DOCSLIB.ORG

IPO Note- 'Yield Power' Musandam Power Company SAOG

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
IPO Note- 'Yield Power' Musandam Power Company SAOG Musandam Power Company SAOG (Under Transformation) IPO Note- ‘Yield Power’ United Securities LLC 29 October, 2019 Musandam Power Company – IPO Note SUBSCRIBE TO MUSANDAM POWER IPO, TP RO 0.309 is +19% from lower price band Valuation at LP band of RO 0.260 We recommend investors to “SUBSCRIBE” for the IPO of Musandam Power Company (MPC) and expect Phase I Market Cap (RO mn) 18.3 investors to place their bids according to their respective risk appetite. Our 12-Month Fair Value Target Price of RO Enterprise Value (RO mn) 88.9 0.309/Share is based on a blended DDM/Relative valuation, and offers upside potential of 19% from the lower price band. P/E (x) 9.0 At the fair value, the stock offers dividend yield of 8.9% dividend yield, which is slightly below that of the sector average, P/B (x) 2.0 but the premium reflects the superior earnings quality of MPC despite the current subdued market scenario. We expect EV/EBITDA (x) 10.3 MPC IPO to warrant a price range of RO 0.279-0.309, which is in line with the current valuations of IPPs at 2019 Dividend Yield between of 7.0% to 12.6%. Our guidance to investors is to focus on the high dividend yield in the near term, and Dividend Yield (%) 11% target for a continuous dividend income throughout the term of the PPA, even though it is likely to be volatile beyond Offer & Subscription info 2026E. The offer price range of RO 0.260 to RO 0.325 sets the company’s dividend yield range between 8.5% to 10.6%, Paid up capital (RO mn) 7.039 which is attractive at the lower end of the price band. However, we feel the pricing at the upper band as expensive at an Shares on offer (mn) 28.156 implied EV/MW of RO 741 for a RE plant that has run for more than 2 years now. Phase I Book Building - 14.08 mn shares Application size: Minimum 200,100 and in Key investment arguments: multiples of 100 upto maximum 2,815,600 1) Stable revenue and cash flow oriented business model shares 2) Strategic asset in Musandam Governorate increases the chances of PPA extension Phase II Fixed price offer 3) High short term dividend yield, which is expected to continue until 2023 Application size: Minimum 1,000 shares 4) Extendable term loan facility with no cash sweep and balloon loan repayment ensures continuity in dividend and in multiples of 100 upto maximum distributions throughout the PPA 200,000 shares 5) Deleveraging efficiency driving debt-equity levels lower Subscription Calendar Musandam Power Company, with its contracted power capacity of 120.7 MW is the only gas fired IPO in Musandam Governorate. Phase I Offer Open 3-Nov It accounts for ca.59% of total capacity of all power generators in the governorate. It's contracted revenue model with OPWP till January 2032 leads to long term revenue and earnings visibility offering 12 years of PPA life. The EBITDA of MPC is expected to Phase I Offer Close 7-Nov grow at a sustainable CAGR of 0.3% during 2019-31E to RO 8.5 million assuming an efficient technical availability of the plant. Offer Price Announcement 12-Nov The company offers stable dividends through 2023, and the same is likely to continue over the remaining PPA term after Phase II Offer Open TBA accommodating for tax payments. It has reasonable payout levels of 70% through 2023E and has the capability to maintain a Phase II Offer Close TBA moderate payout ratio until the expiry of the PPA. Even though the EPS forecast provides enough cushion for higher payouts, we Major shareholders estimate steady deleveraging coupled with higher finance costs to restrict FCFE growth during the second half of the PPA period. Pre-issue We expect payouts to recover only after full repayment of term loans facility by 2036. A strategic asset for the region: In the absence of an alternative gas based generator and lack of commercially viable OOFDC (69.9%), LGI (30%), OETCL (1%) alternatives, MPC may be considered as an asset of strategic importance for the region. Given the strategic importance of MPC to Musandam and relatively smaller size of the market, single buyer approach by OPWP may be a suitable power procurement Post issue option to be applied in the Musandam Governorate. Thus, we attribute a relatively