CORPORATE STRATEGY
TBY talks to Khalid Al Yahmadi, CEO of Muscat National Development and Investment Company (ASAAS), on its projects to diversify Oman's economy, sectors with growth potential, and its goals for 2018.
BIOGRAPHY
Khalid Al Yahmadi is the CEO of ASAAS, a semi-government company set up in 2014 to assist the government in diversifying its revenue streams. He is the founder of Amjaad Group, one of the leading real estate development and engineering companies in Oman, and California-based Amjaad Investments USA. He has served on the board of OMRAN, Migros, and the Oman Society of Engineers. Currently, he also serves as the Chairman of Salam Air, the first and the only low-cost airline in the Sultanate of Oman.Where does ASAAS fit into Oman's diversification plan?
ASAAS is one of the largest real estate development and investment companies in the country. In line with our mandate, we developed the corporate strategy of the company and drafted a 10-year business plan, which aims to create OMR1 billion (USD2.6 billion) of projects. When we started our operations, we based our corporate strategy around the key economic sectors already identified by the government, including, among others, tourism, logistics, and healthcare. ASAAS' approach in developing these sectors is investing in projects that will enhance the entire value chain. In the real estate sector, we are in the final phase of developing our pilot project—a Hilton Garden Inn Hotel. The common theme among our projects both real estate and others is keeping social impact and financial return at the forefront. We are currently working on a project with Oman Air to develop a reporting terminal for its cabin crew and is expected to be ready in the first half of 2018. The project is being developed by ASAAS and upon completion will be leased to the government-owned national carrier. Another project in the tourism supply chain is developing the much-needed Hayy Al Sharq (HAS) in Barka, 45 minutes away from Muscat International Airport. At present the country lacks entertainment destinations of international standards and as a result people travel to other countries in the region for leisure, resulting in capital flight from the country. Hayy Al Sharq will bring entertainment to our doorsteps and assist in attracting tourists to the country. In addition, we are working with different government and private-sector institutions on various projects, all of which will assist in the diversification of the national economy. As a result of all our initiatives, we have been selected together with two other companies as a preferred real estate developer by the government of Oman.
What specific projects will you be working on in 2018?
We are working on a number of exciting projects in education, healthcare and tourism throughout the country. One such project is the redevelopment of the Institute of Public Administration (IPA) building. The first such PPP project in ASAAS, it is innovatively structured to maximize the gains of the private party whilst removing the need for the government to fund a public premises. The project aims to redevelop the IPA's premises into a world-class training facility together with a three-star hotel and lifestyle retail complex. The project will bring unique and modern architectural features to the area. Another project we are working upon is setting up a tourism experience company, which will offer extreme sports and experiences to the locals and tourists something that is lacking in the country. It is important for us and also for the sustainability of any project to ensure we have the right partners—something that requires a great deal of effort but is rewarding in the long term.
Where do you see the most growth in the country?
The Sultanate is blessed with an exceptional beauty and landscape, something we have a competitive advantage in over other countries in the region. We continue to believe that tourism coupled with the geographical location of the country are the unique selling points of the country and have the potential to be the most important sectors contributing to the local economy. It is important for us to upscale the offerings and experiences in the country in line with the global standards.
What are the specific objectives for 2018 that ASAAS would like to meet?
We have done all the ground work for a number of our projects, where we have structured the investments and partnered up with the best institutions. Now in the second stage of growth, our main objective for 2018 is to attract co-investors for our projects from different parts of the world such as the GCC, Asia, Europe, and the US.
CORPORATE STRATEGY
TABLE OF CONTENTS
Focus: Oman-Iran Relations
Nothing Personal
A new automotive production venture and undersea gas pipeline project highlight the long-term and historic friendship between Oman and Iran, underscoring their policies of transparency and non-interference with the aim of achieving the best possible conditions for the economies and people of both countries.
read articleInterview
Abdullah Nasser Abdullah Al Bakri, Minister , Manpower (MoM)
TBY talks to Abdullah Nasser Abdullah Al Bakri, Minister of Manpower (MoM), on its ongoing efforts to boost Omanization across sectors, streamlining the employment process in the private sector, and developing human resources in the country.
read articleInterview
HE Talal Al Rahbi, Deputy Secretary General , Supreme Council for Planning (SCP)
TBY talks to HE Talal Al Rahbi, Deputy Secretary General of the Supreme Council for Planning (SCP), on its key responsibilities, ensuring a more sustainable policy, and the importance of economic diversification.
read articleInterview
Dr. Hilal Al-Qamshoey, Project Director, Oman National Spatial Strategy (ONSS)
TBY talks to Dr. Hilal Al-Qamshoey, Project Director of Oman National Spatial Strategy (ONSS), on the importance of addressing the challenges to growth, assessing potential, and attracting greater FDI.
read articleInterview
Khalid Al Yahmadi, CEO, Muscat National Development and Investment Company (ASAAS)
TBY talks to Khalid Al Yahmadi, CEO of Muscat National Development and Investment Company (ASAAS), on its projects to diversify Oman's economy, sectors with growth potential, and its goals for 2018.
read articleCommuniqué: Ithraa
Exports Matter
Exports matter because they represent the very sectors that drive wealth, attract investment and talent, boost productivity and innovation, and generate employment. Industry accounted for 47.6% of Oman's GDP in 2017 and our non-oil exports were over USD6.2 billion. Today, Omani firms export to 135 countries.
read articleInterview
Khalifa Abdullah Al-Barwani, CEO, National Center for Statistics and Information (NCSI)
TBY talks to Khalifa Abdullah Al-Barwani, CEO of the National Center for Statistics and Information (NCSI), on the many benefits of its information apps, the growing focus on logistics, and supporting the public and private sectors with valuable data.
