KHIMJI RAMDAS
The Khimji Ramdas Group predicts great change for Oman through the form of digitalization and consolidation. To meet these future challenges, its social arm has made investments to encourage entrepreneurship and STEM-learning away young Omanis.
How do you expect the COVID-19 outbreak to impact the Omani business environment in the medium term?
PANKAJ KHIMJI The COVID-19 outbreak is a once-in-a-century crisis, though digital platforms allow for better information and awareness today. The pandemic will lead to massive changes to business, social interactions, and the ways we perceive and receive entertainment. Not only will working remotely be the new paradigm through live streaming and videoconferencing, but there will also be a resource glut, from a transport, people, and space point of view. Real estate will also be impacted heavily, with second homes and office spaces becoming redundant. Overall, from May until end of 2020, there will be a huge adjustment curve for all organizations. The focus will be on preserving supply chains to ensure food security, specifically approaching the issue from an accessibility standpoint.
What is the key to promoting entrepreneurship in Oman?
NAILESH KHIMJI We have always believed that the spirit of entrepreneurship needs to be instilled right from an early age because that is when children start developing a perspective and a world view. It is important that they see entrepreneurship as a way of life and not as an opportunity reserved only for specific people. There needs to be a major shift in the way people think. Education should not be just about job prospects, but also about creating opportunities for start-ups, businesses, and ideas. Investment in science and technology will be critical in determining the future of any economy. With that in mind, we will be building capabilities to help develop a collaborative, scientific mindset. To that end, we established the Eshraqa Entrepreneurship Academy (EEA), which has long been associated with Riyada and the National Business Center (NBC). The academy trains, coaches, and mentors new and existing start-ups, SMEs, and microbusinesses. From the onset, our mission has been to promote and promote entrepreneurship among young Omanis through training workshops, lectures, coaching, and mentorship programs.
What are some of the major trends that the Omani economy will witness in the coming future in regard to SMEs and sectors slated for development?
PK The Omani economy will witness an evolution that will happen through downsizing, consolidation, and mergers. Acquisitions remain unlikely, and distribution will be a new popular vertical among companies. 3PL and 4PL will also be popular for companies in the distribution business. Outsourcing and offshoring will be the new paradigm for players to run their operations, opening up opportunities for SMEs. Food, fisheries, and general agricultural value addition represents a huge opportunity for Oman to invest seriously. These sectors need to be more efficient under a production point of view, catering to specific markets with specific products, such as ready-to-eat, which is increasingly popular in supermarkets. Speed and convenience will be crucial in the products of the future.
What led to the establishment of a STEMA Centre, and what will be its main implications for the Omani youth?
NK The path to progress has always been determined by the way the youth is brought up in a country. We identified grassroots development as the way forward in terms of nation building. If we are able to instill a scientific mentality from an early age, our students will be able to think critically, analyze, and explore new horizons. Ultimately, society will benefit. A more STEM-proficient generation can help carry our country forward. New medical discoveries, better infrastructure, advancement in science and technology, and many more possibilities await us if we can prepare ourselves accordingly. Countries such as Singapore and Japan have robust STEM education systems in place, and we can see the advancements they are making. Hopefully, these countries will inspire us to help our students create a glorious future. We have added arts to STEM learning in order to not limit its scope and ensure the inclusion of those interested in allied and non-scientific fields as well.
KHIMJI RAMDAS
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.
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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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