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Catalytic shift
A defining trait of most successful business leaders is their strong leadership skills. Whether they are guiding a small group or managing a vast organisation, they have a remarkable ability to inspire and uplift their employees, driving them to deliver exceptional results.
With years of experience and unwavering commitment, these leaders have honed their skills, establishing themselves as role models for those looking to improve their own leadership capabilities. Their journey reflects not just personal growth, but also a dedication to nurturing the next generation of leaders. These leaders also foster a culture of strategic thinking, encouraging their teams to analyse challenges and develop innovative solutions. By motivating their team members to reach their full potential, they create an environment where everyone is driven to achieve excellence.
According to PwC’s 28th Annual CEO Survey, CEOs in the Middle East recognise that traditional models of business are increasingly unsustainable in the face of transformative catalytic shifts. Alongside the climate crisis and AI-driven disruption, they also recognise there is a battle to capture value in new domains as industry lines blur and companies face fierce new competitors, reshaping market dynamics. These are forcing CEOs to rethink how they can innovate to secure that ever-critical advantage. The imperative is evident: CEOs must balance the opportunities of today while also reinventing their businesses for tomorrow.
CEOs in the Middle East are among the most confident globally about revenue growth in the year ahead. Yet, they remain acutely aware of the huge wave of disruptive change, primarily driven by AI, climate challenges and an intensifying competition over new domains of growth as industry lines blur.
OER’s annual ‘The Best Advice I Ever Got’ cover story encapsulates the wisdom of a cross section of business leaders.
OommenJohn
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PROACTIVE APPROACH
Oman’s unwavering commitment to achieving net-zero emissions by 2050, as outlined in the Oman Vision 2040, is particularly focused on diversifying energy sources to ensure sustainable energy security for the nation. The Ministry of Energy and Minerals is actively pursuing both local and international partnerships to facilitate the country’s transition to green energy. These developments represent a strategic opportunity for both Omani and international companies to collaborate in enhancing local and global energy security, driving economic diversification, and addressing the urgent challenges posed by climate change. Further, the Ministry has announced a new policy framework designed to promote the adoption of renewable energy and liberalise the electricity market. The “Renewable Energy Policy for Self-Generation and Direct Sale” aims to promote sustainable development, attract investments in clean energy, and regulate electricity self-generation and sales. This policy aligns with Sultanate’s vision for a greener future, and it is anticipated to improve energy efficiency, diversify energy sources, and significantly reduce carbon emissions. Oman’s dedication to achieving net-zero carbon emissions by 2050 is commendable, and these steps reflect a proactive approach to securing a sustainable energy future.
Martin Jones, MQ
LEADING THROUGH CHANGE
Leading through change is one of the most challenging yet rewarding aspects of leadership. Whether it is a shift in company strategy, a new technological advancement, or a change in market conditions, change can be unsettling for employees. A good leader not only steers the organisation through these transitions but also provides the emotional support and guidance that help people adjust with confidence. One of the most important aspects of leading through change is communication. Leaders must be open and transparent about the reasons behind the change, how it will affect the team, and the steps being taken to navigate it. This transparency fosters trust and helps to ease anxiety. Rather than simply telling employees what is happening, the best leaders engage with their teams, listen to concerns, and offer reassurance.
Adaptability is also key. Leaders need to show that they are willing to embrace change themselves. When employees see their leaders staying flexible and solution-oriented, it encourages them to adopt a similar mindset. By modelling resilience and a positive attitude, leaders can help their teams view change as an opportunity for growth rather than something to fear. Lastly, empathy is vital. Change can bring stress and uncertainty, and it is important for leaders to recognise the human side of the transition. Taking time to check in with team members, offering support, and acknowledging their feelings can help maintain morale and productivity. In doing so, leaders create an environment where change does not feel overwhelming, but instead becomes a shared journey toward a brighter future.
Air-sofa super-sensitive seats deliver a new standard in relaxation
INTERVIEW
EDUCATIONINDUSTRY COLLABORATION
Eng. Ahmed Akaak, CEO, SEZAD offers practical insights on bridging the gap between education and industry.
TRANSFORMATION
Quique Vivas, Ooredoo Oman’s Chief Commercial Officer, reflects on 2024 as a year of strategic adjustments, and customer-centric
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AI, Robotics and Wearable Sensors are Changing the Lives of Dementia Patients
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Laha Insurance
The First Motor Insurance Designed for Women in Oman
Bank Muscat Oryx Fund increases its dividend consecutively for the 8th year
Bank Muscat, the leading financial services provider in the Sultanate of Oman, announced that the fund management body of Bank Muscat Oryx Fund has proposed a dividend distribution of 74 baisas per unit to be paid to the unitholders for FY 2024, subject to requisite approvals from the unitholders and other competent authorities. Accordingly, the Fund has maintained its track record of consistently growing dividend distributions despite a challenging market environment. In addition to the regular income distributions through dividends, the Fund has also been rewarding its investors with attractive capital appreciation since its inception in 1994.
Bank Muscat Oryx Fund continues to reward its investors with its stellar performance with an average return of 13.4 per cent per annum to investors over the last 5 years which translates into an aggregate return of 87.5 per cent over this period. For example, an amount of RO10,000 invested in Oryx Fund has grown to approximately RO18,750 over the last 5 years, consisting of original investment of RO10,000 and investment gain (returns) of RO8,750. The return delivered by Oryx Fund over the last 5 years is significantly higher than average returns offered by alternatives over the same period like the MSX 30 Index 2.8 per cent per annum, S&P GCC Index 5.4 per cent per annum, MSCI Emerging Markets index negative 0.7 per cent per annum. As such, Oryx Fund clearly stands out as an attractive investment choice for prospective investors with a medium to long term view. Furthermore, Bank Muscat Oryx Fund has delivered a positive performance of 4.4 per cent for the one year ended December 31, 2024, against a return of 2.2 per cent in its benchmark i.e. S&P GCC index.
Bank Muscat Oryx Fund has won several accolades for generating wealth for its investors and for significant outperformance compared to peers. It has been top-rated by various renowned global fund reviewers such as Lipper, Mena Fund Manager and Emerging Market Finance. Oryx Fund represents an attractive investment proposition for medium to long-term
investors. The fund’s strategy to follow a bottom-up approach focused on selection of quality stocks has been proven over various market cycles and time periods. The fund management team’s insights in the GCC region, quality of research across industries and sectors and knowledge of investee companies’ performance and future direction are the key factors that have enabled the fund to provide consistent and stable long-term returns to the investors.An open-ended fund regulated by the Financial Services Authority, Oman, Oryx Fund offers daily liquidity, providing flexibility to invest or redeem on any business day. Investors can subscribe to the fund with a minimum subscription amount as low as RO50. Investors may also choose to invest every month by subscribing to Systematic Investment Plan (SIP) option. The fund’s NAV is published daily on Bank Muscat website and Muscat Stock Exchange website so that investors can track the value of their investments daily. Interested investors may contact the fund’s Investor Servicing Desk through email at assetmanagement@ bankmuscat.com to understand the process to subscribe to the fund.
Bank Nizwa’s focus on excellence, innovation, and social responsibility earns top honours at IFN Awards
Once again demonstrating its industry pre-eminence, Bank Nizwa, the leading and most trusted Islamic bank in the Sultanate of Oman, recently secured multiple accolades at the prestigious Islamic Finance News (IFN) Awards 2024, held in Dubai. The bank was honoured with the ‘Best Islamic Bank in Oman’ award and the ‘Best Islamic Retail Bank in Oman’ award, while also earning three landmark deal-based awards— ‘IFN Ijarah Deal of the Year 2024’, ‘IFN Oman Deal of the Year 2024’, and ‘IFN Social Impact Deal of the Year 2024’. These honours underscore Bank Nizwa’s unwavering dedication to people-centricity, financial ingenuity, and transformative impact in the Islamic finance sector.
Commenting on the wins, Khaled Al Kayed, CEO, Bank Nizwa, said, “These accolades are a testament to our relentless pursuit of excellence and our commitment to redefining Islamic finance as a driver of economic progress and social prosperity. At Bank Nizwa,
Sohar International and Sohar Islamic win ‘IPO Deal of the Year 2024’ at IFN Awards
Reaffirming its leadership in capital markets, Sohar International— Oman’s best bank—along with its Islamic window, Sohar Islamic, has been honoured with the prestigious ‘IPO Deal of the Year 2024’ award at the Islamic Finance News (IFN) Awards. The recognition highlights the bank’s instrumental role in managing the region’s largest initial public offering (IPO), which raised a record RO1.657bn, and was oversubscribed nearly three times, as well as Sohar Islamic’s contribution as one of the designated collecting banks. The award ceremony took place at Address Sky View, Dubai, with Fahad Al Zedjali, Executive Vice President & Head of Islamic Banking, and Dr. Al Mutasim Al Mutairi, Vice President & Head of Investment Islamic Banking, representing Sohar International. This accolade reinforces Sohar International’s position as a market leader, recognised for its strategic expertise and excellence in executing complex capital market transactions. With a commitment to driving capital market growth, the bank continues to introduce comprehensive financial solutions that unlock new investment opportunities, support economic diversification, and contribute to Oman’s long-term prosperity.
Commenting on this milestone, Abdulwahid Al Murshidi, CEO, Sohar International, stated, “Sohar International remains steadfast in its commitment to shaping Oman’s financial landscape through the execution of transformative deals that elevate the nation’s economic trajectory. The success of Oman’s largest Initial Public Offering (IPO)—a landmark transaction that garnered significant investor confidence—underscores our expertise in structuring, managing, and delivering complex capital market solutions with precision and agility. Our role in this monumental transaction aligns with the national agenda of economic diversification, expanding investment opportunities, and unlocking avenues for sustained growth. This achievement is a testament to our ability to drive strategic initiatives
that contribute to the broader pursuit of financial excellence and investor empowerment.” As the Issue Manager of Oman’s largestever Initial Public Offering (IPO), Sohar International played a pivotal role in structuring and executing a transaction that raised a record RO780mn, setting a new benchmark for capital market excellence. This landmark IPO not only attracted overwhelming investor interest but also served as a catalyst for advancing Oman’s regulatory framework, aligning capital market mechanisms with international best practices.
we measure success not just by financial milestones but by the enduring value we create—whether in delivering exceptional banking solutions, expanding access to Sharia-compliant financial services, or advancing Oman’s broader development agenda. Our commitment to responsible innovation, market leadership, and long-term value creation will continue to shape the future of Islamic finance, strengthening its role as a catalyst for inclusive and sustainable growth.”
Bank Nizwa’s recognition as the ‘Best Islamic Bank’ and ‘Best Islamic Retail Bank in Oman’ reaffirms its leadership in driving the growth of Islamic finance. The bank’s ability to navigate an evolving financial landscape while delivering superior, Sharia-compliant solutions has set new standards for operational excellence, financial strength, and customer focus. By continuously expanding its portfolio through digital innovation and personalised financial offerings, Bank Nizwa remains at the forefront of retail banking, empowering individuals with transparent and accessible financial solutions tailored to their evolving needs. Bank Nizwa’s expertise in structuring sophisticated financial transactions
was exemplified in its role as Joint Lead Manager and Bookrunner for Omantel’s $500 million Sukuk issuance, a landmark deal that earned the bank both the ‘IFN Ijarah Deal of the Year 2024’ and the ‘IFN Oman Deal of the Year 2024’. This transaction not only strengthened Oman’s Islamic capital market but also set a benchmark for corporate Sukuk issuances.
Reflecting its commitment to social responsibility, Bank Nizwa was also honoured with the ‘IFN Social Impact Deal of the Year 2024’. As a key sponsor of the Ishraq Waqf Investment Fund, launched in collaboration with the Ministry of Endowments and Religious Affairs, the Sultan Qaboos Higher Center for Culture and Science, and Oman National Investments Development Company (TANMIA), the bank played a pivotal role – as the Issuing Manager and Collecting Bank – in establishing a sustainable and Sharia-compliant investment framework for Oman’s waqf sector. By directing structured waqf investments into charitable and community-driven initiatives, the fund reinforces the bank’s keen emphasis on integrating Islamic finance with ESG-driven strategies.
Ooredoo brings classrooms into the digital age with workshop on digital transformation
Bridging the gap between today’s classrooms and tomorrow’s technology, Ooredoo hosted a transformative workshop on “Digital Transformation in Private Schools” at the Radisson Blu Hotel, Sohar last month. Under the patronage of Dr. Khadija bint Ali bin Mohammed Al-Salami, Director General of Private Schools at the Ministry of Education, the event brought together education and technology leaders to explore smart learning technologies and equip educators with advanced tools to shape the future of digital learning in Oman.
Speaking on the occasion, Abdulaziz Al Abri, Director of Business Sales highlighted Ooredoo’s commitment to digital education, stating: “By equipping schools with advanced technology, we are enhancing learning outcomes, streamlining operations, and ensuring a safer environment for students and educators. Our goal is to empower private schools with smart, future-ready solutions that foster innovation, connectivity, and security in the digital age.”
As enablers of digital transformation, Ooredoo, in partnership with Hikvision and data2cloud (d2c), showcased the latest advancements in digital solutions designed to enhance learning experiences and optimise school operations. Attendees explored Smart Digital Classrooms,
EXECUTIVE MOVEMENT
surveillance, access control, and emergency response systems. Cloudbased school management tools were also introduced to improve efficiency and integration in digital learning. Marking a key milestone in Ooredoo’s digital innovation journey, the event supported Oman’s Vision 2040 by accelerating digital adoption in education and fostering a more interactive, efficient, and secure learning environment through strategic partnerships.
