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Tourism Infrastructure Development Gives a Facelift SUPPLEMENT TECHNOLOGY INTERVIEW Oil&Gas Transforming HE Tahir bin Salim bin Shopping Abdullah Al Amri Dossier www.oeronline.com July 2018 @omaneconomicreview / OER_Oman Tourism infrastructure development gives a facelift to Oman Be connected to your business We understand the challenges of the corporate world when it comes to staying productive. Let us partner with you by supporting your efforts to ‘Be digital’ so that together, we can help your business be more efficient with the innovative solutions offered through digitalisation. Be Digital ooredoo.om/business No 216 July 2018 EDITOR’S DESK EDITORIAL Editor-in-chief Said Masoud Almashani Group Editor & Director-Business Operations Destination Mayank Singh Associate Editor Oommen John P Assistant Editor Muhammed Nafie Oman DESIGN Creative Director Sandesh S. Rangnekar ravel and tourism remains one of the vital sectors to contribute to Senior Designer M. Balagopalan the GDP. The growth of global tourism industry is instrumental in Principal Photographer creating jobs, driving economic growth and generating prosperity Rajesh Rajan Cover concept across the world. Chanjeet Singh T Senior Production Manager – According to the World Travel and Tourism Council’s annual Economic Impact Print & Digital Research report 2018, the sector was responsible for the creation of seven Ramesh Govindaraj million new jobs worldwide, and grew 4.6 per cent in 2017 – 50 per cent faster MARKETING than the global economy as a whole. This will be the seventh consecutive year Assistant General Manager – Sales & Marketing Avi Titus that the sector has outperformed the economy, and in 2017 proved itself to be Business Head the fastest growing broad economic sector globally. Shivkumar Gaitonde Advertising Manager Ranabir Das Oman – the hidden jewel of Arabia has set its sights on making tourism one of Assistant Manager – Business Support Radha Kumar the most dynamic sectors of its economy. The government is making tourism a central plank of its economic strategy, as the country braces itself for a post- CORPORATE Chief Executive Officer oil future pursuing its diversification drive with a renewed sense of urgency. Atulya Sharma Political stability, a peaceful and tolerant culture and beautiful landscapes Executive Vice President Alpana Roy rich in history bode well for the future of Oman’s tourism sector. OER PRESENTATIONS The 2040 Tourism Strategy is a clearly defined and structured road map aimed at making tourism one of the most significant income generators in the Sultanate. The strategy aims to generate more than 500,000 jobs by the end of 2040, with the total investment in the sector Distribution expected to touch RO19bn of which only 12 United Media Services LLC per cent will be by the public sector. The Published by contribution of tourism sector to the GDP United Press & Publishing LLC would range between 6 to 10 per cent by PO Box 3305, Ruwi, Postal Code - 112 Muscat, Sultanate of Oman 2040. OER’s cover story takes an in-depth Tel: (968) 24700896, Fax: (968) 24707939 Website: www.umsoman.com look at the trends, strategies and targets of To receive weekly the tourism sector in Oman. WhatsApp business All rights reserved. No part of this publication may updates from be reproduced without the written permission of the publisher. The publisher does not accept OER - Oman's No. 1 responsibility for any loss occasioned to any person Business magazine or organisation acting or refraining as a result send us a WhatsApp of material in this publication. OER accepts no message with the responsibility for advertising content. word "OER" followed Copyright © 2018 United Press & Publishing LLC by your name on Printed by Oman Printers & Stationers Ltd. Co. LLC 91242930 Correspondence should be sent to: Oman Economic Review United Media Services PO Box 3305, Ruwi 112, Sultanate of Oman Fax: (968)24707939 Email: [email protected] Website: www.oeronline.com For editorial enquiries: 99884854 For advertising enquiries: 99868035 2 July 2018 AMAZING IN MOTION ALWAYS LEADING THE WAY The flagship that launched a brand and challenged the industry is reimagined to do it all once again. The LS pushes boundaries to elevate experiences – a new dimension in luxury. ALL NEW 2018 LS AVAILABLE VARIANTS: LS350 – 311 HP LS500 – 415 HP LS500h – 354 HP (ISO 9001: 2008 Certified) I C. R. No: 1703412 Corporate Enquiries: 99443728 Muscat: 24578913, 99221863, 92820027, 92844016, Al Mawaleh: 93320817, Barka: 99471397, Oman.Lexus Lexus Oman Lexus Oman Lexus Oman Buraimi: 25660261, Sohar: 99374199, Ibri: 99898249, Nizwa: 92858001, Salalah: 99103579 EVENT 65 companies shortlisted for AIWA Awards ome August 7, Oman will witness as lifetime achievement, excellence the most high-profile event of its in corporate leadership, CEO of the Ckind targeted primarily at the top year, young business leader, most echelons of the business community innovative start-up, excellence in in the Sultanate. Setting up new SME development, most promising benchmarks in the industry, corporates entrepreneur and innovation and in Oman