Looking back

Over 99 issues and eight years, BusinessToday has charted dramatic movements in different sectors of the economy. We have been a looking glass as the sultanate’s corporate newsmakers shifted gears and changed designations, we have recorded industry barons revealing their softer sides and private thoughts, and we have been a medium for the who’s who in international business and management to share their opinions. Through 99 issues, BusinessToday has been on a fascinating journey with Oman. With a kaleidoscope of stories and images, we take you on a trip through the years as we bring out our centenary issue. BusinessToday – Over the years

1. EVENT HORIZON

oil prices
“The current price (of US$9) is the worst since the beginning of the oil trade. If you adjust inflation, this is the cheapest barrel you can buy since 1900, when oil was first actively traded in the world market.”
H E Mohammed al Rumhy, Minister of Oil and Gas; Issue 4, February 1999

“I personally think that having managed to go through the time in 1998 when oil prices came down to US$10, we will now be able to handle anything.”
H E Ahmed Abdulnabi Macki, Minister of National Economy and Deputy Chairman of the Energy Resources Committee; Issue 77, February 2005

On July 14, 2006, oil rose 33 cents, or 0.4 per cent, to a record close of US$77.03 a barrel after touching US$78.40, the highest intraday price since trading began on the New York Mercantile Exchange.
Issue 95, August 2006

tourism
“Our target is to increase our contribution to the GDP up to three per cent. And to have at least 10,000 rooms available in Oman by 2005, nearly double the current figure.”
Mohammed Ali Said
Director General of Tourism, Ministry of Commerce and Industry; Issue 11, September 1999

Shangri-La’s Barr al Jissah with 700 rooms will mark a 70 per cent increase over the 1000-odd rooms available in Oman. A 70 per cent overnight increase in room inventory in a Singapore or Hong Kong with 10,000 five star rooms or a New York with 15,000 odd rooms would be a perfect recipe for disaster, but industry watchers are confident about Oman’s ability to absorb such demand.
Issue 77, February 2005

One million tourists came in last year and a ten per cent increase is expected this year. “We are working towards attracting one billion tourists every year by 2020.”
H E Mohsin bin Khamis al Balushi, undersecretary, Ministry of Tourism
Issue 82, July 2005

Privatisation
“For Oman, privatisation is not just important, it is a must. If you take the telecommunications sector, we are looking for a strategic foreign investor. For infrastructure projects, it may be better to go in for BOOT (Build, Own, Operate, Transfer); some of the power projects may be only BOO. Each sector may have different configurations. We have decided to use the best financial, legal and economic advisors who have international experience in privatisation.”
H E Maqbool bin Ali Sultan, Minister of Commerce and Industry
Issue 9, July 1999

Nawras kicked off services on March 16. The fledgling operator logged over 10,000 subscribers in the first week while the first day of launch saw over 30,000 calls being made on the network.
Issue 79, April 2005

The launch of mobile number portability (MNP), a system that gives subscribers the option to switch from one mobile
operator to another, while retaining their mobile numbers, has opened up an entirely new line of possibilities in Oman. With the MNP system in place, the Telecom Regulatory Authority (TRA) and operators Nawras and Oman Mobile have made Oman the first country in the Middle East to have MNP.
Issue 97, October 2006

retailing
With an investment of RO7mn and area of 1300 sqmtr, the Sultan Center will be the biggest-ever shop in Oman.
Issue 5, March 1999

Carrefour, the world’s second largest retail chain, opened in Muscat three years ago. Lulu Hypermarket in Bausher has 250,000sqft space under its roof. Sultan Center is coming up with a 30,000sqft market at Al Khoud. Safeer has chalked out plans for two more outlets in Sohar.
Issue 73, October 2004

Muscat City Centre will add between 25,000 to 30,000 sqmtrs and more international brands in 2007.
Issue 89, February 2006

property owner
Hamptons International recently placed an advertisement in a UK paper announcing the opening of its office in Muscat. It was baffled by the number of calls it received enquiring whether they could buy good property here. “It shows that there is a demand internationally for high-quality property in Oman.”
Christopher Steel, general manager, Hamptons International
Issue 25, November 2000

The government is currently putting together a new law that will allow expatriates living in Oman and perhaps even foreigners, who are not residents here, to invest in property.
Issue 64, January 2004

