DRIVING COMPETITION
CMC works to make markets in all sectors of Oman's economy competitive and fair.
BIOGRAPHY
Al Sayyid Adham Al Said is an assistant economics professor at Sultan Qaboos University. He received his master's from New York University and his PhD from the University of Western Australia. He is also CEO and co-founder of the Firm for Business and Economic Consulting. Currently, he chairs the board of directors of CMC and is a member of Shari'a Supervisory Board in Muzn Islamic Banking. Al Said is regularly involved in policy consultations and advisory for various government bodies and initiatives. His contributions have been in various areas including macroeconomic policy, Oman Vision 2020 and Oman Vision 2040, and public-sector initiatives.
How does CMC operate?
CMC is an independent center responsible for ensuring the competitiveness of Omani markets. Since its inception and establishment, there have been significant efforts to develop the systems and, more importantly, engage in advocacy, talking to the private sector through the chambers of commerce to understand more about their industries. We have also been in discussions with partner organizations and regulators to raise awareness of the center and with international and sister organizations in other jurisdictions to learn best practices and developments. Competition is at the heart of international investment and trade flows, and we play our part in promoting FDI and economic diversification. It is a way of ensuring a fair and balanced playing field for any participant whether small or large while considering market structures and how various sectors work. Our work covers mergers, integrations, and practices prohibited under the competition law.
What does the wave of new laws and legal updates to mean for Oman's economic environment?
2019 saw interesting developments in the business environment with various laws being enacted around privatization, PPP, foreign investment, and bankruptcy, with an update of the commercial entities law. The government sees itself as an enabler by directly investing in sectors that need support. We have experienced this with Tanfeedh, a tool for investment and a regulation catalyst. We are one of those enabling units, but we cannot achieve it alone. The new laws mean Oman is improving its business environment, and a gauge of that is how we are becoming competitive externally. Our focus is now shifting toward adopting international best practices. We want to see sectors that thrive because of these laws. For example, PPPs will enable the government to provide additional services, while privatization will help the stock market improve its performance and inject new liquidity. These laws need to be effectively activated and enacted.
What are the most exposed sectors in terms of fair market value and competition?
Our work with our partners and various agencies such as the National Center for Information and Statistics and the Ministry of Commerce and Industry will give us a better feel for what is happening. With respect to anti-competitive behavior, we keep an eye on the market's competition status. New developments mean new challenges. Digital platforms are coming to Oman and changing the game, so we must be ready. If someone can do things better than you, it is fair if they compete, but we have a problem if this is manipulated in any way. If Amazon comes to Oman and competes with others, it is positive, but if they buy everyone else, that is a different story. There are some examples in the region, such as the Uber-Careem acquisition, which can potentially have a negative impact on the market. Any company that comes into Oman is subject to our laws. We have the ability to work with our sister jurisdictions in many areas where we can cooperate internationally if companies misbehave. We have FTAs and WTO agreements, but we should also be mindful of our jurisdiction if there are cross-border issues.
What are your strategic priorities for 2020?
We are still in the initiation stage, so advocacy is at the top of the list, with a wider set of engagements with businesses and various regulators. We will continue with our 2019 program to create more international partnerships with sister jurisdictions. This is critical for us to learn and share best practices and experiences. We want to conduct deeper market studies to understand key sectors that will have an impact on businesses and the consumers, which are the ultimate beneficiaries. We will align ourselves with the vision and objectives of creating a better business environment. We are keen to work with anyone who is willing to support our mission of fairer markets.
DRIVING COMPETITION
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
