BankMuscat wins Hawkamah award

BankMuscat won the top 2012 Hawkamah bank corporate governance award. The prestigious award showcases banks that have gone the extra mile in improving their corporate governance practices, beyond the legal and regulatory requirements imposed by their respective jurisdictions. Ahmed Al Barami, AGM – chairman’s office, received the award at the ceremony in Dubai attended by senior bankers from the region. The award jury commended BankMuscat for introducing a unique approach to the areas of corporate governance and corporate social responsibility. The jury evaluated the various award criteria as well as interviewed a panel from the bank to decide the winner. Hawkamah is a regional initiative aiming at recognising, supporting and encouraging superior governance practices in the banking sector in the Middle East and North Africa (MENA) region.

Assignia sets foot in Oman

Assignia Infraestructuras, through its subsidiary Hispanica Al Shanfari, has been awarded two new contracts in Oman. The contracts consist of the construction of the headquarters and distribution center for one of the largest pharmaceutical companies in the Sultanate, Taiba Pharma and the construction of a commercial and residential building for the company Oman70 Holding, belonging to the pension fund of Royal Omani Police. The building which will house facilities for the pharmaceutical company will have a privileged location within the new industrial area of Rusayl in the governorate of Muscat and will comprise about 3,114 m2 of offices arranged over four floors and an equipped distribution and storage center of 2,200 m2 . The commercial and residential building will be located in Ghala in Muscat and will comprise 54 homes on nine floors with commercial areas on the ground floor.

Bank Nizwa holds training for employees

The first Islamic bank in the Sultanate, Bank Nizwa organised a training session for its first batch of employees at Grand Hyatt recently. As a pioneer of Shari’a-compliant banking in the Sultanate, the training was aimed at helping the employees to learn more about the principles, concepts and products of Islamic finance. An experienced team drawn from scholars in Islamic finance, Islamic banking practitioners and senior management of the bank trained the employees on the technical and soft skills essential to achieve high standards of proficiency. The trainers also shared their experience of working in Islamic banks regionally and across the globe as case-studies to help the new appointees at Bank Nizwa better understand the working of an Islamic Bank. “We are getting closer to launching the operations of the bank and the training was focused at creating a strong contingent of the first Islamic bankers of the country,”said Dr Jamil El Jaroudi, CEO, Bank Nizwa.

Record revenue for Oman Air in H1

The net passenger revenue of Oman’s flagship carrier, Oman Air, registered a growth of 28 per cent in the first six months of 2012, compared to a full-year growth of 28 per cent in 2011. Oman Air carried 1,814,383 passengers between January and May 2012, compared to 1,529,272 last year. “Oman Air has generated greater revenues, carried more passengers and transported more cargo between January and May 2012 than at any equivalent time in the airline’s history,” said Wayne Pearce, CEO of Oman Air recently at his first interaction with the media. Cargo revenue, too, increased by 47 per cent in the first six months, compared to a full-year increase of 28 per cent in 2011. Similarly, cargo tonnage increased by 33 per cent, compared to a full-year increase of 13 per cent in 2011. “We fly to six destinations in Europe, two in Africa, three in Levant, 11 in GCC, three in Pakistan, 10 in India, one in Bangladesh, one in Nepal, one in Sri Lanka, one in Maldives, and one in South East Asia”, he added.

Amiantit introduces precast concrete products

Amiantit Oman Concrete Products, a fully integrated engineered pre-cast concrete product manufacturing facility, has added value with its engineered precast concrete box culverts and pipes recently in one of the well-known projects for the repair and maintenance of the roads damaged by cyclone in Sur. “These precast concrete products adhere to the highest international quality standard and are machine-made using latest technologies,” said GL Banerjee, CEO Amiantit Oman Concrete Products. “These products offer immense value to contractors and clients by reducing the project execution timelines and costs”. Amiantit Oman’s plant is fully automated manufacturing facility of pre-cast products such as reinforced concrete pipes, pre-cast concrete manholes, reinforced concrete composite jacking pipes, box culverts, etc.

Indian industry delegation visits Oman

A 10-member Indian Industrial delegation coordinated by the Confederation of Indian Industries (CII) and led by KKM Kutty, former chairman, CII (SR) and CEO & managing director, South West Group of Companies, visited Oman recently. The delegation held a business seminar and business-to-business (B2B) meet with Omani businessmen at Oman Chamber of Commerce and Industry (OCCI). The delegation comprised representatives of leading Indian Industries such as agri-equipment/tractors; financial and consultancy; automobile, industrial, marine and oil field applications; infrastructure; infrastructure development ; engineering and projects; chemicals and fertilisers; electrical control system – power management system, generator synchronisation, automation and battery charges for industries like petro chemical, oil and gas, substations, desalination plants; oil and gas, construction and allied activities and IT and enables services (ITES).

Ministry approves merger of HSBC, OIB

The Ministry of Commerce and Industry has formally approved the merger of Oman International Bank and the Oman operations of HSBC Bank Middle East Limited (HSBC Oman). The merger is now complete and the combined entity, in which HSBC owns 51 per cent, is named HSBC Bank Oman. The new entity has one of the largest branch networks in the country, serving the needs of retail, corporate and institutional customers. Simon Cooper, deputy chairman and chief executive officer of HSBC Middle East & North Africa, has been appointed as chairman of HSBC Bank Oman’s seven-member board of directors. Ewan Stirling has been appointed CEO of the combined entity. The successful completion of the deal means that OIB and HSBC branches will be re-branded HSBC Bank Oman and will feature the HSBC red hexagon logo.