higher probability of OPWP extending the PPA with MPC after its expiry. Additionally, the capacity of existing plants and firm new builds in Musandam may not be sufficient to OOFDC (42%), LGI (18%), Public (40%) cover demand in the Governorate, resulting in potential operating opportunity for MPC beyond the PPA Risk to rating: The company has witnessed an increasing level of working capital requirement during 1H19, which is unusual in the contracted business model. The management is confident about recovering the amounts from its customer during the course United Securities LLC of the year. Prolonged delays in receivable recovery could lead to working capital squeeze, potentially impacting2 dividend 29 October, 2019 distributions in the future. Musandam Power Company – IPO Note Bear-Base-Bull Scenarios Valuation Matrices BBB -Bull-Base-Bear case approach to valuation Valuation @ RO 0.260/Share 2018 2019 2020 2021 2022 2023 We have modeled our key assumptions based on the PPA and the revenue P/E (x) 4.9 9.0 7.2 6.8 6.9 8.0 forecasts provided by the company in its IPO Prospectus. Our assumptions P/B (x) 1.6 2.0 1.9 1.8 1.7 1.6 beyond the PPA term shows a marked difference from what is provided in the Dividend yield (%) 0.0% 10.6% 10.6% 10.6% 10.6% 10.6% Core prospectus. The capital structure is expected to be fully deleveraged only by FCFE yield (%) 11.0% -10.8% 8.4% 9.7% 8.6% 8.4% Forecasting 2036. We assume the company to refinance the balloon portion of debt FCF Yield (%) 11% 43% 45% 46% 44% 44% Assumptions EV/EBITDA (x) 9.8 10.3 9.9 9.4 9.1 8.7 ahead of its repayment due date. Our dividend assumptions are based on EV/MW (RO) 676 702 675 645 619 596 cash availability with the company. We assume a finite plant life of 40 years, PV of dividend (RO) 0.027 0.026 0.023 0.021 0.019 hence no terminal growth rate is assumed for the cash flows. Valuation @ RO 0.325/Share Our Bear case derive a valuation of RO 0.278 implying a 6.9% upside from P/E (x) 6.1 11.2 9.0 8.5 8.7 10.0 the lower price band. The Bear case assumes OPWP offering PPA extension P/B (x) 2.0 2.5 2.4 2.2 2.1 2.0 Dividend yield (%) 0.0% 8.5% 8.5% 8.5% 8.5% 8.5% at 20% discount to MPC's 2031 EBITDA, and we further assumed tha the FCFE yield (%) 8.8% -8.7% 6.7% 7.7% 6.9% 6.7% Bear Case: DDM EBITDA will grow at a CAGR of 0.3% through the remaining life of the plant. FCF Yield (%) 9% 34% 36% 37% 35% 36% Value per share We have based our 2032 EBITDA assumption on the basis of the discounts EV/EBITDA (x) 10.4 10.9 10.4 10.0 9.7 9.3 @ 0.278 which are experienced by Al Kamil Power for its PPA extension. We also EV/MW (RO) 714 741 713 684 657 634 assumed MPC fully deleveraging by 2036, and assumed maintenance capex PV of dividend (RO) 0.027 0.026 0.023 0.021 0.019 spending post PPA period. We assumed a definte plant life of 40 years and Relative valuation table expect the plant to be decommissioned by 2056E. D/E EV/MW EV/EBITD P/E P/B Div Yield Company Our Base Case valuation of RO 0.325 implies 25% upside from the lower end (x) (RO) A (x) (x) (x) (%) Al Kamil power 0.0 129 7.1 8.5 1.0 12.7% of the offer price, and rests at the higher price band. The Base case assumes Sembcorp Salalah (IWPP) 1.7 667 7.1 7.8 1.1 8.9% Base Case: DDM EBITDA CAGR of 0.4% beyond the PPA term. We have modeled such that Dhofar Generating 3.6 269 13.1 44.8 1.0 9.5% Value per share the plant refinances its balloon portion for 5 years beyond the original PPA Al Batinah Power 1.6 251 6.6 4.8 0.5 10.0% @ 0.325 term and assumed maintenance capex spending as the plant become old Al Suwadi Power 1.6 266 6.5 4.9 0.5 10.1% and on marginal reduction of its efficiency, which extends throughout the post Phoenix Power 1.9 217 8.6 8.2 0.7 7.0% PPA period. Our Bull Case valuation of RO 0.372 implies 14.4% upside from the the Average 1.8 274 7.9 7.5 0.7 9.0% upper price band and 43% from the lower price band. We have based our Median 1.7 259 7.1 8.0 0.8 9.7% Bull Case: DDM growth rate assumption on the IPA power modelling for MPC during the Post- Value per share PPA period. The Bull case assumes EBITDA CAGR of 2% beyond the PPA MPC @ RO 0.260/Share 7.5 702 10.4 9.0 2.0 10.6% @ 0.372 MPC @ RO 0.325/Share 7.5 741 10.9 11.2 2.5 8.5% term, Additionally, we have assumed regular maintenance capex spending from 2031E restricting high FCFE generation from the plant.
