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7 November 2002
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BankMuscat to set up Islamic banking window

The board of directors of BankMuscat has decided to set up an independent Islamic banking window at the bank and launch Islamic banking operations in accordance with the injunctions of Sharia, subject to approval from the Central Bank of Oman. In the run-up to comply with the CBO requirements, the bank unveiled the logo of its Islamic banking window under the brand name ‘Meethaq’ at the Oman Islamic Economic Forum recently.

The bank’s Islamic banking operations will be segregated from its conventional counterpart in all aspects. Further, in line with CBO requirements, the bank announced the formation of a three-member Shariah board to ensure the Meethaq operations are in compliance with Sharia. The BankMuscat Sharia board members are Sheikh Dr Ali Qaradaghi, Chairman, Sheikh Essam Muhammad Ishaq and Sheikh Majid Al Kindi.


Shell enters into agreement with OOT

Shell Oman Marketing Company signed a ten-year agreement with Oiltanking Odfjell Terminals & Co (OOT) based at Sohar Industrial Port to receive and store lubricant raw materials known as base oils for Shell’s Mina Al Fahal lubricants blending plant. The agreement was signed at the OOT’s office at Sohar by Shell Oman Marketing’s managing director Adil Bin Ismail Al Raisi and Zeger Van Asch Van Wijck, CEO of OOT. Shell Oman lubricant blending plan is a state-of-the-art, ISO 9001:2008 certified plant currently producing over 60 million litres of different types and grades of lubricants for various uses ranging from consumer cars to aviation, marine and industrial products. The plant produces various products for local market and 70 per cent is exported to over 22 countries.


Ernst & Young to honour entrepreneurs

Ernst & Young launched the ‘Entrepreneur Of the Year 2012’ awards in Oman, aimed at celebrating individuals who build and lead successful, growing and dynamic businesses. The event has been running globally for 23 years and is held in 135 cities across 50 countries worldwide. Rajeev Singh, partner and entrepreneur Of The Year Leader at Ernst & Young, Muscat says, “I’m delighted that this year the Entrepreneur Of The Year programme will be running as a country programme in Oman for the first time. Globally, every year the Ernst & Young Entrepreneur Of The Year award gives entrepreneurs the recognition they deserve. Even in the most challenging times, these business pioneers are looking for opportunity and continue to proactively take calculated risks to grow. This is a trait that we celebrate and a value that we espouse.”


HM’s e-Governance award presented

The Sultan Qaboos Award for Excellence in e-Governance 2011 was presented at a function held at the Grand Hall of Sultan Qaboos University Cultural Centre recently.

The award ceremony was held under the auspices of HH Sayyid Shihab bin Tariq Al Said in the presence of HE Ali Bin Masoud Al Sunaidy, Chairman of ITA, ITA board members, Dr Salim Sultan Al Ruzaiqi, CEO of ITA and senior officials and representatives from participating government institutions. Former US president Bill Clinton participated in the awards ceremony. The best eContent award was won by the Ministry of Manpower Portal, while the Muscat Municipality won the best eReadiness award. In the category for the best eProject (individual), the award was won by the Oman Education Portal: Ministry of Education, while the award for best eProject (collaborative) was awarded to Employment Collaboration Project: Ministry of Manpower.


Haya Water recruits 100 new Omanis

 

Responding promptly to the Royal Decree from His Majesty for the creation of 50,000 new jobs for Omani nationals, Haya Water has announced the creation of 100 new jobs for Omanis. The company is now providing talented and enthusiastic young Omanis with the opportunity to develop and pursue rewarding, challenging and stimulating long-term careers with one of the nation’s most dynamic and fastest growing business organisations.

They will now have the opportunity to help Haya Water in their development of its world-class water reuse project in the Muscat Governorate that will ensure significant long term health and environmental benefits to individuals, businesses and society at large.


Ahlibank lays foundation stone for head office

Ahlibank laid the foundation stone of its new head office in Wattayah recently. HE Yahya bin Said bin Abdullah Al Jabry, chairman of Duqm Special Economic zone, was the chief guest of the official ceremony which was also attended by high-ranking officials from Central Bank of Oman and Capital Market Authority as well as the Chairman of ahlibank, Hamdan Al Hinai along with other members of the board of directors and senior management of the bank. The new office which is expected to be completed and fully functional by June 2013 will have a built-up area of 6500 sq mtrs on a prime property of of 10700 sq mtrs.

Says Abdul Aziz Al Balushi, CEO, ahlibank “ahlibank’s growth strategy in Oman hinges on three pillars: people, technology and infrastructure.”


