DATA, TECH & FINANCE
Both Mala'a and Thawani are harnessing the transformational potential of Industry 4.0 and helping the government unleash its true power.


What was the driver behind the establishment of Mala'a, and what role does it play in Oman?
AADIL AL SAADI The idea behind Mala'a and its three-year plan is to transform credit bureau services in Oman by establishing a data bank that offers a numbers of digital services. This includes services that were previously handled by the central bank. The ultimate goal is enabling financial inclusion, managing credit risk, improving the quality of credit portfolios, and enhancing access to finance. The biggest challenge that Oman faces as we speak is the fragmentation of information, so the idea was to establish one national data bank that is cross-functional and serves as the one cohesive reference point for the entire country. In this way, we provide a credit enquiry service for our members and serve as a reference for any national decision-making. Starting a databank in Oman for the first time is a futuristic project, and there are some challenges, unknowns, and limitations; however, we have all the ingredients for success. For traditional players such as banks, this is a revolutionary step, and it is completely new for our members. The biggest obstacle we are seeing is the change in management to take that step forward, although there are also many changes required from a technical and policy point of view.
How will QR technology evolve in the retail sector?
MAJID ALAMRI The central bank is a big supporter of QR technology, as evident from the release of the new mobile clearing system. In 2018, Thawani started offering QR code payments in Oman. We support both dynamic and static codes. We have also developed a local cross-platform application that can run on any platform, including those used by terminal stores to manage orders and sales. As a result, we no longer have to sell devices to merchants. This platform has further reduced costs. Our goal is to make this technology available to everyone with the final aim to make the market more agile and efficient. We never release a product without conducting a survey. The majority of the products we offer satisfy the needs of the market. Currently, we are testing some initiatives with some public- and private-sector partners. Usually, it is hard for start-ups to penetrate the market. We always try to make sure our partners and sponsors take risk-free decisions. We just need cooperation to test our technology.
How is Mala'a planning to move forward?
AAS The first phase consists of shifting the existing 25 members of the credit industry—20 local and foreign banks and five financing companies—to the Mala'a databank. Our first priority is to expand our membership to the three SME funds: Riyada, Sharakah, and the SME Development Fund. Our second major priority, which will be a game-changer, is to launch credit scores for both consumers and corporates. This will allow lenders to look at a customer's profile and credit worthiness as a whole and give them a loan. In the second phase, we will analyze requirements for non-banking members, such as players in the telecom sector and ISPs. Then, we seek to tap into the insurance sector, which is new territory with a wealth of information. Next, we will integrate with data providers, such as Royal Oman Police, ministries, the Secretary General for Taxation, and the Ports Authority. Then, we will move to digital services. Locals or those who have a valid ID will be able to download our app and view their credit report.
What challenges does a new fintech face in Oman?
MA The first challenge is to comply with all the regulatory requirements. Although Oman is a small market, it has a well-established banking sector. All the 23 banks in the country are trying to enhance their offerings. Unless the private sector gives start-ups a chance to test, fix, and improve new technologies, it will be challenging to do something new in Oman. At Thawani, we are trying to focus on direct retail. For conventional solutions, the cost is huge, but we are able to provide tailor-made solutions to our clients. Unless the entire ecosystem works together, there will be additional challenges. For example, we have a list of merchants that are not able to get onboard because of excessive bureaucracy. These are small challenges, but they all have a significant impact on our growth. We propose solutions to a wide variety of challenges; however, there is a missing link because we are trying to solve some of these issues by sending proposals and talking to regulatory bodies and decision makers, not operational bodies. We meet with start-ups in Oman and transparently highlight the challenges and discuss how to get around them.

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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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