THURSDAY, MARCH 17, 2016
A7
OMAN CABLE
His Majesty recieves written message from Emir of Kuwait
State Council reviews Oman education sector The Education Council made a presentation about the outlook for the education sector in the Sultanate, and highlighted the national education strategy in the Sultanate 2040
MUSCAT: A presentation on the outlook of the education sector in Oman was made to the State Council by the education Council yesterday.
The presentation was made when the State Council hosted today the Education Council, in the presence of Dr. Yahya bin Mahfoudh Al Manthri, Chairman
of the State Council. The Education Council made a presentation about the outlook for the education sector in the Sultanate, and highlighted the national education strategy in the Sultanate 2040. The presentation, given by a number of undersecretaries, academics, included many working papers on a study about restructuring the education system, the National Education Strategy in the Sultanate 2040, philosophy of education document, in addition to providing a working paper on school education projects and improve schooling law. The presentation also dealt
with working papers on the Higher Education Law, and a number of performance indicators in higher education institutions, as well as the review of the national system for the management of the quality of higher education, in addition to a working paper dealt with the technical education and vocational training in the Sultanate. Extensive discussions on various themes included in the national education strategy in the Sultanate 2040 interrupted the presentation. The presentation was followed by open discussion. -ONA
WAT E R A N D E N E R G Y R E S E A R C H
120TH SESSION
Oman, UK scientists discuss new directions in research Times News Service RECEIVING MESSAGE: The message was received on behalf of His Majesty the Sultan by His Highness Sayyid Haitham bin Tariq Al Said when he received in his office this evening Sheikh Mohammed Al Khalid Al Hamad Al Sabah, Deputy Prime Minister, Minister of Interior and Envoy of the Emir of Kuwait. – ONA
MUSCAT: His Majesty Sultan Qaboos bin Said has received a written message from Sheikh Sabah Al Ahmed Al Jabir Al Sabah, Emir of the State of Kuwait related to the fraternal relations binding the two brotherly countries and issues of concern to the two sides. The message was received on behalf of His Majesty the Sultan by His Highness Sayyid Haitham bin Tariq Al Said when he received in his office this evening Sheikh Mohammed Al Khalid Al Hamad Al Sabah, Deputy Prime Minister, Minister of Interior and Envoy of the Emir of Kuwait who conveyed greetings of Sheikh Sa-
bah to His Majesty, the Government and the Omani people. The two sides exchanged cordial conversations and reviewed the bilateral relations between the two brotherly countries. The meeting was attended by Sayyid Hamoud bin Faisal Al Busaidi, Minister of Interior and Fahd Hajar Al Mutairi, Ambassador of the State of Kuwait to the Sultanate. The guest paid a short visit to the Sultanate this evening. He was received and seen off by Sayyid Hamoud bin Faisal Al Busaidi, Minister of Interior and the Kuwaiti Ambassador to the Sultanate. -ONA
MUSCAT: British Council, in association with the Department of Business Innovation and Skills and the UK Science and Innovation Network, organised the “Water and Energy Research Symposium” at SQU to promote links between scientists from Sultan Qaboos University (SQU) and universities in the UK,and carry out joint innovative research in the water and energy fields. Noted research scientists, specialising in the energy and water fields from SQU and seven UK universities, attended the symposium and discussed ideas to open new directions in water and energy research. Russ Dixon, Deputy Head of Mission at the British Embassy, Oman, in his address, stressed
the need for innovations in energy research for oil producing countries,such as Oman. “The drop in oil price is a concern for the countries in this region. It is imperative to develop more innovative technologies to conserve energy and tap alternative energy sources. For arid regions, water is a crucial topic and conservation and sustainable use of water should receive enough attention,” he observed. SQU initiatives Dr. Shahid Al Balushi, expert from the International Relegations Office at SQU, delivered a speech outlining SQU initiatives to support research and capacity building. He elaborated on various research funding options available to scientists in SQU and the university’s research ties with foreign univer-
Arab chambers session begins MUSCAT: 120th Session of the board of the General Union of the Arab Chambers, hosted by the Sultanate represented by Oman Chamber of Commerce and Industry (OCCI) started at Grand Hormuz Hotel yesterday under the chairmanship of Mohammed Weld Mohammed Mahmoud, Chairman of the General Union of the Arab Chambers and Chairman of Muritanian Chamber of Commerce and Industry in the presence of Dr. Ali bin Masoud Al Sunaidy, Minister of Commerce and Industry and heads and members of the Arab chambers boards and unions. Minister of Commerce and Industry said that the meeting will discuss a number of themes namely the implications of the oil price slump on the Arab countries. — ONA
sities and research institutes. In her address, Dr. Malak Hamdan, Head of the UK’s Science and Innovation Network in the Gulf, stated that science and innovation are at the heart of the prospects of any nation. “A country by its own cannot find innovative solutions to the complex set of challenges that the world is facing today. This makes international collaboration between scientists imperative”. Dr. Hamdan said she hoped that ties between scientists from Oman and the UK would result in innovative solutions to address water and energy security challenges, along with climate change issues. Constantine Demetriou, Director for Commercialisation at The Research Council (TRC), spoke about the start-up and venture capital landscape in Oman.