Saoud Al Riyami appointed as Acting CEO of Ooredoo Oman
Ooredoo Oman has announced the appointment of Saoud Hamad Al Riyami as the Acting Chief Executive Officer, effective February 27, 2025. He succeeds Bassam Yousef Al Ibrahim, who has completed his tenure as CEO.
Al Riyami, currently serving as Ooredoo Oman’s Chief Business and Wholesale Officer, assumed the role of Acting CEO following an official disclosure by the Company. He brings over 18 years of industry experience and has been an integral part of Ooredoo Oman since 2009. Over the years, he has held key leadership positions, including Head of Business Sales and Director of Business Sales and ICT Solutions, before being appointed to his current role. A seasoned professional in the telecommunications sector, he has a strong background in business strategies, sales planning, and wholesale operations. His expertise spans direct and indirect sales channels, account management, and market data analysis. He also holds a Bachelor’s degree in Education from Sultan Qaboos University and an ILM Diploma in Leadership. In its official statement, Ooredoo Oman expressed confidence in Al Riyami’s leadership, “We are proud of him and wish him continued progress and success. We also extend our sincere thanks to Bassam Yousef Al Ibrahim for his remarkable contributions during his tenure as CEO, and we look forward to the company’s continued growth and success.”
CUTTING-EDGE SOLUTIONS
of Understanding (MOUs) at an exclusive Suhoor event. The agreements, signed with First Abu Dhabi Bank (FAB), Oman National Energy Investment Company (ONIEC), and NTG, mark a significant step toward advancing Oman’s digital transformation across the banking, energy, and cloud services sectors.
Commenting on these landmark agreements, Eng. Maqbool Al Wahaibi, CEO, ODP, stated, “These partnerships reflect ODP’s unwavering commitment to empowering organisations with secure, scalable, and cutting-edge cloud solutions. Whether in banking, energy, or enterprise technology, our mission is to equip businesses with the digital infrastructure they need to operate seamlessly and innovate confidently. By continuously investing in next-generation technologies and fostering strategic alliances, ODP is shaping a more resilient, efficient, and technology-driven future for Oman.”
As part of its commitment to ensuring business continuity in the financial sector, ODP has signed an MOU with First Abu Dhabi Bank (FAB) to establish a stateof-the-art Disaster Recovery (DR) site at ODP’s highly secure Tier 3 data center. This partnership ensures that FAB’s critical
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 nationallevel 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 modernizing Oman’s energy infrastructure and supports the country’s vision for a smarter, greener future.
Further 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 organizations 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.
With these strategic MOUs, Oman Data Park continues to reinforce its position as a key driver of digital transformation in the Sultanate. 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.
EDUCATION-INDUSTRY COLLABORATION: TOP CLASS MOVE
At the heart of Oman’s economic diversification strategy lies the Special Economic Zone at Duqm (SEZAD). In this OER interview, Eng. Ahmed Akaak, CEO, SEZAD offers practical insights on bridging the gap between education and industry. He discusses how targeted collaboration is essential for developing the skilled workforce needed to drive Oman Vision 2040,
How do you see education and industry working together to support Oman’s economic diversification, particularly in Duqm?
In Duqm, we’re building an economy driven by innovation – but this depends on people having both technical skills and a passion for continuous learning. That’s why we’re bringing education and industry together to talk about what skills are actually needed. It’s simple - when schools and universities understand what businesses require, everyone benefits. Students develop the relevant skills and companies find qualified talent.
And this isn’t just theoretical - the economic impact of these partnerships is measurable. Take Australia, for example, where formal industryuniversity collaborations generate major returns. They bring in about US$6.6 billion annually for firms partnering with universities, while the overall impact on the national economy is even greater - contributing around $12.2 billion and creating an estimated extra 30,000 full-time jobs. This shows us that when education and industry work together, results can be impressive.
Looking beyond the economic contribution, there are educational models worth mentioning. South Korea’s Meister Schools, for example, are high-performing vocational institutions with curriculums developed in partnership with industry. About 70per cent of the learning is handson with the remaining 30per cent dedicated to foundational academic subjects. Students are trained in industries such as robotics, electronics, biotechnology, automotive engineering and more.
And they achieve impressive employment rates among graduatesoften exceeding 90per cent - helping South Korea maintain its reputation as a global manufacturing powerhouse. Similarly, Singapore’s SkillsFuture initiative brings government, businesses and schools together to promote lifelong learning which has led to an increase in workforce
participation in continuing education.
For Duqm specifically, internships are a priority. By giving Omani students real experience in manufacturing, we develop their practical skills while helping our tenants identify promising talent. I am also keen on creating spaces where start-ups, researchers and established firms can collaborate together - this kind of cross-pollination sparks innovation. At the end of the day, it’s not just about producing graduates – it’s about developing people who can think creatively, solve complex challenges and drive Oman’s economic transformation forward.
What are the key factors influencing education-industry collaboration in Oman?
The relationship between education and industry is most certainly heading in the right direction, largely driven by Oman Vision 2040. We’re focused on building a knowledge-based economy which means aligning our educational priorities with strategic sectors like advanced manufacturing, logistics, renewables, mining, tourism and fisheries.
Probably the biggest challenge we face is keeping pace with change. Industry evolves quickly these days, while academic institutions typically move more deliberately. This creates a natural tension - we need to find ways to prepare graduates for jobs that are evolving even as they’re studying.
I must say I am encouraged by some of the innovative partnerships we’re seeing emerge. Take the Oman Cables Industry – Ministry of Education Kids in STEM program, for example. Teaching children aged 6 to 10 to program robots, design wind turbines and understand electrical basics. What makes initiatives like this so powerful is they build a pipeline of talent. When industry engages at all levels of education - from primary through tertiary - we create opportunities that benefit everyone.
Why are education–industry collaborations so important and
what makes them successful? As mentioned earlier, educationindustry collaborations create win-win outcomes for all involved. Companies gain access to expertise and research that fuels innovation. Universities stay connected with real-world needs and secure new revenue streams. Most importantly, students develop practical skills that bridge theoretical knowledge and practical application.
In my experience, successful collaborations require open communication, mutual respect and a shared vision for innovation. The Dyson Centre for Engineering Design at Cambridge University is a perfect example of this - providing space for over 1,200 engineering students to access specialized equipment like 3D printers, scanners and lasers. This open-plan environment fosters collaboration on innovative projects ranging from solar-powered racing cars to helium balloon spaceflight systems. This same collaborative model is what we’re looking to adopt in Duqm. An approach that ensures education prepares students for future challenges while helping our tenants maintain competitiveness. Ultimately, these partnerships harness knowledge and innovation to solve real-world problems, building a more resilient and innovative economy that benefits everyone.
Globally, concerns are rising about a widening skills gap. Reports suggest millions of manufacturing jobs could go unfilled due to a lack of qualified workers.
The skills shortage in manufacturing is a global challenge. Research highlights the urgency - by 2030 the sector could face a talent deficit of 7.9 million workers worldwide. In the U.S., Deloitte predicts 2.1 million unfilled jobs, potentially costing US$1 trillion annually. While according to an EIT Manufacturing study 63per cent of EU SMEs struggle to find employees with the required skills. To address this, manufacturers need to focus on reskilling and upskilling staff for advanced technologies
while collaborating with schools and universities to develop future talent. By taking a proactive approach to this challenge, we don’t just solve a problem, we create opportunities for growth and innovation that will help us thrive in today’s rapidly changing manufacturing space.
Many still view manufacturing as dirty, dumb and dangerous which makes attracting young Omani talent a challenge. How can we change these perceptions and draw the next generation into the sector?
The first step is to tackle these outdated stereotypes head-on. Manufacturing on SEZAD is far from dirty, dumb or dangerous – it’s a high-tech, innovative industry. In fact, many of our tenant facilities resemble clean rooms with advanced technologies like robotics and automation driving operations. Highlighting these realities can help change perceptions.
We also need to engage our youth early. Research shows that 27per cent of young people wouldn’t consider manufacturing because they don’t know enough about the careers available. Offering internships, apprenticeships and work experience programs - starting as early as high school - can help showcase the creativity and problem-solving skills required in modern Omani manufacturing.
Additionally, involving parents in the conversation is an absolute must. Interestingly, a survey of 2,000 UK parents revealed that despite placing a high value on the role of manufacturing only 19per cent of parents would encourage their children to work in the sector. By promoting success stories and emphasizing rewarding career opportunities we can make manufacturing an exciting and aspirational choice for Oman’s ambitious youth.
How is technology transforming the manufacturing sector and what steps are being taken to prepare the workforce for Industry 4.0? Technology is fundamentally
reshaping manufacturing. Industry 4.0 technologies - IoT, AI and automation - are enabling us to optimize processes and drive innovation like never before. The numbers tell the story - the manufacturing analytics market alone is projected to grow from US$8.4 billion in 2021 to US$28.4 billion by 2026. That’s the pace we’re dealing with.
But what matters most is people. In Duqm, our tenants are committed to equipping employees with the skills to thrive in this new landscape - training in data analytics, robotics and advanced manufacturing techniques. And as I mentioned earlier, the key to this is industry–education collaboration. I’ve seen great examples of this, like at University West in Sweden. They’ve partnered with manufacturers to co-design their Engineering Master’s program using a Plan-Do-Study-Act approach. Companies host visits, provide guest lecturers and supervise internships. Students learn practical skills like friction stir welding and non-destructive testing that are immediately applicable. When education and industry work together, it’s win-win.
How do you see education and industry collaborating in Duqm’s future and what specific role will SEZAD play in facilitating this partnership?
My ambition is a seamless partnership between education and industry - one where the two work hand-in-hand to drive innovation and economic growth. In my opinion, education shouldn’t just prepare students for today’s jobs but actively collaborate with industry to develop the skills needed for tomorrow.
Educational facilities are on our radar – particularly those that focus on strategic areas aligned with Oman Vision 2040, including manufacturing, renewables, logistics, fisheries and tourism. We’re keen to ensure young Omani talent has access to the kind of training they require to make the most of the career opportunities that are opening up here in Duqm.
Why EducationIndustry Partnerships Matter
Fresh Expertise:
Tap into specialist knowledge without hiring a full in-house team
Shared Innovation Costs:
Split expenses with partners, making new ideas more affordable to develop
Faster Market Launch:
Speed up development time by combining resources and knowledge
Idea Factory:
Gain access to a continuous stream of fresh perspectives and creative solutions
Smarter Risk Management:
Share both technical and business risks with your university partner
Reality Check:
Get honest outside perspectives on which projects are worth pursuing
Talent Pipeline:
Connect with promising graduates who bring new energy to your field
INSURING OMAN FOR MORE THAN FIVE DECADES
OER BUSINESS SUMMIT TO BE HELD ON APRIL 30
The OER Business Summit, a flagship event by the Sultanate’s premium business magazine, with a special HR focus, will be held at Sheraton Oman on April 30
Organised by UMS Events, the Summit will deliberate on the topic, “Unlocking the Potential of Oman’s Renewed Renaissance.” 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 is endorsed by Advantage Austria from Embassy of Austria and Embassy of Tanzania, Muscat. RAB Consulting is the Knowledge Partner, while ZiBi (Zanzibar Investments & Business Insights magazine) is the Zanzibar Media Partner. Alam Al Iktisaad is the Arabic media partner and OERLive.com, the Online Media Partner.
The Summit will bring 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 will discuss a roadmap for building a responsible and resilient business. A set of Exemplary Leadership Awards will be presented to CEO’s and senior executives in recognition of their path breaking efforts and success.
The HR edition of the Business Summit will deliberate on success principles in HR Trends & Priorities in 2025. The session will delve into People Analytics and Data Driven HR practices; Developing national talent using the latest HR tools and techniques; Employee Financial Well Being; AI in workplace; Employee mental Health; Employee retention; Employee training & talent acquisition and Employee well-being initiatives. In addition, there will be a workshop on the theme- Developing and communicating effective Objectives & Key Results (OKRs) to align with corporate strategy.
For more information contact Shivkumar on 99267159, shivkumar@ umsoman.com
INTEGRATED GROWTH
Economic growth projections: How Industrial Parks will shape Zanzibar’s future
On August 5, 2024, the Revolutionary Government of Zanzibar, through the Ministry of Trade and Industrial Development, set out on a journey to transform Zanzibar’s economic landscape by launching the industrial park initiative.
“We have a clear vision to create a resilient and diverse industrial sector that contributes significantly to Zanzibar’s economic growth. The initiative includes three parks in Zanzibar’s Archipelago, two in Dunga and Pangatupu on Unguja Island, and another in Chamanangwe, Pemba Island.”
The success of the launch was highlighted by the signing of lease agreements for pharmaceutical, vaccine and vehicle assembly factories and the setting up of the Zanzibar Bureau of Standards (ZBS) laboratory. A seaweed processing factory in Chamanangwe Industrial Park is soon to start operations in the first quarter of 2025. It is expected to process 300,000 tons per year, set to be one of the largest in East Africa. With a diverse range of amenities, the parks will also include factory shells, logistics hubs, utility centers, and administrative offices. The parks will feature community facilities such as medical centers, recreational areas, shops, malls, and financial centers. Seamless operations will be ascertained by the industrial parks’ holistic infrastructure that will support businesses and enhance the development of the surrounding and neighbouring communities.
In addition to boosting local trade and attracting Foreign Direct Investment (FDI), the parks aim to empower small and medium enterprises, integrate local industries into global trade
networks, and create over 11,000 jobs by 2030. By 2050, the parks are projected to significantly boost Zanzibar’s gross domestic product (GDP), increasing its industrial contribution from 20.8 per cent in 2023 to 35 per cent by 2050.