Load more

Recommended publications
  • The Relationship Between Archaeological Databases and Cultural Tourism in Oman
    International Conference on Trends in Economics, Humanities and Management (ICTEHM'14) Aug 13-14, 2014 Pattaya (Thailand) The Relationship between Archaeological Databases and Cultural Tourism in Oman Mohammed Ali K. Al-Belushi II. PROBLEM OF THE STUDY Abstract—Archaeological tourism in Oman is still in its early stages and the current dialogue between the two sectors of heritage A glance at the Omani archaeological tourism is enough to management and tourism in the field of archaeological tourism is still show that this type of tourism is still in its infancy [4], [5]. The insufficient. The current plans of this type of tourism are not current plans of this type of tourism are not designed based on designed base on a comprehensive source of information about the a comprehensive source of information about the nature and nature and characteristics of the archaeological sites and monuments. characteristics of the archaeological sites and monuments. The The role of the modern systematic archaeological databases in criteria that are currently used to select the archaeological and designing and planning the Omani heritage tourism is still absent. historic sites for tourism exploitation are not comprehensive. This study is an overview of the potential values of the archaeological databases in the Omani archaeological tourism. It They are not based on a reliable and complete source of aims to highlight the potential role of these databases in the processes information that can offer a factual representation of all of selecting and managing the archaeological sites and monuments characteristics relating to the exploited sites. Absence of the that are planned to be exploited as touristic attractions.
    [Show full text]
  • SUSTAINABLE MANAGEMENT of the FISHERIES SECTOR in OMAN a VISION for SHARED PROSPERITY World Bank Advisory Assignment
    Sustainable Management of Public Disclosure Authorized the Fisheries Sector in Oman A Vision for Shared Prosperity World Bank Advisory Assignment Public Disclosure Authorized December 2015 Public Disclosure Authorized Public Disclosure Authorized World Bank Group Ministry of Agriculture and Fisheries Wealth Washington D.C. Sultanate of Oman SUSTAINABLE MANAGEMENT OF THE FISHERIES SECTOR IN OMAN A VISION FOR SHARED PROSPERITY World Bank Advisory Assignment December 2015 World Bank Group Ministry of Agriculture and Fisheries Wealth Washington D.C. Sultanate of Oman Contents Acknowledgements . v Foreword . vii CHAPTER 1. Introduction . 1 CHAPTER 2. A Brief History of the Significance of Fisheries in Oman . 7 CHAPTER 3. Policy Support for an Ecologically Sustainable and Profitable Sector . 11 CHAPTER 4. Sustainable Management of Fisheries, Starting with Stakeholder Engagement . 15 CHAPTER 5. Vision 2040: A World-Class Profitable Fisheries Sector . 21 CHAPTER 6. The Next Generation: Employment, Training and Development to Manage and Utilize Fisheries . 27 CHAPTER 7. Charting the Waters: Looking Forward a Quarter Century . 31 iii Boxes Box 1: Five Big Steps towards Realizing Vision 2040 . 6 Box 2: Fifty Years of Fisheries Development Policy . 13 Box 3: Diving for Abalone . 23 Box 4: Replenishing the Fish . 25 Figures Figure 1: Vision 2040 Diagram . 3 Figure 2: Current Status of Key Fish Stocks in Oman . 12 Figure 3: New Fisheries Management Cycle . 29 Tables Table 1: Classification of Key Stakeholders in the Fisheries Sector . 16 Table 2: SWOT Analysis from Stakeholder Engagement (October 2014) . 18 iv Sustainable Management of the Fisheries Sector in Oman – A Vision for Shared Prosperity Acknowledgements he authors wish to thank H .
