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.

Four New Dams Planned for Oman

In order to further promote economic growth and stability in the country, the government of Oman has decided to address the issue of water supply. Saleh Hamood Al Harthy, the director of dams for the Ministry of Regional Municipalities and Water Resources in Oman announced plans to construct four new dams throughout the water-challenged country.

Those dams will be at Wadi Umti Recharge Dam in wilayat Izki; Wadi Darbat Dam (weir) in Dhofar; Wadi Al Khoudh Flood Protection Dam upstream Al Khoudh old village; and Wadi Kalbouh Recharge Dam in wilayat Nizwa.

The ministry explained that Wadis in Oman can provide water during flood peaks of as much as 20/m/km and even more during heavy rains.

Cooperation Agreement Signed in Abu Dhabi with the OOC

OOC and IPIC Sign Agreement

The Oman Oil Company signed an agreement with the International Petroleum Investment Company this week in which the parties will undertake to cooperate on investment projects within the oil, gas and petrochemical sectors.

The agreement was signed by the CEO of the OOC, Ahmed bin Salim al Wahaibi, and a representative of IPIC, Khadim Abdullah al Qubaisi. Present at the ceremony were also Shaikh Mansoor bin Zayed bin Sultan al Nahyan, UAE Deputy Prime Minister, Presidential Affairs Minister, and IPIC Chairman; and Dr. Mohammed bin Hamad al Rumhy, Minister of Oil and Gas. IPIC is an investment company which is owned by the UAE.

The Chairman of the OOC and Under Secretary of the Ministry of Oil and Gas, Nasser bin Khamis al Jashmi said that this deal will enable the parties to create a variety of petrochemical projects and start oil refineries as well as allowing the partners to exchange expert knowledge and technology in a number of different areas.

In addition Khadim Abdullah al Qubaisi said that he was pleased with the agreement with the OOC, stating that, “this agreement will be a starting point for investment projects in various local or global circles. Projects to be implemented by the agreement will aim at availing job opportunities for the nationals in the two states.”

“We are working hard for deepening the relations between the two brotherly countries to characterize the spirit of co-operation and integration between the GCC states. We will exploit the agreement in investment in the projects that have positive economic influences and interests of the two brotherly states,” Al Qubaisi also acknowledged.

Also present at the signing was Oman’s Ambassador to the UAE, Shaikh Mohammed Abdullah al Qatabi.

UN Meets to Discuss Violence in Yemen

For the first time ever the United Nations met late on Tuesday to discuss the decaying political and social situation in the country of Yemen. Civil rights groups there have claimed that two months of demonstrations demanding the resignation of the president have already resulted in the death of at least 120 people.

On Tuesday security forces loyal to the Yemeni government opened fire on demonstrators resulting in the deaths of at least three and sending UN representatives to the discussion table to try and hammer out a plan to create calm in the strategically crucial country.

The efforts at the U.N. however, were less than useful as the international peace-keeping body could not agree on a statement which was put forth by Lebanon and Germany. The statement called on the sides in Yemen “to exercise restraint and to enter into a comprehensive dialogue to realize the legitimate aspirations of the Yemeni people.” The statement also called on the sides to adhere to the role of the Gulf Cooperation Council to mediate the dispute.

While the U.N. discussed Yemen in the Security Council a delegation representing the Yemeni government was on its way to Abu Dhabi, part of the United Arab Emirates, for negotiations with the Gulf Cooperation Council, a six-nation body, to discuss a proposal for the President of Yemen, Ali Abdullah Saleh, to transfer power to his deputy, which is believed will end the crisis. Similar talks were held by the opposition parties in Saudi Arabia on Sunday.

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.”

France’s Burqa Ban

France’s new ban of Islamic veils like burqas and niqabs will take effect on Monday, following the six month period during which people were informed of the possible penalties.

What Does the Ban Include?

The now-forbidden garments include the burqa, which is a full-body covering with a mesh to cover the face, as well as the niqab, a full-face veil with an opening for the eyes.

The hijab and the chador, are not banned by the law. Both of these garments leave the face fully visible. The hijab covers the hair and neck, while the chador covers only the body.

A statement by the Interior Ministry explained: “The ban does not target the wearing of a headscarf, head gear, scarf or glasses, as long as the accessories do not prevent the person from being identified.”

Breaking of the law can lead to a fine of $190 or 150 euros. A public service can also be demanded as part of the penalty, or as an alternative to the fine. Forcing a woman to wear a burqa will be punishable by a year in prison as well as a 30,000 euro ($43,400) fine, while forcing a minor to wear one will result in a two-year prison sentence and a fine of 60,000 euros.

Why the Ban?

The law has been passed as a safety measure, as there are significant security risks in allowing a person’s face to be completely covered in public, as well as in an effort to promote equality between the sexes. According to the government, the pressure to don such garments is “a new form of enslavement that the republic cannot accept on its soil.”

Certainly, the ban has bred numerous debates over religious autonomy.

Support and Opposition

The French Constitutional Council believes that since the law does not impose unrealistic penalties or restrain the exercise of religion in a house of worship, it “conforms to the Constitution.”

“Given the damage it produces on those rules which allow the life in community,” the government continued, “ensure the dignity of the person and equality between sexes, this practice, even if it is voluntary, cannot be tolerated in any public place.”

82% of people polled supported the ban, while 17% did not. Interestingly, Germany, Britain and Spain were major backers of the ban, while two out of three Americans opposed it.

Debit Cards Now Accepted on Oman Air’s Web Site

Good news for travelers wishing to book tickets via Oman Air’s website: passengers can now reserve their seats and pay for their tickets using their debit cards. Now, even passengers who do not have credit cards but only debit cards will be able to make their transaction on the internet.

Debit Cards Now Accepted

Oman Air is the national carrier of the Sultanate of Oman, and the company has been allowing customers to purchase their tickets on-line since 2006, but only if they had a credit card. Now Oman Air’s enhanced service gives those with only a debit/prepaid/ATM card issued with either Visa or Master Card will also be able to purchase tickets on their web site.

Oman Air has been strategizing to create a more customer-friendly environment through enhanced technology and other innovations. The website is completely secure, and all credit card transactions are encrypted for added protection. If the customer’s bank has activated the “Verified by Visa” or “Secured by “Master Card” service so doubly secure online shopping, Oman Air also supports this additional security feature.

Heightened Luxury on Oman Air

Other innovations and improvements which Oman Air has recently incorporated into their customer-company interface have been higher standards of luxury such as state-of-the-art in-flight entertainment with live satellite TV, in-flight mobile phone usage and Wi-Fi connectivity.

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.