The Wave opens new golf course

The Wave, Muscat opened its new golf course, Almouj Golf, recently. The first nine holes of the golf course have been greened and are now ready to cater to its first players. Almouj is home to a 7,300-yard links style championship course that was designed by golfing legend Greg Norman. Says St John Kelliher, general manager of Almouj Golf, “Our story begins with the inspiration behind the brand which blends the elements that we believe will keep visitors mesmerised: the sport of golf and the heritage, culture and landscape of Oman.” Michael Lenarduzzi, CEO of The Wave, Muscat, said that he hoped that the new golf facilities would soon be able to cater to young, talented, home-grown golf champions keeping with The Wave, Muscat’s tradition of offering a multitude of residential, recreational and social facilities to its clients.


ITA’s Talal elected deputy chairman of UNESCO institute

Talal Al Rahbi, deputy CEO of the Information Technology Authority (ITA), has been elected as the first deputy chairman of the UNESCO Institute for Statistics. He replaces Sheikh Hamad bin Jabor Al-Khalifa of Qatar in a meeting held recently at the Institute’s headquarters in Montreal, Canada. Talal Al Rahbi was elected as a member of the Board of Directors of the institute in 2009. Holding this high office at an international organisation is a unique honour for Oman. The efforts made by the Sultanate have gained attention as well recognition by the UNESCO Institute for Statistics and other UN organisations. UNESCO Institute for Statistics was created in 1999, in response to the growing need for reliable data contribute to the development of policies and plans of UNESCO, and its member states.

 


ALARGAN unveils Qurm Hills

ALARGAN International Real Estate Company, a Kuwait based developer, unveiled its latest project in the Sultanate, Qurm Hills at a ceremony attended by Minister of State and Governor of Muscat, HE Sayyid Saud bin Hilal al Busaidi, as chief guest, and Kuwaiti Ambassador to the Sultanate. The project, comprising 109 plots, including road networks, service facilities and landscaped park areas includes a variety of residential units in addition to retail, commercial and office space. Khaled Al-Mashaan, chairman and managing director of ALARGAN International, says: “We are pleased to announce the launch of Qurm Hills, a project which we have meticulously planned to create a new concept in the area which will offer excellent investment opportunities.”
 


Times of Oman wins Arab League award

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the crown prince of Dubai, presented the Times of Oman with an award for quality and excellence at a ceremony in Dubai, recently. The Tatweej Academy for Excellence and Quality, which is part of the Arab League’s Organisation for Administrative Development, acknowledged leading companies and leaders from across the Arab world. Times of Oman’s chairman and editor-in-chief, Essa Mohammed Al Zadjali, said the awards are an incentive to work even harder. “This kind of award gives a sense of support. It’s a boost to work more,” Al Zadjali says after the prince gave him the gold medallion. Al Zadjali adds he plans on improving the paper year after year, and wants to expand its operations regionally. The Tatweej awards are also a sign of international recognition for the Times of Oman and the Sultanate in general, says Al Zadjali.
 


Milcon Gulf teams up with Al Barij International

Milcon Gulf Group and Al Barij International have formed a strategic partnership to launch a series of new ventures in the rapidly growing Middle East and Asia Pacific markets. The groups shall leverage their existing expertise in the areas of energy efficiency, surveillance, information technology, aviation, and related services to set up strategic ventures in order to cater to the rapidly growing GCC market on an opportunistic basis. The companies also identified a number of areas where they would jointly cooperate on partnering or acquiring stakes in companies that would suit the demand coming from active markets where demand exists.
“With Milcon Group we feel we have found a well-suited strategic partner who is involved in a variety of sectors and industries, much like ourselves and we look forward to developing our many synergies and exploiting gaps in Mena and Asia Pacific markets,” says Mukhtar M Hasan, chairman of Al Barij International.


QUICK LOOKS

NLP workshop in February

An NLP practitioner certification workshop will be held in Muscat from February 25 to 29. The workshop will be conducted by Nandan Savnal, reputed trainer and pioneer in the field of NLP in India, who also heads a full-fledged training and consultancy firm PeopleSys. NLP offers powerful and rapid methods for personal growth and achievement and influence. It is the science of how people do things, why they do certain things, how they think, behave and process information.


MHD awarded ISO 27001

Mohsin Haider Darwish has been awarded the prestigious International Organisation for Standardisation (ISO 27001) certification for Information Security Management, covering the IT infrastructure, data centre and all departments operating from its group corporate office in Ruwi. The ISO/IEC 27001 accreditation is the only auditable international benchmark for information security management.


