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Collaborative strategies
Oman’s Industrial Strategy 2040 is all set to drive economic diversification. The Industrial Strategy 2040 has been developed in collaboration with the United Nations Industrial Development Organisation (UNIDO). This partnership ensures the strategy aligns with global economic trends and Oman Vision 2040. The objective is to establish a robust manufacturing base by 2040, emphasizing knowledge-based activities and innovative technologies. It promotes the creation of products that enhance public health and well-being while also opening new regional markets for Omani manufacturers.
The Ministry of Commerce, Industry and Investment Promotion has reported significant growth in Oman’s industrial sector, with foreign direct investment (FDI) in manufacturing reaching RO2.13bn by the end of Q3 2024—a 51.9 per cent increase compared to the same period in 2023. Manufacturing is a key sector identified by the government as part of its economic diversification strategy for 2040.
To modernise the industrial sector, Oman’s Ministry of Commerce, Industry, and Investment Promotion (MoCIIP) has launched a project to advance the adoption of cutting-edge technologies and Fourth Industrial Revolution (4IR) techniques. Named ‘Smart Production Factories,’ this initiative is executed in partnership with the Gulf Organisation for Industrial Consulting (GOIC). Its goal is to facilitate the integration of advanced technologies and 4IR innovations into Omani factories.
The first phase includes a thorough field evaluation of participating factories, based on criteria from the Smart Industry Readiness Index (SIRI). This evaluation framework focuses on three core pillars and includes 16 dimensions to assess each factory’s readiness for 4IR technology adoption, providing tailored recommendations for improvement.
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LEADING BY EXAMPLE
OER’s cover story on ‘Wisdom in Leadership’ made for an interesting read. The defining characteristic of successful business leaders is their exceptional leadership skills. Be it guiding a small team or managing a large organisation, these leaders possess an extraordinary ability to inspire and elevate their employees, driving them toward outstanding results. Through years of experience and steadfast commitment, they have refined their leadership abilities, becoming role models for those seeking to enhance their own skills.
Their journey not only showcases personal growth but also reflects a dedication to mentoring the next generation of leaders. Additionally, these leaders cultivate a culture of strategic thinking, urging their teams to analyse challenges and devise innovative solutions. By motivating team members to realize their full potential, they foster an environment where everyone is encouraged to strive for excellence.
Steven McCullum, MQ
SMARTER WAYS TO WORK
Efficiency in business is not just about doing more in less time—it is about doing the right things, in the right way, with purpose. In today’s competitive and fast-evolving landscape, organisations that prioritise efficiency are better positioned to adapt, innovate, and grow. But real efficiency goes beyond cost-cutting or speeding up tasks. It starts with clarity: understanding what truly adds value, what holds teams back, and how processes can be improved without losing the human touch.
Businesses are increasingly turning to smart tools—automation, data analytics, cloud platforms—not to replace people, but to free them up to focus on what matters most: creativity, problem-solving, and strategic thinking. At the same time, building efficient teams means investing in clear communication, well-defined roles, and a culture of trust and accountability.
Efficiency should feel empowering, not exhausting. When teams are aligned, supported, and equipped with the right resources, they work better—not just faster. The result? Better outcomes, stronger employee morale, and a business that is agile enough to thrive in any environment.
In the end, driving efficiency is about balance: blending technology with human insight, speed with intention, and productivity with purpose. It is not just how we work—it is how we move forward.
Air-sofa super-sensitive seats deliver a new standard in relaxation
GROWTH CATALYST
Bank Muscat AGM elects Board, approves cash dividends for shareholders
Bank Muscat held its Annual Ordinary General Meeting (AGM) and Extraordinary General Meeting (EGM) of the Bank’s shareholders on March 26, 2025, through the electronic platform of Muscat Clearing and Depository’s website. Both meetings were presided over by Sheikh Khalid bin Mustahail Al Mashani, Chairman of the Bank’s Board of Directors. During the meeting, shareholders of the Bank elected the Board of Directors for a three-year term (2025-2028). The Extraordinary General Meeting (EGM) approved the renewal of Meethaq Sukuk program and issuance of RO500 million (or its equivalent in US Dollar currency) Sukuks in various tranches in the domestic and international markets through public subscription or private placement. The shareholders also approved the issuance of senior unsecured bonds in the local market under a Medium Term Programme “MTP.” The Bank, within the framework of the proposed MTP, would issue senior, unsecured bonds denominated in OMR or USD in the local market either by a private placement or public offering in compliance with the applicable laws and regulations in Oman.
During the Annual Ordinary General Meeting (AGM), the shareholders of the Bank granted their approval to distribute cash dividends of 16.5 Baisa for each share for the financial year ended December 31, 2024. They also reviewed the Report of the Board of Directors for the financial year ended December 31, 2024, the Report on Corporate Governance for the financial year ended December 31, 2024, and the Auditor’s Report and approval of the Balance Sheet and Profit and Loss Accounts for the financial year ended December 31, 2024. The shareholders also discussed the report of the Shari’a Supervisory Board of Meethaq, the Islamic Banking window, for the financial year ended December 31, 2024 and approved the appointment of Shari’a Supervisory Board of Meethaq as well as the appointment of the statutory auditors for the Bank and the external independent Shari’a auditors for Meethaq, for the financial year ended December 31, 2024.
After the AGM, the Board of Directors held a meeting where Sheikh Khalid bin Mustahail al Mashani was appointed Chairman and Sheikh Ahmed bin Hamed bin Hilal al Sadi was appointed Deputy Chairman. Speaking on the occasion, Sheikh Khalid bin Mustahail Al Mashani, the Chairman of the Board of Directors of Bank Muscat, expressed his thanks and gratitude to the shareholders, customers and partners for their continuous support and confidence in the Board of Directors and the Bank’s outstanding performance in delivering sustainable banking solutions that meet the evolving needs of customers. He said, “To further consolidate its leadership position in the Sultanate’s banking sector, the Bank is committed to investing in cutting-edge technologies and improving efficiency to offer greater value to our customers. Simultaneously, we prioritise competitiveness and implement best practices and products to cater to diverse segments, ensuring we remain at the forefront of delivering high-quality products and services.” Bank Muscat has reported a net profit of RO225.58 mn for the year ended December 31, 2024, compared to the RO212.45 mn, reflecting a year-on-year growth of 6.2 per cent.
Capital Intelligence raises Oman Arab Bank’s long term foreign currency rating from “BB+” to “BBB-”
Oman Arab Bank (OAB) announced that the international credit rating agency, Capital Intelligence Rating (CI), has raised the Long-Term Foreign Currency Rating (LT FCR) and Short-Term Foreign Currency Rating (ST FCR) to “BBB-” and “A3” respectively, from “BB+” and “B”. The outlook for the LT FCR has been revised to Stable from Positive. CI has affirmed OAB’s Bank Standalone Rating (BSR) of ‘bb+’ with a Stable outlook, Core Financial Strength (CFS) rating of ‘bbb-’, and Extraordinary Support Level (ESL) of Moderate. The upgrade follows a similar action on Oman’s sovereign ratings.
Commenting on the report, Sulaiman Al Harthi, CEO, Oman Arab Bank said, “This upgrade reflects OAB’s sound financial metrics and wellestablished franchise supplemented by the strengthening of Oman’s economic fundamentals and prudent fiscal management. It also considers the introduction of the new banking law earlier this year, which is expected to enhance the operating environment and support the digitisation within the banking sector.” He added, “The affirmation of OAB’s Bank Standalone Rating (BSR) and Core Financial Strength (CFS) demonstrates OAB’s strong financial results in 2024, the continued support of our major institutional
shareholders and the favourable deposit mix, with share of CASA funds contributing to more than half of total deposits in 2024. We have also had the loan-loss reserve coverage ratio reaching the highest level seen in five
Sohar International partners with Al Mouj Walk to support local SMEs
Reinforcing its commitment to the growth and prosperity of small and medium-sized enterprises (SMEs), Sohar International partnered with Al Mouj Walk to offer more than 50 local entrepreneurs a platform to showcase their products, thereby fostering business development and community engagement. The event, dubbed as “Sohar International Souq – Layali Al Mouj” was held from March 20 to 22, providing a vibrant marketplace where creativity, passion, and commerce converged. To enhance both vendor and customer experiences, Sohar International provided an integrated network of POS systems, ensuring secure and seamless transactions throughout the event. Commenting on the initiative, Abdulwahid Al Murshidi, CEO, Sohar International stated, “At Sohar International, we recognise that SMEs are the backbone of a thriving economy, driving innovation, job creation through supporting and empowering local talents and competencies to achieve sustainable growth. Through initiatives such as Sohar International Souq – Layali Al Mouj, we are committed to creating valuable opportunities for entrepreneurs to expand their reach, build strong networks, and position themselves for long-term success. It is through such efforts that we reaffirm our role as a catalyst for socioeconomic progress, creating a more resilient and prosperous future for all.”
The event acted as a platform for the SMEs to showcase a diverse range of local products across multiple sectors, ranging from food and beverage, to fashion, health and cosmetics products, and electronics, offering visitors an opportunity to explore a diverse selection of local brands with ease and convenience ahead of the Eid Al Fitr celebrations. Sohar International
was also present throughout the souq’s duration where they hosted the visitors to introduce them to the extensive range of financial services and solutions that the bank provides for various customers. In addition to the main exhibition showcase, the souq also included fun activities for children as well as draws with valuable prizes for the visiting guests. The “Sohar International Souq – Layali Al Mouj” exemplifies the bank’s strategic approach to community engagement, serving as both a platform for local entrepreneurs and a catalyst for economic resilience. By integrating business growth with meaningful interactions, Sohar International reinforces its commitment to fostering a thriving entrepreneurial ecosystem while strengthening its role as a key driver of sustainable economic development.
Sayarti Rental expands fleet with the addition of luxurious 2025 GAC M8
In line with its commitment to providing advanced, reliable, and sustainable transportation solutions, Sayarti Rental, a part of the Automotive sector of The Zubair Corporation and a leader in the nation’s transportation and equipment rental sector — has announced the latest expansion of its fleet with the addition of the 2025 GAC M8. This strategic addition comes through a partnership with Gargash Group, the exclusive distributor of GAC vehicles in the Sultanate of Oman.
The integration of the premium 2025 GAC M8 reflects Sayarti’s ongoing efforts to offer cutting-edge transportation solutions that meet the evolving needs of both government and private sector clients, as well as individual customers. The new model combines luxury, technology, and practicality — positioning it as an ideal choice for business and leisure users alike. Commenting on this milestone, Sohraab Hasnain, General Manager of Sayarti Rental and Used Cars, said, “This expansion aligns with Sayarti’s strategic vision to continuously enhance its fleet with technologically advanced vehicles, in line with the company’s growth and expansion plans. The addition of the GAC M8 marks a significant step forward in providing high-end vehicles with advanced features and low operating costs, reinforcing our commitment to offering best-in-class mobility solutions across the Sultanate. We are confident that our partnership with Gargash Group will further strengthen our ability to meet the diverse
delighted to partner with Sayarti to provide vehicles that exceed market expectations in terms of quality, performance, and competitive pricing.
The 2025 GAC M8, with its distinctive design, spacious interior, and advanced technology, offers an exceptional experience for both corporate and family users.” Designed with three rows of seating to comfortably accommodate up to seven passengers, the GAC M8 boasts a bold and sophisticated exterior, alongside a technology-rich cabin that caters to the comfort and convenience of both drivers and passengers.
CUSTOMER ENGAGEMENT
ahlibank conducts Annual General Meeting; approves dividend distribution and 2024 financials
ahlibank has announced the successful conclusion of its Annual General Meeting (AGM), on March 25, 2025, via the electronic platform for general meetings hosted on Muscat Clearing and Depository’s (MCD) website. The meeting was chaired by Hamdan Ali Nasser Al Hinai, Chairman of the Board of Directors of ahlibank, and attended by esteemed board members, senior management, and shareholders. During the AGM, shareholders reviewed and approved key agenda items, including the Board of Directors’ Report on the bank’s activities and financial position for the fiscal year ended December 31, 2024. The Corporate Governance Report and the Auditor’s Report on the Bank’s Audited Financial Statements were considered and approved, while the general assembly was notified of the Sharia Compliance Report of ahli islamic for the same period.
The shareholders approved a total dividend distribution of 10 Baiza per share, comprising 5 Baiza in cash and 5 Baiza in the form of free mandatory convertible bonds. Furthermore, the general assembly was informed of related party
transactions and the bank’s contributions to community service initiatives.
Speaking on the occasion, Hamdan Ali Nasser Al Hinai, stated, “At ahlibank, our unwavering commitment to diversification and innovation drives us forward, enabling us to expand our services and leverage digital transformation to manage risk and seize emerging opportunities. Anchored by a robust financial foundation and stable capital structure, our future-focused approach and operational excellence enable us to turn challenges into growth opportunities, consistently delivering superior returns to our shareholders. The enduring confidence of our stakeholders reflects our agility in navigating an evolving financial landscape. At the core of our strategy are sustainable practices and customer-centric solutions, reinforcing our role as a trusted partner in fostering inclusive, long-term economic progress.”
A key highlight of the meeting was the election of three members to fill the vacant seats on the Board of Directors of the Bank. Shareholders also ratified the remuneration
and sitting fees of the Sharia Supervisory Board for the financial year ended December 31, 2024, and approved its appointment. Additionally, the sitting fees paid to the Board of Directors and its sub-committees for 2024 were ratified, and the fees for the 2025 fiscal year were determined. The proposal to distribute remuneration to the Board of Directors for 2024 was also approved.
To uphold governance excellence, shareholders endorsed the Board’s performance report for 2024 and the appraisal criteria for 2025, appointing a third-party entity for an independent evaluation. The shareholders also approved the appointment of external auditors and Sharia auditors for the financial year ending December 31, 2025.
As part of its strategy, ahlibank remains committed to prioritising customer needs, embracing digital transformation, and driving innovation. With a steadfast focus on financial inclusion and economic sustainability, the bank continues to play a vital role in supporting the Sultanate’s national growth and development.
DYNAMIC GROWTH
Sohar International’s profits exceed RO100mn
Sohar International convened its Annual General Meeting (AGM) for the fiscal year ending December 31, 2024, under the leadership of Said Mohamed Al-Aufi, Chairman of Sohar International. The meeting, held on March 26, 2025, at Crowne Plaza Qurum, was attended by the Board of Directors, executive management, and shareholders, with virtual participation facilitated through the Muscat Clearing and Depository Company’s online platform (www.mcd.gov.om). Shareholders approved all agenda items, reinforcing their trust in the bank’s continued growth trajectory and strategic alignment with Oman Vision 2040. The meeting highlighted Sohar International’s record-breaking financial performance, expansion into new markets, and commitment to social responsibility, further solidifying its position as a key driver of economic progress.