CENTRAL BANK OF OMAN
A1 No plans to raise ceiling imposed on rates < FROM
I N T E G R AT E D T OU R I S M C O M P L E X
A1 Huge demand for real estate project in Oman < FROM
His Highness was speaking at the launch of the group’s new master-planned community The Boulevard project, a new downtown district featuring commercial and residential properties, shops and dining, at the expanding ITC close to Muscat International Airport. His Highness Sayyid Al Rawy Kais Al Said said that the drop in oil prices had not affected performance of the group. “Integrated Tourism Complex (ITC) properties are doing good as many nationalities are coming in from all over the world,” he said. Officials said that the demand for the ITC properties continued to be strong as people continued to invest in good properties. “That is one of the reasons it is no wonder that the properties in Muscat Hills are well sought af-
Muscat Hills continues to contribute meaningfully towards real estate sector in Oman, officials of the company added ter with its magnificent backdrop and ITC status offering freehold ownership to all purchasers, Omanis, GCC nationals and expatriates alike. Muscat Hills with its distinct principle of ‘inclusive development,’ be it with a jointdevelopment approach or with sub-developers’ participation, continues to contribute meaningfully towards real estate sector in Oman,” officials added.
“Such measures and reductions are carried out upon periodical review by the board of governors towards the various issues that concern the banking sector including setting interest rates in general,” noted Al Zadjalil. There was a decline in interest rates in the local banking sector in the recent past, as the likely average of interest rates on loans in Omani rial declined from 5.080 per cent in December 2014 to 4.762 per cent in December 2015. The decline in the interest rates was mainly attributed to the low risk level associated with personal loans. “There are no plans to raise the ceiling imposed on interest rate on personal loans under the current conditions,” added the central bank chief. Case of a hike In case of a hike in interest rates on deposits, which may lead to an increase in financing costs on borrowers and in price levels, he said. “This will attract more customers to deposit their savings in commercial banks to benefit from the return on increased fixed deposit rates.” In order to keep risk at a certain
Such measures and reductions are carried out upon periodical review by the board of governors towards the various issues that concern the banking sector including setting interest rates in general Hamoud bin Sangour Al Zadjali Executive president of the Central Bank of Oman
manageable level in a manner that enhances safety indicators and solidity of financial institutions and consolidating the stability of the financial system while facilitating financial transactions in a way that benefits the economy and the country in general, precautionary directives and regulations on credit disclosure are currently applied to non-residents and funds deposited abroad. These were set forth and reviewed by the Central Bank
of Oman and completed through consultation with commercial banks that made valuable contributions in this respect. Accordingly, CBO expects the Omani banking sector to continue its fructuous performance in the current year 2016 under the tight surveillance of the Central Bank of Oman besides enjoying comfortable levels of liquidity and financial solvency. This will qualify it to meet the needs of the private sec-
tor, which is anticipated to maintain the growth momentum that enables it to play its leading role in the economic diversification process in the Sultanate. Meanwhile, Islamic banking operations which started three years ago are adding extra diversification and flexibility to the Omani banking sector and contributing in the enhancement of all banking indicators quantitatively and qualitatively.