INVESTMENT
Several sectors of the Omani economy are ripe for investment, including healthcare, real estate, and aviation.
How did the institution come to be, and what your plans are for 2017?
Abdul Samad Al Maskari After 17 years at Almadina Investment, I decided to start a new company. I was involved in Tanfeedh and leading the financial aspect of structuring new products for the economy. I am leading certain areas right now with the government, out of which came the idea for Nawa Investment. Together with the CEO and Managing Director at Nawa International, we built Nawa Investment. Nawa Investment is specifically focused on fund management. We hope to add value to the country, as we plan to introduce REITs to the market.
Qais Al Kharusi The relationship between the Sultanate of Oman and the sultanate of Brunei Darussalam goes back decades. In 2009, the two governments created a joint venture that would be a vehicle for investment in private equity across various sectors of the economy in Oman, the GCC, and Brunei. Since our inception, most of our focus has been in Oman; having said that, we have used Oman as a base in some of our portfolio companies to expand both regionally and globally. The two shareholders are the State General Reserve Fund (SGRF), which owns 50% of the capital, and the Brunei Investment Agency (BIA), which is the SGRF's counterpart in Brunei.
Which sectors in Oman do you expect to see growth in?
ASAM REITs have enormous influence worldwide. If we take the US as an example, REITs have a market gap of USD1 trillion. In NAFTA, it is over USD1 trillion. There are over 250 listed REITs in the US market owning USD3 trillion of assets. In 2015, it distributed about USD718 billion. In Japan, it represents 0.3% of GDP, which is JPY6 trillion (USD 53.22 billion), and provided 88,000 direct jobs in 2014. In France, it provides 136,000 direct jobs. In general, we can conclude that it is a major instrument. In Oman, there is room for more than 20 REITs, and we will introduce class-A assets either to be rented or sold.
QAK The aviation sector is a key enabler for the economy. It is clear that the government is working to boost the aviation sector further. The typical trend witnessed in economies—including Oman's—is to move toward privatization; however, through the government share repurchase program of OmanAir reflect the vitality of this sector to the country and the interest of the government in making sure the sector is successful. We have also seen recently another local airline—Salam Air—come on line, which reflects the potential in this area. We hope we can continue to play a key role in aviation through the leasing company and hopefully also provide a medium for the general public to participate in this growth.
In regard to Omanization, what is the current percentage for investment firms and what are you doing for foreign labor visas?
ASAM For investment firms, the number of Omani employees is about 94%, which is high. But for some specific professionals there is an issue. We can hire Omanis in administration and accounting; however, if we want an experienced corporate finance Omani it is going to be a big challenge. On the other hand, an expatriate has to add value to the company and the economy or s/he will be expensive and unnecessary. What is the point in spending OMR2,000-3,000 on an expatriate when we can pay an Omani one-third of that? We have had examples of expatriates coming who are not as good as Omanis.
How does Tanfeedh shape the type of investments you look for and help in the development of the local economy?
QAK We try not to crowd out private sector players in mature sectors where a substantial amount of capital has already been allocated. We try to look more towards new or emerging sectors that are strategic for the country as a whole, which is also what Tanfeedh aims to do. We seek to lead in some of the sectors that are not as developed as others. For example, the hospital we are investing in will be a key private hospital in Oman, complementing the growing healthcare platform in the Sultanate. Another example is the aircraft leasing company that we established in 2014, which is the first project of its type in Oman.
INVESTMENT
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.
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