As part of its ongoing commitment to enhancing social well-being and reinforcing its corporate responsibility, the AGM reviewed the bank’s community engagement and charitable initiatives for 2024. These included strategic partnerships with various NGOs and charitable organisations across the nation, such as the Down Syndrome Association and the Noor Association for the Blind to support ongoing development projects and initiatives. The bank also launched the Empowering Female Entrepreneurs initiative in partnership with “Sharakah,” alongside its collaboration with “Takaful Sohar” to provide household tools for low-income families through the “Sohar Al Atta” initiative in its 6th consecutive year. To reaffirm its continued
support for the community, the meeting approved the allocation of RO500,000 for social responsibility in 2025, which was kept at the discretion of the Board of Directors to utilise the funds in ways that maximise benefit to the community.
As part of the AGM for the fiscal year 2024, the agenda entailed the approval of the Board of Directors’ report, the company’s organisational and management report, and the performance of the Board of Directors. The meeting also ratified the auditors’ report and the Sohar Islamic Shariah Supervisory Board report. Additionally, all financial transactions with related parties were reviewed. Regarding the recommendations, the assembly approved the distribution of a cash dividend of 8 baisa per share to shareholders. The meeting also approved the allocation of RO300,000 as bonuses for the Board members for 2024, in addition to ratifying the attendance allowance and setting provisions for the upcoming fiscal year. Additionally, the AGM witnessed the formation of a new Board of Directors for the company, along with the appointment of a new Sohar Islamic Shariah Supervisory Board, including the determination of their compensation and session attendance fees. The appointment of the auditors for Sohar International and the external Shariah auditors for Sohar Islamic for the fiscal year 2025 was also announced, with their compensation being approved.
In this context, Said Mohamed Al-Aufi, Chairman of the Board of Directors at Sohar International, stated, “Thanks to the
exceptional performance achieved by the bank, alongside the recovery of the national economy and its swift and effective response to market fluctuations and emerging needs, Sohar International continues to achieve sustainable and tangible growth across various sectors. These achievements reinforce the bank’s position as a key pillar of economic and social development in the Sultanate of Oman.” He highlighted that the notable increase in shareholders’ equity by 28 per cent, supported by a rights issue of RO130mn, will enhance the bank’s ability to expand its financing projects and strengthen its presence in Oman and the Kingdom of Saudi Arabia. Furthermore, the bank’s loanto-deposit ratio improved to 74 per cent, compared to 77 per cent the previous year, reflecting the bank’s financial strength and resilience in leading major transformations in the banking sector, while delivering added value to all stakeholders.
Sohar International’s achievement of exceptional profits this year is the result of its well-thought-out strategy and its focus on sustainable growth. The bank recorded profits exceeding RO100mn, compared to RO70.3mn in 2023. Additionally, the bank successfully increased its market share, reaching $2.4bn, further enhancing its position as the thirdlargest listed entity on the Muscat Stock Exchange in terms of market share size.
Total assets saw a growth of 10 per cent, reaching RO7.3mn, driven by a 9 per cent increase in loans and Islamic financing. Customer deposits also rose by 13 per cent, reaching RO5.7mn, with the loan-to-deposit ratio improving to 74 per cent, compared to 77 per cent in 2023. This reflects the bank’s financial strength and operational efficiency
LEADING WITH IMPACT
Alizz Islamic Bank aims to embark on its journey of digital transformation, enhancing value propositions, introducing new card offerings, and more, all while remaining committed to Shari’a compliance, says CEO, Ali Al Mani in an interview with Oommen John
How has Alizz Islamic Bank’s financial performance been in 2024 and what accounts for its success?
We are proud that Alizz Islamic Bank achieved significant growth in 2024 as a result of a well-defined strategy and consistent performance. The Bank achieved double digit profitability of RO10mn, higher by 28 per cent compared to previous year’s net profit of RO7.8mn. Strong growth was witnessed in all core business areas which led to the financing portfolio growing by 11 per cent from 2023 to reach RO1,076.9mn while deposits increased by 8 per cent to reach RO1,094.1mn. It is also worth noting that the international credit rating
agency, Capital Intelligence Ratings (CI) upgraded Alizz Islamic Bank’s LongTerm ratings on the Oman National Scale to ‘omAAA’ from ‘omAA’, with a stable outlook which was improved during the past year as a result of change in outlook of Oman sovereign rating and strengthening of the bank’s financial position.
The Bank expanded its distribution network in 2024 by opening three branches during the year in addition to our first ever smart branch while also enhancing our digital capabilities. Being recognised as an innovative bank, we continued to introduce unique products and services for our
growing customer base. We expect to focus on a sustainable net worth and reach while continuing to build on our capabilities in 2025.
What are the Bank’s key strategic priorities for 2025?
The next few years are about sustaining and growing the bank organically by leveraging all our investments. We continue to focus on our strategic pillars this year which is performance, people, transformation, and efficiency. Based on our longterm plans, I am confident that we are going to be one of the leading Islamic banks in the country. Enhancing sustainability initiatives is also a core
focus for us; in 2024 we issued the bank’s first Sustainability Report and we want to continue to ensure that we are in line with the United Nations Sustainable Development Goals (SDGs). We strongly believe that this is part of our social obligation to this beautiful nation and the communities that we operate in. Aligning financing solutions with ESG principles is key to our organisation.
We believe that we play an important role in generating social value by advancing financial inclusion, and supporting the growth of small and medium-sized enterprises (SMEs). Hence, we partner with NGOs and government programs to empower the youth and local communities. It is our duty to expand access to banking services through initiatives such as financial literacy programmes that can empower society.
our customers more efficiently and seamlessly, and increase the customer base, and achieve broader financial growth.
What innovations are you exploring to enhance the digital banking experience for customers?
Enhancing the digital banking experience requires a combination of technology, user experience, security and personalisation. With this in place, the bank has a robust execution plan to enhance our customers’ overall digital experience. Innovation, digital and technological enablement is part of Oman’s Vision 2040 plan and we need to be in line with the country’s vision. We work according to a sustainable strategy to enhance our customers’ experience by adopting the most advanced solutions. The bank has succeeded in achieving a quantum leap in this aspect, the digital channels provided by the bank are diverse, such as our mobile banking application, the ‘Alizz Connect’ platform for online banking services for our Corporate and SME clients, the bank’s corporate website, the chatbot service available on our website, via WhatsApp and social media Instagram channel. Furthermore, during 2024, we upgraded all the bank’s ATM and CDM machines to align with best practices. We also inaugurated our first smart branch in Wilayat Bawsher, located in a strategic and accessible location. Additionally, we upgraded our call center to be a cloud-based to
What market trends and challenges do you foresee shaping the financial industry and how do you plan to address them?
The banking industry is evolving rapidly, driven by digital transformation, regulatory changes and the continuous shift of customer expectations. The rapid growth of technologies such as artificial intelligence (AI) and Large Language Models (LLMs) has become something that all financial institutions must consider as it is a standard that our customer expects. However, we are currently focusing on existing challenges, while exploring future requirements in parallel.
We at Alizz Islamic Bank, are proactively implementing comprehensive strategies that address specific trends, challenges and strategies associated with emerging technologies. Additionally, continuous stakeholder collaboration is essential for developing a regulatory environment that supports business innovation, while also protecting consumer data privacy and maintaining the continued stability of the Omani financial ecosystem.
We continue to face increasing competition and evolving customer expectations. Hence, this year we
our new cards and much more, while staying true to Shari’a compliance in every step of the way.
How does Alizz Islamic Bank ensure its products and services are differentiated and competitive in an evolving financial market?
The Bank’s vision is ‘Personalising every financial experience through innovative and smart solutions’ and we truly embrace it in everything we do and our values are based on our existing day to day dealings, and we have summarised them all under one word which is ECLAT meaning we do things that are successfully noticeable and with great effect. Furthermore, the word expands into our core values that stands for being Ethical in our dealings, Collaborative in our approach, Leadership in our results, Agile in our actions and Trust in our services.
In terms of business and customer experience, our value-added propositions are the key drivers, where we offer customers a complete suite of Shari’a-compliant wholesale and retail banking products and services. When it comes to retail customers, we do our research before offering them a suite of solutions that cater to their needs. Keeping in mind the specific requirements of SMEs, we have created an exemplary value proposition, enabling them to grow and develop through well-defined initiatives. These kinds of value-added products and services attract new customers to bank with us.
A DIFFERENTIATED APPROACH
Eng. Bader Al Zidi, CEO, Vodafone Oman reflects on the telecom major’s three year journey in Oman and the way ahead in an interview with Mayank Singh
Vodafone Oman has completed three years of operations in Oman. How would you sum up the company’s progress over these years? It has been an exciting and satisfying journey. Since the beginning of Vodafone Oman’s operations, we were clear that the first three years would be dedicated to building our foundation, one that would enable us to be Oman’s digital-first operator. In pursuance, we worked tirelessly to fast-track our 5G coverage across the Sultanate, ensuring we create value for our customers and the economy.
We set ambitious targets from day one, starting with a comprehensive market study to understand customer pain points and expectations. That insight became our blueprint. We committed ourselves to resolving those challenges and redefining the telecom experience in Oman.
Over the last three years, we have focused on putting in place everything we needed; building our own independent 5G network, establishing state-of-the-art IT systems and nurturing the telecom ecosystem to deliver the level of service our customers expect. It typically takes years to reach this kind of maturity, but we had to move fast to ensure that we had a foundation within three years and we did it.
The company has grown rapidly acquiring around 14 per cent market share, while revenue grew by 58 per cent in 2024.
What accounts for the company’s consistent year-on-year growth?
Vodafone Oman entered the market with a set of unique differentiators. From day one, we positioned ourselves as a digital operator, building 5G from the ground-up and fully embracing emerging technologies. Our entire core network and IT infrastructure were designed to be cloud native, which has given us significant agility and efficiency.
At the heart of our operating model is the My Vodafone App, where all our products and services live and it’s our primary touchpoint for customers. Our end-to-end digital journey allows us to maintain a lean organisation, enabling faster response times and better management of customer expectations.
From a product perspective, we introduced two unique offerings. One is ‘take your home tariff abroad’ which allowed Vodafone customers to use Oman based local tariffs across 29 countries. The inclusion of GCC countries in this service covered over 85 per cent of Omani traveller’s destinations. The second was our approach to data usage, indeed it’s a fact that our data lasts longer. With Vodafone, these are now a pain-point of the past.
Our 5G NEXT LEVEL network, together with our digital customer experience journey which enables a customer to on-board immediately from anywhere through the App have contributed to our growth.
Beyond telecom, we’ve introduced value-added digital services that may seem small individually, but collectively enhance the customer experience. For example, our car park service enables one to book a parking anywhere in Muscat through the App. We also post high school results on our App as well, improving accessibility and convenience.
We have made a conscious effort to remain youth-centric in our approach, developing local content, showing boldness in our tone, and adopting a fresh, energetic style. This youthful spirit is not just part of our brand but a key driver of our continued success.
Vodafone Oman’s 5G NEXT LEVEL covers over 98 per cent of the Sultanate’s population. How has the offering been received by customers?
Looking back, it’s important to note that over 40 per cent of our 5G NEXT LEVEL coverage was completed in the last two quarters of 2024, so have yet to see the full value of the platform for customers. That said, initial feedback has been very encouraging, with customers appreciating the quality, speed, and reliability of the service. We’re proud to say that even at this stage, the offering is already making a positive difference.
We also benchmark ourselves against international standards to ensure our performance is on par with global operators. For example, if you look at
open signal benchmarking, Vodafone Oman has managed to achieve nine out of 14 major parameters related to 5G. These include speed of upload, gaming experience, consistency and so on. I would say that it has worked well and our focus on building networks and our 5G have paid off.
Can you share Vodafone Oman’s major products & services, which were launched recently?
At the beginning of this year, we introduced new gaming and e-sports content, which has been highly anticipated by our customer base, especially among our youth segment.
We also launched a new mobile broadband product called ‘Makani internet,’ which has been wellreceived. Makani is designed to offer reliable, high-speed internet access for homes and small businesses, especially in areas where fixed connectivity is limited. With the introduction of Makani, we now offer a comprehensive mobility solutions portfolio including pre-paid, postpaid, enterprise solutions and mobile broadband.
Vodafone Oman has entered into a partnership with Friendi Mobile to transition its 700,000 plus customers to Vodafone’s 5G network. Can you share details of this partnership? The partnership with Friendi Mobile was a key milestone for Vodafone Oman as we were able to get into this strategic partnership while building our network. It also reflects the trust
and confidence of our partners in our modernized networks and our 5G focus. In terms of timelines, we officially signed the partnership early Q2 2024. The regulatory approvals followed in Q3 of the year and we finished the integration process between us by the end of 2024.
In 2025, all new customer acquisitions by Friendi will be on our network and we will start the migration soon. We expect to finish the complete migration of their subscriber base by the end of Q2.
In what ways is Vodafone Oman contributing to ICV, Omanisation and Sustainability?
From the beginning, Vodafone Oman adopted a partnership-led operating model, firmly rooted in our commitment to maximising our ICV contributions. Wherever possible, we have prioritised local sourcing and have favoured a leasing approach instead of investing in our own. For instance, we lease our core infrastructure, like fibre, towers, data centre etc. from an existing service provider. This has enabled us to keep our CapEx (capital expenditure) low while building up our presence as an operator.
Similarly, we use partnerships wherever possible. For example, we use Asyad Express for delivery services. We hire local agencies for marketing and social media management and the same is applicable across various functionalities. Overall, Vodafone
Oman’s In Country Value spend over the last three years has been approximately RO180 million of which over RO60 million was invested in 2024. We are committed to ensuring that bringing a global brand like Vodafone to Oman delivers tangible, long-term economic value to the country.
When it comes to sustainability, I can proudly say that we are considered a benchmark. As a full-fledged digital operator; our carbon footprint is minimal. We have been using e-sims from day one, necessitating less printing of SIM cards. Vodafone Oman was the first to introduce an EV in our fleet of cars. Couple these with our leasing model and you can see how we have contributed to sustainability in Oman.
What can customers expect from Vodafone Oman in 2025?
In 2025, our focus remains on delivering the best-in-class digital experience. We will continue to place customer experience at the heart of everything we do and across Vodafone, we are aligned around a shared goal to make every interaction with is simple, seamless and rewarding.
We will also build on the momentum of our recently launched products, including mobile broadband (Makani Internet), our enterprise solutions and the youth-led content. These will be further expanded with new digital verticals, such as video streaming and video on demand offerings.
