FOCUSING ON STRENGTHS
By focusing more on innovation in the future, Al Tasnim Group expects to increase productivity, which is invaluable in a labor-intensive business such as construction.
BIOGRAPHY
Devaki Khimji has served as managing director and partner of India Circus Pvt. Ltd, a company dedicated to online retail of lifestyle products in India. Her business acumen and foresight were essential to India Circus' launch and financial growth. She guided the brand through the market with her management skills garnered in previous endeavors. She has also embarked on various successful entrepreneurial ventures and acquired an indispensable understanding of the global market, including the domain of electronic-commerce. With strong management skills, both traditional and technologically specific, Khmiji's experience and proficiency have channeled her businesses and aspirations in the right direction.
How are the current macroeconomic conditions affecting the construction sector and your business strategy?
Although the economy may not currently be ideal, we will remain proactive despite the challenges. We have several consultants on our team to help us perform better and navigate our way in this age of digital transformation. The market is currently cost conscious, and we must bid for tenders at lower prices. We are using it as an opportunity to improve, so that in 2020 we will devote more of a focus innovation, especially through methods of construction to raise productivity, which is a great challenge for a labor-intensive business such as ours. One way we are harnessing innovation, for example, is using prefabricated POD assets. We are also interested in block-laying robots that can reduce our dependence on labor. We will be able to contribute to the Omani economy only if we survive, which will be possible only with digitalization and increasing efficiency.
What is the best way to create a sustainable contracting sector?
As a company, we give work to 150 different SMEs across the country. When we do not perform a part of the work ourselves, we always prefer outsourcing to SMEs, rather than large companies. Our payments to SMEs form as much as 10% of our turnover. There are three SMEs that I mentored, and the office of one of them, Salalah Commercial, is in our building. Aside from giving them work, we help them with their procedures, teach them how to do business, share our expertise with them, and help them receive orders from sources other than our company and go outside their comfort zone. Because we shared our knowledge of procedures in this line of work with them from the first day, they are now more successful than their peers.
What technological upgrades will have the greatest impact on your industry in the medium to long term, both in terms of efficiency and revenue?
We are in the construction industry, and the only way to generate revenue is by winning more tenders and starting more projects. The next most important thing is the execution of a project with maximum quality and cost effectiveness. New technologies, robotics, and digitalization can help us both in the enhancement of quality and reductions of costs. If we win a 20-month project and finish it in 15 months, it will translate into profits for us.
Can technologies adopted for cost-reduction purposes ultimately be presented as standalone divisions of your business?
There are only two industries that we want to be in—construction and mining—and we want to be a one-stop shop in the area of construction. We want to cover the entire supply chain and be able to construct a building without having to go to anyone else. Admittedly, there are items that we do not manufacture in-house such as lights or tiles, though we can find suppliers for such things while still staying accountable for the final quality. Despite our focus on construction and mining, we have facilities dedicated to glass processing, aluminum, carpentry, and POD manufacturing.
What are some of your strategic priorities for early 2020?
The most important priorities for 1H2020 are perfecting our processes and making sure our operations are well-adjusted to the present economic landscape. I do not want to make any value judgements about the current situation; I just want to make sure we are well-adjusted to the current economic environment. We truly care about employment and take pride in employing a large group of people. We prefer to stay in this country and have a great success story rather than expanding outside and failing. We will remain focused on our line of work.
FOCUSING ON STRENGTHS
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.
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.
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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.
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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