read articleInterview
Dr. Dhafir Awadh Al-Shanfari, CEO, Oman Authority for Partnership for Development (OAPFD)
TBY talks to Dr. Dhafir Awadh Al-Shanfari, CEO of Oman Authority for Partnership for Development (OAPFD), on the goals of the authority, its current projects, and its focus for the medium term.
read articleInterview
Khalid bin Al Safi Al Haribi, Acting CEO, Public Authority for SMEs Development (Riyada)
TBY talks to Khalid bin Al Safi Al Haribi, Acting CEO of the Public Authority for SMEs Development (Riyada), on instilling an entrepreneurship culture amongst Omanis, key areas for development, and doing more with less.
read articleInterview
Yaqoob Saif Al Kiyumi, CEO, Oman Power and Water Procurement Company (OPWP)
TBY talks to Yaqoob Saif Al Kiyumi, CEO of Oman Power and Water Procurement Company (OPWP), on the challenges of growing water and electricity demand, planning for renewable energy projects, and its key objectives in the long term.
read articleInterview
HE Tahir Bin Salim Bin Abdullah Al Amri, Executive President, Central Bank of Oman (CBO)
TBY talks to HE Tahir Bin Salim Bin Abdullah Al Amri, Executive President of the Central Bank of Oman (CBO), on revising the country's FDI laws, financing the fiscal debt via issuing bonds, and its efforts to promote SMEs.
read articleInterview
HE Abdullah Salim Al Salmi, Executive President, Capital Market Authority (CMA)
TBY talks to HE Abdullah Salim Al Salmi, Executive President of the Capital Market Authority (CMA), on promoting greater activity in the financial services sector, encouraging investors to go beyond the banking sector, and its upcoming projects.
read articleInterview
Dr. Ashraf bin Nabhan Al Nabhani, Chairman, Muscat Securities Market (MSM)
TBY talks to Dr. Ashraf bin Nabhan Al Nabhani, Chairman of Muscat Securities Market (MSM), on the evolution and maturity of the stock market, increased privatization initiatives, and plans to demutualize.
read articleInterview
Murtaza Jariwala, Executive Director, Vanguard Engineering & Oilfield Service
TBY talks to Murtaza Jariwala, Executive Director of Vanguard Engineering & Oilfield Services, on manufacturing and value addition, successful long-term partnerships, and how to best thrive as a truly local company.
read articleInterview
Hilal Mohammed Hamoud Al Busaidi, CEO, Public Authority for Mining (PAM)
TBY talks to Hilal Mohammed Hamoud Al Busaidi, CEO of the Public Authority for Mining (PAM), on increasing metal exploration, sharing the risk with investors, and banking on the rare commodity of quality.
read articleInterview
Dr. Salim Sultan Al Ruzaiqi, CEO, Information Technology Authority (ITA)
TBY talks to Dr. Salim Sultan Al Ruzaiqi, CEO of Information Technology Authority (ITA), on facilitating the investment experience in Oman, taking a coordinated approach to cybersecurity, and giving young people the right exposure.
read articleInterview
Firas A. H. Al-Abduwani, Founder & CEO, Hussam Technology Company (HTC)
TBY talks to Firas A. H. Al-Abduwani, Founder & CEO, and Mohammed Al-Abduwani, COO of Hussam Technology Company (HTC), on making Oman a better place to do business, meeting an ever-expanding customer base, and diversifying one's project capacity.
read articleInterview
Sheikh Aimen Ahmed Sultan Al-Hosni, CEO, Oman Airports Management Company (OAMC)
TBY talks to Sheikh Aimen Ahmed Sultan Al-Hosni, CEO of Oman Airports Management Company (OAMC), on providing a functioning operational platform, top notch end-to-end logistics, and creating competitive advantages for Omani shippers.
read articleFocus: Integrated Tourism Complexes
A Land for All
Oman's integrated tourism complexes (ITCs) allow foreign nationals to own property on a freehold basis. They have given the country's tourism and real estate sectors an innovative boost and might pave the way for further liberalization.
read articleInterview
HE Hamed Said Al-Oufi, Undersecretary, Fisheries Wealth of the Ministry of Agriculture & Fisheries Wealth
TBY talks to HE Hamed Said Al-Oufi, Undersecretary of Fisheries Wealth of the Ministry of Agriculture & Fisheries Wealth, on food security, opportunities for development in the industry, and new infrastructure projects.
read articleInterview
Eng. Saleh M. Al Shanfari, CEO, Oman Food Investment Holding Company (OFIC)
TBY talks to Eng. Saleh M. Al Shanfari, CEO of Oman Food Investment Holding Company (OFIC), on Oman's competitive advantages in food, growing demand for diverse food products, and becoming a regional food hub.
read articleInterview
Ahmed Akaak, Chairman, Oman National Livestock Development Company (ONLDC)
TBY talks to Ahmed Akaak, Chairman of the Oman National Livestock Development Company (ONLDC), on partnerships to boost the quality of animal feeds, the agriculture industry, and the Sultanate's national economy.
read articleReview: Education
New School
Oman's education sector has made massive strides in recent years, and moving forward, government officials see improving teacher quality and increasing international exchange as keys to giving a young and growing population the tools they need for the future.
read articleInterview
HE Dr. Hamood Khalfan Al Harthi, Undersecretary of Education & Curriculum , Ministry of Education
TBY talks to HE Dr. Hamood Khalfan Al Harthi, Undersecretary of Education & Curriculum of the Ministry of Education, on meeting international standards, increasing the teaching staff, and implementing reforms.
read article