In 2025, our focus remains on delivering the best-in-class digital experience. We will continue to place customer experience at the heart of everything we do and across Vodafone, we are aligned around a shared goal to make every interaction with is simple, seamless and rewarding
PARADIGM SHIFT
From Greenwashing to greenhushing: Navigating the evolving landscape
As global environmental and social challenges reshape corporate priorities, businesses and governments increasingly embrace sustainability. What once focused on profit maximisation has evolved into a stakeholder-driven approach, emphasising long-term value creation through Environmental, Social, and Governance (ESG) principles. For years, companies promoted their green credentials—sometimes misleadingly— through greenwashing, exaggerating sustainability efforts to attract investors and enhance reputation. However, growing regulatory scrutiny and political sensitivities have led many businesses to take a quieter stance on ESG initiatives, a practice known as greenhushing.
Greenwashing gained traction as companies sought to capitalise on ESG branding, but increasing consumer awareness and regulatory enforcement exposed deceptive claims. Enhancement of their public image and increased attractiveness to institutional investors have been some of the attributable benefits of ESG branding. Investigations revealed that some organisations overstated their sustainability efforts, leading to fines, reputational damage, and investors reassessing ESG-tagged funds. Wide range of clients from Toyota, DWS, Walmart, Kohl, Goldman Sachs, H&M, Decathlon etc. have been called for greenwashing.
Greenhushing, the deliberate understatement or silence on ESG efforts, has emerged due to concerns about legal liabilities, political backlash, and shifting global priorities. Companies fear scrutiny over unmet climate targets or regulatory changes that could conflict with their commitments. This trend has resulted in high-profile (e.g., JPMorgan Chase, Morgan Stanley, Citigroup, Goldman Sachs, Wells Fargo, and Bank of America) withdrawals from global climate alliances, such as the Net-Zero
Banking Alliance and Net Zero Asset Managers initiative. Despite exiting these forums, most institutions continue their sustainability journeys—but with less public disclosure to avoid controversy.
Regulatory Dilemmas Driving ESG Silence
The shift from greenwashing to greenhushing is deeply tied to a regulatory dilemma that corporations face. Earlier, firms engaged in greenwashing to meet public expectations; now, stringent compliance risks have led to greenhushing, with companies wary of (a) legal claims from investors if sustainability targets aren’t met; (b) Political scrutiny in regions where climate initiatives face opposition; (c) Rapidly evolving climate policies creating compliance uncertainty. As the United States walked away from the Paris Agreement and adopted a stance often described as anti-woke, the landscape for environmental accountability shifted. Organisations that were genuinely embracing green initiatives began facing political and social scrutiny, which further influenced how organisations communicate sustainability, often opting for discretion over promotion.
Challenges for Corporate Leaders
For CEOs and business leaders, this regulatory yo-yo creates an exceptionally challenging landscape as balancing profitability with sustainability is increasingly complex. ESG practices, while critical, often require significant upfront investment, operational restructuring, and potential shifts in business models. Inconsistent policies and changing global priorities make long-term planning even harder. The result? Many leaders must juggle short-term profit goals with long-term sustainability ambitions. This tension has fuelled both greenwashing and, more recently, green hushing as companies try to strike a balance between compliance, reputation management, financial
health and increased external scrutiny. Regulatory changes and political ideologies now influence corporate environmental strategies, creating uncertainty for businesses. CEOs now face the added complexity of aligning corporate strategies with rapidly shifting political climates, such as the U.S. focus on deregulation and anti-woke rhetoric, which impact the broader perception of green initiatives.
Balancing Action and Transparency Companies can overcome greenwashing and greenhushing by focusing on material ESG issues that have the greatest business impact; being transparent with data-backed claims while acknowledging challenges; engaging stakeholders for credibility and accountability; setting measurable targets and reporting progress consistently; continuously refining sustainability efforts beyond compliance needs; communicating authentically, by avoiding exaggerated claims or undue silence.
The transition from greenwashing to greenhushing reflects a growing awareness of the complexities and challenges of evolving geo-political and policy changes. While misleading sustainability claims must be avoided, silence is not the answer. Businesses must communicate authentically and transparently, building trust and contributing to global sustainability goals. The future lies in striking a balance between action and communication, ensuring that both are grounded in honesty, integrity, and a genuine desire to make a positive impact on the planet. This shift is a tightrope walk, but one that could redefine the green movement for the better.
Dr. Manish Dhameja Strategic Leader and Senior Banking professional
GROWTH CATALYST
Oman’s Industrial Strategy 2040 is all set to drive economic diversification. The strategy aims to establish an advanced manufacturing base by 2040, focusing on knowledge-based activities and innovative technologies. It also seeks to open doors for Omani manufacturers in new regional markets. An OER Report
Oman’s manufacturing sector has showed the highest performance among key sectors targeted for economic diversification during the first quarter of 2024.
The sector grew by more than 10 per cent in the first half of 2024 compared to the same period last year, according to data from the National Centre for Statistics and Information. The sector’s output at fixed prices rose to RO1.868bn with much of the expansion in oil refining, petrochemicals and basic chemicals. The sector’s expansion supports the development of other industries by generating demand for raw materials, logistics, technical services and infrastructure. This expansion also encourages investment in research, development and innovation. The Ministry of Commerce, Industry and Investment Promotion has reported significant growth in Oman’s industrial sector with FDI in manufacturing reaching RO2.13bn by the end of Q3 2024- a 51.9 per cent increase compared to the same period in 2023.
Oman’s Industrial Strategy 2040 is all set to drive economic diversification. The Ministry has developed the Industrial Strategy 2040 in collaboration with the United Nations Industrial Development Organisation (UNIDO). This partnership ensures the strategy aligns with the latest global economic trends and Oman Vision 2040. The strategy aims to establish
an advanced manufacturing base by 2040, focusing on knowledge-based activities and innovative technologies. It encourages the development of products that contribute to improving public health and well-being. Besides, the plan seeks to open doors for Omani manufacturers in new regional markets. As part of initiatives towards modernisation of its industrial sector, Oman’s Ministry of Commerce, Industry, and Investment Promotion (MoCIIP) has launched a special project to advance the adoption of cutting-edge technologies and Fourth Industrial Revolution (4IR) techniques in the country. Christened as ‘Smart Production Factories,’ the project has been taken up for execution in collaboration with the Gulf Organisation for Industrial Consulting (GOIC). The project’s goal “is to facilitate the integration of advanced technologies and 4IR innovations into Omani factories.” The first phase involves a comprehensive field evaluation of participating factories based on a specific set of criteria derived from the Smart Industry Readiness Index (SIRI). This evaluation matrix is structured around three core pillars, encompassing 16 dimensions that assess each factory’s readiness for 4IR technology adoption and provide tailored recommendations for improvement. The initial phase of the project will focus on enabling five out of 20 selected factories to adopt 4IR applications and undergo digital transformation throughout 2024. By 2026, the target is to transform 30 per
cent of Omani factories into smart factories.
A specialised team from GOIC, including a certified evaluator from the International Centre for Industrial Transformation, will collaborate with the MoCIIP’s team to conduct site visits and evaluate the factories based on the SIRI criteria. This initiative is a key component of the Industrial Strategy 2040, designed to enhance the competitiveness of Oman’s industrial sector by facilitating the transition to smart production facilities. The project aims to modernise technology, introduce new production lines, reduce costs, increase efficiency, and create specialised job opportunities aligned with educational outcomes.
The Ministry of Energy and Minerals launched eight green hydrogen projects in Al Wusta and Dhofar governorates, targeting an annual production of 1.38 million tonnes of green hydrogen by 2030. Oman aims to leverage local mineral resources while the manufacturing sector is a key driver of economic diversification under Oman Vision 2040, supporting related industries and building national capacities. Efforts are ongoing to enhance the role of SMEs to encourage entrepreneurship. These enterprises received government procurement contracts worth more than RO100mn in the first half of 2024.
According to the ministry, the manufacturing sector recorded a real growth rate of 9.2 per cent in the first quarter of 2024, a sharp recovery from a 2.2 per cent decline during the same period in 2023. The contribution of manufacturing to gross domestic product (GDP) rose to 10 per cent at constant prices and 10.5 per cent at current prices. Looking ahead, the 10th Five-Year Plan aims to increase the manufacturing sector’s contribution to the GDP to 12.2 per cent by the end of the plan.
The growth is attributed to the success
of economic diversification efforts. These initiatives have boosted the performance of industrial sectors, increased industrial exports, and attracted investments in industrial, free and private zones. Notably, the launch of new strategic projects, such as Duqm Refinery, have played a crucial role in driving this progress. There were remarkable growth rates in the refined petroleum products industry (67.6 per cent), basic chemicals industry (6.4 per cent) and other manufacturing industries (6.3 per cent) during the first quarter. The robust growth in the manufacturing sector can be attributed to several key factors. These include large investments in new and expanding industrial projects, which have enhanced production capacities and increased both local and foreign demand for Omani industrial products. Development of industrial infrastructure, supported by government investments in roads, electricity and ports, have also consolidated the sector’s capabilities. In addition, incentives and facilities provided to investors, such as tax breaks, have encouraged further industrial investment.
Adoption of modern technologies
in manufacturing and programmes to improve productivity have also contributed to the sector’s success. The stability of Oman’s security and economy have played a vital role in enhancing the business environment and building investor confidence.
Vale, a global leader in iron ore production, and Jinnan Iron & Steel Group, a renowned Chinese steelmaker in advanced separation technologies, announced a joint partnership to establish Oman’s first iron ore concentration plant in SOHAR Port and Freezone. With an initial investment exceeding $600mn, the state-of-the-art facility is expected to support the development of Oman’s iron and steel industry, positioning the country as a key player in the global supply chain for Direct Reduction (DR) grade iron ore. The Concentration Plant, scheduled to commence operations by mid-2027, will process 18 million tons of iron ore annually, producing 12.6 million tons of high-grade concentrate. Vale will invest $227mn to connect the plant to its agglomerate facilities in the region while Jinnan will invest approximately $400mn to build, own and operate the plant.
produce high-quality agglomerates with reduced environmental impact. With its strategic location, the new plant will therefore strengthen the Sultanate’s role as a key supplier to regional and international steel markets. The joint partnership between Vale and Jinnan represents a significant milestone for both companies and the Sultanate of Oman. As Jinnan’s first project in the country, this collaboration highlights Oman’s appeal as a destination for highvalue industrial investments. Jinnan, with its leading edge in magnetic separation technology, brings a wealth of experience that will integrate seamlessly with Vale’s expertise, creating a world-class production process in Sohar.
The Concentration Plant is expected to create economic benefits beyond the steel industry. By generating direct and indirect employment, driving technological advancement, and increasing export capacity, the plant will boost Oman’s export capabilities and further integrate the Sultanate into global steel trade route, supporting efforts to diversify the industrial base. With an emphasis on sustainability, the facility will utilise advanced technologies to minimise its environmental footprint, ensuring
Meanwhile, an agreement was signed paving the way for the establishment of the world’s second largest Polymer Manufacturing Plant in SOHAR Port, catering to diverse applications including production of energy, agriculture, wastewater management, and the pulp and paper industry in Middle East, North and South America and the European Union. The Polymer Manufacturing Plant represents a remarkable investment of $300mn, encompassing future plant expansion. Occupying an impressive land area of 240,000 square meters within SOHAR Port, this project not only showcases a commitment to technological advancement but also enhances the industrial landscapes development. The innovative venture promises to revolutionise energy production, agriculture, water management, and beyond. This pioneering project enhances the commitment of both entities to advancing technology and fostering sustainable growth across diverse sectors.
This agreement has positioned SOHAR Port into the forefront of global exporters of industrial chemicals. The infusion of substantial foreign direct investment from Singapore and China enhances the attractiveness of SOHAR Port as a premier investment
local trade networks, significantly contributing to economic prosperity. By integrating within SOHAR Port’s Petrochemical Cluster, the project not only amplifies its significance but also attracts downstream industries and stimulates regional business growth. The polymer plant will be equipped with innovative technologies. It will produce polyacrylamide and related monomers. The main plant product –polyacrylamide is used for enhanced oil recovery, water treatment, paper industry, agriculture and other applications.
The scope of this project extends beyond regional boundaries, with a strategic focus on serving markets in the GCC, North and South America, and the European Union. By strategically targeting these diverse and expansive markets, the collaboration between SOHAR Port and Universal FINE Chemicals SPC aims to establish a strong foothold in key economic zones, effectively delivering innovative solutions and contributing to economic growth on a global scale. This global outlook reflects the partnership’s commitment to not only fortifying the local economy but also creating a lasting impact on a broader international stage.
VITAL GATEWAY
Sohar Freezone announces expansion plans to meet growing demand with projected annual throughput exceeding 2.5 million tons
SOHAR Port and Freezone, recognised as one of the world’s fastest-growing port and freezone developments, has announced plans for a significant expansion of its freezone area to accommodate the increasing demand from prospective tenants. With the
This expansion is expected to generate significant economic benefits, including an additional 2.5 million tons of throughput annually, over $5bn in investments, and 500 hectares of leasable land. It will create 300-700 jobs and increase revenue from land leases and local trade, boosting the
begin with the General Design Services Package, followed by construction to deliver new leasable land for businesses and tenants.
The expansion of SOHAR Freezone gains powerful momentum with the issuance of Royal Decree No. 38/2025
Oman’s free zones more competitive and attractive for foreign investment.
As SOHAR Freezone advances its expansion, it is set to become a powerhouse of industrial growth and trade, unlocking new opportunities for manufacturing, logistics, and innovation, reinforcing Oman’s role as a vital gateway to the world.
Mohamed Al Shizawi, Acting CEO SOHAR Freezone, VP People and Support Services, stated “This expansion is a key step in enhancing our capacity to support the region’s economic growth. As Oman advances
economic development and create shared opportunities for growth and prosperity.”
Strategically positioned at the crossroads of global trade routes between Asia and Europe markets, SOHAR Port and Freezone has attracted over $30bn in investments to date. The freezone features a unique integrated complex with a single management structure, allowing for seamless flow of business and a bonded corridor between the port and freezone, with a transit time of only 14 minutes for goods.
comprehensive service positions the freezone as a vital center for both local and international businesses, fostering an environment conducive to growth across various sectors.
SOHAR Freezone is dedicated to driving economic diversification and fostering a prosperous future for the people of Oman. The expansion not only showcases a vibrant ecosystem of fully operational businesses alongside extensive construction activities but also emphasises a commitment to sustainability and digitalisation.
Sohar Aluminium (SA) held the 2nd Aluminium Recycling Forum, in collaboration with the Environment Authority, under the patronage of HE Dr Abdullah bin Ali Al Amri, Chairman of Environment Authority, at Intercity Hotel, Muscat.
