OPTIMIZING ENERGY SOURCES
Renewable energy sources, along with IoT-based technology, is radically changing Oman's energy landscape.
How is today's technology impacting both the sector and your growth?
ABDULLAH AL BADI The IoT-enabled devices we are applying can capture many aspects, such as the backflow of water and leakages, from our premises or the customer's location. If there is no water in the lines, some of the meters can come back online with pressure, which is calculated later. As such, there are many advantages for both the public authority and for customers. As opposed to receiving a monthly bill processed manually, with potential inaccuracies, the whole system is run online. This means we provide data every 15 minutes for industrial customers and one hour for domestic customers, allowing clients to see their exact consumption. This will help the Public Authority of Water plan for expansion and determine the main factors for non-revenue water, which is extremely high due to leaks, commercial law, or technical issues. We are implementing the same system for electricity and other areas. One needs to put the right infrastructure in place and understand the behavior of the customer before identifying the issues to understand the losses.
STEVEN J. MOSS In more and more locations, solar steam injection for enhanced oil recovery (EOR) is proving to achieve the required cost-competitiveness with gas. Extracting oil in Oman is often more complex than other locations in the region, requiring an acute focus on cost competitiveness. It provides an excellent springboard for our technology to be applied elsewhere too. That leads to our last focus, namely the deployment of our next-generation technology that replaces our glass house with a film house structure constructed from advanced proven materials. This homegrown technology will lower capital and operating costs considerably and have the widest market applicability across a myriad of industrial heat applications across the world's sun belt. In Oman, that includes industrial zones and the exciting potential in the mining industry. This implies a national strategy looking at how our technology can be coupled with power generation solutions in industrial zones and an international strategy looking at how our technology can be applied to the mining industry and other energy intensive industries. Expanding into the mining sector is a natural next step for GlassPoint. Many mining activities are in remote places with limited and expensive gas supplies and costly electricity, so using our technology for renewable combined heat and power is a win-win.
How long will it take until banks see the value of IoT without equity coming from funds?
AAB For banks, this is a new subject so it will be a challenge. They will accept it with either high interest rates or with many conditions. In our case, we evaluated excellent proposals from almost all the banks in the country when it comes to IoT, as it was an attractive model for most, and we received attractive proposals from local banks. Currently, one of our main projects with the public authority was financed up to 80% at an excellent interest rate. Regarding renewables, it is slightly difficult for banks to accept such models because they are long-term projects, and unless there is clear government involvement, there are conditions to be filled for local investors and developers to finance these projects.
What is the ideal relationship between hydrocarbons and renewables in the medium term?
SJM Renewable energy is not a competitor to fossil fuels; rather, it is an enabler that allows countries like Oman to make the best decision about economic diversification at the right pace, without rushing. Extending oil generation over a number of years is a safer way of providing a solid revenue platform to the government, while using green technology is a sensible way of meeting one's renewable obligations in terms of CO2 emissions. In a way, renewables are a hedging tool that supports an economy based on energy confluence. At the same time, monetizing CO2 emissions is becoming a reality around the world. There are strong upward movements in European pricing, and bilateral agreements between European nations and Middle Eastern nations are coming to life. For a player like Glasspoint, it would mean bringing large additional revenues from those CO2 credits obtained via our technology to our customers and governments. Right now, we are aggressively working with our customers, partners, and relevant authorities to advance the environmental and economic benefit of this potential.
OPTIMIZING ENERGY SOURCES
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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