    [Show full text]
  • Oq-Csi-Report-English-2020.Pdf
    1 Empowering Communities OQ CSI Report 2020 3 Nation building and development are a public responsibility that requires the commitment of all, without exempting any one from their role, in their respective specialties, and within their capabilities. Oman has been founded, and its civilization has been established through the sacrifices of its people who used their utmost in preserving its dignity and strength, exhibiting their loyalty in performing their national duties and advancing national interests to personal interests. HM Sultan Haitham bin Tarik February 2020 OQ CSI Report 2020 5 CONTENT GCEO MESSAGE In the past year, OQ - as a global integrated energy company - has witnessed the continued realignment of the relationship between business and Corporate Social Investment CSI. We have developed corporate social investment as a stringent concept and consistently uphold our commitment to the environment and the community. We set ourselves targets that go beyond regulatory requirements and aim to constantly sharpen our profile further to meet EDUCATION AND INNOVATION ECONOMIC PROSPERITY VOLUNTEERING our stakeholders’ expectations. For this, we set off on a new journey towards reshaping (LOCAL AND INTERNATIONAL) Autism Centre Project 12 Social Envestment Programmes 20 Volunteering The Power of Giving 28 a new CSI framework that fits-in well to satisfy our aspirations, keeping into consideration Dibba Visitor Centre 12 Development of Hayour Cave Volunteering Milestones 29 Science & Innovation Centers Al Buraimi at Samhan Mountain 20 the global CSI best practices and our relentless efforts to contribute to Oman’s vision 2040. Green Oman Initiative 30 & Ibri 13 Ramadhan with Ehsan 30 Dhalkout Cultural Centre With community needs analysis study conducted all over Oman, three focus areas were COVID-19: Contributions by OQ Project 13 Employees 31 developed; namely Health and Education, Economic Prosperity as well as Environmental OQ Sanatisers 31 Stewardship.
    [Show full text]
  • 2013 Model Arab League Background Guide
    2012 - 2013 Model Arab League BACKGROUND GUIDE Arab Court of Justice ncusar.org/modelarableague Table of Contents Docket A: Jordan v. Libya: Over the failure of Libya to pay health care and associated costs of Libyans being treated in Jordan following the conflict in Libya. ................................................................. 2 UAE v. Oman: Regarding the status of Borders and Territorial Governance concerning the historically disputed territory of the Musandam Peninsula. ........................................................... 4 League of Arab States (represented by Bahrain) v. Qatar: Regarding Muslim Brotherhood election rigging. .............................................................................................................................. 6 Kuwait v. Somalia: Regarding Somali government misuse of donations made by the State of Kuwait through the Kuwait Fund to the Somali state and its citizens. ........................................... 7 Palestine v. Lebanon: Over legal employment opportunity restrictions imposed upon Palestinian refugees in Lebanon. .................................................................................................... 8 Docket B: Sudan v. Egypt: Regarding the mistreatment of Sudanese refugees in Egypt in violation of the UNHCR 1951 Convention relating to the Status of Refugees and the 1967 Protocol, of which Egypt became a signatory on 21 May 1981. ................................................................................... 9 Advisory Opinion: Extradition of former
    [Show full text]
  • Market Report
    BCD Travel Research and Intelligence What you need to know: Airline operations: Middle East April 3, 2020 As demand declines and governments around the world restrict travel, airlines are adjusting their operations, and, in some cases, suspending all services. This report summarizes what airlines in the Middle East are doing and planning. Major carriers Airline Action and plans Emirates Most passenger operations suspended from March 25. Flights to five European destinations resuming on April 6 Etihad Airways All flights suspended from March 26, initially for 14 days Qatar Airways Most flights continue, serving passengers transiting through Doha Turkish Airlines All international and some domestic routes suspended until May 1 Emirates resuming some flights after suspending most passenger operations Emirates suspended most passenger operations from March 25, with no date in place for their resumption.1 It had been trying to maintain these flights as long as possible, to help travelers return home. But increasing travel restrictions – including the March 19 suspension of all entry visas to the United Arab Emirates (U.A.E.) – forced it to curtail its operations substantially. Emirates will continue to operate a small number of passenger flights to a limited number of countries, as long as their borders stay open and demand remains. The airline will resume suspended services once countries reopen their borders and travel confidence returns. Emirates is already looking forward to a gradual resumption of passenger services as travel and operational restrictions are lifted. It has received approval to resume services to Brussels, Frankfurt, London, Paris and Zurich from April 6.2 It will offer four flights per week to Heathrow and three to each of the other destinations.