This year’s edition aimed to build on the success of its inaugural edition
by bringing together industry key players, experts, policymakers, and sustainability advocates to exchange insights, global trends, sustainability frameworks and the future of aluminium recycling in Oman. The Forum marks an influential gathering dedicated to advancing the aluminium recycling industry and promoting
sustainable industrial development in the Sultanate of Oman.
The Forum featured national and international keynote speakers renowned for their contributions to global sustainability, circular economy frameworks, and aluminium stewardship, such as Marlen Bertram, Director – Scenarios and Forecasts,
regulators, and industry partners and end-users, with a focus on how leading industries in Oman and the Gulf region are integrating recycling into their operations and supporting broader circular economy goals. It also touched on the evolving regulatory landscape in Oman and how clear policies can help address logistics and compliance barriers to recycling.
While the second panel highlighted the economic potential of the recycling industry, and the investment enablers required to unlock its full value. It focused on identifying the challenges SMEs face and the tools, incentives, and support systems they need to thrive in this industry. The panelists discussed how trade policies, import and export regulations, and regional cooperation can stimulate the recycling economy.
They further highlighted the innovative financial mechanisms, ESG-focused investments, green financing and public-private partnerships that can accelerate sustainable development in
Speaking on the occasion, Eng. Said Al Masoudi, CEO, Sohar Aluminium, emphasised the strategic importance of the forum in aligning industry progress with national sustainability goals. “At Sohar Aluminium, we believe recycling is more than just an environmental obligation; it is a strategic driver of economic resilience, resource
align cross-sector efforts, foster new partnerships, and spark policy dialogue that supports the emergence of a strong recycling ecosystem in Oman and the wider region. By bringing together global thought leaders and local stakeholders, we aim to build a roadmap that transforms challenges into opportunities for sustainable growth.”
ACCELERATING GROWTH
Organised by CONNECT (Oman Exhibitions Organising Company LLC), OSW and OPES 2025 are strategically aligned with Oman’s Vision 2040 sustainability and economic goals. Serving as pivotal platforms for dialogue and innovation,
and Gas.” This strategic alignment reflects Oman’s holistic approach to sustainability, seamlessly bridging progress in the energy sector with environmental responsibility. Together, OSW and OPES serve as powerful platforms driving forward the nation’s vision for sustainable development,
The conferences and forums held during OSW and OPES 2025 will bring together senior government officials, industry leaders, and global experts to address emerging trends, challenges, and opportunities shaping the energy and sustainability landscape. At OPES, the technical conference organized
by the Society of Petroleum Engineers (SPE) will highlight the critical role of innovation, advanced technologies, and best practices in accelerating the global energy transition. Concurrently, the International Sustainability Resources & Technology Conference (ISRTC), programmed by The Economist, at OSW will serve as a premier knowledge-sharing platform, where thought leaders will explore policies and strategies to advance Oman’s journey toward a net-zero future.
Recognising the importance of nurturing talent and leadership in the energy and sustainability sectors, the National Young Professionals (NYP) will offer an interactive platform for emerging industry leaders to explore career development and future trends. Expert-led sessions such as C-Level Roundtables, OPES Talks, and OSW Talks will delve
into key topics including digital transformation, climate change, decarbonization, operational efficiency, and sustainability strategies. Adding to the dynamic programming, the OSW Future Mobility showcase— supported by the Ministry of Transport, Communication and Information Technology—will spotlight cuttingedge advancements in sustainable transport solutions. Meanwhile, OSW Site Visits will provide participants with on-ground insights into landmark sustainability initiatives across Oman. A major highlight of the events will be the presentation of the prestigious OSW Awards, that celebrates innovation in eco-mobility and excellence in ESG— further inspiring progress in line with Oman’s long-term development goals.
Commenting on the significance of the upcoming events, Dr. Saleh Al Anboori, Conference Chairperson & Director
General of Exploration and Production of Oil and Gas, Ministry of Energy and Minerals stated, “OPES 2025 will focus on how we can leverage innovations to create a more sustainable future while ensuring continued growth and resilience of the Energy sector. We will explore how the oil and gas industry can lead in providing solutions to some of the most pressing challenges such as reducing carbon emissions, enhancing efficiency and accelerating the development of low carbon technologies. OPES now will be an annually hosted event which is a significant milestone in the event’s journey considering the exponential growth over the years, becoming one of the largest energy events in the region.’’ Asked if Oman will come lower oil and gas sector development will continue even drop to $50 per barrel.
Dr. Ali Al Rajhi, Director General for Planning and Studies, Ministry of Energy and Minerals and OSW Steering Committee Chair, commented, ‘’The main focal points of Oman Sustainability Week will be the future of energy, water management, environment resilience and climate action. The ISRTC conference is a great value addition to the event making it one of the largest event in Oman that gathers a vast footfall of thought leaders and industry leaders from the sustainability and renewables sector globally.”
Eng. Mohammed Al Ghareebi, PDO External Affairs, Government Relations and Communications Manager, stated, “As PDO celebrates 88 years of contribution to Oman’s energy sector alongside the 100th anniversary of oil and gas, we are proud to host these landmark events. These events, the Oman Petroleum & Energy Show (OPES) and Oman Sustainability Week (OSW) alongside the SPE Conference, serve as central platforms for collaboration and innovation, driving us towards a sustainable and progressive future for Oman and the wider energy sector. As we assemble for this important week, our focus remains firmly on building a resilient,
sustainable, and forward-looking Oman.”
Commenting on CONNECT’s journey in organizing these two flagship events, Ashley Roberts, Managing Director at CONNECT remarked, “These sell-out combined events are set to be the largest ever held in the Sultanate of Oman, fully occupying the Oman Convention & Exhibition Centre (OCEC). Additionally, they will extend across multiple locations in Muscat and other governorates through an extensive site visit programme. This expansive reach underscores the events’ significance, bringing together industry leaders, innovators, and stakeholders from around the world to explore new opportunities and collaborations.
The collective events will play a pivotal role in advancing Oman’s industries and broader economy. Expectations are high, with an anticipated 30,000 visits across both exhibitions from over 50 countries. More than 350 exhibiting
companies from over 30 countries will showcase their offerings, while over 2,400 delegates representing more than 30 countries will participate. Additionally, the events will feature more than 500 expert speakers from across the globe, further enriching discussions and fostering knowledge exchange on an international scale.’’
The Oman Sustainability Week (OSW) and the Oman Petroleum & Energy Show (OPES) are supported by an exceptional lineup of sponsors that reflect the strength and collaboration within Oman’s energy and sustainability landscape. Key sponsors include the Ministry of Transport, Communication and Information Technology; Petroleum Development Oman (PDO); Kuwait Petroleum Corporation; OQ Group; OQ Exploration & Production (OQEP); bp Oman; Oman Shell; Gulf Energy; OXY; Al Haditha Energy; MedcoEnergi; Oman LNG; PTTEP; Petronas; Daleel Petroleum; Abraj; Special Oilfield Services; National Energy Centre;
Oman Environmental Services Holding Company - be’ah; Hydrom; OQ Gas Networks (OQGN); OQ8; Averda; Veolia; Mitsubishi Heavy Industries; Sohar Aluminium; Transcontinental Energy Services; ACWA Power; CC Energy Development; SLB; Voltamp; and Nama Group. Their invaluable support reinforces a collective commitment to innovation, sustainability, and the longterm development of Oman’s economy and society.
As Oman continues to position itself as a leader in economic and social development, OSW and OPES 2025 will play a vital role in fostering innovation, facilitating industry partnerships, and reinforcing the nation’s commitment to a greener and more resilient future. Be a part of Oman’s leading energy and sustainability events. Register now:
Oman Sustainability Week – www. omansustainabilityweek.com
Oman Petroleum & Energy Show –www.omanpetroleumandenergyshow. com
SEAMLESS INTEGRATION
Oman signs historic agreement to establish the World’s first liquid hydrogen corridor to Europe
As part of the state visit of His Majesty Sultan Haitham bin Tarik to the Kingdom of the Netherlands, the Sultanate of Oman signed a historic Joint Development Agreement (JDA) to establish the world’s first commercialscale liquid hydrogen corridor linking Oman to the Netherlands and Germany. The agreement marks a critical point in the global energy transition journey and brings Oman one step closer to becoming the leading hub for green hydrogen production and export.
The corridor will enable the export of RFNBO-compliant liquid hydrogen from Oman’s Port of Duqm to the
Port of Amsterdam and key logistics hubs in Germany, including the Port of Duisburg, and onward to other European countries.
At the heart of this corridor is the world’s largest hydrogen liquefaction, storage, and export terminal to be established in the Port of Duqm. Hydrom, as the orchestrator of Oman’s green hydrogen sector, will ensure upstream production is aligned with national plans and that the project integrates seamlessly into Oman’s broader hydrogen infrastructure and policy framework. OQ, Oman’s energy transition enabler, leading the liquefaction infrastructure, will
develop the hydrogen plant along with related storage and export facilities, contributing directly to the corridor’s supply capabilities and Oman’s national hydrogen targets. The centralised facility will draw from Duqm’s growing renewable hydrogen developments, leveraging the port’s strategic location as a global maritime hub and Special Economic Zone.
The centralised liquefaction plant will be supported by revolutionary maritime transportation vessels developed by ECOLOG to ship liquid hydrogen with zero boil-off, ensuring greater efficiency and reduced losses. On the European side, the corridor will be anchored by
re-gasification import terminals in the Port of Amsterdam from which the hydrogen will distributed to industrial offtakers in the Netherlands and Germany via gas pipeline networks, rail connections, and barge distribution
hydrogen global supply chain and deliver tangible economic value for the country.”
“This agreement represents a landmark moment in our commitment to clean
later this month, focused on mid-scale projects and aimed at aligning upstream production with downstream industries, further reinforcing Oman’s strategy to become a competitive and integrated global hydrogen hub.
demonstrates how Oman is turning its hydrogen ambitions into concrete projects aligned with global demand and national priorities,” said HE Eng. Salim bin Nasser Al Aufi, Minister of Energy and Minerals and Chairman of Hydrom. “While this corridor will enable the large-scale export of Omani hydrogen to Europe, its true value lies in how it supports our broader vision of an integrated sector that advances our national objectives. From industrial diversification and infrastructure development to job creation and capacity building, we are committed to building a future-ready sector that will position Oman at the center of green
Growth. “By linking Omani green hydrogen with Europe’s energy needs, we are advancing our shared climate goals and establishing a sustainable energy future.”
Oman’s green hydrogen sector, led by Hydrom, is fast becoming one of the world’s most structured and investment-ready ecosystems. To date, large-scale green hydrogen projects have been awarded to consortiums from 22 global companies all of which have commenced development activities within their blocks in Duqm and Dhofar. Hydrom is also preparing to launch its third land auction round
public and private sector entities from Oman, The Netherlands, and Germany represented by Hydrom and OQ alongside the Port of Amsterdam, Port of Duisport, ECOLOG, EnBW, Tata Steel, Advanced Methanol Amsterdam (AMA), Hynetwork Services (HNS), and the Port of Duqm Company (PODC). The signing follows three feasibility studies jointly commissioned by Hydrom and partners in 2024 and delivers on the ambitions outlined in the Memorandum of Understanding on green energy cooperation signed between Oman and the Netherlands at COP27.
FUTURE-READY SOLUTIONS
Bank Muscat honoured with the Best Private Bank in Oman Award by The Banker
In recognition of its pioneering role in providing exceptional banking solutions that cater to the diverse needs of customers, Bank Muscat, the leading financial services provider in the Sultanate of Oman, was recently awarded
the “Best Private Bank in Oman” by The Banker, a renowned global financial and banking institution. This recognition highlights the professional standards which the Bank consistently adheres to, in line with international standards and practices. It also
underscores Bank Muscat’s effective role in offering the best banking solutions and products to customers, in alignment with the Bank’s corporate vision “To serve you better every day.”
On this occasion, Abdulnasir N. Al
Raisi, General Manager – Personal Banking at Bank Muscat, said, “We take pride in the recognition that the Bank has been honored with as the best private bank in Oman by The Banker. This recognition further underscores the Bank’s leading role in providing a full suite of distinguished banking services and solutions that aim to cater to the various needs of its valued Private Banking customers. These services include banking and wealth management solutions, backed with an experienced team of relationship managers. We would like to thank our customers for their continued confidence and support over the years, as we continue to strive to bring the best banking experience to all of them. The Bank will maintain its commitment to offering the best banking services and products to enhance the banking experience for all its customers.”
Abdulnasir N. Al Raisi further added, “Bank Muscat has dedicated Private Banking desks at the Bank’s Head Office at Airport Heights, Madinat Sultan Qaboos branch, Azaiba 18th November Street branch, and Sohar mega branch in Al Batinah North Governorate. These desks are equipped with the latest technologies to offer an exceptional banking experience to Private Banking customers, aligned with the best banking standards in the Sultanate and internationally.
Customers enjoy convenience while initiating and completing various
transactions, with the support of dedicated relationship managers who ensure efficient and swift customer service. The Bank will continue its commitment to expanding its branch network across the country to serve a wider customer base, thus, meeting their diverse needs.”
Bank Muscat offers Private Banking customers a complete suite of banking services and wealth management solutions including Mutual Funds, Fixed Income, Equity, Alternate Investment Products, Real Estate Funds and Portfolio Management services covering most global asset classes. The investment products offered by our Wealth Management Team are sourced internally from Bank Muscat Asset Management Team as well as through our reputed global partners. Bank Muscat Private Banking also sends regular investment research reports to its customers covering global macroeconomics and investment opportunities across asset classes, as part of our new initiatives to improve customer experience. The Bank also organizes various investment-focused events, where customers get to engage with investment speakers and experts from time to time and expand their knowledge about the existing and emerging market trends.
The Private banking services include conventional accounts, term deposits, currency exchange, domestic and international transfers, online
banking, regular asset monitoring and full boutique of wealth management services. Along with most competitive rates on deposits, loans, and foreign exchange transactions, the Bank’s Private Banking customers have access to the most exclusive luxury and lifestyle benefits when using Visa Platinum Debit Card and Private Banking Visa Infinite Credit Card.
Private banking Visa Infinite Credit cardholders enjoy 1% cashback rewards on all transactions. The Credit Card also facilitates exclusive Hilton Honors Gold Membership, unlimited access to 1,000+ airport lounges globally, complimentary chauffeur service to and from Muscat International Airport, special offers at over 900 luxury hotels around the world, multi-trip travel insurance and a Global Concierge Service.