Recognising the need for a consistent supply of utility services and building on existing and ongoing government initiatives, the Ministry has taken significant steps to assure reliable power availability. This includes the recently signed agreement for a 50MW solar plant at the Dunga Industrial Park, with plans to extend similar solutions to the other two parks. Addressing workforce readiness is also a priority; a comprehensive skills mapping exercise is underway to identify the specific competencies required by the industrial sector. Partnerships with educational institutions will complement this to develop specialised training programmes. Moreover, companies that have already signed up to be established in the parks have begun investing in skills development initiatives that are supporting Zanzibaris and preparing them to take on key roles once the industries are operational.
Diversification, Innovation and Cross-collaboration
“We need to be innovative in our approach as we continue with efforts to grow and stabilize the economy and hence, diversification in trade is of paramount importance. For the Ministry of Trade and Industrial Development, the existence of these parks will facilitate additional cluster industries in sectors like manufacturing, technology, and agriculture and reduce dependence on single economic drivers, such as tourism.”
The eighth phase of the government’s key policy of the Blue Economy emphasises sustainable utilisation of marine and coastal resources to drive economic growth, create jobs, and ensure environmental conservation. Aligning with this vision, we have designated the upcoming industrial park of Pangatupu specifically to cater to blue economy-focused enterprises such as fish processing and packaging plants, seaweed farming and processing units, shipbuilding and repair yards, aquaculture facilities and marine biotechnology research centers. We foresee this park as a catalyst for innovation to attract investment and improve value-addition in maritime industries.
Opportunities for Local and Foreign Strategic Investors
Zanzibar’s strategic integration into diverse global markets has provided significant economic growth and industrial expansion opportunities. First, our strategic location offers seamless access to regional and international markets. Second, strategic investors benefit from 100 per cent VAT exemptions on machinery and raw materials. Other incentives include duty exemptions on construction goods, income tax holidays, and research and development allowances.
In regards to market opportunities, the tourism sector, as the key driver of the economy of Zanzibar, contributing 29.3 per cent to the GDP, has created a market demand for locally manufactured goods such as souvenirs, clothing, cosmetics, and artisanal items. By aligning production with these demands, we aim to boost industrial activities while reinforcing our cultural heritage as an economic asset. Access to markets has been broadened through trade agreements like the East African
to reach African markets. Additionally, initiatives like the African Growth and Opportunity Act (AGOA) and the European Union’s Everything But Arms (EBA) offer access to international markets.
Zanzibar gains duty-free access to the U.S. market for eligible goods through the African Growth and Opportunity Act (AGOA), offering a pathway for industries to export textiles, seafood, and other manufactured products. This access can strengthen Zanzibar’s presence in one of the world’s largest consumer markets, promoting economic diversification and enhancing foreign exchange earnings.
In Asian markets, established trade relations with China, India, and the Arabian Gulf States also offer lucrative prospects. Zanzibar-made products, particularly spices such as cloves, textiles, and seafood, align well with these markets’ high demand for premium and exotic goods. This dynamic bolster export volumes and encourages investment in sectors like
organic spices, including cloves, cinnamon, and nutmeg, and its artisanal wood carvings strongly appeal to markets prioritising sustainability and fair trade. Together, these market opportunities position Zanzibar to heighten and expand its trade portfolio.
Inviting Local and Global Investment
As we progress, these industrial parks in Unguja and Pemba will continue to be the cornerstone of Zanzibar’s economic transformation. Establishing industrial parks in Zanzibar will have a ripple effect, benefiting various sectors beyond the industries directly housed within the parks. Some key sectors that stand to gain include Agriculture - through Agro-processing industries that will enhance the value of agricultural produce and provide market access to farmers from a steady demand for raw materials from industries. Another key sector is logistics and transportation to facilitate the movement of goods being manufactured, processed,
Advancing the linkages and crosscollaboration between the sectors will ensure they thrive symbiotically.
“We are continuously working towards establishing a dynamic industrial ecosystem that diversifies the economy, promotes innovation, and attracts substantial investment, while creating a business-friendly environment. We highly encourage local and international investors to explore what the initiative offers and seize the emerging opportunities presented.”
Email: fatma.mabrouk@tradesmz.go.tz to find out how you can invest in our industrial parks. Visit www.zipa.go.tz for more information on investment procedures and incentives.
Source: Zanzibar Investment & Business Insights Magazine (ZiBi)
period for repairing certain aspects of the business. For instance, we concentrated on stabilising key commercial indicators, reducing customer churn, improving customer experience, and redefining our brand positioning. In that regard, I am pleased with our progress, as we achieved the majority of our key commercial targets. More importantly, we have also laid a solid foundation to return to growth and regain market share in a sustainable way over the coming years.
You mentioned setting key commercial indicators in place and achieving quite a bit of what was planned. Can you give me some examples?
Yes, for sure. In telecom, there are key metrics that are relevant across the industry, and two of the most important ones are churn and Average Revenue Per User (ARPU).
Churn, which measures the rate at which customers leave, was a significant challenge for us. At one point, we were losing up to 9,000 customers in a single month. To address this, we implemented several measures focused on customer retention. We introduced prevention models to proactively identify and resolve customer concerns. Additionally, we enhanced our retention strategies, launched contracts in our lineup with Ooredoo’s new O Plus (prepaid plans), and made various other improvements. As a result, we steadily reduced churn, reaching record-low levels in many areas.
Churn reduction is one of the key commercial indicators I am particularly proud of. By implementing strategic measures, we’ve not only stabilised our customer base but also positioned ourselves for sustainable growth.
Looking at the numbers, your customer base declined – mobile by 10 per cent and fixed by one per cent – but your net profit still moved up. Does this indicate that you’re bringing in more efficiency? Yes, and for good reason. To some
degree, the company had been very focused on top line growth. When that growth began to stagnate, we had to shift our attention to the bottom line, ensuring profitability.
We introduced several initiatives to measure and improve customer profitability, moving beyond just focusing on expansion. We started tracking return-on-investment (ROI) more closely and optimising spending in areas that weren’t delivering sustainable returns. However, certain market dynamics continue to impact profitability. For example, roaming remains a costly area for us. While we invest heavily to provide competitive roaming options, much of that revenue ultimately leaves Oman and goes to other markets. It’s an area we would like to rationalise and are definitely focussed on.
We also took a hard look at commissions and addressed fraudulent activity in the market. The reduction in our mobile customer base was largely due to this clean-up effort. We believe that inflating sales in ways that don’t translate to real profitability isn’t beneficial for anyone. On the fixed services side, the decline was strategic. We have been gradually sunsetting 4G fixed wireless access, which is becoming obsolete, in favor of 5G and fiber – both of which are technologies that offer a much better experience and are future-proof.
All of these initiatives were done with a clear goal of balancing revenue and profitability. This balance is critical when I present investment proposals to our headquarters in Doha. To secure continued investments in Oman, we must demonstrate that we are not only growing but doing so in a sustainable and profitable way. And that is exactly what we have been working toward.
What kind of investments are going into building a 5G network, and how is the market accepting it? 5G is a technology that isn’t easy to monetise. I have mentioned this before, that I don’t believe in rolling out 5G just for the sake of it. 5G by itself is not a milestone, it has to offer real value
to customers. Many competitors rush to announce 5G simply as a marketing tool, but that’s not the approach we take. Instead, we have been investing strategically and allocating a significant portion of our capital expenditure on rolling out 5G where it makes the most impact. This includes deploying C-band for high-capacity spectrum, expanding 5G fixed wireless access (which powers our home internet product), and improving indoor coverage to enhance overall reception.
These investments have had a positive impact on customer satisfaction. Over the past year, we have significantly improved customer experience and closed the gap with our competitors faster than we initially anticipated. This is a direct result of making targeted, well-planned investments in both fiber and 5G rather than simply deploying technology for the sake of having it.
You may have also noticed our new ‘O Plus’ line-up, launched a couple of months ago. It is the only plan in Oman that guarantees customer satisfaction. We are so confident in about quality of our network and the investments we’ve made that we stand behind it with a satisfaction guarantee. I personally pushed for this initiative, even when were somewhat hesitant. But I firmly believe we have an incredibly strong network, and we should not hesitate to communicate that to our customers.
Speaking of 5G, how is spectrum being utilised? Is it over-utilised or underutilised at this point?
We have different areas of spectrum utilisation. Not long ago, we sunsetted 3G, which allowed us to refarm part of that spectrum for 4G. However, we have seen that 4G for home internet is an outdated technology consuming a lot of capacity that we need for mobile services, so we are working on phasing it out as well.
Additionally, Oman Broadband has made significant investments in fiber technology, and we have a strong collaboration with them to monetise that infrastructure. As a result, we have shifted our focus towards fiber and
FTTH (Fiber-to-the-Home) to alleviate potential capacity issues on 5G. Essentially, it’s a continuous process – refarming 3G to 4G, reducing 4G for home internet in favor of 5G, and offloading 5G where possible to fiber. So far, we have not experienced any capacity issues, and we don’t expect it in the future.
Can you give us an overview of Ooredoo’s products and services and what customers can look forward to in 2025?
One of our main goals has been redefining our mobile portfolio. We introduced compelling offers that have helped increase ARPU and market share, particularly in prepaid. In fact, in January 2025, we were the only operator in Oman to grow our prepaid market share. Our new Hala Plus line-up, with enhanced benefits, better social packages, and improved distribution, has been a strong success in this segment.
In the postpaid segment, we identified a gap where there was not a strong differentiation between prepaid and postpaid offerings. When asking customers to migrate to postpaid and commit to a contract, we needed to significantly increase the value proposition. With O Plus, we managed to achieve that by introducing a simple, easy-to-understand value proposition, tailored to different segments, including Omanis, blue-collar workers, and students. We now have an answer for every customer need while ensuring business profitability.
Beyond mobile, we’ve also strengthened our fiber and FTTH offerings, providing customers with the best connectivity. We were the first to double customers’ internet speeds in the market, showcasing the power of fiber technology. Coming from a country like Spain, where there is nearly 100 per cent fiber penetration, I see a huge opportunity in Oman to expand fiber adoption.
Additionally, we launched walletii – our first fintech solution – because we see a strong synergy between telecom and financial services. Many segments,
particularly expats and blue-collar workers, need better access to financial services, including remittances. We’re building an ecosystem where connectivity becomes a central part of financial transactions. With our strong app, advanced personalisation engines, and a highly rewarding loyalty programme like Nojoom, we are creating a seamless, customer-centric digital experience.
Going back to your question, in 2025, customers can expect us to continue refining and enhancing these services, ensuring that we provide a one-stopshop experience for connectivity, financial services, and digital engagement.
How was the idea of launching a fintech service like walletii received internally, and how has it performed so far?
In every market I have worked in, there’s a common belief that the traditional telco business is becoming obsolete and that diversification is essential. This drive to become a ‘techcom’ – which is a technology company rather than just a telecom provider – has led to many mistakes in the industry. I’ve always been a strong advocate for focusing on being the best telco rather than trying to become something we’re not.
That said, fintech is one of the few areas where telecom and digital services naturally intersect. In Oman, banking penetration is not as high as in markets like the UK, so there was a clear opportunity for us to provide financial services to underserved segments. Expats in particular need an accessible, digital financial solution. Given our success with similar offerings in Qatar, walletii was a logical next step for us.
Surprisingly, it didn’t take much effort to convince people internally. The concept made sense, and the market demand was clear; walletii was wellreceived from the start, and we’ve seen strong adoption since its launch.
With strong regulations from the Central Bank of Oman, do you
foresee challenges in scaling walletii in Oman?
Regulatory processes in fintech can be lengthy, and Oman’s Central Bank has a strong regulatory framework that requires careful compliance. This is understandable, as financial services require a high level of security and consumer protection.
That said, fintech is not a completely new concept. Globally, we have seen success stories like Revolut, which operates entirely digitally without physical branches. While we are not reinventing the wheel, we are applying a proven model to the Omani market in a way that aligns with local regulations.
I don’t see walletii falling behind due to regulatory constraints. If anything, demand for digital financial services will continue to grow. Our focus will be on executing our strategy effectively – expanding adoption, enhancing services, and ensuring seamless integration with Ooredoo’s connectivity offerings.
Has walletii helped in customer acquisition for Ooredoo?
To be honest, walletii has not significantly impacted customer acquisition yet. What we have seen is that Ooredoo’s established brand has helped walletii more than walletii has helped Ooredoo in terms of acquiring new telecom customers. And that’s perfectly fine.
One major advantage of being a telco-backed fintech is that customers feel more secure. Unlike a standalone fintech startup, walletii users know that we have numerous franchisees and stores, and a full customer support team backing the service. This builds trust and encourages adoption.
While walletii may not have directly driven customer acquisition for Ooredoo so far, it plays a crucial role in customer retention. By bundling telecom and fintech services, customers see greater value in staying with us. It’s another touchpoint that strengthens loyalty, and over time, we expect it to contribute to lower churn and increased engagement.
Over the past two years, there’s been a notable improvement in customer service, particularly with response times. How have you streamlined this process and improved user experience?
That’s a great observation, and it’s something we’ve been highly focused on. One of the key changes we made was shifting from a top-down approach to a bottom-up approach, where we prioritise customer insights and address issues based on real experiences rather than assumptions.
