READIER THAN EVER
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.
BIOGRAPHY
Qais bin Mohamed Al Yousef is a businessperson who has been at the helm of nine different companies. He recently left the post of Chairman of Oman Chamber of Commerce & Industry to assume the role of Minister of Commerce and Industry and Investment Promotion. He formerly held the position of chairman for PICIC Commercial Bank Ltd. He received an undergraduate degree from Williams College and a graduate degree from Stanford Graduate School of Business.
How can the Omani private sector successfully embrace the technological revolution to stay ahead of the innovation curve, and what unique factors will enable and accelerate the attainment of the pillars of Industry 4.0?
Oman's private sector can successfully benefit from and remain at the forefront of the Fourth Industrial Revolution (4IR) being proactive and becoming early adopters of related technologies. Moreover, enhancing local value-added strategies—which includes encouraging innovation and technology transfer as well as training of the workforce—will help private Omani companies to move ahead into the 4IR swiftly. During the ongoing COVID-19 pandemic, Omani companies have demonstrated their ability to innovate and use technologies in a meaningful and useful way. I would like to share three such examples: the evelopment of breathing equipment; contact tracing initiatives such as mobile phone contact tracing; and manufacturing healthcare-related items such as masks and sanitizers. I am proud to share that a majority of such companies were SMEs owned and operated by promising Omani entrepreneurs.
How do you expect demand from investors interested in establishing industrial assets in Oman to evolve, and what efforts are being undertaken to ensure the local market will benefit from the entry of new foreign players?
I expect FDI into the Sultanate to be high in the future owing to a number of enabling factors. Oman offers world class infrastructure and an attractive legislative framework for foreign investors in the form of a new Foreign Capital Investment Law, Public Private Partnership Law, and the Bankruptcy Law. The establishment a new commercial arbitration process will help investors get quicker resolution. Oman's strategic location, availability of skilled local talent, abundance of land, competitively priced sources of energy coupled with security, peaceful environment, and tolerant society makes it the preferred choice for foreign investors. If we add the fabled natural beauty of the country and the warmth of Omanis, it enhances the country's attractiveness as an investment destination.
What challenges will family businesses face in adopting to the new era of Oman's economy, and what contribution is expected from them to align with Vision 2040?
Some of the challenges facing family businesses include innovation and sustainability, increased costs and competition, dealing with automation and 4IR, enhanced demand for talent, and establishing a corporate governance framework and succession planning. I also believe the most important challenges that family businesses face are internal—from within the family—rather than external ones related to the market or competition. In terms of aligning with Oman's Vision 2040, most family businesses are agile, and that differentiates them from other companies. They have the ability to adapt swiftly to the changes in economic policy taking place in the country under the wise and able leadership of Sultan Haitham bin Tarik. Therefore, family companies in the Sultanate will be able to contribute to achieving the goals of Vision 2040 in terms of technology transfer as well as contribute to job creation for Omani nationals and developing local talent, in addition to contributing towards enhancing in-country value (ICV) in the Sultanate. This is the best time to invest in Oman; with our renewed renaissance, updated laws to promote investments, and new investment opportunities based on public-private partnerships, Oman is ready and open for business, more so now than ever before.
READIER THAN EVER
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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