In recognition of its leadership role in the Sultanate’s banking sector, Bank Muscat Private Banking has been regularly receiving several prestigious awards locally, regionally, and globally. These include multiple “Best Private Bank in Oman” awards from leading international institutions such as Global Private Banker MEA 2024, EMEA Finance, and Euromoney. The Bank also recently won the “Company of the Year” Award at the Times of Oman Business Leadership Awards, organized by Muscat Media Group. Additionally, Bank Muscat was ranked amongst Forbes Middle East’s Top 100 institutions.
Bank
Muscat offers Private Banking customers a complete suite of banking services and wealth management solutions including Mutual Funds, Fixed Income, Equity, Alternate Investment Products, Real Estate Funds and Portfolio Management services covering most global asset classes. The investment products offered by our Wealth Management Team are sourced internally from Bank Muscat Asset Management Team as well as through our reputed global partners
ENHANCING COMPETITIVENESS
Zanzibar’s Clove Industry: Reviving a spice legacy amidst global shifts
For generations, the intoxicating aroma of cloves has been the soul of Zanzibar, its presence laced through the island’s history, economy, and identity. Once the world’s undisputed clove capital, Zanzibar’s spice fields were symbols of abundance, attracting traders from as far as the Arabian Peninsula, Europe, and Asia.
But time, tides, and trade winds have changed. The global spice market is shifting, and Zanzibar’s oncethriving clove industry now stands at a crossroads, challenged by disease, declining production, and mounting international competition.
Yet amid the uncertainty, a quiet revolution is underway. With bold
policy reforms, strategic investment, and a renewed focus on value addition, Zanzibar is seeking to rewrite its spice story, not as a relic of the past, but as a resilient, modern player in a health-conscious, sustainabilitydriven global market. From high-end clove oil and wellness products to innovations in farming and export logistics, the archipelago is banking on more than nostalgia, it’s banking on transformation.
Zanzibar’s clove performance
Despite recent efforts to revitalize the sector, Zanzibar’s clove industry continues to face several pressing challenges that threaten its growth and sustainability.
One of the most concerning issues is the
sharp decline in production volumes. Clove output fell from 4,734.1 tonnes in 2022 to just 2,654.7 tonnes in 2023—a staggering 43.9 per cent drop. The decrease is partly attributed to the aging of clove trees across the islands, many of which are past their peak productive years and yield significantl less than before. Compounding this problem is the emergence of a mysterious disease affecting
clove trees, particularly in the Unguja North region. Over 500,000 trees have been impacted, showing signs of leaf wilting and poor health, which further threatens overall production levels and farmer livelihoods.
In addition, Zanzibar’s clove industry is facing intensified competition in
the global market. New, lower-cost suppliers have entered the scene, driving down prices and making it more difficult for Zanzibar to maintain its export volumes and earnings. The volatility of world prices only adds to the uncertainty.
Moreover, environmental and social considerations are also becoming increasingly important in the global
spice trade. Consumers are now demanding products that are not only high-quality but also sustainably sourced and ethically produced. This shift presents both a challenge and an opportunity for Zanzibar, as the industry must evolve to meet these growing expectations while ensuring its traditional practices are not lost.
Future Outlook and Investment
Potential Zanzibar is actively taking steps to modernize its clove industry through strategic reforms and long-term planning.
Key among these is the Zanzibar Industrial Policy 2019–2029, which emphasises agro-industrial development and value addition. The policy targets processed products
such as dried spices, spice blends, and essential oils, aiming to increase competitiveness and stimulate local enterprise growth.
In addition, the Zanzibar Development Vision 2050 outlines a bold blueprint for economic transformation, with a strong focus on technological integration, improved packaging, and quality enhancement in traditional sectors like
the introduction of modern agro-tech, and the application of best farming practices to enhance yield and efficiency. Global markets continue to crave cloves for use in everything from traditional recipes to essential oils, making this a promising area for sustainable profit.
Processing and Value Addition
Instead of exporting raw cloves,
cloves. As one of the world’s top clove producers, Zanzibar’s clove industry stands at the threshold of significant investment potential. From farming and value addition to exports and research, there are several key areas where investors can tap into this thriving, globally sought-after commodity.
Clove Farming and Plantation Expansion
Zanzibar’s fertile soils and favorable climate make it ideal for expanding clove cultivation. With consistent international demand, particularly in the food, pharmaceutical, and fragrance industries, there’s strong potential for scaling up production.
Investors can engage in large-scale clove farming, including land development,
Zanzibar has a golden opportunity to process and add value through products like clove oil, powder, and spice blends. This not only increases returns but also strengthens the local economy. By setting up clove oil distillation units, packaging facilities, and distribution networks can position investors to serve both local and international markets. With rising interest in wellness, aromatherapy, and natural cosmetics, clove oil is increasingly sought after, especially among eco-conscious consumers.
Export and International Trade
Zanzibar’s cloves enjoy a strong reputation globally. Investing in export infrastructure, such as packaging, logistics, and supply chain optimization, can significantly boost the island’s
export capacity. Foreign investors can partner with local enterprises or establish export-focused companies that streamline the journey from farm to international market. Spices remain in high demand across India, the Middle East, and Europe, where cloves are prized for culinary, medicinal, and cosmetic uses.
Research and Development in Clove Products
There is vast potential in exploring new uses for cloves and enhancing farming through it. Innovations such as pest-resistant clove varieties or health-focused clove products can revolutionize the industry.
Collaborations with universities, research centers, or private labs can lead to breakthrough products in the nutraceutical, pharmaceutical, or eco-agriculture sectors. As consumers increasingly seek natural health solutions, clove-based innovations could capture emerging global markets.
Sustainability
and EcoFriendly Farming
Practices
Sustainability is no longer a trend; it’s a business imperative. By promoting organic farming, eco-certification, and green energy solutions, Zanzibar’s clove sector can attract conscious investors and premium buyers. Through partnership with Non-Government Organizations (NGOs), community groups, and environmental bodies can foster responsible farming models that meet global eco-standards.
Ethically sourced and organically grown spices are in growing demand among health-conscious and environmentally aware consumers worldwide.
Clove-Based Agribusiness Products
Beyond traditional uses, cloves are gaining popularity in health supplements and functional foods. This opens up exciting opportunities for product innovation. Entrepreneurs can develop clove-infused products, from beverages and condiments to skincare and health boosters, catering to the wellness market.
The rise of functional and plant-based foods presents a lucrative niche for clove-derived products that promote health and well-being.
ZSTC’s Road to Clove Sector Reform
ZSTC-led Reforms Reshape the Clove Industry
Zanzibar State Trading Corporation (ZSTC) has spearheaded critical reforms to modernize the clove sector, enhancing its global competitiveness and farmer welfare.
l Legal Modernization with ZSTC Act No. 11 of 2011
Replacing the outdated 1968 legal framework, the new Act granted ZSTC broader powers, including the authority to establish sales outlets domestically and internationally.
l Clove Development Act No. 2 of 2014
This landmark legislation created the Clove Development Fund to increase production, protect clove trees, and improve farmer services including health support and loans.
l Establishment of Anti-Smuggling Task Force
A specialised task force, composed of government and security officials, was formed to tackle clove smuggling and enforce sector regulations more effectively.
l Farmer-Centered Services through the Ministry of Agriculture
ZSTC distributes clove seedlings and agricultural tools free of charge to farmers each year, promoting crop sustainability and resilience.
l Competitive Pricing Strategy for Farmers
ZSTC offers farmers up to 80% of the international market price—one of the highest payout schemes in the region—ensuring fairer earnings.
l Access to Harvest Support through Soft Loans
To ease harvesting burdens, ZSTC provides interest-free loans to farmers during the peak season, increasing
productivity and financial security.
l Infrastructure and Services
Upgraded at Buying Points
Enhanced logistics and support at buying centers make it easier for farmers to access markets and services without long-distance travel.
l Zanzibar Cloves Positioned as a Global Premium Brand
With bold branding and marketing efforts, ZSTC is working to establish Zanzibar cloves as a top-tier product in niche international markets.
l Digital Transformation through CAMS (Clove Auction Management System)
The rollout of the CAMS platform aims at transforming the traditional auction process into a transparent, efficient, and accessible digital system. It enhances accountability, widens buyer participation globally, and reduces operational bottlenecks— making Zanzibar’s clove market more attractive to international traders.
l Digitized Purchasing Process for Clove Farmers
The new system allows farmers to receive instant digital receipts with details such as weight, grade, and value of their cloves—accessible via mobile phone. This cashless and paperless process replaces the old paper-based system. The system enhances oversight, simplifies procedures, and provides accurate, real-time data to support planning and policy development.
l Annual Insurance Coverage for Clove Harvesters
Every year, ZSTC provides insurance coverage for clove farmers who may suffer accidents during the harvesting season. This initiative is designed to motivate and encourage farmers to actively participate in harvesting activities, knowing that their wellbeing is protected.
Source: Zanzibar Investment and Business Insights Magazine (ZiBi)
INNOVATION STRATEGIES
OER Business Summit explores the roadmap to achieving the Sultanate’s medium to long term economic and HR goals
The 16th Edition of OER Business Summit, a flagship event by the Sultanate’s premium business magazine, with a special HR focus, was held at Sheraton Oman on April 30. His Highness Sayyid Mohammed bin Thuwaini Al Said was the Chief Guest at the Summit. Held under the auspices of His Excellency Shaikh Salim bin Mustahail Al Mashani and organised by UMS Events, the Summit explored the roadmap to achieving the Sultanate’s medium to long term economic and HR goals inline with His Majesty Sultan Haitham bin Tarik’s Vision.
Under His Majesty Sultan Haitham bin Tarik’s Visionary Leadership, Oman has taken remarkable strides in economic development, social betterment, and robust bilateral ties. The country has also been instrumental in addressing structural challenges, fostering fiscal responsibility and setting the stage for a more diversified and resilient economy. According to the National Center for Statistical Information (NCSI) Oman’s GDP growth is expected to be 1.9 per cent at constant prices by the end of Q3 2024. Further, the preliminary results of 2024 show an increase in total revenue that led to a surplus than the deficit that was estimated in the 2024 budget. Total revenue for 2024 is projected to reach RO12.67bn and increase of 15.1 per cent compared with the budgeted figure of RO11.01bn. (up by 15.1 per cent). Overall, the budget is expected to generate a surplus of RO0.54bn compared with the 2024 budget deficit of RO0.64bn.
The Summit had keynote presentations by Alkesh Joshi, Tax Partner, EY Oman and MENA, Sustainability Tax Leader, EY and Reem Al Taie, Investor Relations Associate, Oman Investment Authority and presentation by Wisal Al Rashdi, Human Resources Manager, WUJHA
Panelists included Dr Firas Al Abduwani, Director General, Renewable Energy & Hydrogen, Ministry of Energy & Minerals, Essam Al Sheibani, VP, Sustainability, ASYAD, Omar Al Harthi, Business Development, Invest Oman, Harssha Shetty, CEO, Jindal Steel Sohar and Karl Jackson, Partner-ESG, Crowe Oman. Mayank Singh, Group Editor, UMS moderated the session. The Summit was endorsed by Advantage Austria from Embassy of Austria and Embassy of Tanzania, Muscat. RAB Consulting was the Knowledge Partner, while ZiBi (Zanzibar Investments & Business Insights magazine) the Zanzibar Media Partner, Daily Tribune newspaper, the Bahrain Media Partner and Qatar MirchiOne 89.6FM, the Qatar Media Partner. Alam Al Iktisaad was the Arabic media partner and OERLive.com, the Online Media Partner.
The Summit brought together government and business leaders to brainstorm and share their experience on leading the country and companies into an uncertain future. Senior government officials, C-Suite executives discussed a roadmap for building a
senior executives in recognition of their path breaking efforts and success.
The Summit also had presentations by Venkatesh Palakkad, Director & Principal Consultant, Reem Al Bawadi Business Solutions and Technologies LLC and Dr. Manish Dhameja, Strategic Leader and Senior Banking professional. The HR edition of the Business Summit deliberated on ‘Developing & Nurturing Internal Talent.’ Panelists included Hamza Al Lawati, HR Director, Infoline, Wisal Al Rashdi, Human Resources ManagerWUJHA Development, Atia Ashfaq Rasool Muhammad Hanif, Deputy Head of HR, Dhofar Insurance, Fahad Al Jabri, Learning Design Advisor, PDO and Ritesh Arora, Head, Human Capital Development, Bank Muscat. Venkatesh Palakkad, Director & Principal Consultant, Reem Al Bawadi Business Solutions and Technologies LLC moderated the HR Session. In addition, there was an interactive workshop on the theme- Fostering Workplace Mental Wellbeing presented by Roula Saba Mouhanna, Executive and Leadership Coach.
CREATING VALUE
Asyad Shipping announces IPO price range, subscription period
Asyad Shipping Company SAOG has officially announced the price range and subscription details for its initial public offering (IPO) on the Muscat Stock Exchange (MSX). The offering has received approval from the Financial Services Authority (FSA) of Oman, marking a significant milestone for the company and the Omani capital markets. The IPO comprises the sale of 1,041,748,856 existing shares, representing 20 per cent of Asyad Shipping’s total issued share capital. The shares are being offered by Asyad Group SAOC, the selling shareholder. The shares being sold by the Group are existing ordinary shares and Asyad Shipping will not receive any proceeds from the sale of the shares in the offering, all of which will be paid to the Selling Shareholder. The Offering expenses will be paid by the Selling Shareholder. The offer price was set at 123bz per share, with Asyad Shipping’s market capitalisation at approximately RO641mn.
All the shares being sold by the Selling Shareholder are existing ordinary shares and the Company will not receive any proceeds from the sale of the shares in the offering, all of which will be paid to the Selling Shareholder. The offering expenses will be paid by the Selling Shareholder.
Category I Offer
– 468,786,985
Offer
Shares have been allocated for local, regional and international Category I Applicants, being 45 per cent of the Offer Shares. Allocation of Offer Shares to Category I Applicants will be determined by the Selling Shareholder in consultation with the Joint Global Coordinators. The minimum limit for subscription by each Category I Applicant is 100,000 Offer Shares and in multiples of 100 Offer Shares
thereafter.
Anchor investors – 312,524,657 Offer Shares have been allocated for Anchor Investors, being 30 per cent of the offer. In this respect, the Company has received irrevocable commitments from two strategic local and regional anchor investors, Mars Development and Investment LLC and Falcon Investments LLC, to subscribe for 10 per cent (representing 33 per cent of the total offer allocated to anchor investors) and Falcon Investments LLC, a subsidiary of the Qatar Investment Authority, committed to subscribe for 20 per cent (representing 67 per cent of the total offer allocated to anchor investors) of the offer. The commitments by the two anchor investors demonstrate a substantial vote of confidence in the Company’s value proposition, track record, and strategic vision.