For example, the redesign of our app was not just about aesthetics – it was driven by data on how customers navigate and interact with it. We wanted to simplify the experience and improve personalisation. Our next step is to take personalisation even further, ensuring that every customer’s app experience is tailored to their needs.
From a customer care perspective, we introduced structured processes to handle queries more efficiently, revised how our employees are incentivised, and implemented clear SLAs to ensure quick issue resolution. One major success has been in our fixed services. Historically, provisioning fixed-line services takes a long time in most markets, but here at Ooredoo, we have achieved an average installation time of just 48 hours. That’s something I’ve never seen before in my career, and we monitor these SLAs weekly to maintain that efficiency.
Additionally, we launched WhatsApp as a customer support channel, which has helped us to manage peak call volumes effectively. The idea is to keep investing in making customer interactions smoother and faster. We have also put in place strong Voice-of-Customer programmes to track satisfaction at key customer journey points, and we are committed to continuously refining our processes based on this feedback.
Is Ooredoo using artificial intelligence to enhance efficiency and customer experience?
When people talk about AI, I often joke that every time someone says “AI,” an angel falls from the sky, because it’s
a term that’s being used everywhere. However, for us, AI is not about adopting it for the sake of it; it’s about creating real value.
We have been implementing AIdriven solutions for years, even before the term became a mainstream buzzword. Our data science teams are deeply integrated into our customer experience strategy, allowing us to anticipate and address potential issues before they arise. Previously, these technologies were simply called “big data” or “machine learning models” – all of which are prediction algorithms that have been around for some time. The only difference now is the label, but the effectiveness remains the same.
AI plays a crucial role in revenue generation as well. In our prepaid segment, around 20 per cent of our net incremental revenue comes from AIpowered data insights. These insights allow us to personalise offers, optimise customer spending, and ultimately create a better experience for both the customer and the business.
Looking ahead, we are keen to explore generative AI and large language models (LLMs) to further enhance customer interactions. While we have introduced WhatsApp as a support channel, we don’t yet have a fully developed AI chatbot capable of resolving issues in the first interaction – something [international] companies like Revolut have mastered. That’s an area we plan to invest in. However, every AI investment we make will be driven by customer insights. If it does not add value to the customer experience, we will not pursue it.
Equally important is how we handle customer data. We will never use customer data in a way that compromises privacy. Privacy is far more important to us than AI. Our commitment is to ensure that any AI-driven personalisation remains ethical and beneficial to the customer. Even within these boundaries, there is enormous potential to improve personalisation, enhance service quality, and optimise customer spending.
In terms of local procurement, CSR, and sustainability, how is Ooredoo contributing to in-country value? Local procurement is a priority for us, not just as a business decision but also as part of our commitment to Oman. We align closely with regulatory guidelines to ensure that a significant portion of our operations benefit the local economy.
For instance, when we made a strategic shift in our partnerships, we selected an agency with a strong local presence. Previously, their entire team was based in Qatar, but now, the team working with us is fully based in Oman. Our dealers and franchises also provide local employment, and we actively choose local vendors to provide goods and services.
CSR is another area where we contribute actively. Our Goodwill programme, particularly during Ramadan, has been a key initiative. We’ve also invested in programmes that support women entrepreneurs. While I’m proud of these efforts, I believe we can – and should – do more. CSR should not be limited to standalone projects; it should be embedded in our core business philosophy.
As we arrive at Ooredoo’s 20th anniversary in Oman, we see this as an opportunity to renew our longterm commitment to the country. We want to ensure that our presence goes beyond profitability and makes a meaningful impact on Omani society; sort of a B2B2C approach to sustainability and to environmental goals.
Sustainability efforts will also play a role in this commitment, but I’m cautious about “greenwashing”. Many telcos focus on minor initiatives like reducing plastic in SIM cards, but in reality, our environmental impact is relatively low in that regard. Instead, we are looking at ways to use our technology to enable other industries to become more sustainable, creating a broader impact.
What are the biggest challenges you see in the Omani telecom market,
and how do you plan to tackle them in 2025?
One of the biggest challenges is the tendency for price wars. While aggressive pricing might seem good for consumers in the short term, in the long run, it harms investment in the sector. When telcos engage in price wars, it leads to lower overall investments, more fraudulent
activities, and a decline in service quality. Our challenge is to maintain competitiveness without devaluing the market. We have demonstrated that it’s possible to be competitive while still growing sustainably.
In 2024, we increased customer satisfaction, grew ARPU, and expanded our base in key segments – all while
avoiding destructive pricing strategies. That’s the balance we intend to maintain in 2025. Our goal is to continue investing in technology and customer experience while ensuring that we make responsible business decisions that benefit the long-term health of the market.
Ooredoo’s 2025 mission statement emphasises upgrading customers’ experiences with a focus on innovation, customer centricity, and digital transformation. Can you elaborate on the company’s plans for 2025?
In 2024, we set the foundation for building, let’s say, our 2025 ambitions. Now, we are focused on capitalising on that groundwork and achieving growth in revenue, market share, and customer satisfaction.
Innovation remains a priority, and that means ensuring we continue rolling out the best technology for connectivity and improving our product propositions. We successfully launched Hala Plus, walletii, and O Plus, and we are not stopping there. Customers can expect continued enhancements in our offerings to meet evolving needs.
Our commitment to Oman is also central to our strategy. With Ooredoo celebrating 20 years in the country, we see this as an opportunity to define our role in Oman’s Vision 2040. Our goal is not just to be a profitable company but to be a key enabler of digital transformation in the country. Finally, digital transformation for us isn’t about being digital for the sake of it but rather about putting the power of connectivity into the hands of our customers. Many of the biggest disruptors in the world, like Uber and Airbnb, took traditional industries and made them digital-first.
Yet in telecom, we are a digital product still being sold in an analog way. That’s where we see a massive opportunity – to create a seamless omnichannel experience where customers can interact with us however they choose, whether it’s in-store, online, or through our app. 2025 will be about making that vision a reality.
SHAPING THE FUTURE
Leadership is not about managing every detail, it is about establishing a clear vision, providing teams with the necessary resources, and creating an environment that promotes success, says Sulaiman Al Harthi, CEO, Oman Arab Bank in an interview
What is the best management lesson that you have ever learned?
One of the most impactful leadership principles I have embraced is that true leadership is about empowerment, not control. Exceptional leaders cultivate a culture of trust, where individuals are encouraged to take ownership, innovate, and drive meaningful outcomes. Leadership is not about overseeing every detail—it is about
setting a clear vision, equipping teams with the right resources, and fostering an environment that enables success.
Early in my career, I believed that close supervision was the key to efficiency. However, experience quickly taught me that sustainable success stems from empowering people to make informed decisions and take responsibility.
Micromanagement hinders creativity and morale, whereas trust fuels accountability, engagement, and high performance.
At Oman Arab Bank, we are committed to building an ecosystem that empowers our teams through transparent communication, collaboration, and a shared strategic direction. By providing employees
with the right tools, opportunities, and autonomy, we drive both innovation and operational excellence while reinforcing a culture of ownership and continuous growth.
When leaders remove barriers and demonstrate trust in their people, they create a workforce that is motivated, agile, and committed to achieving extraordinary results—ultimately propelling both individual and organisational success.
As a Leader, how do you bring out the best in people at work?
My approach is centered around three fundamental pillars: trust, growth, and recognition. I prioritise trust by empowering my team with the autonomy to make decisions while offering strategic guidance when necessary. This sense of ownership not only affirms accountability but also drives innovation and proactive problem-solving.
Simultaneously, I am deeply invested in their professional growth. By providing targeted opportunities for skill development, mentorship, and clear pathways for career advancement, I ensure that employees are equipped to succeed and feel the organisation’s commitment to their personal and professional development. This investment garners deeper engagement and motivation. Recognition is the final key element. Acknowledging the contributions of individuals not only enhances morale but also reinforces a culture of
excellence and high performance.
Ultimately, peak performance is achieved when employees feel supported, challenged, and valued. By cultivating a workplace built on collaboration, continuous learning, and mutual respect, I can create an environment where teams are empowered to succeed collectively and drive organisational success.
How can Leaders keep growing and evolving in a rapidly changing world?
In today’s fast-paced, dynamic environment, effective leadership requires a commitment to continuous learning, adaptability, and resilience. To remain relevant, leaders must embrace an open mindset, actively seeking opportunities to challenge established perspectives and stay ahead of emerging trends.
I make it a priority to stay informed about industry developments, technological innovations, and global market shifts through avenues such as executive education, insightful reading, and collaboration with thought leaders. This ongoing expansion of knowledge is essential to maintaining strategic foresight.
Equally important is adaptability. In an era of rapid change, leaders must be agile in their approach, embracing transformation and driving innovation to maintain a competitive edge. This requires not only responding to change but also proactively fostering
a culture that encourages forwardthinking solutions.
The foundation of success also lies in surrounding oneself with diverse, high-performing teams that offer fresh perspectives and challenge conventional wisdom. By actively listening to employees and industry experts, leaders gain a comprehensive understanding of the challenges and opportunities before them.
I believe that growth is a journey, and leaders who remain curious and adaptable are open to new ideas that will not only navigate change with agility but also inspire their teams to embrace the same mindset, driving collective success in an ever-evolving landscape.
How has the financial year 2024 been for Oman Arab Bank?
In 2024, Oman Arab Bank achieved a transformative year of growth, digital innovation, and reinforced customercentricity, solidifying our position as a leading financial institution in Oman. Despite global economic headwinds, we demonstrated resilience, strengthened our market presence, and delivered sustained value to our stakeholders.
Our strategic focus on digital transformation yielded significant results, with advanced mobile banking capabilities, seamless digital payment solutions, and automation enhancing operational efficiency. These innovations have not only
In today’s fast-paced, dynamic environment, effective leadership requires a commitment to continuous learning, adaptability, and resilience. To remain relevant, leaders must embrace an open mindset, actively seeking opportunities to challenge established perspectives and stay ahead of emerging trends
elevated the customer experience but also positioned us at the forefront of Oman’s rapidly evolving financial ecosystem.
Across corporate and retail banking, we expanded our offerings to better serve businesses and individuals, fostering financial inclusion and driving economic growth. Our continued commitment to SMEs remains a cornerstone of our strategy, in alignment with Oman Vision 2040’s objectives for economic diversification and sustainable development. Additionally, we advanced our sustainability and ESG agenda, integrating responsible banking practices that support long-term economic resilience and environmental stewardship.
Looking ahead, we remain committed to building on this momentum— leveraging technology, deepening customer engagement, and contributing meaningfully to the advancement of Oman’s financial sector. Through innovation and strategic partnerships, we will continue to drive progress and deliver impactful solutions that shape the future of banking.
What can customers and partners look forward to from Oman Arab Bank in 2025?
In 2025, Oman Arab Bank will accelerate its journey of innovation, customer-centricity, and sustainable growth, reinforcing its position as a leading financial institution. Our strategic focus will center
on enhancing digital banking experiences, expanding our product portfolio, and fostering impactful partnerships to deliver greater value to our customers.
We will continue to push the boundaries of digital transformation, introducing seamless, secure, and intuitive banking solutions that redefine convenience and personalisation. By leveraging cuttingedge technology, we aim to create a more tailored and secure banking experience that meets the evolving needs of our customers.
For businesses and corporate clients, we will introduce advanced financial solutions designed to optimise growth, cash flow management, and digital integration. Our unwavering commitment to SMEs remains a key priority, as we expand our suite of tailored financial products and advisory services to empower their long-term success.
I believe 2025 will be a year of progress, innovation, and strengthened collaboration. By deepening customer engagement and driving forward-thinking financial solutions, Oman Arab Bank will continue to be a trusted partner in shaping the future of banking in Oman.
Can you share your thoughts on Oman’s economy and the banking sector’s prospects in the year ahead?
Oman’s economy is set for sustained
growth in 2025, underpinned by diversification initiatives, strategic investments, and the continued expansion of high-impact sectors such as energy, manufacturing, and technology. With a strong focus on economic reforms, digital transformation, and sustainability, the government is creating new avenues for businesses and financial institutions to thrive.
The banking sector will remain a key catalyst in this progress, driving financial inclusion, digital innovation, and investment in critical industries. As digital adoption accelerates, we anticipate a heightened emphasis on fintech integration, AI-driven banking solutions, and seamless, customercentric financial services. Banks will continue to play an instrumental role in enabling SME growth, funding large-scale infrastructure projects, and advancing sustainable finance initiatives that align with Oman Vision 2040.
Furthermore, regulatory advancements and an industry-wide commitment to resilience and ESG principles will shape the future of banking. Institutions that prioritise agility, innovation, and strategic collaboration will be best positioned to capitalise on emerging opportunities. Looking ahead, Oman’s banking landscape in 2025 will be defined by transformation, partnershipdriven growth, and long-term value creation—reinforcing its role as a cornerstone of national economic development.
In 2025, Oman Arab Bank will accelerate its journey of innovation, customer-centricity, and sustainable growth, reinforcing its position as a leading financial institution. Our strategic focus will center on enhancing digital banking experiences, expanding our product portfolio, and fostering impactful partnerships to deliver greater value to our customers
EXPANDING FOOTPRINT
Mazoon Dairy’s expansion strategy aims to increase its market presence by expanding both geographically and through its product offerings. We are working to enhance our distribution network to improve availability throughout all governorates in Oman and to enter new markets in the GCC and African region, says CEO, Ali Al Buali in an interview with Oommen John
What is the best management lesson that you have ever learned, and in what ways has it impacted your career and life?
