IN THE LOOP Oman garnering foreign investment interest With all the talk going on about the UAE, Qatar, Saudi Arabia, and even Bahrain, it may seem like Oman has been left by the wayside- but things could be changing very soon for the Sultanate. Despite being relatively quiet compared to the other GCC states, and despite the massive drop in oil prices, it looks like multinational corpora-
tions could be flocking towards Muscat for investments in its oil. A report by Emerging Markets Intelligence & Research (EMIR) shows that 72% of multinational corporations that participated in EMIR’s e-poll claimed that investing and expanding into Oman is something they consider likely. The report was presented to CEOs and industry leaders at an event hosted at Dubai’s Burj Al Arab, and chances are that the Omani government will start weighing its options on foreign direct investment policy soon.
Boris Nemtsov’s assassination continues to unravel
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ormer Russian Deputy Prime Minister Boris Nemtsov’s assassination on February 27 made headlines around the world, after he was shot four times in the back just before midnight while on the Bolshoy Moskvoretsky Bridge, days before he was expected to lead a rally against President Putin. Nemtsov enjoyed what many describe as a successful political career under former Russian President Boris Yeltzin, and had played a huge role in developing Russia’s economy as the Soviet Union came to an end. However, with respect to current Russian President Vladimir Putin, Nemtsov was an outspoken critic, most recently about Russian military interference in Ukraine and the financial crisis it has been facing. So who was behind the assassinations? Do all signs point to Putin and the Russian security apparatus? Turns out it isn’t all that simple, but you don’t have to go too far away from Moscow to learn more. The isolated Chechen Republic southwest of the Russian Federation could have had a role to play in this. The head of the Chechen Republic, Ramzan Kadyrov, despite his past experiences as a militia rebel
and some very inflammatory actions and statements on Russia and the West, has strong ties with Putin. But what does this have to do with Nemtsov? Kadyrov not only supports Putin’s policies, but also criticizes the Western-backed liberal entities within Russia, which include the likes of Nemtsov. Could he have been behind the assassination? At the moment, it appears possible, whether or not he had Putin’s consent. On March 8, a Moscow court charged two Chechen men with the killing of Nemstov. One of the two men, Zaur Dadyev, admitted that he was involved in the murder. While another suspect committed suicide in a standoff with Russian police, there are three other suspects who are still in custody at the moment. Reporters and analysts are critical of this scenario, given that Russian media was relatively silent about the murder for about a week before these developments. Kadyrov claimed that Dadyev, who pleaded guilty, was a devout Muslim and was enraged over Nemstov’s support for the controversial French magazine, Charlie Hebdo. Currently, Nemstov’s memorial is visited regularly in Moscow, and Putin continues to condemn the murder as a “contract killing.” Is it possible that a few angry Chechens left the shaky Caucasus Mountains to Moscow to assassinate Nemstov over his liberal views and values, just days before he was ready to rally against Putin’s economic and foreign policy? We may never know.
Column of oppositionists in Moscow at a mourning march in memory of Boris Nemtsov, March 2015 20
Entrepreneur april 2015
Jordanian pharmaceutical company replaces Tullow Oil on FTSE 100
H
ikma Pharmaceuticals is now the fourth pharmaceutical company to make it on the FTSE 100 Index. Owned by the London Stock Exchange, the FTSE 100 is a quarterly index that lists the London Stock Exchange’s top 100 companies, in terms of its market capitalization. Hikma Pharmaceuticals’ market value is at almost 4.9 billion British pounds, knocking off Tullow Oil, due to its value shrinking from £4.6 billion to £3.3 billion as a result of declining oil prices. Hikma Pharmaceuticals have enjoyed a 21% rise in profits, and have now been discussing terms for potential dollar bonds with Citigroup, Barclays, HSBC, and National Bank of Abu Dhabi.
President of IDB Group Dr. Ahmed Mohammed Ali, Mohammed Felloouse, CEO, El Wifack, Khaled Al Aboodi, CEO, ICD
Islamic Development Bank Group marks its presence in Tunisia The Islamic Development Bank Group’s (IDBG) private sector wing, the Islamic Corporation for the Development of the Private Sector (ICDB), has signed an advisory services contract with Tunisian leasing firm El Wifack. The partnership will see El Wifack transition its services into becoming an Islamic financial institution that will have an authorized capital of about 150 million Tunisian dinars (US$77.8 million). ICDB’s consultancy role won’t be miniscule in this process- they’ve prepared seven teams to handle every aspect of the conversation process, from accounting and finance to human resources and marketing.