Category
II Offer – 260,437,214 offer shares have been allocated for Category II, being 25 per cent of the offer (allocation to Category II Applicants to be made on a proportionate basis). The Category II Offer is further split equally between the Category II Applicants (large retail) and Category II Applicants (small retail) subcategories.
Large retail applicants may apply for at least 81,400 offer shares and thereafter in multiples of 100 offer shares. There is no maximum limit on the number of offer shares that may be subscribed pursuant to an application for Category II Applicants (large retail).
Small retail applicants may apply for at least 100 offer shares and thereafter in multiples of 100 offer shares. The maximum limit on the number of offer shares that may be subscribed
pursuant to an application for Category II Applicants (small retail) is equivalent to no more than 81,300 Offer Shares
The shares held by the Selling Shareholder following completion of the Offering will be subject to a lockup which starts on the date of admission and ends 180 calendar days thereafter, subject to customary exceptions and waiver by the joint global coordinators. The Company will also be subject to a lock-up starting on the date of admission and ending 180 calendar days thereafter, subject to customary exceptions and waiver by the joint global coordinators. Shares purchased by the anchor investors are subject to a 90-day lock-up, following admission.
Sohar International Bank has been appointed as the issue manager. Oman Investment Bank, Sohar International Bank, EFG Hermes, Jefferies and JP Morgan, have been appointed as joint global coordinators. Crédit Agricole Corporate and Investment Bank and Société Générale have been appointed as joint bookrunners. Full details of the Offering are available in the Prospectus under the Key Documents section on https://AsyadShipping.com/ipo as well as at the branches of the collection agents detailed in the Prospectus.
POISED FOR GROWTH
The Oman ICT market size is projected to grow from approximately $5.96bn in 2025 to an impressive $9.11bn by 2030
Oman’s information and communications technology (ICT) sector is undergoing a remarkable transformation, characterized by a significant increase in both the number of companies and a growing workforce. The market size is projected to grow from approximately $5.96bn in 2025 to an impressive $9.11bn by 2030, reflecting a compound annual growth rate (CAGR) of 8.88 per cent during this period.
This dynamic evolution of the ICT landscape in Oman is fuelled by rapid technological advancements and a rising trend of digital adoption across various sectors. The small and medium enterprise (SME) sector, in particular, has experienced substantial growth. As of July 2022, the number of SMEs registered with the Authority for Small and Medium Enterprises Development surged by 46.8 per cent, reaching a total of 81,460. This increase in business registrations underscores the burgeoning entrepreneurial ecosystem and highlights the growing integration of technology among smaller enterprises.
The Oman government’s commitment to fostering innovation and developing digital infrastructure has cultivated a supportive environment for technology adoption. This is especially evident in emerging fields such as cloud computing, artificial intelligence (AI), and cybersecurity. Under Vision 2040, there is a strong emphasis on enhancing national technical capabilities, building vital ICT infrastructure, and improving e-Government services. The government has prioritized the development of the ICT sector, positioning it as a key driver of economic growth. Efforts to create a smart society, supported by advanced
IT infrastructure, are attracting significant investments.
Vision 2040 outlines a forward-looking economic development strategy that recognises the crucial role of the ICT sector in achieving sustainable national development and modernizing the economy. It aims to create an ecosystem conducive to innovation, encouraging participation from all sectors of society. The government has prioritised the development of ICT and the sector is well positioned for growth. Indeed, focus on creating a smart society powered by smart IT infrastructure is driving significant investment.
The market is witnessing a substantial shift towards cloud adoption and digital service delivery, supported by strategic infrastructure investments and regulatory frameworks. The Telecommunications Regulatory Authority (TRA) has set ambitious targets for network coverage, aiming
to achieve 100 per cent support for 4G and 5G services across all base stations by 2025, alongside goals for fiber optic infrastructure to cover 75 per cent of buildings and fixed broadband networks to reach 85 per cent of buildings.
Going forward, opportunities in Oman’s ICT sector will include, though not limited to: ICT training, 5G networks and the expansion of fiber networks, e-health, e-learning, cloud computing and data centres, disaster recovery services, cybersecurity, smart city initiatives, IoT, AI and blockchain.
KEY ENABLER
By continuously investing in next-generation technologies and fostering strategic alliances, Oman Data Park is shaping a more resilient, efficient, and technology-driven future for Oman
Oman Data Park’s strategic priorities are fully aligned with the nation’s ambitious digital transformation agenda, focusing on key areas like cybersecurity, cloud computing, IoT, AI, and other emerging technologies.
As part of its commitment to ensuring business continuity in the financial sector, ODP recently signed an MOU with First Abu Dhabi Bank (FAB) to establish a state-of-the-art Disaster Recovery (DR) site at ODP’s highly secure Tier 3 data center. This partnership ensures that FAB’s critical data and systems remain protected against potential disruptions, reinforcing the bank’s ability to maintain seamless operations under
all circumstances. Beyond the DR site,
ODP is also developing a comprehensive Business Continuity Plan (BCP) Centre for FAB, allowing the bank to quickly transition its operations in case of an unexpected crisis. This initiative strengthens operational resilience, enabling FAB to maintain service uptime and regulatory compliance while ensuring uninterrupted financial services for its customers.
In line with Oman’s national sustainability goals, ODP has entered a strategic collaboration with Oman National Engineering and Investment Company (ONEIC) to host a smart metering solution on its advanced
cloud platform. This national-level project aims to revolutionise energy consumption monitoring across Oman by enabling real-time remote management of energy usage. By leveraging ODP’s secure and scalable cloud technology, ONEIC will gain advanced capabilities in energy monitoring and data analytics, driving enhanced efficiency and sustainability in power consumption. This initiative marks a significant step in modernising Oman’s energy infrastructure and supports the country’s vision for a smarter and greener future.
Strengthening its role as a digital enabler, ODP has signed an MOU with NTG to formalise a Reseller Agreement
for Oracle Cloud Infrastructure (OCI) products. Through this partnership, NTG will serve as a front for ODP, offering OCI solutions directly to businesses across Oman. By expanding access to world-class cloud computing services, this collaboration will accelerate cloud adoption and digital transformation across various industries, empowering organisations with cutting-edge cloud capabilities. The initiative aligns with Oman’s broader efforts to enhance digital infrastructure and boost business agility in an increasingly tech-driven economy.
ODP has also entered into a strategic partnership with Elevatus, a global leader in smart recruitment technology, to modernize and enhance its talent acquisition capabilities. As part of ODP’s continued efforts to strengthen its internal environment and uphold its commitment to service excellence, this collaboration brings advanced tools that will streamline
how we attract, assess, and hire talent.
This step is a testament to ODP’s belief that investing in people is key to long-term growth and innovation. By simplifying the hiring process and ensuring the best-fit talent joins our teams, ODP is laying stronger foundations for future success. ODP will continue to invest in solutions that enhance both internal operations and customer experiences, as part of its mission to be Oman’s leading trusted digital infrastructure provider. These partnerships reflect ODP’s unwavering commitment to empowering organisations with secure, scalable, and cutting-edge cloud solutions.
With these strategic MoUs, Oman Data Park continues to reinforce its position as a key driver of digital transformation in the Sultanate. ODP’s strategy will continue to evolve in alignment with Oman’s Vision 2040, adapting to meet the changing needs of the market. While ODP initially
focused on providing infrastructure solutions, its vision for the future extends beyond infrastructure to positioning ourselves as a fullfledged solutions provider. This shift is strategic, recognising that while infrastructure remains an essential component, it is no longer the primary function.
By delivering resilient, scalable, and secure solutions across banking, energy, and enterprise cloud services, ODP is paving the way for a more connected and innovative Oman. As the country moves toward a future powered by advanced digital solutions, ODP remains committed to supporting businesses with future-ready technology, strategic partnerships, and best-in-class cybersecurity measures, ensuring long- term sustainability and growth for Oman’s digital economy. By continuously investing in next-generation technologies and fostering strategic alliances, ODP is shaping a more resilient, efficient, and technology-driven future for Oman.
ONE FOR THE AGES
Mercedes-Benz’s G 580 with EQ Technology doesn’t just mark a continuation of the G-Class story, it shows us that even in the electric age, some legends don’t need rewriting. They just need a new soundtrack. OERLive’s Assistant Editor, Alvin Thomas, writes
Electric cars have spent the better part of the last decade proving they belong, and for the most part, they’ve done it well. Yet, not every vehicle seems naturally suited to the shift. Some designs – some icons – feel tethered to the internal combustion engine in ways that are hard to replicate. The G-Class, somehow, isn’t one of them. In fact, giving the SUV an electric powertrain feels surprisingly logical. And while most manufacturers are busy sketching entirely new EV silhouettes, Mercedes-Benz has cleverly adapted one of its most enduring models for a new kind of future. A luxurious, unapologetically rugged Geländewagen that now moves with silent purpose, without losing the attitude – and more importantly the character – that made it a legend in the first place.
That’s what makes this evolution all the more fascinating. Some might call it a bold new chapter; we’d argue it’s more of a smart progression. Mercedes-Benz has introduced its first electric G-Class as the G 580 with EQ Technology – though in typical G-Wagon fashion, it hasn’t taken long for enthusiasts to give it a nickname of their own: the “EQG”. And yet, aside from the new badging, the G 580 is almost indistinguishable from its petrol-powered siblings at a passing glance. You have to know where to look.
Believe it or not, the G-Class – a nameplate that has survived more than four decades with minimal interference – is only now in its second generation. And in true G fashion, it hasn’t bent to the whims
of modernisation. The upright stance, flat surfaces, and unapologetically boxy profile remain intact. But look a little closer, and the story starts to unfold. Subtle “EQ” badging appears just behind the traditional flared arches. The side protection strip, which often wears carbon-fibre trim on the Mercedes-AMG G 63, now features a blue insert that hints at its electric underpinnings.
The wheels, too, that are 20-inches in width now have changed: aerodynamically optimised with blacked-out, polished surfaces and brake-cooling inlets cleverly integrated into the design.
Functional changes aren’t limited to looks. A new honeycomb-style lower intake feeds cool air to the battery pack, while a slightly raised bonnet and a leading-edge roof spoiler work to manage airflow more efficiently. Polished strips on the A-pillars and subtle vents in the rear wheel-arch flares further help the SUV plough through the wind, though calling the G-Class aerodynamic is still a generous description.
More practical updates include a larger cabin vent to better equalise air pressure, meaning you no longer have to slam the heavy doors with the force of a sledgehammer. Not that it’s lost its mechanical charm, the reassuring “clack” of the door latch remains, a small but satisfying reminder that, electric or not, a G-Class is still very much a G-Class.
And in case you were wondering, those iconic round headlights are still here, now housing powerful, carefully
cut-off MULTIBEAM LEDs, ringed by crisp daytime-running lights that give the G its unmistakable signature in any rearview mirror. The classic turn indicators, perched proudly atop each front fender like little ceremonial flags, also remain untouched. Even the tech integration has been handled
three-pointed star on the grille.
Commendable still is how all of this hardware has been cleverly engineered around its bespoke ladder frame chassis. Between the stout frame rails sits a 116-kWh highvoltage lithium-ion battery, wrapped
military DNA hasn’t been entirely paved over by leather and ambient lighting. Power is sent to an electric motor at each wheel, with each motor paired to a single-speed transmission that also incorporates a low-range gear reduction – effectively allowing the electric G-Class to mimic the action
suspended, keeping with modern expectations, but at the rear, things get a little more interesting. The rear axle isn’t a live one anymore: Mercedes-Benz has used a de Dion setup. The reason for this engineering throwback? Packaging. As it stands, there simply wasn’t enough room in a traditional live axle to house two electric motors and the necessary hardware. So, in a blend of innovation and pragmatism, Mercedes-Benz reached into the history books for a solution that could deliver the right blend of articulation, durability, and torque management.
Even so, electrifying the G wasn’t a simple matter of swapping out the engine and bolting in batteries. We’re sure this was a real test for Mercedes’ R&D teams. The solid rear axle – the beating heart of the G-Class’s legendary off-road capability – required a complete rethink to preserve the truck’s brutal off-road credentials without compromising its new electric powertrain.
This meticulousness of Mercedes’ engineering shows up in the tiniest, most deliberate ways on our tester. Unlock the doors, and a deep, bassy hum fills the silence – subtle, almost imperceptible at first, yet strangely satisfying. It’s a clever little note,
not unlike the ‘G ROAR’ feature that simulates driving noises, albeit quieter and more restrained when the car is stationary. Another thoughtful detail: opening the doors projects a timeline of the G-Class’s history onto the ground.
That same spirit of careful curation carries over inside the cabin. At first glance, there’s very little to separate the G 580’s interior from that of its traditionally powered siblings – and that’s exactly the point. It’s familiar territory: rich swathes of soft-touch leather stretched neatly across the dashboard, the doors, and the seats, each stitch precisely measured and executed. Our test car also featured tasteful carbon-fibre accents woven with subtle blue threads.
The dashboard layout sticks to the formula that has worked so well for Mercedes in recent years: two large 12.3-inch displays sit side by side, one for the driver’s instruments and another for infotainment. Both screens are crisp, fluid, and powered by MBUX, which is arguably still one of the most intuitive and polished interfaces on the market. Touch responses are instantaneous, animations are slick without being distracting, and the menus are laid out with clear logic. It’s a system that
genuinely works with you, unlike some we’ve tested in newer cars of
There are other creature comforts that add a layer of indulgence too. For instance, the massage functions are stronger and more pronounced than in previous G-Class generation. But the real party trick is a mode called ‘ENERGIZING COMFORT’. Select it, and the G 580 syncs audio tracks, ambient lighting, massage patterns, and even climate control settings to create a moving, multisensory experience. It’s one of those gimmicks you might scoff at initially, until you find yourself instinctively reaching for it after a long, draining day.
Meanwhile, the latest iteration of the Mercedes multifunction steering wheel, draped in soft leather, feels as good as it looks. Ambient lighting traces the cabin edges, setting a relaxed mood, while practical luxuries like KEYLESS-GO and temperaturecontrolled cup holders quietly enhance the everyday experience. And then there’s the Burmester 3D surround sound system, which to us was a real standout.
Tuning a car with the G-Class’s upright, angular cabin should be an acoustical nightmare, yet somehow, Mercedes’ engineers have pulled it off. The audio is vivid, crisp, and richly layered, with bass that subtly reverberates through the bodywork without overwhelming the senses. It’s one of the best we’ve tested in any SUV at this price point, hands down.
The seats in this new-generation G-Class strike a fine balance between comfort and control. They’re pleasantly supportive without feeling unnecessarily lofty; though, if you prefer that commanding highup position synonymous with the G-Wagon experience, the adjustment range is more than accommodating. A noticeable and welcome improvement over the previous generation is the level of lumbar support and the firmer side bolstering, both of which genuinely enhance long-haul comfort and cornering stability.