One of the most significant lessons that I have learned as the CEO is the power of trust within a team. As leaders, we often focus on results and directing actions of our teams, however, I have come to realise that allowing team members the freedom to think independently and explore their own solutions leads to innovative ideas and better outcomes. When you empower people to take ownership, they become more committed to their work and its
impact. I have also learned that my team often possesses more knowledge in their respective areas-sometimes far beyond my own. They are the experts, and their day-to-day operational experience can enrich our strategies. In addition to trust, active listening is another essential aspect of effective leadership. Being genuinely open to my team’s perspectives fosters stronger relationships, greater engagement, and a more collaborative culture. Being attuned to what is happening within the organisation allows me to proactively address challenges and seize opportunities for growth.
Lastly, maintaining clear and open communication is critical, especially in a company like Mazoon Dairy, which operates across multiple locations. Ensuring alignment on our values, direction, and objectives keeps our teams focused and engaged. Regularly reinforcing these goals create a vision, driving our collective success.
Do you have a role model or mentor whom you look up to?
I believe in the importance of having role models at different stages of both career and life. Throughout my journey, I have been influenced by
various individuals, each offering valuable perspectives that have shaped my growth. Above all, my parents have had the greatest impact on my values— my father instilled in me resilience and responsibility, teaching me the importance of perseverance and accountability. My mother, on the other hand, emphasised compassion and the power of listening, which showed me the significance of emotional intelligence in leadership. This balance of IQ and EQ, logic and empathy - has been instrumental in my personal and professional development, guiding me in how I approach challenges, lead teams, and make decisions.
In what ways has Mazoon Dairy enhanced the quality of its services to remain competitive in the market?
Mazoon Dairy continuously enhances the quality of its services to remain competitive, by expanding market reach and strengthening its distribution network. We have invested in expanding our logistics fleet to ensure wider and more efficient delivery, ensuring the availability of high-quality fresh dairy products across all governorates in Oman. Beyond distribution, we are committed to ensuring consistent product availability while maintaining the freshness and quality that consumers expect. Additionally, we actively engage with our customers through brandbuilding initiatives, creating deeper connections and reinforcing trust in Mazoon as a preferred dairy brand.
Over the past two years, we focused on refining our product offerings rather than expanding them. However, in 2025, we plan to introduce new products to
better serve the growing Oman market. Our ice cream range has performed exceptionally, with continuous improvements in quality and taste. We also closely monitor seasonal demand patterns and tailor our offerings accordingly. For example, certain products are made available during specific periods to cater to consumer preferences and market trends.
What are the key challenges for the industry in 2025?
In 2025, the industry faces two major challenges. The first is the increased influx of products by competitors into the Omani market. This practice disrupts pricing structures, which creates an uneven playing field and threatening the sustainability of local businesses. Addressing this issue requires both regulatory intervention and strategic market responses to ensure fair competition.
The second challenge is the rising operational cost, particularly in logistics and raw materials cost. Fluctuations in global markets and increasing transportation costs are putting pressure on profitability. To navigate this, we are focused on innovation improving operational efficiency, and adopting sustainable solutions to manage costs without compromising on quality or service.
Additionally, maintaining product freshness remains a constant challenge. We strive to deliver the highest quality products efficiently, despite competition from companies utilising aggressive pricing strategies. Global events like the pandemic and geopolitical conflicts have further complicated logistics and costs,
making it essential for us to optimise our supply chain and ensure price stability. For instance, despite rising orange prices due to crop damage, we have continued providing orange juice to ensure uninterrupted availability for our customers- demonstrating our commitment to consistency and consumer trust.
What are the company’s expansion strategies in the coming years to broaden its presence?
Mazoon Dairy’s expansion strategy focuses on broadening our market presence through both geographic expansion and product portfolio diversification. We are actively enhancing our distribution network to ensure availability across all governorates in Oman while also entering new markets in the GCC and Africa. This expansion will allow us to bring our high-quality dairy products to a broader audience, further solidifying our position as a leading Omani dairy brand.
We remain highly competitive in key segments, particularly in categories such as fresh juices, where our commitment to quality and freshness sets us apart. Our focus is on staying responsive to consumer needs by continuously developing products that align with their preferences while upholding the highest standards. On the product front, Mazoon is set to introduce an expanded range of offerings to meet changing consumer demands. This includes new additions in the dairy and cheese categories, such as set yogurt and new cheese varieties, further diversifying our portfolio and catering to a broader customer base.
Mazoon Dairy continuously enhances the quality of its services to remain competitive by expanding its market reach and strengthening its distribution network. We have invested in increasing our logistics fleet to ensure wider and more efficient delivery, making high-quality fresh dairy products available across all governorates in Oman
EMPOWER AND ACKNOWLEDGE
Hassan Ali Jawad, Managing Director, United Securities stresses on the importance of constant learning and adapting to change for leaders.
Mayank Singh reports
that you have ever learned?
I would like to begin by saying that when it comes to leadership there is always something to learn and there is always something to teach. The role of leaders in my opinion is not to manage but to lead and create leaders by delegation and empowerment.
The other important thing is to keep up communication with your peers. Otherwise, you not will not be in a position to get the intended results.
important for understanding the team’s challenges and aspirations. It also helps in fostering trust and collaboration.
Empowerment and delegation are other important attributes. A great leader does not micromanage, but trusts people with responsibilities allowing them to grow. Adaptability in a constantly changing world is important. An ability to pivot strategies while maintaining core values is key. Finally, a leader has to lead by example
work ethic, so setting high personal standards is crucial. Leading is easier than managing, because as a leader one is managing people with a high calibre and at a senior level, while a manager has to manage everyone.
How have you applied these leadership attributes at work and brought out the best in people at work?
While leading people, you have to give them the right target and vision, which
is measurable. The other important thing is to provide everyone a safe environment and training. Once you offer these, you realise their capabilities and the results that they can bring to the table. It also makes your expectations clear to them. Hence, communication, follow up and training is important. Moreover, a leader needs to acknowledge people and their contribution to bring out the best in them. There are so many instances of problems within an organisation, just because people are unacknowledged.
How can leaders keep growing and evolving in a rapidly changing world?
Anyone in a leadership position needs to stay curious and seek knowledge by reading, networking, and staying updated with industry trends. They need to adopt a growth mindset as being open to change and challenges fosters continuous learning.
The best thing is to be updated and to accept change. Sometimes you might not like it, but one has to realise that the force of change is irrevocable and you have to implement it, first within yourself and subsequently within your team. For example, if you do not accept artificial intelligence (AI) today, you will be left behind.
Therefore, you have to updated and train people so that they have the requisite knowledge and skill. To draw a parallel, it’s like boating on a river which is in full flow and one falls down by mistake, then nothing else but getting to the safety of the bank of the river would help. Today’s information led business environment is like that, if you do not keep pace, you will be left behind.
Embracing technology and innovation are crucial. Keeping pace with digital advancements enhances career adaptability. One needs to learn from experience and feedback as reflection and constructive criticism helps in refining skills. People need to develop soft skills, as emotional intelligence, adaptability, and problem solving are as important as technical expertise.
You have been leadership for decades now and is it easier to keep yourself updated, given the explosion of knowledge on digital platforms?
Yes, of course. The methodology of gaining knowledge has changed. Earlier, as a leader one had exclusive access to a lot of information which one passed on to ones colleagues. However, today, things are different. The person whom you are training or leading has to keep himself updated from various sources of knowledge so that we can mutually exchange our knowledge with each other. Earlier the transfer of knowledge was from a leader to his colleagues, but today it is mutual.
The new generation has a different worldview in terms of work-life balance, technology usage, metal and physical well-being etc. Do leaders need to adapt their managerial style to suit the sensibilities of the new generation and what would be your advice for the young generation of leaders?
It is important for different generations to learn to respect and work with each other. It requires a lot of give and take. The previous generation needs to impart ones knowledge, values and experience to youngsters.
On the other hand, one needs to be open to learn and appreciate their worldview. The younger generation is ahead of us when it comes to technology and using new tools and strategies for doing business.
We are getting slower and they are getting faster. Leaders from the previous generation need to adapt their style to suit the sensibilities of youngsters. For example, the command and control style of leadership is something that does not work anymore. On the other hand, we have perspective and experience from which young leaders can learn.
In terms of advice, I always stress on the importance of ethics, mastering things and growing at a calibrated pace, instead of going recklessly fast and losing everything.
How has financial year 2024 been for United Securities?
The year 2024 was a landmark year for United Securities as we completed 35 year of operations in the Sultanate of Oman. As a company, we have always been at the forefront of leading the market and we try to implement any innovation, which comes to the sector.
This is important to bring state-of-theart solutions to our 48,000 clients. We have managed to do well, despite the fact that we are not related with any group, and work independently. This comes back to leadership because when you trust your people and acknowledge them, they bring ideas to the table and take initiative.
The year 2024 was a good year for us, although MSX declined, we did well due to our diversified offerings and presence in the local market, GCC and the United States.
Can you share your thoughts on Oman’s economy in 2025?
Yes, Oman is a good long-term story and we see opportunities in the market. United Securities is playing a contributory role by bringing investors into the country.
I am confident about Oman’s economic prospects due to the following
• Diversification Efforts: Oman Vision 2040 continues to drive economic reforms, reducing reliance on oil.
• Growth in Non-Oil Sectors: Investments in tourism, logistics, manufacturing, and technology are expected to boost GDP.
• FDI & Business Environment: Government initiatives to attract foreign investment will enhance business opportunities.
• Sustainability & Green Energy: Oman is focusing on renewable energy projects like solar and hydrogen.
• Challenges & Opportunities: Global economic trends and geopolitical factors may impact growth, but strategic reforms can ensure stability.
RESHAPING CUSTOMER ENGAGEMENT
Infoline aims to lead the transformation of AI-driven customer experiences throughout the GCC and beyond in the next five to ten years. The emphasis
What is the most valuable management lesson you have learned, and how has it shaped your career and leadership at Infoline? Technology alone does not drive progress—execution does. A vision is only as strong as the team that brings it to life and the ability to
adapt when challenges arise. For instance, AI and Generative AI are not just technological trends but tools designed to solve real business problems. Their value lies in their ability to reduce friction, enhance customer experience, and strengthen customer loyalty.
Execution is the determining factor in whether AI adoption creates real impact or remains theoretical. Implementing AI is not about replacing human expertise but amplifying it. The focus is on integrating AI where it provides measurable improvements, such as
predictive customer engagement, real-time insights, and seamless service automation. Leadership in this space requires the ability to build scalable systems, cultivate forwardthinking teams, and create AI-driven solutions that become intrinsic to business operations. Success in AI and customer experience comes from embedding intelligence into everyday interactions, making them faster, smarter, and more efficient.
What are the key strategic objectives you aim to accomplish at Infoline over the next few years?
The strategic direction of Infoline is centered on developing AI-powered customer experience solutions that are intuitive, predictive, and seamless. The first objective is to shift from reactive customer service to proactive and predictive engagement.
AI agents and knowledge-driven automation will anticipate customer needs, resolve issues before they arise, and deliver personalised interactions at scale. This reduces service costs while increasing efficiency and customer satisfaction.
The second objective is to build a data-intelligent infrastructure. AI is only as effective as the quality of data it processes. Real-time data models will be implemented to learn from customer interactions, optimise engagement strategies, and refine decision-making processes. Businesses will gain actionable insights rather than raw data, allowing them to drive performance improvements with precision.
The third objective is to expand beyond traditional BPO services by developing an integrated AI-powered ecosystem that includes AI-driven chat, voice, automation, and analytics. Voice-based support is no longer sufficient on its own. Customer engagement must be seamless across all platforms, with AI ensuring continuity and coherence across channels. Infoline’s goal is to create an infrastructure where AI enhances human expertise rather than replacing
it, enabling businesses to interact with customers in a more intelligent and personalised manner.
Where do you envision Infoline in five to ten years, and what innovative strategies will you implement to achieve this vision? In the next five to ten years, Infoline will be at the forefront of AI-driven customer experience transformation across the GCC and beyond. The focus will be on reshaping customer engagement by embedding AI into every stage of interaction. AI will evolve from being a tool that supports customer service to becoming the core infrastructure that drives customer relationships.
Developing AI agents that continuously learn and refine their interactions is the next step. These AI models will move beyond scripted responses, becoming capable of handling complex queries, understanding context, and adapting over time. Emotion and sentiment AI will play a crucial role in this transformation, allowing AI to detect tone, urgency, and intent, ensuring that responses are tailored to customer sentiment in real-time.
Customer loyalty strategies will be redefined through AI-driven retention models. Instead of generic loyalty programs, AI will analyze customer behavior, predict churn, and personalise engagement strategies based on individual preferences.
Workforce augmentation through AI is another critical area of focus. AI will provide employees with realtime insights and recommendations, improving decision-making and operational efficiency. Businesses that leverage AI in this way will not only improve service delivery but also enhance internal productivity.
What are Infoline’s expansion strategies for increasing market presence and diversifying its product portfolio in the coming years?
Beyond industry specialisation,
Infoline is expanding its product portfolio with AI-powered contact centers, next-generation AI chat and voice assistants, and predictive customer insight engines. AI-driven contact centers will integrate automation, analytics, and humanin-the-loop models to create seamless customer support experiences.
AI chat and voice assistants will go beyond pre-scripted responses, using machine learning to provide dynamic and context-aware interactions. Predictive customer insights engines will process engagement trends, allowing businesses to proactively refine their customer strategies.
Strategic partnerships with AI innovators, research institutions, and enterprise tech providers will accelerate innovation and ensure that Infoline remains ahead of industry trends. AI development does not happen in isolation. Collaboration with technology leaders will drive continuous improvements and ensure that AI models remain adaptable to changing market demands.
