FIRST STEPS
With privatization of the Omani economy underway, the chamber will take on much greater responsibilities to ensure the market's sustainability.
BIOGRAPHY
Al-Fadhal Al Hinai is a results-orientated and entrepreneurial-minded leader with 20 years' experience in public and private sectors. He is a competent chief executive with experience in overseeing the daily activities of businesses, as well as setting the long-term vision for the organization. Al Hinai has a strong ability to solve complex business problems using excellent judgment and decision-making skills. He was educated in engineering, business analytics, and strategic management.
What are the strategic priorities of the Oman Chamber of Commerce in 2020, and what factors are driving those priorities?
The government and the chamber in particular have always played a wide array of roles since their inception, but Vision 2040 is looking to empower the private sector in particular. This means the private sector will be given a leadership role to start operating independently from the government. Most interestingly, by 2040, the government will have a full economic digital transformation, and all investments leading to this digitization are underway. However, in order for an economic digitization to happen, the chamber should restructure itself to be prepared for all the challenges as well as opportunities. For that reason, the chamber is now in the process of creating its first strategy. The first is to empower the private sector to fit Vision 2040 by supporting digital technology and innovation. This new step the chamber is taking will certainly bring a new organizational structure, new teams, and, most importantly, a new culture.
What is required for this transition of publicly owned assets to go into the hands of the private sector in a sustainable way?
First, we will increase the number of functional managers with specialists wherever necessary. Then, we will appoint vice presidents and directors, who will have more operational duties rather than administrative. In addition, a 2017 royal decree put the chamber's laws in place, outlining the role of the chamber, its mandate, and how the board is elected. In that way, the chamber must always be consulted by public and private sectors when putting forth new laws, addressing challenges by the private sector, the Omanization program, and exports and imports.
Where do you see the main challenges in consulting in Omani society today?
The current status quo of the economy created challenges that led to a lack of liquidity, both globally and locally, as well as an imbalance in the the supply and demand for Omani products. The two challenges add up to another main challenge, which is creating new job opportunities. For this reason, we want Omani companies to have a global reach in foreign markets by creating a network in the global market through B2B, exhibitions, and other marketing initiatives. We are also seeking to use e-channel platforms that will help remove restrictions present in the market and allow us to produce products that can reach a global scale. Finally, the chamber will have an active role in company registration, producing production licensing, and conducting the necessary training for businesses that require it.
What is the key for family businesses in the changing economy and in targeting KPIs for Vision 2040?
Family businesses are one of the main economic drivers in emerging economies. When we discovered oil, and liquidity flowed into the market, some people took the opportunity and started their own business. The challenge now lies in transforming this opportunity and extending it to the next generation. It is quite challenging to do, and different tools have been used such as IPOs, boards and trustees, and standardization of governance procedures to ensure long-term sustainability.
What strategic direction is Oman taking in 2020, and why should foreign investors be watching it closely?
If we look at Oman's history since 1970, there has been a great deal of cumulative learning experiences. We have many successes and failures, but we learn from our experiences. We are aiming to diversify our economy away from oil because we are part of the global economy and its market dynamics. We cannot be sure we will do it perfectly, but it is extremely important to plan ahead to make Vision 2040 a success story, by ensuring fairness, transparency, and good utilization of resources.
FIRST STEPS
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