will be felicitated based on a technology. highly qualitative performance survey. A networker’s dream, the event will be To recognise the top achievers in attended by the who’s who of Muscat Oman’s corporate world, Alam al- corporate world. The premium event Iktisaad Wal A’mal (AIWA) had will attract more than 150 top business instituted the annual Awards for leaders, CEOs and senior government Oman’s Best Performing Companies in officials from a cross-section of 2011. AIWA, published by United Media industries, ministries and government Services, is Oman’s leading Arabic bodies. It will witness the congregation business magazine. This year marks the of the key decision-makers who are eighth edition of the AIWA Awards. driving the country’s business and economy. In a red carpet awards evening at Hotel Sheraton, Muscat, AIWA will Gulf Baader Capital Markets (GBCM) is felicitate the top performing listed the knowledge partner whereas KPMG companies in Oman during the last 7 AUGUST 2018 I SHERATON OMAN HOTEL is the validation partner for the ranking financial year. As many as 65 companies process used for the awards. Times of from banking, finance, insurance, Oman and Al Shabiba are the media manufacturing, telecom, power & top ranking companies will receive the partners. water, oil & gas, logistics, contracting, coveted trophy across three categories. education & training, fisheries and Furthermore, special awards will For more details on the AIWA Awards, food & beverages sectors have been be presented for achievements that contact Navneet on +968 99210688 or shortlisted for the awards. Overall 15 go beyond the balance sheet such [email protected]. OMAN’S TOP PERFORMING BUSINESSES WILL BE HONOURED SOON. MAIL The 8th Edition of AIWA Awards, is gearing up to recognise the MSM-listed Small Cap, Mid Cap & Large Cap enterprises who have delivered an inspirational performance in 2017, and Omani Corporate role models for the next generation. THE CHALLENGE OF JOB adverse effects of subsidy reform For partnership enquiries, please contact Navneet on 99210688 or [email protected] CREATION on vulnerable households. The In January 2018, the authorities most recent ILO estimate of launched an initiative to provide unemployment was 17 per cent in 25,000 new jobs in the private sector 2017, while youth unemployment VALIDATIONand PAR stoppedTNER issuingKNOWLEDGE visas PAtoRTNER expats for PRINT PARTNERis approximately 49 per cent – a certain professions. pressing challenge in Oman where over 40 per cent of the population is The government announced mitigation under the age of 25. measures to support the vulnerable population in 2018. It will allocate Saleem Ahmed, Al Khuwair RO100mn to support needy households, a new fuel subsidy scheme where households with an income below RO600 will receive 200 litres of petrol per month at a subsidised rate. The main social concern for Write to us with your comments/ Oman is the lack of jobs and the feedback at: [email protected] 4 July 2018 INSIDE COVER STORY 26 SHIFTING LANDSCAPE 62 AUTO TALK STANDING OUT FROM THE CROWD The update for the MINI 3 door, the MINI 5 door and the MINI Convertible includes fresh design accentuations, innovations in the field of drive technology and additional customisation options 17 20 IN THE NEWS BY INVITATION COMPELLING SURGING NON-OIL INVESTMENT EXPORTS OPPORTUNITY A major recovery in energy prices The IPO of Dhofar Generating indirectly helped the country Company which opened for to strengthen its non-oil export subscription on July 1, 2018 revenue. In addition, prices of and will close on July 30, 2018 several petrochemical products represents an offer of 40 per cent gained immensely from a rise in of the share capital of the company oil prices Editorial 2 www.oeronline.com Business Briefs 6 Exective Movements 16 ECONOMY COMPANIES INDUSTRY LEADERS SPEAK SPECIAL REPORTS JOBS Search… In the News 17 Banking & Finance | Energy | Real Estate | Retail | Personal Finance | Travel | Lifestyle | In Pictures | Oer-tv | Contact | Events By Invitation 20 Interview 22 Sezad seeks more Omani investments in Duqm Officials from Special Economic Zone Authority at Duqm (Sezad) wants to get local communities more involved in Luxury 48 Duqm, besides drawing in more Omani investment CSR 49 Logistics 52 Dhofar Generating IPO opens for subscription The Dhofar Generating Company (DGC-under transformation) announced that it was opening its Initial Public HR 53 Offering (IPO) for subscription Technology 54 Event 57 Meethaq concludes ‘Little Investor’ programme training Meethaq, the Islamic banking window of Bank Muscat, successfully concluded the 2018 ‘Little Investor’ Billboard 58 programme for school students in all governorates in the Sultanate Auto News 60 Auto Talk 62 BUSINESS BRIEFS Oman LNG signs contracts to build new gas engine power plant Oman LNG has signed two contracts to build a new gas-driven engine power plant at its facilities in Qalhat, Sur. The contracts are essential for the delivery of Oman LNG’s gas engine power plant, the first of its kind for liquefied natural gas (LNG) applications in Oman.
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