Expansion is not just about geographical growth but about penetrating industries that require AI-driven customer experience transformation. The approach involves regional expansion into Saudi Arabia, UAE, and other GCC markets while tailoring AI models for specific industries.
Industry-specific AI solutions will be developed to address sector-specific challenges. In banking and fintech, AI will enhance fraud detection, automate customer verification, and provide conversational banking solutions. In healthcare, AI will optimise patient engagement, appointment management, and realtime health insights. In e-commerce and retail, AI-powered shopping assistants and predictive customer support will drive customer retention and revenue growth. The focus is on deploying AI where it delivers operational efficiency and measurable business impact.
BUILDING A TRUST QUOTIENT
Customer centricity is our biggest differentiator, says Gaurav Sharma, Chief Operating Officer - Oman Operations, The New India Assurance Company. Mayank Singh reports
Can you give us a brief overview of The New India Assurance Company and its strategic objectives in Oman? The New India Assurance Company has a rich legacy, tracing its origins back to 1919 when it was founded in India under the leadership of Sir Dorabjee Tata. Initially owned by the Tata Group, the company was envisioned as a global insurance provider with a strong international footprint. In pursuit of this vision, New India Assurance established its first overseas office in London in 1920.
Our presence in Oman dates back
to 1974, when we commenced operations in partnership with Abdul Aziz & Brothers. In 2024, we proudly celebrated 50 years of committed service in the Sultanate, marking a significant milestone in our journey.
The foundation of our success over the past five decades has been our unwavering commitment to sustainable business practices. Unlike many in the industry, we have not pursued aggressive market share growth through price undercutting. Instead, we focus on delivering real value to the market through strong
financial management, robust underwriting practices, and superior service standards. During my tenure, since joining in August 2023, we have achieved consistent growth in Oman. Our gross written premiums increased from RO 14.55 million in 2022 to RO 15.50 million in 2023, and further surged to RO 18 million in 2024. This reflects our strong market position and commitment to disciplined underwriting. Despite challenges, particularly the April 2024 Sohar floods, which resulted in insurance claims of approximately RO 2.5 million, we maintained financial stability.
Our prudent financial management enabled us to absorb these losses while sustaining business operations. While we recorded an overall loss of approximately RO 2 million, we remained resilient and well-positioned for long-term sustainability.
As of today, New India Assurance stands as the oldest insurance company in Oman. Many of the earlier insurance providers have either exited the market or merged with other entities, reinforcing our legacy and stability. Our financial strength remains a key differentiator—we continue to reinvest locally, with deposits totalling RO 56 million in Omani banks. This strong capital base ensures that we have the financial resilience to withstand major eventualities and continue providing security to our policyholders.
Strategically, Oman is among our most significant international markets, ranking as the third-largest foreign operation for New India Assurance after London and Dubai. Given its importance, our long-term strategy is focused on profitable growth while ensuring market sustainability. We aim to strike a balance between business expansion and responsible underwriting, reinforcing our role as a trusted and reliable insurer in the region.
How is New India Assurance increasing trust and accessibility for its products and services in the market?
Trust and accessibility are the cornerstones of the insurance industry.
Contrary to the common perception that insurers simply sell policies, our true product is the promise to pay claims—a commitment that must be built on transparency, fair settlements, and customer-centric service.
A key factor in fostering trust is how an insurer responds in times of crisis. For instance, the April 2024 Sohar floods resulted in significant claims for our policyholders. Rather than viewing such events negatively, we saw them as an opportunity to demonstrate our efficiency and reliability in claim settlements.
New India Assurance promptly settled claims worth approximately RO 2.5 million, ensuring that all raised claims were processed within a benchmark period of six months. This proactive approach strengthened our credibility in the market, leading to positive wordof-mouth referrals and contributing to a 20% growth in our top line in 2024.
Accessibility is another fundamental pillar of our service strategy. To ensure that our customers can seamlessly access insurance products, we have developed a dedicated digital portal for retail policy sales. Recently, we received approval from the Financial Services Authority (FSA)—Oman’s insurance regulator—to operate this portal, marking a significant step in our digital transformation.
We are grateful to the FSA for their support and are planning a launch of the portal, which will offer customers enhanced reach and convenience.
In parallel, we continue to engage with corporate clients through direct interactions, brokers, and sub-agents, ensuring multiple channels for accessibility. By combining efficient claim management with digital innovation, New India Assurance remains committed to delivering trust and accessibility, reinforcing our position as a reliable and customerfocused insurer in Oman.
What is the best management lesson you have ever learned, and how has it helped your career?
Throughout my career at New India Assurance, I have learned several invaluable management lessons. However, two key lessons have significantly shaped my leadership approach—building trust with a customer-centric mindset and developing resilience in the face of challenges.
Trust is the foundation of the insurance industry. Unlike other businesses, customers come to us during difficult times—after an accident, a health crisis, or a natural disaster. They don’t just need financial assistance; they need empathy, reassurance, and a sense of security. Insurance is not just about selling policies; it is about delivering on promises when customers need us the most. This approach has strengthened the reputation of New India Assurance in both India and Oman and helped create a strong customer-first culture within my teams. Ensuring that clients are treated with care and fairness has been instrumental in building
Trust and accessibility are the cornerstones of the insurance industry. Contrary to the common perception that insurers simply sell policies, our true product is the promise to pay claims—a commitment that must be built on transparency, fair settlements, and customer-centric service. A key factor in fostering trust is how an insurer responds in times of crisis. For instance, the April 2024 Sohar floods resulted in significant claims for our policyholders
long-term trust and credibility in the market. Another critical lesson has been the importance of resilience.
The insurance sector operates in an unpredictable environment, where external events such as natural disasters or economic downturns can create significant challenges. A recent example is the April 2024 Sohar floods, which led to claims totaling RO 2.5 million. We remain committed to settling claims swiftly while ensuring financial stability. This experience reinforced the need to stay composed under pressure, make data-driven decisions, and lead with confidence during crises.
These lessons have helped me successfully manage and grow operations in India and Oman, ensuring sustainable growth and a strong market position. More importantly, they have shaped me into a leader who values both financial performance and the human side of the business. The ability to build trust, navigate challenges, and maintain a customer-centric approach has been crucial to my success, allowing me to create a positive impact on the company and the people we serve.
What are the main lines of business for New India Assurance in Oman? In Oman, our business portfolio is well-diversified, with motor insurance being the largest segment, contributing to around 50% of our total business. Health insurance follows, accounting for approximately 15%. The rest of our portfolio includes various commercial insurance solutions such as property, engineering, and liability insurance, catering to the evolving needs of
businesses and individuals in the market.
Oman is a challenging market with multiple players. How does New India Assurance differentiate itself within the sector?
In a competitive market like Oman, differentiation comes from delivering what customers value the most—agility, responsiveness, and transparency. These are the fundamental expectations customers have from an insurer. They want their policies processed promptly, their claims registered without delays, and settlements handled efficiently.
To enhance customer experience and meet these expectations, we have developed a digital portal that streamlines policy issuance and servicing. In addition, we are in the advanced stages of developing a mobile application, which will further revolutionize accessibility. With this app, customers will be able to purchase insurance, initiate claims, renew policies, and access their documents anytime, anywhere, eliminating the need to carry physical copies. We expect to launch the app between October and November this year, making insurance services more convenient and user-friendly.
Beyond digital transformation, our strong claim settlement record remains a key differentiator. New India Assurance is well known for its efficient and fair claim handling, which builds long-term trust with policyholders. By combining technological innovation with reliable claim settlements, we continue to strengthen our position as a customer-
focused and market-leading insurer in Oman.
Can you share your vision for New India Assurance in the years ahead? In the coming years, our vision is to become a digitally driven and customer-centric insurance provider in Oman. We aim to expand our reach to retail customers through digital platforms, making insurance more accessible, transparent, and easy to manage.
A key initiative in this direction is the introduction of an education platform focused on enhancing insurance awareness. This platform will provide valuable insights on different insurance products, guidance on navigating the claims process, explanations of policy coverage and exclusions, and best practices for engaging with an insurance provider.
Along with promoting insurance awareness, this platform will also serve as a channel to highlight New India Assurance’s expertise, reliability, and commitment to customer service, reinforcing our position as a trusted insurance partner.
New India Assurance has consistently grown alongside the market, and we intend to further increase our market share by 5% over the next five years. Our goal is to be the most trusted insurance partner in Oman, where customers feel secure knowing they can rely on us for all their insurance needs. With a strong emphasis on customer-centricity, service excellence, and digital innovation, we are committed to shaping the future of insurance in Oman.
In the coming years, our vision is to become a digitally driven and customer-centric insurance provider in Oman. We aim to expand our reach to retail customers through digital platforms, making insurance more accessible, transparent, and easy to manage
CONSISTENT PROGRESSION
Sunil Kohli, CEO, Dhofar Insurance Company is confident that the company’s pan Oman presence, customer focus and online initiatives will continue to
The company’s Gross Written Premium and revenue from
has multiple online channels such as WhatsApp, a state-of-the-art website, mobile application, affinity apps etc.
These along with a focus on diversified products, have been instrumental in propelling the growth of the company.
What are the company’s key strategic objectives that you aim to achieve in 2025?
The company will focus on enhanced customer service and embark on the journey of digitalisation of its various processes, systems and customer touch points. We are implementing a new core system with latest technology. This will enhance customer experience, lead to process optimisation and seamless service delivery for all stakeholders.
Can you share the key challenges faced by the insurance industry in Oman?
One of our biggest challenges is that the global business environment effects our market and we need to be prepared to negotiate and absorb any adverse fallout of such instances. For example, the floods in Dubai during 2024, led to heavy losses for the insurance and reinsurance industry in the UAE. This had a significant impact on insurance companies across the GCC including Oman as reinsurance costs saw an across the board increase.
What is the best management lesson that you have ever learned, and in what ways has it influenced your career and life?
I learned early in my career that success requires a good knowledge of the industry, hands on experience, understanding ones team and giving them the support to enhance themselves through training, exposure, delegation and motivating the team with transparency. All these factors are key for any leader who wishes to successfully run an organisation.
PARTNERING GROWTH
Aestablished itself as one of the leading steel products manufacturers in Oman, recently signed a Memorandum of Understanding (MoU) with Oman and Etihad Rail Company, the developer and operator of the UAE-Oman Rail Network, to establish a strategic framework for collaboration on logistics solutions, optimising the transportation of raw materials and finished goods in an efficient, costeffective, and sustainable manner.
Under the terms of the agreement, Oman and Etihad Rail Company will utilise the UAE-Oman Rail Network to support Al Jazeera Steel in optimising inbound and outbound logistics from
al Mahruqi, Deputy CEO, Oman and Etihad Rail Company, and Venkat AN, CEO of Al Jazeera Steel.
The new logistics service provided by Oman and Etihad Rail Company will act as a force multiplier for the company’s efforts to increase its reach in the GCC as well as the export markets. The vision of Oman and Etihad Rail Company closely matches the vision of Al Jazeera Steel for delivering technologically driven solutions. This collaboration will help us prepare for the challenges of the future and optimise our logistics costs.
Al Jazeera Steel Products Company operates through two state-of-the-art
portfolio spanning across black pipes, galvanized pipes, hollow sections, merchant bar mill products and rebars. It manufactures and markets various types of steel products, including black pipes, galvanised pipes, hollow sections, merchant bar mill products and rebars. Its new merchant bar mill has a production capacity of 300,000 metric tonnes per annum. Apart from Oman, the company’s key markets include the UAE, Saudi Arabia, and other export markets.
The UAE-Oman joint railway network will reduce dependence on cars and trucks, driving transformation towards a low-carbon future, supporting both countries’ net-zero strategies
conscious industrial practices, setting a new standard in the sector. Once fully operational, the UAE-Oman Rail Network will unlock efficiency in freight movement by reducing travel time between both countries, eliminating delays related to weather and traffic conditions. Each train will be able to seamlessly transport a capacity of up to 15,000 tonnes of freight between five major ports and over 15 integrated freight facilities in both the UAE and Oman.
Oman and Etihad Rail Company was established in September 2022 as a joint venture, equally owned by Etihad Rail, the developer, and operator of the UAE National Railway Network, and Oman Rail, the Sultanate’s national
network. The goal is to design, build, and operate a railway network linking Sohar Port to the UAE National Rail Network.
The company will lay the groundwork and workplan for the execution of the project, including its financial mechanisms and schedule, overseeing the design, implementation, and operation of the railway network connecting Sohar and Abu Dhabi in line with the standards of the two countries.
The GCC region has more than $2.50 trillion worth of projects planned or underway with Saudi Giga projects market alone having more than $750bn worth of contracts in the
construction sector in UAE, Saudi along with increased spending on Oil and Gas projects on the back of strong oil prices. There are also major investments into renewable and clean energy with Oman alone signing $20bn worth of agreements for green hydrogen. The company remains cautiously optimistic about the future growth of the company and the region. The company continues with innovative planning and forecasting to mitigate risk and optimise opportunities. From its modern plant located at Sohar in Oman, Al Jazeera offers Mild Steel ERW tubular products in both Black and Galvanized class with plain end and threaded and coupled ends conforming to API, ASTM, BS, DIN, EN and other International specifications.
