ALL EYES ON DATA
Financial data collection in Oman will help gauge the country's economic growth, while helping to guide the Sultanate forward into a prosperous economic future.
Data has always been an important element in human society, as we are obsessed with trying to predict the future, as the current COVID-19 pandemic has demonstrated. And while previously this meant physically writing down every single piece of data that we hear or see, today we can collect data, quite literally, in our sleep. And with financial markets growing increasingly tied to the economic futures of countries, the importance of data has risen with it. As investors rely on constant, meticulously tracked data, countries everywhere are making sure their datasets are not only methodologically rigorous, but easy to access. This is especially true today of the Middle East, where reliable financial data has always been a bit hard to come by.
This was made apparent in the IMF recommendations for Oman regarding data collection in 2005. The IMF set Oman's highest priority on establishing specific times for data publishing and on releasing longer-time series. Fast-forward 15 years, and Oman seems to have changed its ways regarding data collection. Mala'a, Oman's recently established national data bank, is envisioned as a step toward “empower[ing] Oman to transform into a knowledge-based nation, achieving financial inclusion objectives and enabling access to credit," according to its website. Indeed, financial institutes are taking note and working hard to provide the tools necessary to keep track of data. As Abdullah Al Salmi, Executive President of Oman's Capital Market Authority (CMA), told TBY, the authority has upgraded its trading platform and is “seeking to implement the XBRL system in 2020 for reporting financial and non-financial information by all issuers and most importantly, to preform analytics on digitalized data through a portal that would be available to the investors."
Meanwhile, Muscat Securities Market CEO Ahmed Saleh Al Marhoon says, “Our information center is one of the most dynamic websites in the sector with many updates, as we do not remain complacent." Markets are especially reliant on data, as investors rely on timely and accurate data to make decisions about which markets are most safe. Furthermore, the presence of a state institution dedicated solely to data collection and dissemination sends a positive sign to investors. It is also the key to determining the relationship between the banking and fintech sectors, noted BankDhofar's CEO Abdul Hakeem Omar-Ajaili in his TBY interview. “Transparency is critical, as we need to have information available for the customers and the public as well," he added. While there are some regulatory restrictions on sharing currently in place, Oman's central bank is working on new banking laws in order to encourage the type of sharing that will lead to growth in all sectors.
Though, it does look as though old habits seem to die hard. As reported in Bloomberg in 2019, Oman's monthly bulletin reporting government revenue and expenditures was missing for a period of six months, though its National Center for Statistics and Information released a report stating the deficit of the country had narrowed for that same period. Though this may seem like a small misstep, for economists it represents a hole in a valuable data time series. Data regarding a country's financial expenses, its sources of revenues, its labor forces, and its growth per capita is especially important, not only for understanding long-term growth patterns, but also for determining the shape of economic growth to come.
In the case of Oman, with more regular data sets taken continuously over time, it will be easier its rulers to understand what can drive growth in the future, as oil resources dwindle. Creating macroeconomic policies without data is a little like driving a car without a speedometer or fuel gauge; while you may know the direction the car may be going, you have no idea how long or how sustainable your
journey will be.
ALL EYES ON DATA
TABLE OF CONTENTS
Focus: Future foreign policy
Friends to all, enemy to none
In championing the late Sultan Qaboos' non-interference foreign policy, the new ruler of Oman, Sultan Haitham bin Tariq Al Said, is determined to work for friendship and peace, justice and harmony, and coexistence and positive constructive dialogue.
read articleInterview
David Kalife, CEO, Oman Oil Marketing Company (OOMCO)
Despite Oman's fuel market slowing down, OOMCO increased its sales volume of lubricants by 36% in 2019 and is constructing a greenfield bunker terminal at the Port of Duqm. The company has transformed while growing its expertise in Marketing and Digital.
read articleInterview
Azzan Al Busaidi, CEO, Ithraa
Azzan Al Busaidi is an expert in competitiveness and economic growth. He was appointed CEO of Ithraa in 2019 after 17 years spent covering managerial roles in the organization. Al Busaidi was previously Ithraa's director general of planning and studies and is a strong advocate of the potential of digitization. He holds an MBA from the University of Strathclyde and a BSc in Economics from Sultan Qaboos University.
read articleInterview
Qais bin Mohammed Al Yousef, Minister of Commerce, Industry & Investment Promotion & Former Chairman, Oman Chamber of Commerce and Industry
Private Omani companies will be able to benefit greatly from the Fourth Industrial Revolution by enhancing their local value-added strategies and upskilling the workforce.
read articleInterview
Tahir Bin Salim Bin Abdullah Al Amri, Executive President, Central Bank of Oman (CBO)
The Central Bank of Oman's job is to ensure there is adequate liquidity in the system and that banks remain robust and resilient to meet the credit requirements of all segments without undermining financial stability.
read articleB2B
Capital markets
CMA and MSM are supporting Vision 2040 by providing financing to government companies that intend to go public, financing expansion of existing and new IPOs, and widening the investors base in Oman by enhancing and developing the investment funds and insurance industries.
read articleInterview
Khalid Al Balushi, CEO, Khazaen Economic City
International investors and business owners can benefit from Khazaen Economic City's strategic location and its close proximity to the main gateways of the country to import, process, manufacture, distribute locally, and export their goods and services.
read articleFocus: Port 4.0
Destined for greatness
Investments in world-class infrastructure have generated huge rewards for Oman. The goal now is to leverage technology as a disruptive enabler, build human capacity across the public and private logistics sectors, and drive operational efficiencies to build an integrated logistics business environment that is benchmarked against the world's best.
read articleFocus: Gap in tourism services
All bases covered
An amalgamation of local companies and unique experiences in Oman has created an original flavor that is further differentiating Oman's tourism offering from other countries and in the process attracting scores of tourists from all across the world.
read articleB2B
Engineering design
Renardet Engineering Consultants and Design Unit Engineering are recognized experts in their fields. While the former is an international company strongly committed to excellent engineering consultancy services and environmental practices, the latter is an Oman-based team of architects and engineers that incorporates local culture and traditions.
read articleB2B
Construction materials
Oman's construction sector is facing a host of challenges, but Hempel Paints and Al Maha Ceramics are confident that a mix of forward-thinking business models, unique products, and strong government initiatives will help them through turbulent times and generate positive returns in the long run.
read articleInterview
Salim Razvi, CEO, Oman Academic Accreditation Authority (OAAA)
Focusing on higher education institutional accreditation, program accreditation, and the updating and maintaining of the Oman Qualifications Framework, OAAA is helping further advance higher education in the Sultanate.
read article