One standout feature we appreciated was the adaptive side bolstering. It’s subtle in operation, but not unnoticeable. It keeps you securely planted during sharper bends without feeling overly intrusive. It’s also clear that the system is tuned thoughtfully: the bolsters didn’t overreact during casual driving, only tightening up when the g-forces sensors genuinely called for it. That level of calibration suggests some real attention to spirited driving dynamics, rather than just slapping on a stratagem for the spec sheet.
Now let’s move over to the fun bits. At the heart of the electric G-Class beats a rather rare marvel of engineering: a quad-motor setup. Each wheel is driven by its own electric motor, and together they summon 587 horsepower and an almost absurd 1,164Nm of torque. These are figures that don’t just impress on paper but completely redefine what it means to drive a G-Wagon.
Compared to its thunderous V8 sibling, the Mercedes-AMG G 63, the G 580 only marginally falls short in outright horsepower but comfortably eclipses it in torque. It’s an extraordinary amount of twist, the kind normally reserved for heavy-duty workhorses, and it pushes the electric G into proper off-roading and towing territory.
Performance testing makes this all the more clear. Against anything currently available in the Oman market, the electric G-Wagon surges ahead. Simple pedal overlap or an outright stomp on the accelerator unleashes a 4.7-second sprint from 0 to 100 kph – faster than the traditional G 500’s 5.4 seconds and surprisingly close to the MercedesAMG G 63’s 4.4 second tear. For a vehicle with a gross weight of 3,500 kilograms, that’s not just quick; it’s mind-boggling.
And while weight is the enemy of stopping distances, the G 580 confounds expectations with a 100 kph to a dead stop figure of only 33 metres – an astonishing feat when the industry average for vehicles of this size is a much lazier 56 metres. All
this, and the SUV still manages to do around 473 kms* on a single charge.
*The power consumption figures/ range were calculated on the basis of these values pursuant to the requirements of the specifications of the EU Regulation 2017/1151 Annex XXI. The stated values were determined in accordance with the WLTP (Worldwide harmonised Light vehicles Test Procedure) measuring process for the “G 580 with EQ technology” vehicle, and were determined pursuant.
When plugged into an AC source, like a home wallbox charger, the vehicle’s onboard charger offers a maximum charging capacity of up to 11 kW. But it’s when you find a DC fast-charger that the electric G really shows its convenience. With support for up to 200 kW of direct current charging, it can jump from 10 to 80 percent State of Charge in about 32 minutes.
From behind the wheel, the G 580 feels unmistakably like a G-Wagon, which is to say, solid, luxurious, and slightly imperious. It still carries the heavySUV-like bravado that has defined the G for generations, but underpinned by an effortless, silky electric power delivery that feels surprisingly natural.
Choosing a quad-motor setup was a bold move by Mercedes-Benz – and if were to be completely honest – a complicated one. Getting four separate motors to harmonise is no small task, but from the driver’s seat, any fear of strange quirks quickly evaporates. There’s very little torque steer even when accelerating hard, and cornering is impressively composed unless you really provoke it mid-bend. Power is constantly being shuffled between wheels almost invisibly, ensuring traction feels bottomless in most scenarios. Ease into the throttle, and the G 580 responds with a wave of torque so rich and smooth that it seems to pick up the entire car and glide it forward, regardless of the terrain.
Braking, however, introduces a new rhythm to the G-Class experience. Regenerative braking takes the lead here, and while it feels a little alien at first, it quickly becomes second nature. Paddle shifters allow the driver to select varying levels of recuperation, and with the vehicle in “D- - “ recuperation mode, lifting off the accelerator can bring the SUV to a strong, satisfying stop (not a complete halt) without even touching the brake pedal. Despite the absence of traditional ABS pulses during hard stops, the braking system feels natural
Over rougher ground, the G 580’s adaptive suspension steps up admirably, ironing out the bumps and jolts that body-on-frame vehicles usually magnify. Tall sidewall tires helped absorb road imperfections further, making even battered tracks feel remarkably civilised. Still, the oldschool G-Wagon top-heaviness hasn’t been completely kept put; though, the lowered center of gravity from the battery pack helps somewhat. Stability systems kick in aggressively when needed, cutting power when steering angles get too extreme, always encouraging the driver to stay within reason.
This, combined with the clever G-ROAR feature, helps the new
One of the more peculiar phenomena we’ve noticed in our time driving EVs is the way the absence of sound and mechanical feedback can almost detach you from the act of driving. Without the usual auditory cues or vibrations, it’s surprisingly easy to lose track of your speed – and before you know it, corners arrive faster and sharper than expected, unsettling not just the driver but also the passengers.
The G-ROAR system addresses that disconnect brilliantly. Rather than settling for the typical spaceship whirrs or the eerie silence that plagues so many electric vehicles, Mercedes has crafted a soundscape specifically for the G 580, one that pays homage to the G-Class’ rugged, old-school roots.
channels the spirit of a classic V8 rather than trying to mask the electric nature of the drivetrain.
The feature also adapts depending on the selected drive mode, remaining reserved and understated in Comfort mode, but lively and almost theatrical in Sport mode.
Mercedes has taken another leap with the G 580’s off-road arsenal. Gone are the manual locking differentials of old and in their place is an intelligent system of virtual locks achieved through torque vectoring. Rather than relying on complicated hardware, the G 580 varies (rather seamlessly) torque across wheels automatically, meaning it reacts faster and more precisely than any
strongly believe this could also reduce overheating of the drivetrain systems.
There’s a redesigned off-road control unit and OFFROAD COCKPIT also available in the infotainment screen. With the latter, drivers get an expanded suite of off-road functions at their fingertips, offering real-time readouts of incline angles, traction levels, and motor power distribution.
Choosing the ‘Rock’ drive mode and engaging low-range gearing transforms the G 580 into an off-road surgeon. Proof of this lies in our complete video review. It activates a kind of off-road cruise control that, through precise application of power and regenerative braking, does a phenomenal job maintaining
low, consistent speeds over technical surfaces. Even when the ground falls away beneath a wheel, the SUV remains utterly composed, adjusting each motor’s regenerative braking individually to hold the vehicle at crawling speeds – down to a few kph if necessary. It’s here that the quadmotor powertrain’s immense potential truly shines, delivering a level of precision and confidence that’s almost impossible to replicate manually.
ELECTRIC DYNAMIC SELECT adds another layer of personality, letting drivers switch between Comfort, Sport, and Individual modes for everyday driving, while Trail and Rock modes handle the rough stuff. And for the truly gnarly terrain, the G 580 offers a LOW RANGE off-road gear reduction. Here, each motor’s small transmission plays its role, shifting centrally to allow independent power delivery at each axle. In Rock mode, it drops its top speed to 85 kph, and reportedly engages a smart off-road crawl function. But, truth be told, we didn’t push the limits too hard on our test drive.
However, what we did try are the party tricks – the sort of things that make even seasoned off-roaders pause for a second. G-TURN lets the G 580 spin almost on its own axis, ideal for tight spots where reversing isn’t an option, and G-STEERING trims down the turning radius by intelligently managing torque across the wheels. These features have to be seen to be believed. The former induces g-forces almost unheard of on a single point of axis on a linear scale and has to be the most impressive feature we’ve experienced in our 15-year tenure reviewing cars.
Then there’s intelligent crawl control, which pops active when LOW RANGE is engaged, adding a “sort of” cruise control mode for the roughest tracks, allowing drivers to focus more on navigating obstacles than feathering the throttle. This is further aided by the “transparent bonnet” feature on the infotainment screen. Using multiple camera feeds stitched together, it offers a virtual view under
the front of the car, helping drivers pick the safest, smoothest line forward without relying solely on instinct or, shall we say, a nervous passenger’s advice. Let’s be real here: no one wants to scratch up a Mercedes-Benz.
Having spent over 250 kms during the course of our drive, we’re almost pleased to say that there’s still a stubborn romance to the engineering of this SUV. It’s hard to forget that this is a machine that has refused to bow to trends or timelines, moving instead to the slow, deliberate rhythm of its own evolution. And now, standing at the edge of an electric frontier, the G 580 with EQ Technology doesn’t betray that spirit.
Where so many icons have stumbled through their transitions into the EV age – either by chasing trends too desperately or clinging too tightly to outdated formulas – the electric G-Class manages something rarer: it adapts without apology. It does not pretend to be anything other than what it has always been: a fortress on wheels, a symbol of excess and capability, an object of desire for adventurers and aesthetes alike. Only now, it hums into the future with a different kind of energy underfoot.
Driving it, you don’t get the sense that Mercedes-Benz reinvented the G-Class to chase headlines or placate regulators. Instead, it feels like a quiet statement: that even in a future dominated by silent motors and software updates, there’s still room for character, for weight, for a mechanical handshake between humans and machines. And maybe that’s the most reassuring part.
Because if something as gloriously anachronistic as the G-Wagon can survive the tectonic shifts of the automotive world and not just survive, but thrive, then maybe not everything has to be sacrificed at the altar of progress. Maybe there’s still space for history to breathe alongside innovation, for old legends to find new roads without losing themselves along the way.
BESPOKE CREATIONS
Rolls-Royce Motor Cars Middle East & Africa celebrates record year for bespoke and sales
In 2024, Rolls-Royce Motor Cars Middle East & Africa was the largest Bespoke region by average value per motor car. The region has once again set a new benchmark for highly sophisticated and exclusive commissions.
Extraordinary examples include: Couture Phantom, featuring a delicate lace-inspired embroidered gallery, a Bespoke interior of Sunrise and Grace White leather, and a unique twotone paint application in Crystal over Palais Nemaskar Dawn and Crystal over Arctic White; Rose Spectre, with intricate rose embroidery on the headrests and rear waterfall, along with personalised airbrush
artwork and a 3D embroidery technique blending yarns; a specially commissioned Phantom, designed to mark a client’s milestone 50th birthday with his initials on the Coachline, treadplates, and headrests, and a Starlight Headliner recreating the constellation on his birthdate and birthplace.
These sophisticated Bespoke creations underscore Rolls-Royce Motor Cars’ ongoing commitment to offering highly personalised experiences which lead to the creation of emotionally resonant masterpieces, showcasing Rolls-Royce’s exceptional craftsmanship, design, and innovation in the Middle East and beyond.
Rolls-Royce Motor Cars’ commitment to Bespoke is reflected in its Private Offices. The Private Office in Dubai was the first outside Goodwood, setting the global template which offers clients the opportunity to work closely with a dedicated regional Designer and Bespoke Experience Manager, serving as an extension of The Home of Rolls-Royce at Goodwood in the region. Working with the Private Office team, clients can create a deeply personal and elaborate motor car, thereby turning their dreams into a reality.
Following the successful showroom openings in Qatar and Saudi Arabia in recent years, the new
showroom openings in Dubai, Abu Dhabi, Kuwait, and Bahrain in 2024 underscore Rolls-Royce Motor Cars’ evolution into a true House of Luxury. Bringing the brand’s refreshed visual identity to life, and designed to appeal to a younger, self-made, and highly individual clientele, these new showrooms offer a fully immersive client experience, reflecting the marque’s commitment to delivering unparalleled luxury and personalisation.
The Rolls-Royce Motor Cars invitationonly members’ app, Whispers, continued to thrive in 2024, offering an exclusive digital member’s club where clients can manage their RollsRoyce motor cars, network with fellow members, and gain unique insights into both the marque and the wider luxury world. The app also facilitates direct communication between senior Rolls-Royce motor cars executives and owners of Goodwood-era Rolls-Royce motor cars, strengthening the bond between the brand and its discerning clients.
Driven by the ultra-luxury super coupé Spectre, which had its first
full year of sales, and the launches of Cullinan Series II and Ghost Series II and their respective Black Badge models, the Middle East and Africa saw increased interest across the Rolls-Royce lineup in 2024, including the pinnacle Rolls-Royce Phantom
In 2024, the Middle East achieved record sales with top performance rankings globally in Dubai, Abu Dhabi, and Riyadh. Bahrain and South Africa also achieved their highest annual sales on record.
“2024 has been a remarkable year for Rolls-Royce Motor Cars, particularly in the Middle East & Africa, where the region continues to set the global benchmark for Bespoke commissions. The success of our Private Office in Dubai - our first outside Goodwood – and the opening of four new showrooms across the region have been pivotal, offering discerning clients exclusive luxury spaces to immerse themselves in the wonderful world of Rolls-Royce Motor Cars. We have seen strong demand across all models with more clients seeking highly personalised features. The Middle East remains at the forefront
of our Bespoke philosophy, and we are confident the demand for exceptional, tailored, emotionally resonant luxury will continue well into 2025 and beyond,” said James Crichton, RollsRoyce Motor Cars, Regional Director Middle East & Africa.
Rolls-Royce Motor Cars has announced an investment of over £300 million to extend the Home of Rolls-Royce at Goodwood, reinforcing its position as a leader in handcrafted luxury and Bespoke craftsmanship. With the marque’s expansion of its global Private Office network and the increasing demand for highly intricate Bespoke, the investment is primarily to create more space for both Bespoke and even more complex Coachbuild projects. It marks the largest capital investment since the plant’s opening in 2003 and will enable Rolls-Royce Motor Cars to meet the evolving demands of its Middle Eastern clientele, further supporting the brand’s commitment to exceptional craftsmanship, Bespoke excellence, and innovation. Rolls-Royce Motor Cars Middle East & Africa looks forward with confidence to unveiling more Bespoke creations in 2025.
MHassan & Co., the official dealer of GMC in Oman, launched the new GMC Yukon at an exclusive event held at Sheraton Hotel, Muscat recently.
The new GMC Yukon, the brand’s flagship full-size SUV, is now available across all GMC showrooms in Oman. Designed to redefine power, luxury, and innovation, the Yukon boasts a bold exterior redesign, cutting-edge technology, and unmatched performance, making it the perfect choice for discerning SUV enthusiasts in the region. The event brought together executives, media representatives, and esteemed dignitaries, highlighting the vehicle’s importance in the Omani market.
Speaking at the launch event, Ziad Haddad, Acting CEO, Moosa Abdul Rahman Hassan & Co, highlighted the brand’s vision for delivering automotive excellence,“The launch of the new GMC Yukon in Oman marks a pivotal moment in GMC’s journey.
With its commanding presence, ground-breaking technology, and outstanding performance, the Yukon remains a benchmark in the full-size SUV segment. Our goal is to provide customers in Oman with vehicles that offer more than just power—they bring innovation, luxury, and an enhanced driving experience.”