The
new logistics service provided by Oman and Etihad Rail Company will act as a force multiplier for the company’s efforts to increase its reach in the GCC as well as the export markets. The vision of Oman and Etihad Rail Company closely matches the vision of Al Jazeera Steel for delivering technologically driven solutions
SETTING BENCHMARKS
WUJHA Development is not merely keeping up with the real estate industry but revolutionising it. The company’s projects are crafted to establish new standards in the sector, leaving a significant mark on Oman’s urban
that you have ever learned, and in what ways has it impacted your career and life?
Adaptability is the key to long-term success. In Oman’s real estate sector, things are constantly changing— whether it is market trends, government regulations, or customer expectations. To succeed, you have to be flexible, open to change, and willing to innovate. Today, WUJHA embraces this openness and thus has been able to connect.
Earlier in my career, I believed that careful planning was enough to ensure
plans, unexpected challenges will always arise and surprise. The real test for any leader is how he responds. Do we resist change, or do we find a way to turn challenges into opportunities? This mindset has helped me to navigate economic shifts, rethink strategies, and build projects that stand the test of time and satisfy customers. This lesson has also shaped how I lead my team— encouraging them to stay agile, be open and always embrace innovative ideas, and always look for clear solutions rather than dwelling on the problems.
rapidly evolving, adaptability is not just an advantage, rather it is a necessity for building a sustainable and prosperous future.
Can you share details about your most recent or upcoming projects?
At WUJHA, our commitment is to craft all projects & the developments which are not just structurally sound but strategically positioned to drive economic and social value. Two of our most recent development, i.e., Central 7 and Uptown Muscat, exemplify our vision of delivering high-yield, future-
proof assets that redefine Oman’s commercial and residential landscapes.
Central 7 being Oman’s First Tier 1 Business Hub, we are delivering a Grade-A commercial asset designed to meet the evolving demands of modern enterprises. Strategically positioned within Knowledge Oasis Muscat, this project sets a new benchmark for corporate real estate in Oman, offering premium office spaces with flexible configurations, high floor-to-ceiling ratios, and a smart building ecosystem tailored for efficiency and sustainability.
A key differentiator is our commitment to ESG principles. Central 7 incorporates high-performance façade glazing to optimise energy efficiency, motionsensor lighting, and a low-carbon HVAC system. This is in line with our goal of contributing towards energy saving and saving carbon footprints. The asset also integrates high-end lifestyle amenities, including a rooftop executive lounge, wellness facilities, and over 1,000 dedicated parking spaces, ensuring a seamless work-life balance for professionals. This development is not just about workspace; it is about curating an ecosystem that enhances productivity and corporate growth.
Another project is master-planned, mixed-use community called Uptown Muscat. This project is designed to cater to the growing demand for premium urban living in Oman. This master planned development integrates high-specification residential units with a pedestrian-friendly retail and leisure district. With each apartment being intelligently designed including the smart-home-enabled units with centralised climate control and premium finishes. We are certainly setting a new benchmark in Oman’s residential real estate sector.
Uptown Muscat is anchored by two key components: Uptown Park, which incorporates green spaces, jogging tracks, and community-centric amenities, and Uptown Boulevard, a high-footfall retail destination designed to drive commercial activity and enhance tenant value. The project’s connectivity to key economic hubs,
including Al Rusayl Industrial Area, Sultan Qaboos University, and Muscat International Airport, further enhances its investment appeal. At Wujha, we believe that real estate is more than just bricks and mortar. For WUJHA it is about creating sustainable, valuedriven assets that cater to the demands of modern investors, businesses, and residents. Central 7 and Uptown Muscat are a testament to our strategic approach, and we are confident they will shape the future of Oman’s real estate landscape.
What sustainable practices do you incorporate into your projects?
At WUJHA, sustainability is not just a feature but a responsibility. As Oman advances towards a greener, more efficient built environment, we at WUJHA see this as our duty to integrate world-class sustainable practices into our developments & projects. Central 7 and Uptown Muscat are both designed with a future-forward approach, ensuring that they contribute positively to the environment while delivering long-term value to investors, businesses, and residents.
With Central 7, WUJHA is leading the way in Sustainable Commercial Real Estate. we are not just building a business park, we are creating an energy-efficient, high-performance corporate environment that aligns with Oman’s Vision 2040 sustainability goals. Our major and standout approach includes:
LEED Gold Certification: We have designed Central 7 to meet rigorous global sustainability standards, ensuring that it operates with minimal environmental impact while maximising energy efficiency.
High-Performance Glazing: Our façade is engineered to reduce solar heat gain, optimising natural lighting while lowering cooling demands which is an essential in Oman’s climate.
Smart Building Systems: By incorporating motion-sensor lighting, an energy-efficient HVAC system, and AI-driven energy management, we are significantly reducing operational costs
and carbon footprints.
Solar Energy Utilisation: Photovoltaic panels are integrated to harness renewable energy, reinforcing our commitment to reducing dependence on traditional power sources.
Water Conservation Measures: We have implemented low-flow fixtures, greywater recycling, and water-efficient landscaping to ensure responsible water usage in a region where conservation is key. By setting such new benchmarks in Oman, Central 7 is more than just an office space, we consider it as an environmentally responsible project and investment that would enhances corporate sustainability credentials while fostering productivity and innovation. For Uptown Muscat, our vision is to create a community where sustainability and modern living go hand in hand. From construction materials to urban planning, every element of the project is designed to minimise environmental impact and promote a healthier, more efficient way of living.
Smart, Energy-Efficient Homes: Each residence is equipped with smart climate control systems, energyefficient appliances, and water-saving fixtures to ensure sustainability without compromising comfort.
Green Urban Spaces: Uptown Park is a central feature, designed to encourage outdoor living with shaded walkways, dedicated cycling lanes, and lush landscaped areas, enhancing the wellbeing of residents.
Eco-Friendly Construction: We have prioritised locally sourced, low-carbon materials to reduce our environmental footprint and support Oman’s construction sector.
Recycling & Waste Management: Dedicated recycling initiatives and waste segregation systems ensure that Uptown Muscat remains a clean, environmentally conscious community.
Pedestrian & Public Transport Focus: Designed for connectivity and reduced car dependency, Uptown
Muscat integrates seamlessly with public transport networks, encouraging sustainable mobility solutions. At Wujha, sustainability is not only about creating developments that stand the test of time but projects that are as environmentally responsible as they are commercially and socially impactful. Both, Central 7 and Uptown Muscat, projects are just the beginning, as we continue to drive Oman’s real estate sector towards a greener, more sustainable future.
What sets WUJHA Developers apart from others in the market?
At WUJHA, we do not just build properties but we create transformative spaces that enhance lifestyles, empower businesses, and contribute towards Oman’s long-term urban development. What differentiates us from others in the market is our commitment to innovation, sustainability, and customer-centricity. These pillars define every project we undertake, ensuring that Wujha developments are not just competitive but leading in industry.
At WUJHA, the quality is non-negotiable. We only collaborate with top architects, designers, and engineers to ensure that every project meets the highest standards of aesthetics, functionality, and durability. Project Location is a key in real estate, and WUJHA developments are always strategically positioned for maximum accessibility, convenience, and investment potential for our customers and partners. WUJHA’s track record of delivering high-quality, innovative developments has earned us a reputation as one of Oman’s most reliable and forwardthinking real estate developers. We are committed to upholding this trust by consistently raising the bar in the industry and delivering projects that exceed expectations.
At WUJHA, we are not just keeping pace with the real estate sector but are redefining it. WUJHA projects are designed to set new benchmarks in the industry, making a lasting impact on Oman’s urban landscape while creating meaningful value for our stakeholders, residents, and business partners.
In your vision, where do you see WUJHA Developers in five to ten years, and what innovative strategies do you intend to implement to drive that vision?
At WUJHA, our vision for the next five to ten years is centered around growth essentially not just for our business, but for the people and communities we serve. We are more than developers, we certainly create spaces that foster personal, professional, and community growth. We aim to lead in crafting environments that help people thrive, from creating business spaces to promoting well-being and connection. Our future growth will be humancentered, ensuring that every project we undertake serves to enhance the lives of those who interact with it. As we expand in Oman and the Gulf region, we would be focused on creating communities that enable people to live, work, and grow in sustainable, integrated environments.
We see mixed-use developments as the key to future communities where residential, commercial, and leisure spaces blend seamlessly to provide convenience and improve quality of life. Sustainability will continue to guide our strategy, with a commitment to building eco-friendly, energy-efficient spaces that improve both the environment and the well-being of those who use them. Ultimately, WUJHA’ s vision is to go beyond bricks and mortar. In ten years, we see ourselves as leaders in humancentric, sustainable, and innovative real estate developments that foster thriving communities and make a positive impact on the world around us.
What are the key challenges for the real estate sector in 2025?
In 2025, the real estate developers in Oman are likely to face key challenges that will require adaptability and strategic planning to be impeccable. Some of the prominent challenges include:
Market Fluctuations and Economic
Volatility: Global economic uncertainties and fluctuations in oil prices could affect the demand for residential and commercial properties, impacting project timelines and
profitability.
Sustainability and Regulatory
Compliance: With increasing emphasis on sustainable development, developers must align with stricter environmental regulations, adopt green building practices, and incorporate energyefficient technologies to remain competitive.
Supply Chain and Material Costs:
Ongoing disruptions in the global supply chain could lead to delays and rising material costs, making it essential for developers to manage their supply chains effectively and consider local alternatives when possible.
Access to Financing: Securing financing for large-scale projects could become more challenging, as lenders may be more cautious. Developers will need to demonstrate financial stability and explore alternative financing options including JV’s and partnership.
Land Availability and Urban Planning: As urbanisation increases, prime land for new developments may become scarce. Developers will need to navigate zoning regulations and urban planning constraints while ensuring that projects align with long-term planning goals.
Competition in a Crowded Market: With more developers entering the market, standing out becomes crucial. Developers will need to differentiate themselves through unique design, sustainability efforts, and advanced technology to attract buyers or tenants.
Labour and Skills Shortages: The construction industry may face shortages in skilled labor, leading to potential project delays. Developers may need to invest in training programs or hire from overseas to ensure timely project completion.
We believe that by combining innovation, adaptability, collaboration, and sustainability, we can overcome the challenges, drive growth, and position WUJHA Development as a leader in the Omani real estate sector in 2025 and beyond.
RESOURCE OPTIMISATION
Investing in the Defence Sector: Key Considerations and Opportunities
Perception can TRUMP reality for a long time in the global financial markets. Geopolitical conflict in Ukraine have bolstered the performance and flows of defence thematic ETFs this year, with planned military spending a long-term tailwind.
Investing in defence stocks means gaining exposure to companies involved in military, aerospace, and defence technology. These companies benefit from government contracts, technological advancements, and geopolitical tensions driving military spending. The morality of investing in defence stocks is a subjective issue, dependent on personal ethics and views on national security. Below are key arguments from both perspectives: Arguments for Investing in Défence Stocks: National Security & Protection – Défence companies provide essential security and stability; Job Creation & Economic Growth – The industry employs millions and fosters technological innovation; Peace through Strength – A well-funded defence sector can act as a deterrent against conflicts.
Arguments Against Investing in Défence Stocks: Profiting from War – Some investors view military investments as contributing to global violence; Arms Sales to Controversial Regimes –Défence firms often sell to governments with questionable human rights records; Moral Responsibility for Harm – Investing in weapons manufacturers can be seen as an indirect endorsement of war.
Ethical Défence Investments
For investors seeking a middle ground, some focus on companies developing cybersecurity, surveillance, and nonlethal defence technologies rather than lethal weaponry. ESG (Environmental, Social, and Governance) investing principles sometimes exclude traditional
defence stocks but allow investment in non-offensive military technology. Global financial markets can be influenced by perception more than reality for extended periods. As George Soros famously stated, “reading the mind of the market” is key to both making money and protecting capital. Recent geopolitical conflicts have significantly bolstered the performance of defence stocks and thematic ETFs, with long-term increases in military spending serving as a tailwind.
Since former U.S. President Donald Trump’s second inauguration, defence stocks have been a major investment theme, particularly as NATO members and EU countries assess the need for increased defence spending in response to the ongoing war in Ukraine. Défense ETFs have attracted significant capital inflows, with over half of all thematic ETF flows in Europe over the past 12 months directed toward the defence sector. Thematic ETFs benefit from broad definitions, allowing index providers to tailor portfolios flexibly, which can make performance comparisons challenging.
With the U.S. reducing its support for Ukraine, European policymakers are urging increased military funding. European Commission President Ursula von der Leyen recently emphasised the urgent need to rearm Europe, calling for a surge in defence spending. On March 6, the European Council is set to discuss a proposed 20bn military aid package for Ukraine and potential changes to EU fiscal rules to accommodate higher defence budgets.
The investment community is responding to these shifts. JP Morgan recently raised its price targets for defence stocks by an average of plus 25 per cent, anticipating significant upward revisions in company earnings estimates and guidance. The bank expects
continued sector re-rating as investors acknowledge strong growth potential in the global defence industry.
Regulatory & Political Risks – Défence budgets fluctuate with government policies and political shifts.
Cyclicality – Military spending patterns can be unpredictable, influenced by geopolitical stability.
Ethical Considerations – Many investors grapple with the morality of profiting from the military-industrial complex.
Several European ETFs offer exposure to the defence sector. When selecting a defence ETF or stock, investors should evaluate: Expense ratios and management fees; Assets under management (AUM) to gauge fund stability; Individual holdings to ensure alignment with investment objectives; Geopolitical developments that may impact defence budgets and stock performance.
Investing in the defence sector presents both financial opportunities and ethical dilemmas. Understanding the risks, market trends, and moral considerations can help investors make informed decisions aligned with their personal values and financial goals. When investing in defence stocks and ETFs, investors should always consider total portfolio risk and portfolio allocation.
