EXTENDING A WARM WELCOME
ISC's focus on speeding up foreign investment processes has transformed the center into a driver of private-sector growth in the Omani economy.
BIOGRAPHY
Ibrahim Al Maamari was appointed CEO of ISC in 2019. In addition to his current role, Al Maamari is also a member of member of the Oman Oil Refineries and Petroleum Industries (Orpic) Minor Tender Board. Before his current role as CEO of ISC, he was the procurement and contracts manager of Orpic, which he joined as a senior lifting scheduler. Before joining Orpic, Al Maamari was a planning engineer for Petroleum Development Oman and a technical service engineer for Exxon. He holds a bachelor of engineering in petroleum engineering from Sultan Qaboos University, a CMI level 5 certificate in leadership and management, and a Harvard manage mentor certificate.
What role is ISC set to play in advancing the international reputation of Oman as a business destination?
ISC was established to improve investment-related services in Oman, and the Invest Easy is a portal designed and developed as a single window for investors and business owners to apply for company registrations and business licenses. This system's availability and the initiatives that accompany it have tremendously improved the Sultanate's Ease of Doing Business 2020 ranking, taking it from 78th to 68th. Recently, ISC has supported committed investors facing implementation issues. Moving forward, the center will be tasked with playing a more prominent and central role in coordinating, resolving, and tracking project implementation. This will enable ISC to forge a more meaningful relationship with investors to ensure they obtain on-ground support to realize their investments. The ease with which individuals can engage in business in a country is a fundamental indicator of how progressive and forward-thinking the country is; hence, ISC's role and its initiatives are central to improving the Sultanate's international business reputation.
What is ISC's medium-term growth strategy, and how is it aligned to the goals of the Ministry of Commerce and Industry, Tanfeedh, and Oman Vision 2040?
The Ministry of Commerce and Industry is the central institution responsible for the administration of company registrations and issuance of business licenses. ISC's medium-term plan is focused on improving and enhancing its service delivery model, in order to enable the effective administration and implementation of investment-related services. As such, ISC's medium-term strategy is anchored on two main initiatives: the complete integration of Invest Easy with key public and private sector entities and the accelerated registration and licensing of businesses, and improvement of project facilitation. ISC aims to integrate the Invest Easy portal with over 70 public- and private-sector entities. To date, over 40 entities have achieved some form of integration with Invest Easy. The urgency to complete integration is to ensure that Invest Easy improves its services as a single window for investors and business owners when interfacing with the government on all services related to investment facilitation. Beyond its responsibility of administering company registration and issuing of licenses, ISC will seek to improve the Sultanate's project facilitation framework, ensure clarity, accountability, and responsibility, and monitor project progress. Government institutions are inherently complex when dealing with projects that require stakeholder engagement, approvals, and buy-in. ISC understands that project implementation requires constant coordination, frequent problem solving, timely escalation, and issue resolution to give investors the necessary support to complete projects and ultimately help build and catalyze the economy. At the end of the day, ISC is a tool to achieve the goals established by national plans such as Tanfeedh and Vision 2040. By granting an easy investment environment to foreign capital holders keen to do business in Oman, ISC, as mandated by Foreign Capital Investment Law, contributes to the diversification and balanced growth of the national economy.
How will relationships between local and foreign private sectors evolve moving forward?
The promulgation of the Privatization Law, PPP Law, and Foreign Capital Investment Law will significantly impact Oman's investment landscape, as a holistic approach has been undertaken to ensure a private sector-driven economy. These laws will not only provide assurances to investors, but also guide the development of new and future policies tailored to the needs of the changing global business environment. The introduction of such laws has resulted in institutional reforms as well. With the injection of foreign capital into the economy, the spillover effects will present numerous opportunities for local private-sector players to develop complementary or supporting business for the industry. With the promulgation of all three laws, the Sultanate expects efforts and initiatives that will contribute to the development of the national economy, enhance local added value, diversify sources of income, build local capability, increase employment opportunities, and strengthen the capital market.
EXTENDING A WARM WELCOME
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.
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