STEPPING UP
Renaissance Services has played a key role in keeping the health services going by providing essential services to all public hospitals.
BIOGRAPHY
Stephen R. Thomas originally worked with Grand Metropolitan Group plc. He has served as chairman and a board member of the Oman Society for Petroleum Services (OPAL) and as a board member of National Hospitality Institute SAOG. He has been with what is today Renaissance Services SAOG since 1988. In 2010, he was appointed OBE for services to business abroad and to the community in Oman.
How will the COVID-19 outbreak impact the Omani business environment in the medium term?
COVID-19 has had a huge impact on economies around the world, including Oman, as the lockdown measures will have a direct effect on the country's GDP. The crisis will witness a first phase focused on saving lives and a second one geared toward kickstarting the economy, with job creation as its main priority. The low oil price environment is affecting all businesses, though it is being contained as much as possible. For Renaissance, although parts of our services have shut down, with extensive cost-cutting measures, the safety of our employees and customers has been the most important aspect of our initiatives. At the same time, we play our part in keeping the health services going by providing essential services such as cleaning and sanitizing, laundry operations, and feeding services to all public hospitals. For Renaissance, the major challenge has been maintaining a stable supply of personal protective equipment (PPE), though thankfully we never ran out. Finally, we have also leveraged our logistics reach and scale of people to prepare and deliver food supplies to quarantine, support, and outbreak centers all over the country.
How should Oman position itself with regard to the current low oil prices, and what is required from the private sector across the value chain?
Both public and private sector, including oil and gas, will need to look at how to drive down costs, which will likely lead to more outsourcing of non-core services. Working in a collaborative way ensures no one takes the brunt, and all players across the value chain will minimize the consequences from the current situation. The government needs to spend less, so the private sector must step up and find a way to keep the major projects going. Driving efficiencies will be the mandatory guideline for private companies like Renaissance as well, and few models offer a viable solution to meet this goal. We have been providing permanent accommodation to blue-collar workforces in remote oil and gas fields, showing it is possible to build low-cost, high-quality structures compliant with international labor standards through the economies of scale. Many labor facilities happened to be outbreak areas, as social distancing was not applicable. It is thus crucial to ensure people live with dignity at an appropriate cost.
What are your expectations from Vision 2040, and what is required to support the economic growth of the Sultanate?
The key issue is finding a way to scale the learning lessons from the crisis to allow Oman to compete on a global scale. Tanfeedh addressed all the right questions, recognizing that diversification of the economy is crucial; however, the process needs to be accelerated, perhaps with the inclusion of new elements of the sustainability agenda. More specifically, the national employment roadmap needs to be redrawn to support growth and not hinder it. For this same reason, deep austerity and cost-cutting measures would not favor the Omani economy. Instead, new legislations around FDI and privatization will reduce the government burden and, at the same time, support the economic development of the country. PPPs are also a viable solution, and Oman has a great opportunity to learn from both failed and successful PPP projects worldwide. Moreover, the traditional model of opening up tenders to a wide variety of players, when only a few will be able to deliver it, needs to be revisited in the name of transparency and efficiency. The private sector needs to be realistic instead of lowering down prices at all costs to win the tender. There are plenty of opportunities.
STEPPING UP
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