Rainer Michael Preiss Partner & Portfolio Strategist at Das Family Office in Singapore
Renewed. Revitalised. Renaissance.
A five-year metamorphosis. New economic realities unfurled.
A nation reimagined.
Oman’s business landscape is rising to new heights, fueled by innovation and bold vision.
Be part of the OER Business Summit - where leaders, thinkers, and changemakers come together to chart the course for Oman’s bright future.
A new era beckons and it deserves your voice.
Join us in keeping the momentum going.
BUILDING SYNERGY
The 51st UN Tourism Regional Commission for the Middle East meeting, held in Doha recently focused on fostering collaborative tourism initiatives among GCC countries, promoting intra-GCC sports tourism and increasing visitor numbers to Gulf destinations. Oommen John reports from Doha
Ttourism, as Saudi Arabia gears up to host the FIFA World Cup in 2034, following Qatar’s successful hosting of major global events, particularly the FIFA World Cup 2022.
At the 51st UN Tourism Regional Commission for the Middle East, held in Doha on February 12, dignitaries noted the region’s rising significance in the sports tourism sector. Hosted by Qatar Tourism, the meeting brought together tourism ministers, senior officials, and experts from various countries in the region, as well as leadership from the United Nations World Tourism Organisation.
The selection of Doha as the host city for the meeting underscores Qatar’s
its leadership role in promoting both regional and international cooperation. This is especially significant considering the country’s recent successes in hosting major global events, most notably the FIFA World Cup 2022. During the meeting, the UN Tourism presented reports on the sector’s performance for the 2024-2025 period, and future policies and plans were discussed.
HE Saad Bin Ali Al Kharji, Chairman of Qatar Tourism and Chair of the Board of Directors of Visit Qatar, stated, “Hosting the 51st meeting of the UN Tourism Regional Commission for the Middle East reflects our steadfast commitment to enhancing regional cooperation and developing the tourism
capability to organise and host major international events, establishing itself as a global model for sustainable tourism. The meeting will further advance regional cooperation in the tourism sector, and we look forward to exchanging ideas and expertise with partners from across the region to bolster the Middle East’s position as a unique global tourism destination.”
Lina Annab, Jordan’s Minister of Tourism and Antiquities and Chair of the UNWTO Regional Committee for the Middle East says the primary purpose of the UNWTO meeting, part of the United Nations World Travel Organisation, was to focus on the countries in the Middle East region. The gathering provided a valuable
of a significant sporting event. This is an ideal moment to reflect on the lessons learned from this event and discuss further developments in sports tourism. We are enthusiastic about the upcoming World Cup in Saudi Arabia in 2034 and the various mega-events planned for the region. Our region is ready to accommodate a larger number of visitors than it currently does, and we have demonstrated our infrastructure capabilities to host such large events.”
Unified Visa Initiative
Highlighting the diversity and beauty of the region is essential, she says each country, regardless of size, has unique offerings, and by working together, we can create a more distinctive collective experience. The GCC, she says is making progress on the unified visa initiative, which is crucial for addressing the overall visa situation that significantly impacts tourism. Simplifying the process for visitors will enhance our chances of increased visitation, she adds.
unified visa for GCC countries has been announced and is currently being developed. Once the relevant authorities finalise the details, it will be announced. We hope this unified visa initiative will significantly boost tourism flow to the country. Regarding the preparations for the 2034 World Cup in Saudi Arabia, he says we are very excited for Saudi Arabia. Their tourism industry is flourishing, and it’s inspiring to see their progress. “We can learn a lot from their initiatives. Just as our World Cup attracted many visitors to the region, I believe Saudi Arabia’s event will draw even more people, further enhancing tourism, he added.
At the meeting, Kuwait Minister of Information and Culture Abdulrahman Al-Mutairi was named as president of the UN World Tourism Organisation (UNWTO) Regional Commission for the Middle East for two years. In addition to the ministerial sessions and official meetings, the conference titled “Sports Tourism and the Tourism Industry Post-World
the impact of major sporting events on tourism in the Middle East, their role in fostering sustainable tourism, and the role of technology in enhancing the sports tourism experience. It focussed on how Qatar and its neighbouring countries are collaborating to establish the Middle East as a global sports tourism destination, and the role sport plays in enhancing destination branding across the region, drawing on Qatar’s successes and the lessons learned from its experiences.
Qatar Tourism remains committed to advancing its ambitious strategy to establish Qatar as a leading global tourism destination, focusing on diversifying tourism offerings, enhancing visitor experiences, and fostering sector investment, all in line with Qatar National Vision 2030. Additionally, efforts to strengthen regional collaboration through platforms such as UN Tourism are contributing to the development of a more integrated and sustainable tourism sector.
HE Saad Bin Ali Al Kharji, Chairman of Qatar Tourism and Chair of the Board of Directors of Visit Qatar
Mohamed Al Mahmeed, Head of International Cooperation and Tourism, Qatar Tourism
TASTE OF TRADITION
Qatar International Food Festival 2025 featured over 100 local vendors and 27 international restaurants, marking its largest edition yet. Visitors enjoyed a diverse culinary experience that celebrated global and local flavours, highlighting Qatar’s commitment to cultural exchange and tourism. Oommen John reports from Doha
Visit Qatar’s 14th edition of the Qatar International Food Festival (QIFF) in Doha recently was a vibrant celebration of Qatari culture, featuring traditional music and dance performances.
With over 100 local vendors and 27
international restaurants and cafes, QIFF 2025 proved to be the largest and most exciting edition yet. Attendees enjoyed an unparalleled culinary experience, showcasing both global and local flavours, while reinforcing Qatar’s commitment to becoming a top destination for cultural exchange and tourism. The 10-day event kicked
off with a grand opening ceremony at
Among the festival highlights was the Michelin Guide Village, where guests could savour exclusive dishes crafted by some of the world’s top Michelinstar chefs. The QIFF Ring, a competition arena, allowed visitors to watch chefs cook and compete live. Additionally, a Cooking Studio welcomed renowned chefs from Qatar and abroad to host interactive workshops and cooking classes. For those seeking a unique dining experience, Dinner in the Sky suspended 50 meters above ground, the festival and the Doha skyline. A showcased the diversity of offerings. From traditional Qatari dishes to fusion cuisines from around the world, the food stalls were a feast for the senses. What impressed the most was how the festival not only showcased delicious food but also reflected Qatar’s vision as Qatar, emphasised QIFF’s significance
global destination for gastronomy and hospitality. “The Qatar International Food Festival has evolved into a global platform that celebrates culinary excellence while reflecting Qatar’s rich cultural diversity and commitment to innovation. Its continued success underscores the pivotal role of the hospitality and dining sectors in advancing Qatar’s tourism landscape, serving as a key driver in delivering world-class experiences to visitors and
residents alike.”
The festival grounds were divided into immersive districts, each offering distinctive dining experiences and interactive activities. The “Flavours within Qatar” section celebrated the country’s culinary heritage, showcasing both traditional street food and fine dining. The Latin Food District featured authentic dishes like tacos, empanadas, and ceviche, giving a taste of Latin America. The International Flavours District combined global street food and gourmet options, while the Healthy Corner focused on plant-based and sustainable cuisine. The Coffee & Bakeries Corner catered to coffee and dessert lovers with artisanal brews and a variety of sweet treats. The QIFF VIP Area provided an exclusive dining experience with gourmet cuisine, personalised service, and elegant decor, creating a refined atmosphere for guests seeking luxury. Families enjoyed daily movie screenings, kids’ workshops at QIFF Juniors, and various engaging outdoor activities, ensuring entertainment for visitors of all ages.
Running until February 22, QIFF 2025 offered an unmissable opportunity to indulge in the world’s finest flavours, explore new culinary trends, and immerse oneself in the dynamic atmosphere that defined this signature event.
An Alam al Iktisaad Initiative
The Role of Key Sectors in Supporting
DHOFAR FORUM 2025
6 August 2025
Millenium Resort Salalah
The third edition of the Dhofar Annual Forum 2025, organized by Alam Al Iktisaad magazine under the theme "The Role of Key Sectors in Supporting Economic Transformation in Dhofar Governorate," highlights the importance of key sectors as drivers of economic development. The forum focuses on advancing tourism, real estate, infrastructure, manufacturing, technology and financial services. It aims to discuss strategies for increasing the contribution of these sectors and addressing the challenges they face, enhancing their efficiency and capability to achieve sustainable development goals and Oman Vision 2040.This forum serves as a vital platform bringing together decision-makers, investors, and experts from various fields to discuss challenges and opportunities, showcasing success stories that enrich Dhofar's economic transformation journey, ensuring a more sustainable and prosperous future for the governorate.
Forum Objectives:
• Highlight investment opportunities in Dhofar’s key sectors.
• best practices for enhancing strategic partnerships to achieve sustainable development goals.
• Develop policies and procedures to support key sectors and enable them to contribute more to the local economy.
• Present innovative solutions to address challenges faced by various sectors.
• Focus on adopting modern technologies and fostering digital transformation to support traditional and emerging sectors.
• Build human resource capacities and equip them with the skills needed to lead economic development across various sectors.
Key Sectors
• Tourism and Real Estate Investment
• Infrastructure and Construction
• Manufacturing
• Banking, Finance, and Insurance
• Technology and Digital Transformation
Alam Al Iktisaad Business Excellence Awards
At the forum, Alam Al-Iktisaad will honour distinguished companies, corporate leaders, initiatives, and projects with awards for their outstanding business accomplishments within their specific fields. Their contributions to community support and the promotion of In-Country Value (ICV) in Dhofar will be a key aspect of their recognition.
• Manufacturing Company of the Year
• Technology Company of the Year
• Real Estate Company of the Year
• Energy Company of the Year
• Healthcare Company of the Year
• Business Leader of the Year
• CEO of the Year
• Innovative Leader of the Year
• Young Business Leader of the Year
• Transformation Leader of the Year
• ICV initiative of the Year
• CSR Initiative of the Year
• Branding of the year
BILLBOARD
Takaful Oman Insurance recognised among Best Workplaces in Oman for 2025 by Great Place to Work
Takaful Insurance has announced its recognition as one of the Best Workplaces in Oman for 2025, awarded by Great Place to Work. This prestigious acknowledgment is a testament to our commitment to fostering a workplace culture that empowers, inspires and nurtures talent. Takaful Insurance is the only insurance company in Oman to achieve this feat, marking its second major milestone after being the certified as Great Place to Work in February 2024.
“At Takaful Insurance, we believe that our employees are the cornerstone of our success. Our sincere effort in creating a positive and inclusive work environment is reflected in our commitment to enhance employee engagement, well-being and career growth opportunities. We strive to provide an atmosphere that encourages collaboration, innovation and professional development, ensuring that our team members feel valued and supported at every stage of their careers,” said Neelmani Bhardwaj, CEO.
As part of our ongoing efforts to develop and empower talent, Takaful Insurance has implemented a range of initiatives focusing on Learning & development and digital transformation of HR processes, designed to enhance skills and support career progression. Takaful Insurance is committed to fostering a
Hikvision Oman, Ezviz and GPT group jointly host Channel Partner Meet
Hikvision Oman, the World’s leading digital Security Solutions Providers of CCTV Cameras and others security solutions, Ezviz and GPT group jointly hosted their Channel Partner Meet on February 20, at Movenpick hotel, Ghala.
Prominent dealers, distributors and partners from across the region gathered at the event to discuss the latest technological advancements, growth opportunities, and new product offerings in the security industry. The event was graced by the presence of Tate Wu, GM-Hikvision, Pradeep Tripathi, Chairman-GPT Group and Glen Jin, Business Head- Ezviz. The speakers shared valuable insights into the growing importance of security in an increasingly digital world. Their participation added immense value to the proceedings and highlighted the significance of collaboration between leading tech companies and security professionals.
Attendees were introduced to a variety of groundbreaking solutions and products that will shape the future of surveillance technology. Hikvision technical team threw light on several new products, including smart security cameras, new age Networking products and integrated software solutions, aimed at improving
progressive and employee-centric workplace through employee-friendly HR practices with a strong focus on having competency development framework for effective succession planning. To support continuous learning, we offer classroom training programs for comprehensive skill enhancement and actively participate in regulator (FSA) initiated training programs to align with industry compliance standards. Our digital learning platform, TALEM (Takaful Academy of Learning Management), provides on-demand eLearning opportunities, enabling employees to upskill at their convenience. Additionally, the launch of a modern HRMS system, TOPS (Takaful Oman People System), has streamlined HR processes, from recruitment and onboarding to performance and payroll management. TOPS also serves as an engaging internal professional networking platform, keeping employees informed and connected within the organisation. These initiatives provide an edge to the company by adopting a Hybrid talent management and development approach which blends traditional and digital learning experiences to cater to diverse needs of employees.
“Our recognition as a Best Workplace is a reflection of our commitment to nurturing Oman’s talent pool by providing meaningful employment opportunities, supporting skill enhancement and ensuring career growth for our employees. By cultivating a workplace that values integrity, teamwork and continuous learning, we are proud to contribute to the development of a highly skilled workforce in Oman which is aligned toward Oman Vision 2040,” said Ismail Mohammed Al Ismaili, CHRO.
the efficiency and effectiveness of security systems in various sectors. As the event came to a close, Hikvision & Ezviz reaffirmed its commitment to its dealer network and outlined plans for future collaboration. The companies pledged to continue investing in dealer training, technical support, and marketing initiatives to ensure that its partners have the tools they need to thrive.
