousness and compactness into one unique vehicle.

The Peugeot 3008 will be introduced this summer and all those who purchase it will receive a 5 year warrantee which will not be limited by any number of kilometers which will be driven.

Crossover Between Hatchback and SUV

The 3008 is a crossover vehicle, meaning that it shares many of the qualities of a compact hatchback car together with those of an SUV. Aside from relying on these tried and true driving concepts, the 3008 adds some new and innovative ideas to its design, such as Dynamic Rolling Control, Hill Assist, Head-up Display, and more.

The general manager of Peugeot Oman, Bob Seshadri explained why he is so excited by the Peugeot 3008:

“The Peugeot 3008 is the perfect choice for motorists in Oman looking for a SUV feel, but not to be used off-road. The 3008 offers the urban driver all the safety and performance aspects that are inherent to its category, both active and passive, however with a spectacular competitive advantage: the ability to save a huge amount of the fuel consumption associated with other SUVs.

“Moreover such a distinction will definitely appeal to today’s socially responsible driver, allowing him to exercise his commitment toward a better environment.”