    [Show full text]
  • In Musandam Province
    احدى �رشكات جمموعة مناء Member of Nama Group 11th Edition of Official Magazine of RAECO S.A.O.C Power Transmission Project in Musandam Province www.reefiah.com Rural Areas Electricity Company Photographer: Adnan Al Wahaiby CONTENTS 4 Definition of Strategy 7 Musandam Transmission Project September 2015 Commercial 8 Operation of the Solar Energy Project Rural Areas Electricity Company 9 Wins Award for Omanization Several Agreements Signed During 9 Third Business Opportunities Forum The Rural Areas Electricity Company participates in the second Al Daqum 10 Forum RAECO Celebration 16 `the 45th Glorious National Day Editorial Staff Editor-in-Chief Coordinator Samira Al Mughairi Ameera Al-Aufi Production Head Coordinator Photographer Communication and Media Department Amal Al-Wahaibi Mazin Al- Abri Rural Areas Electricity Company CEO' Message Definition of Strategy The definition of the word strategy goes back to ancient The reader may now begin to understand that strategy wars. It meant the maneuvers of military units to reach a is linked to the objectives of the company. Whether they certain point or place before the enemy. In the previous were achieved by a set of decisions or programs. Henry definition, strategy meant relocation. However, if the Mitzeberg stressed on the notion of strategy in his book enemy has reached the desired place or they were located "The Rise and Fall of Strategic Planning". He indicated there previously, a different term will be used, which is that people commonly used implications of that: tactics. B. H. Lindall Heart defined military strategies as • Strategy is the plan or method that can change the the art of using battles, to achieve the purpose of the war.
    [Show full text]
  • Annual Report 2020
    ANNUAL REPORT 2020 MUSANDAM ON His Majesty His Majesty Sultan Qaboos Bin Said (Late) Sultan Haitham bin Tarik CONTENTS Board of Directors 5 Board of Directors’ Report 6 Corporate Governance Report 11 Brief Profiles of Directors 21 Brief Profiles of Key Executive Officers 24 Management Discussion and Analysis Report 27 Auditors Report 38 Financial Statements 42 3 | Annual Report 2020 4 | Annual Report 2020 BOARD OF DIRECTORS Mr. Maqbool Al-Lawati Chairman Mr. Jun H. Kim Deputy Chairman Najla Al Jamali Director Mr. Hamid A. Hamirani Director 5 | Annual Report 2020 BOARD OF DIRECTORS’ REPORT Dear Shareholders, On behalf of the Board of Directors of Musandam Power Company SAOG (the “Company”), I have the pleasure to present the Annual Report of the Company for the year ended 31st December 2020. Musandam Power Company SAOG (the “Company”) was registered and incorporated as a closed joint stock company in the Sultanate of Oman on 18th November 2014. Subsequently, the Company was converted to a joint stock company (“SAOG”) and was listed on the Muscat Securities Market (“MSM”) on 5th December 2019. The Company is engaged in the design, construction, ownership, financing, operation and maintenance of a dual fuel power plant (the “Plant”) with natural gas as the primary fuel and diesel oil as the alternative fuel with a capacity of 120 Mega Watt (MW) located in Wilayat Bukha in the Musandam Governorate, Sultanate of Oman (the “Project”). The Company is selling the electrical energy generated to Oman Power and Water Procurement Company SAOC (the “OPWP”). Before listing, the Company was a subsidiary of Oman Oil Facilities Development Company LLC (“OOFDC”) which is owned by OQ SAOC (“OQ”), a closely held joint stock company incorporated in the Sultanate of Oman.