Cluttons announces launch of Bahwan Plaza

Cluttons announced the launch of Saud Bahwan’s ‘Bahwan Plaza’ which consists of premium residential apartments in the heart of Muscat. Bahwan Plaza offers a car-free environment, but has a dedicated parking facility conveniently located nearby. The elegant and spacious apartment units offer the best amenities in the form of on-site gardens, a jogging track, gymnasium, spa, a basketball and badminton court, along with upmarket coffee shops, restaurants, and mini marts. Furthermore, the residential spaces also include a central satellite dish, 24-hour security and audio door phone entry. Each apartment comes with a fully-equipped kitchen and a dry yard area. “We are very pleased to have been chosen to represent Bahwan Plaza, and will strive to offer our usual high standard of service while managing this premium development,” said Philip Paul, head of Cluttons Oman.

Khimji opens Lufthansa City Centre

Khimji’s House of Travel has recently been appointed as a franchisee office of Lufthansa City Centre International. The Khimji’s House of Travel Lufthansa City Centre Office was ianugrated by HE Angelika Storz-Chakarji, German Ambassador to the Sultanate, at Ruwi Street. With a network of more than 610 offices in over 80 countries, Lufthansa City Centre International travel agency franchise co-operation is one of the largest of its kind in the world. Set up in 1991, Lufthansa City Centre has been experiencing a constant growth and today consolidates an overall turnover of around € 5.03bn. Khimji’s House of Travel, together with Lufthansa City Centre, will provide a recognised and preferred network, offering a uniform, top-quality services around the globe. “We are proud to partner with one of the leading global travel networks in the world,” said MC Jose, CEO – projects and logistics of the Khimji Ramdas Group.

Muriya soft-opens Juweira Boutique Hotel

With Dhofar’s khareef weather weaving its subtropical magic upon Salalah, a new chic boutique property is set to open its doors on the eve of this delightful summer holiday season in the south of Oman. Juweira Boutique Hotel, a premium five star property, is the first of five leading international hotel brands that will anchor the luxurious Salalah Beach lifestyle destination overlooking the Arabian Sea. Everything about Juweira – from its striking waterfront setting and distinctive design through to its sophisticated dining options and refined standard of service – is exceptionally boutique. Indeed, its launch is set to redefine the resort experience for guests and visitors to Salalah, as well as enhance Dhofar’s international cachet as a tourism and leisure destination in its own right. Designed by celebrated Egyptian architect Adel Mokhtar, this trendy property with its charming Oriental theme offers 64 guestrooms including 21 superbly appointed suites.

OMRAN, DSEZA SIGN USUFRUCT AGREEMENT

Omran has signed an Usufruct Agreement with Duqm Special Economic Zone Authority (DSEZA) to utilise a 17,700sqmt land to develop a hotel facility. Oman’s first-ever prefabricated three-star hotel that has been developed by Omran will cater for the influx of economic activity in the area as a result of the construction of the Duqm Port and Dry Dock.

The agreement, signed by HE Yahya Al Jabri, chairman of DSEZA and HE Nasser bin Khamis Al Jashmi, chairman of Omran, signifies the commitment of both organisations to position Duqm as the largest logistical hub in the Middle East. “Duqm is a burgeoning area and we will require at least 600 rooms within this period,” said HE Al Jabri. “In order to absorb this growth, we have joined forces with Omran to assist us in developing hospitality venues of quality standards in record time.” HE Nasser bin Khamis Al Jashmi commented, “Our partnership with Duqm Special Economic Zone Authority emphasises the importance of building key infrastructure projects outside the capital area.

VALE PARTNERS OUTWARD BOUND OMAN

Vale has teamed up with Outward Bound Oman to tailor-make an experience-based outdoor programme entitled ‘Discover Yourself’, to develop students’ employability and leadership skills in Al Batinah governorate. Over the next three years, 216 youth from schools in Liwa and Sohar will take part in three-day expeditions that are designed to build character, instill responsibility and reconnect with oneself and culture. “Outward Bound Oman aims to unlock the potential of Oman’s youth, providing them with the necessary skill-sets for a lifetime of professional growth,” said HH Sayyid Faisal bin Turki Al Said, Patron of Outward Bound Oman during the partnership agreement signing ceremony. “The Omani culture has forever embraced the outdoors and our beautiful terrains provide us with a variety of adventurous landscapes that allow students the opportunity to learn beyond what is taught in the classroom.”

Palestinian delegation visits Oman

A high-profile business delegation from Palestine visited Knowledge Oasis Muscat (KOM), the technical arm of the Public Establishment for Industrial Estates, recently to explore ways of cooperation between the Sultanate and Palestine in various fields. A group of members representing Palestinian Businessmen Association hailed the Sultanate’s efforts for promoting excellent investment environment. The Palestinian delegates represent major institutions and companies operating in various areas in Palestine.

Wipro opens office in Oman

Wipro, the global IT services major, opened its new office in the Sultanate, at the Knowledge Oasis IT hub, to support the expanding business in the country. Wipro is working with Petroleum Development Oman (PDO) for the deployment of Collaborative Work Environments (CWE). A custom-designed facility to support improved field management through the integration of people, process, and technology, CWE enhances organisational efficiency and effectiveness and is a common solution within the accepted portfolio of digital oilfield solutions.

Conference on Indian investment opportunities

The Embassy of India, Muscat, and Qurum Business Group in partnership with Geogit BNP Pariba has organised a conference titled ‘India: The Incredible Investment Destination’ under the auspices of HH Sayyid Taimour bin Assad al Said recently at Grand Hyatt Muscat. A high level delegation from the Indian ministry of finance, led by Dr Thomas Mathew, joint secretary, capital markets, participated in the conference which also had senior representatives from the Securities and Exchange Board of India (SEBI), Reserve Bank of India (RBI), Department of Revenue (tax authorities) and Department of Disinvestments as part of the delegation. Senior officials from the government and financial sector regulators addressed the questions and clarified doubts of potential investors.