UAB ‘Bank of the Year 2011 UAE’

United Arab Bank (UAB) has received ‘The Bank of The Year 2011 UAE’ award from the Financial Times Banker Magazine. This follows the earlier receipt of the same accolade from the Global Banking & Finance Review, London. Regarded as the industry standard for banking excellence, a Financial Times independent panel of judges evaluated banks worldwide based on their ability to deliver shareholder returns and on a number of other criteria including transparency, corporate governance, sustainability, innovation, and customer service.


Hamad Al Wahaibi finishes fourth in DIR

Oman’s Hamed Al-Wahaibi and Ulster co-driver Allan Harryman finished an excellent fourth overall in the 33rd Dubai International Rally, the final round of the 2011 FIA Middle East Rally Championship (MERC), recently. At the wheel of the Wahaibi Motor Sport (WMS), the Omani was never able to match the powerful S2000 cars over the fast, desert stages on day two but had the consolation of finishing as the top Group N runner in fourth overall.


Oman Air launches flights to Zurich

Oman Air started its new service between Muscat and Zurich, in Switzerland recently. Oman Air offers four flights a week between the two destinations. Zurich is Oman Air’s 41st worldwide destination and its sixth in Europe. The new service will also offer Swiss travellers the opportunity to experience Oman Air’s luxurious new fleet of Airbus A330 wide body aircraft.


OMRAN’s Anti-Littering campaign in Jabal Al Akhdar

Two hundred volunteers joined hands with Omran to launch an ‘Anti-Littering Campaign’ in Jabal Al Akhdar to instill environmentally-conscious behaviours amongst community members and tourists in one of Oman’s most naturally beautiful and prized orchard destinations. The campaign was organised in partnership with Nizwa Municipality and various Community Civil Associations including The Omani Women’s Association and the Mountain Youth Group.


Emirates NBD launches Arabic domain name

On the occasion of the 40th anniversary of the United Arab Emirates, Emirates NBD, became one of the first corporate organisations and the first bank in the UAE to launch an Arabic website with an Arabic language domain name. The new website will serve as a portal to the bank’s complete range of services.


Teejan awarded ISO 14001

Teejan Trading and Contracting has been awarded the internationally recognised ISO 14001 certificate of compliance for its environmental management system (EMS), making it one of the first companies in Oman to achieve this recognition. Teejan received its certificate at an exclusive ceremony recently at the City Seasons Hotel.


TRA’s directors discuss strategic plans

The board of directors of the Telecommunications Regulatory Authority (TRA) held their fourth meeting recently at the headquarters of the authority recently. HE Dr Mohammed bin Hamed Al Rumhi, Minister of Oil and Gas and board chairman of TRA presided over the meeting which was attended by the board of directors and the CEO of the TRA. The meeting reviewed the authority’s strategic work plan and the executive plan for 2012 which included the most important strategies to be implemented during the year such as a study for reframing frequency bands to ensure expansion in the provision of 3G services.


Oman ranked 32nd in competitiveness index

Oman’s stable economic performance has seen it ranked as the world’s 32nd most competitive country in the 2011/12 World Economic Forum’s Global Competitiveness Index (GCI). This ranking, a rise of two places on 2010/11, places it above the emerging economies of Brazil, Russia and India and European Union member states Spain, Poland, Italy and Slovenia. The ranking reflects that the institutions and policies in place in the Sultanate are constantly working to maintain and improve the business environment in the country.
 


BankMuscat among 50 safest banks

BankMuscat has achieved a remarkable ranking among the 50 safest banks in emerging markets. BankMuscat is the only bank from Oman to make it to the first-ever ranking of the 50 Safest Banks in Emerging Markets by Global Finance. The criteria applied for the 50 safest banks in emerging markets were the same as applied to the annual world’s safest banks ranking.


Al Naba extends civic services as CSR

Al Naba Services, undertook a major clean-up of roads left ruined by flash floods in the Wilayat of Sur in December 2011. The gesture, part of the company’s Corporate Social Responsibility (CSR) strategy, demonstrates its longstanding commitment to supporting the well-being of communities in which it operates. In the wake of heavy rains that rendered many streets impassable, teams of volunteer staff went into action across the wilayat to help get traffic moving again.


 


Top^


May- 2012

Cover Story

EXHIBITING EXEMPLARY LEADERSHIP

OER presents its annual Oman’s Top 20 leading listed companies for the year 2011...

Editorial

The game changers

It gives me great pleasure to present to you our biggest issue of the year ...

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