    [Show full text]
  • Non-Commercial Use Only
    Geospatial Health 2021; volume 16:985 Demographic and socioeconomic determinants of COVID-19 across Oman - A geospatial modelling approach Khalifa M. Al Kindi,1 Adhra Al-Mawali,2 Amira Akharusi,3 Duhai Alshukaili,4 Noura Alnasiri,1,5 Talal Al-Awadhi,1 Yassine Charabi,1,5 Ahmed M. El Kenawy1,6 1Geography Department, College of Arts & Social Sciences, Sultan Qaboos University, Muscat, Oman; 2Director/Centre of Studies & Research, Ministry of Health, Muscat, Sultanate of Oman; 3Physiology Department, College of Medicine & Health Sciences, Sultan Qaboos University, Muscat, Oman; 4University of Technology & Applied Sciences, Nizwa, Oman; 5Center for Environmental Studies & Research, Muscat, Oman; 6Department of Geography, Mansoura University, Mansoura, Egypt (GLM) and geographically weighted regression (GWR) indicated Abstract an improvement in model performance using GWR (goodness of fit=93%) compared to GLM (goodness of fit=86%). The local Local, bivariate relationships between coronavirus 2019 2 (COVID-19) infection rates and a set of demographic and socioe- coefficient of determination (R ) showed a significant influence of specific demographic and socioeconomic factors on COVID-19, conomic variables were explored at the district level in Oman. To including percentages of Omani and non-Omani population at var- limit multicollinearity a principal component analysis was con- ious age levels; spatial onlyinteraction; population density; number of ducted, the results of which showed that three components togeth- hospital beds; total number of households; purchasing power; and er could explain 65% of the total variance that were therefore sub- purchasing power per km2. No direct correlation between COVID- jected to further study. Comparison of a generalized linear model 19 rates and health facilities distribution or tobacco usage.
    [Show full text]
  • Application of Geo-Processing Model for a Quantitative Assessment of Coastal Exposure and Sensitivity to Sea Level Rise in the Sultanate of Oman
    American Journal of Climate Change, 2015, 4, 379-384 Published Online September 2015 in SciRes. http://www.scirp.org/journal/ajcc http://dx.doi.org/10.4236/ajcc.2015.44030 Application of Geo-Processing Model for a Quantitative Assessment of Coastal Exposure and Sensitivity to Sea Level Rise in the Sultanate of Oman Salim Al-Hatrushi, Elnazir Ramadan, Yassine Charabi Department of Geography, Sultan Qaboos University, Muscat, Oman Email: [email protected], [email protected], [email protected] Received 25 May 2015; accepted 5 September 2015; published 8 September 2015 Copyright © 2015 by authors and Scientific Research Publishing Inc. This work is licensed under the Creative Commons Attribution International License (CC BY). http://creativecommons.org/licenses/by/4.0/ Abstract The Sultanate of Oman has a long coastline extending for about 3165 km including a number of bays and islands. Oman’s coastline borders the Arabian Gulf, the Sea of Oman and the Arabian Sea. Most of this coastline is soft and low laying shore subject to the dynamics of sediment transport and the landward retreat of the shoreline, caused by anthropogenic factors and sea level rise as- sociated with climate change. This paper aims to assess the vulnerability of the entire Omani coastal zone to the expected sea level rise and storm surge. Methodology is based on applying Coastal Vulnerability Index (CVI) to identify clusters of high vulnerability areas according to their sensitivity and dynamic nature and increased risk resulted from seal level rise, erosion and ex- treme weather events. The coastal line of the governorates of Al Batinah, Muscat and Al-Wusta has scored highly due to possessing similar physical attributes.
    [Show full text]
  • Sultanate of Oman Ministry of Heritage and Culture
    11111111111111111111111111 Ill 0101200008 Sultanate of Oman Ministry of Heritage and Culture To Whom It May Concern Ministry of Heritage and Culture hereby certifies that the art of Al-Ayyala is a registered art in the National Inventory List under No. 5.63. This list has been prepared with the participation of the groups and communities concerned from both the public and private sectors and civil society organizations. Kind regards Director General of Literature and Arts /signed and stamped/ ---------------------------- ~~~----~ ---------------------------- Su{tanate of Oman Ministry of :Jleritage & Culture P.O. Box: 668 Muscat, Postal Code: 113, Tel.: 24641300 / 24641325, Fax: 24641331 mm,. , ~t.i .mmTo 1 mm .. :o.Liu .m :1/JJ..)!-ll _:,..}1 .w...... m :yiJ" Website: www.mhc.gov.om :.::..:._;;.:.'11 ~ o;Jjj.JI ti_,.. E-mail: [email protected] ,_,._.,>:i.S..J'il J,.l~l VISI N Omani Intangible Cultural Heritage Inventory Lists Omani Traditional Arts ~o.r' J.t",~ ',',· '• :.•' ·~~- .-~. { .. ~~ .} •• ·;:; ••• '' ' 'I. l ~ ..., .' . ' I l i·)i VISI N Elements of Traditional Arts No. Name of Details of Element Components Element Element 511 Almadar Traditional arts Almadar is a dancing lyrical art practiced by men and in Merbat women, agilely moving in waves forward and backward, Province with men wielding sticks, daggers and swords and ladies raising their hands. 5/2 Alzamel Traditional arts Alzamel is a lyrical march where participants stand in in Merbat short parallel rows using drums. It has two types: the Province slow one where qasaba is played against a background of serious poetry accompanied by drums and tambourines; the quick one, known as "alsharh" which is performed in a quicker rhythm and supplication poetry.