Haddad also acknowledged the long-standing partnership with Moosa Abdul Rahman Hassan & Co., reinforcing their role in delivering exceptional service and accessibility to GMC customers in Oman, “Moosa Abdul Rahman Hassan & Co. has played a crucial role in strengthening GMC’s presence in Oman, ensuring
that our customers receive world-class service and unparalleled access to our premium lineup. This partnership reflects our shared commitment to delivering superior automotive solutions and customer satisfaction.”
Redefining Power and Luxury The new GMC Yukon line-up includes four distinct trims: Elevation, Elevation premium, AT4, the first-ever AT4 Ultimate, and the Denali—each crafted to suit different driving preferences. Customers can choose between two powerful V8 engine options, including the 5.3L V8 delivering 355 horsepower and the 6.2L V8 producing 420 horsepower and 623 Nm of torque, both paired with a 10-speed automatic transmission for seamless performance.
Inside, the Yukon elevates the driving experience with a 16.8-inch diagonal premium infotainment system, an 8-inch rear climate control touchscreen, and an extensive suite of
advanced driver assistance and safety features, including the GMC-first Night Vision system, Front Pedestrian and Bicyclist Braking, and Intersection Automatic Emergency Braking.
The first-ever AT4 Ultimate trim takes rugged luxury to a new level with 20-inch all-terrain tires, a front skid plate, a panoramic sunroof, and fullgrain leather seating with massage functionality. Additional highlights include a Bose 14-speaker surround system and Air Ride Adaptive Suspension, ensuring superior comfort and capability on any terrain.
The new GMC Yukon is now available in GMC showrooms across Oman. Customers are invited to visit their nearest showroom to explore the different trims, cutting-edge features, and exclusive launch offers. For more information on pricing, availability, and test drives, visit your nearest GMC showroom.
ELEVATING EXCELLENCE
MHD ACERE unveils Hongqi’s latest luxury SUVs in a spectacular launch event
Mdistributor of Hongqi in Oman, hosted an exclusive evening of luxury, innovation, and automotive excellence at Crowne Plaza, Qurum, Muscat, unveiling the all-new Hongqi HS6 & HS7, alongside the reimagined HS9 & HS5.
The grand event, held on February 26, 2025, brought together distinguished guests, automotive enthusiasts, media and industry leaders who experienced firsthand Hongqi’s latest masterpieces—each representing a
and timeless elegance.
The evening commenced with an exhilarating reveal of the new Hongqi lineup, showcasing state-of-theart features, sophisticated designs, and advanced safety technologies. Guests were captivated by the stunning power and refined luxury of each model, reinforcing Hongqi’s reputation as a pioneer in the premium SUV segment.
Hongqi’s Latest Luxury SUVs
Hongqi HS6 – A 2.0T luxury SUV with
features, ambient interior lighting, and advanced safety, setting new standards in comfort and technology.
Hongqi HS7 – Offered in three spacious variants (6-seater & 7-seater 4WD models), boasting wireless fast charging, a premium Dynaudio sound system, an intelligent 4WD system, and smart technology for seamless convenience.
Hongqi HS9 – The reimagined flagship SUV featuring a waterfall-inspired front grille, AI-integrated intelligent
Hongqi HS5 – A refined SUV that blends bold design, superior aerodynamics, 20-inch aluminum wheels, and integrated LED lighting, offering an elevated driving experience.
Speaking at the event, Mohsin Hani Al Bahrani, CEO, MHD ACERE, expressed his enthusiasm, “We are thrilled to witness the overwhelming response to the latest Hongqi lineup in Oman.
and the reimagined HS9 and HS5 set new benchmarks in the premium SUV category, and we are excited to bring these exceptional vehicles to our valued customers.”
Attendees had the exclusive opportunity to explore each model up close, experience cuttingedge features, and engage in insightful discussions with Hongqi’s automotive experts. The event was
As Hongqi continues its journey of redefining automotive excellence, MHD remains committed to delivering world-class experiences and innovative vehicles that cater to the evolving demands of luxury car enthusiasts. The all-new Hongqi HS6 & HS7, along with the reimagined HS9 & HS5, are now available for bookings at Hongqi showrooms in Azaiba.
BILLBOARD
Bank Nizwa announces limited-period competitive rates and flexible repayment options on retail financing solutions
With a keen focus on delivering customer-centric solutions, Bank Nizwa, the leading and most trusted Islamic bank in the Sultanate of Oman, recently announced a limited-time offering, running from April to June 2025, featuring highly competitive profit rates across its suite of Sharia-compliant retail finance products. Spanning Auto Finance, Home Finance, and Personal Finance, this initiative reinforces the bank’s dedication to empowering customers with greater financial flexibility and ease in managing their financial commitments. Commenting on the offering, Mohamed Al Ghassani, Chief Retail Banking Officer at Bank Nizwa, said, “The growing preference for Sharia-compliant financial solutions reflects a shift in consumer priorities, placing greater emphasis on transparency, and financial well-being. At Bank Nizwa, we have not only kept pace with this trend, but have also developed innovative, comprehensive financial solutions that are flexible and tailored to meet the diverse needs of our customers.” He added, “Our financing structures are designed to support customers at every stage of their financial journey. By embedding value-driven strategies alongside competitive profit rates and flexible repayment options, we provide a transformative banking experience that seamlessly bridges Islamic principles with contemporary financial needs, all while adhering to the highest standards of Sharia compliance. This initiative is a testament to our relentless pursuit of service excellence and our dedication to empowering our customers to achieve their aspirations with confidence.”
Bank Nizwa offers structured financing models with optimized repayment terms, allowing customers to own a vehicle with greater ease. Customers can choose from salary transfer options or post-dated cheque, ensuring tailored solutions that align with their unique financial preferences. Similarly, its Home Finance solutions empower aspiring homeowners to acquire property through financing, thus providing them with financial stability and contributing to achieving their financial goals in a sustainable and secure manner. Furthermore, the bank’s
NBO Muzn Islamic Banking offers exclusive annual fee waiver for new credit card customers
NBO Muzn Islamic Banking has announced a waiver of the first-year annual fee for new credit card applicants. The offer, valid until April 30, 2025, requires applicants to activate their card and complete at least one transaction within one month of issuance to take advantage of this initiative. Salima Obaid Al Marzoqi, Assistant General Manager and Chief Islamic Banking Officer at NBO , said, “At Muzn Islamic Banking, we remain steadfast in our mission to provide Shari’ah-compliant financial solutions that empower individuals and businesses with innovative banking experiences. This endeavour reflects our dedication to supporting our customers with flexibility and accessibility. By offering this exclusive opportunity, we encourage responsible financial management.” As part of its ongoing efforts to enhance customer engagement, Muzn Islamic Banking continues to deliver forward-thinking, ethical, and Shari’ah-compliant financial services, offering a wide range of accessible and transparent banking products. With a strong focus on customer-centricity and service excellence, Muzn Islamic Banking is committed to supporting financial well-being through tailored Islamic banking solutions that ensure customers benefit from seamless and ethical banking experiences. For more details or to apply for a Muzn Credit Card, visit the nearest Muzn Islamic Banking branch, explore digital banking channels, call 24770001, or visit www.muzn.om.
Personal Finance solution offers access to funds in a way that prioritizes customers’ financial well-being. Meanwhile, the Buyout offering offers an efficient and cost-effective way to consolidate financial liabilities, enabling individuals to transfer their obligations to Bank Nizwa with ease, all while enjoying exclusive benefits. To complement this initiative, customers availing these financing solutions will also benefit from an annual fee waiver for the first year on the Mastercard Titanium and Platinum Credit Cards, unlocking a plethora of exclusive discounts, offers and benefits specially curated to enhance their experiences. This reflects the bank’s commitment to adding value while ensuring convenient access to financial tools that align with customers’ lifestyles.
Own Your Dream Car this Ramadan with National Finance’s instant auto financing
Committed to delivering exceptional value to its diverse clientele, National Finance, the Sultanate of Oman’s leading finance company, has introduced an exclusive Ramadan Auto Finance offering designed to enable customers to acquire their dream vehicles during Ramadan, with the added benefit of commencing repayments after Eid-Al-Fitr. This compelling offer boasts instant approvals within just 60 minutes, competitive interest rates, a two-month deferment on installment payments, and extended repayment tenures of up to 12 years. Applicable on the purchase of both new and used cars, National Finance’s Ramadan Auto Finance offering underscores the company’s dedication to delivering fast, seamless, and flexible financing solutions. This enables customers to efficiently handle their financial obligations while securing their dream vehicle immediately. Commenting on the offering, Tariq Sulaiman Al Farsi, CEO, National Finance, said, “At National Finance, we are dedicated to maximizing the value we provide to our customers through offerings that include exceptional benefits.
We aim to support our customers in enhancing their lifestyles while ensuring they can manage monthly payments with ease. Whether they are looking to upgrade to a more luxurious vehicle, or purchasing a new car for the first time, National Finance’s Ramadan Auto Finance solution guarantees a smooth, affordable, and convenient path to ownership.” National Finance’s Ramadan Auto
Finance offering is thoughtfully crafted with the best interests of customers at its core. By submitting essential documents—such as a national ID or resident card, passport copies for expatriates, the latest salary certificate as proof of income, and a bank statement from the past three months—individuals can secure car finance in under 60 minutes. To further streamline the process and expedite approvals, National Finance has experienced representatives stationed at 10
Shell Oman introduces new and improved Shell V-Power for optimum engine performance
Aligned with its mission to enhance motorists’ journeys, Shell Oman Marketing Company (Shell Oman) has unveiled the new and improved Shell V-Power, the latest iteration of its premium fuel line, now available in Oman. This premium/performance fuel is designed to effectively clean up to 100 per cent of critical engine components, providing optimum engine performance for drivers. Beyond the realm of conventional fuels, Shell V-Power is meticulously designed to maximise engine performance. In addition to our offering of a diverse range of fuels and a retail experience centered on convenience, quality, and choice, the new and improved Shell V-Power endeavors to surpass customer expectations. Through its advanced formulation, new and improved Shell V-Power cleans up to 100 per cent of critical engine parts, e.g., fuel injectors and/or inlet valves, therefore optimises airflow and combustion,
A new fuel formulation that ensures our new and improved Shell V-Power not only meets current market demands, but also the evolving expectations of customers, solidifying its position as a symbol of driving excellence and a testament to Shell Oman’s commitment to innovation in the Sultanate. Suresh Nair, General Manager- Mobility at Shell Oman, stated, “With the introduction of the new Shell V-Power, we are not merely launching a product; we are pioneering a new era of driving excellence in Oman. Symbolising our unwavering commitment to delivering a driving experience characterized by optimal smoothness, cleanliness, and efficiency, the enhanced Shell V-Power ensures extended and extraordinary journeys. We firmly believe that this pioneering innovation will not only meet but exceed the expectations of our discerning customers, setting a benchmark for fuel excellence in Oman.”
CHANGING DYNAMICS
Asset allocation in a volatile political landscape
Aperfect portfolio needs quality stocks with a value tilt and good cash flow and stocks for the long run. The recent liberation day and global tariffs enacted by President Trump led to a severe market sell off and rising volatility and made investors and indeed pensioners again aware of asset allocation and portfolio construction. In US dollar terms as of April 4, the U.S market was down – 13.7 per cent year-to-date (YTD) the Ghana market is up and + 23.9 per cent return in US dollar terms. This shows the global diversification benefit of adding frontier or African stock markets to a globally diversified investment portfolio. In a world where traditional investment destinations are becoming increasingly saturated and competitive, savvy investors are turning their eyes toward frontier markets—especially those in Africa.
World famous investment manager and USA democratic party donor and early supporter of Barack Obama, George Soros famously joked that “an investment is a speculation gone wrong.” If you failed as a short-term trader, you might as well become a successful long-term investor. When it comes to investment, however, the art of asset allocation or simply deciding on asset allocation is most important. It is often said that the only free lunch in financial markets is diversification supported by conscientious asset allocation.
Selecting the right asset allocation and countries to invest in depends on several factors, including: Time Horizon – The number of months or years until your financial goal is the primary factor driving asset allocation. Investors saving up for retirement often invest in riskier assets since they have a long-time horizon, while a parent saving up for a teenager’s college education may stick to less risky investments since they have a shorter time horizon. Risk Tolerance – The second major factor influencing
asset allocation is an investor’s risk tolerance. In other words, their ability and willingness to lose some or all their original investment in exchange for greater returns. Aggressive investors may be willing to take on higher risk to get better returns, while conservative investors may stick with low-risk investments aimed more at capital preservation.
The objective of investing is to increase the purchasing power of capital. This means that total return after taxes on the portfolio must exceed the inflation rate. How high this real return is and how risky in terms of volatility and the means of achieving it, are what asset allocation is all about. Good asset allocation can result in the return on the whole portfolio being more than the sum of the returns on the parts. The big question for investors is whether to change asset allocation due to recession and or Tariff bear market risk. More and more economists warn stated that world economy may suffer 1970 Stagflation if trump tariffs re-order the global economy.
The global economy may be headed for years of weak growth and rising prices, a toxic combination that will test the stability of dozens of countries still struggling to rebound from the pandemic. Stagflation is widely believed to be the worst potential outcome to asset prices, making the right calls on asset allocation even more important.
The combination of high inflation, low interest rates, and stocks previously near all-time highs creates challenges for investors: Keep cash and guarantee its purchasing power erodes by the level of inflation. Buy bonds and get hit when/if rates climb, in addition to the erosion from inflation. Buy stocks and experience declines in the event of a slowdown or recession. So far, stock valuations have come down because share prices are falling
— despite resilient earnings. Even as the market dropped this year, a continuing drumbeat of optimistic earnings forecasts has kept the dipbuying mindset alive. A downturn in the economy could end this run for earnings, and retail investor confidence.
In the stock market, the consumer staples sector is expected to be able to maintain consumer demand while passing along higher input costs. Tech companies that provide convenience and value to corporate and household consumers should be able to maintain sales and margins as they are less impacted by rising input costs. A stagflation recession will be different to other previous recessions. In the US stock market of the 15 bear markets, 11 have also coincided with recessions, including six of the last seven, dating to 1970. Bear markets that were accompanied by recessions saw a median decline of 36 per cent over 18 months, compared with 31 per cent over 10 months for those that were not.
The reason bear markets often pause for a break is basic: markets do not move in straight lines, and it takes time for entrenched investor psychology to break. Though many institutional investors have reduced stock holdings, retail investors have barely flinched so far. Asset allocation is the most important factor in the performance equation of a multi-asset portfolio. In a tariff inspired stagflation world, asset allocation will get more attention, manager selection which received so much attention during the bull market years might be de-emphasised.
Rainer Michael Preiss Partner & Portfolio Strategist at Das Family Office in Singapore
Talking on the mobile while driving... can be fatal.