    [Show full text]
  • AI-42 Appendix I.4 Present Environmental Conditions Of
    Final Report Appendix I.4 Present Environmental Conditions of Khasab and Musandam Area 1. Pysico-chemical Environment 1.1 Meteorology There are two meteorological stations in Musandam, one in Khasab and the other in Diba. In the following sections, the observation data of Khasab is presented as a representative value of Musandam. (1) Temperature The hottest period in Khasab is during May to September, with maximum temperature easily exceeding 40℃. Temperature gradually decreases from October, and relatively cool weather continues until April. Temperatures can reach into the lower 10℃ during this period. AIT.4-1 Monthly Mean Temperature in Khasab from 1999 – 2003 Unit: ℃ Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Ave. 1999 22.1 23.5 24.2 28.9 32.5 34.8 35.1 35.1 32.7 30.8 27.6 23.5 29.2 2000 22.0 22.4 24.7 30.0 32.2 33.2 34.9 34.6 32.8 30.5 26.0 22.3 28.8 2001 19.9 21.5 24.5 28.3 33.2 33.1 35.0 34.5 33.5 30.8 26.5 24.8 28.8 2002 21.9 21.8 25.2 27.9 33.1 34.7 35.2 34.8 33.2 31.1 26.6 23.4 29.1 2003 20.8 22.7 24.8 29.0 32.7 34.0 34.5 34.4 34.2 31.0 26.8 22.7 29.0 Ave. 21.3 22.4 24.7 28.8 32.7 34.0 34.9 34.7 33.3 30.8 26.7 23.3 29.0 Source: MOTC, Directorate General Civil Aviation and Meteorology (2) Relative Humidity Khasab remains relatively dry throughout the year.
    [Show full text]
  • 22Nd January 2012 AD
    This is an unofficial translation of the Resolution and is provided here for information purposes only. Reliance may only be placed upon the official Arabic version of the Resolution. Resolution No. 25/2012 on Amendments of Some provisions of the Resolution No 133/2008 issuing Regulation Organizing the Registration and Usage of Frequencies and Radio Equipment and Their Pricing and Amendments of some Provisions of the Attached Regulation Pursuant to the Telecommunications Regulatory Act issued by the Royal Decree No. 30/2002 and; The Executive Regulation of the Telecommunications Regulatory Act issued by Resolution No. 144/2008 and; The Resolution No. 133/2008 on the regulation organizing the registration and usage of frequencies and radio equipment and their pricing and; The Authority Board’s approval at its meeting No. 4/2011 dated 3.12.2011 and; Based on the exigencies of the public interest; It is resolved: Article 1: The enclosed amendments on the Resolution No. 133/2008 and some provisions of regulations attached shall be implemented. Article 3: This Resolution shall be published in the Gazette and shall come into force from the date following its publication. Mohammed Hamed Al-Rumhi Chairman of Telecommunication Regulatory Authority Issued on: 28th Safar 1433 A.H. Corresponding to: 22nd January 2012 A.D. Page 1 of 23 A. Amendments of Some provisions of the Resolution No 133/2008 issuing Regulation Organizing the Registration and Usage of Frequencies and Radio Equipment and Their Pricing and Amendments of some Provisions of the Attached Regulation The text of the following Articles: three, four, eight, nine, from Resolution 133/2008 mentioned above shall be replaced with the following: Article 3: the following shall be exempted from the provisions of Article 1 of this Decision: 1.
    [Show full text]