As per Royal Decree 12/2006 promulgated in March 2006, non-Omanis, both individuals and companies, can purchase property in tourism designated areas in Oman for accommodation or investment.
Issue 92, May 2006

stock market
“Last year was difficult for everybody, but one can see a steady improvement in 2000. I’m optimistic about the next two to three years, the economic swing will help the stock market. All the restructuring in various sectors will mean better results.”
Mohammed bin Musa al Yousef, former chairman, ONIC Group
Issue 17, March 2000

“At the corporate level, companies in Oman have gone through a steep learning curve during the last five years. Boards have started exercising a vigil on operations. MSM also received a fillip from the regulatory initiatives taken by CMA. The Code of Corporate Governance was made mandatory during the last quarter of FY2002. Increased disclosure requirements and strict guidelines have increased investor confidence.”
Ali Mohammed Juma, CEO, Vision Investment Services
Issue 63, December 2003

“Technically the markets are in an upward mode, the trend should continue unless something drastic happens. The economic fundamentals are strong and a lot of investment is taking place in Oman.”
Nabeel Sultan, deputy chairman, Shurooq Securities
Issue 99, December 2006

2. DIFFERENT STROKES

Hind Bahwan
“I used to come to the office with my father occasionally and went for business dinners with him once in a while, but that was the extent of my involvement when I was a student. That worked quite well with me. If I had to spend the weekends and the summer vacations in these companies, it would be boring!”
Director, Bahwan Travel Agency, SSB Computer Division
Issue 2, December 1998

“I look at every employee as my partner. There is none of the boss-employee routine here. People tend to focus more on the goal and what they produce at the end of the day when they feel it is their company.”
Chairperson, Bahwan Cybertek
Issue 36, October 2001

H E Ahmed al Dheeb
“Creation of new employment opportunities for the emerging Omani youth, naturally, has been our major agenda. Also, with the government’s improved focus on education and vocational training, many more are joining the workforce, which is a good sign.”
Executive president, Public Establishment for Industrial Estates
Issue 34, August 2001

“We have a lot of excellent companies. The issue is to create or upgrade the smaller companies. When the big companies get projects, they will subcontract them. This is the reason we had huge employment last year, because we had so many projects.” Undersecretary, Ministry of Commerce and Industry
Issue 90, March 2006

Anees Sultan
“I am in the service industry and since I am fairly new in the business I need to be at the beck and call of my clients. I haven’t reached a stage where I can tell clients that I cannot meet them because I’m off to play tennis.”
Entrepreneur, Al Daleel Investment Services,
Issue 2, December 1998

“No matter where you work, if you don’t have a clear sense of where you are going, you will miss out. There will be ups and downs in one’s working life. Self-motivation is the way to deal with that.”
Division manager, investment banking, NBO,
Issue 90, March 2006

Salim al Harthy
“We are actively scouting for advertising for the site. The potential is great.”
Founder,
omanforum.com
Issue 22, September 2000

“As an entrepreneur, you are always thinking of new ideas. Then you work on those ideas. That’s your business.”
Managing director, Oman Homes
Issue 90, March 2006

3. VOICES

My business is my hobby. And when I get really restless, all I have to do is open this drawer to my left, find a broken lighter, and fix it. And I am all fired up again.

Mustafa Sultan, chairman, Mustafa Sultan Enterprises; Issue 8, June 1999

My advice to someone who cannot balance his professional and personal life is to quit his job or get a divorce! Seriously though, it is important to switch off whenever you can. A workaholic is not being fair to himself or his family

Khalid Said al Wahaibi, vice chairman and managing director,
Assarain Group of Companies; Issue 9, July 1999

Speculation is there in any market. No market can grow without it. You have to be careful when you invest. But there are good opportunities.

H E Maqbool Ali Sultan, Minister of Commerce and Industry;
Issue 26, December 2000

I actually went through a proper training procedure – by this I mean a proper procedure to ensure that I got my hands dirty.

Imad Sultan, board member, W J Towell; Issue 36, October 2001

I applied to the Jordanian Army to be a military pilot, and cleared all the interviews and exams. When I told my mother I wanted to join the Army, she began to cry, saying it was too dangerous. My mother asked her brothers to persuade me, and they got me to apply at a bank just to take those ideas out of my head.

Abdul Kader Askalan, CEO, Oman Arab Bank; Issue 46, July 2002

How do you tell someone that you believe he is less capable than his perception of himself or that he is not going to be promoted? But you have to do such things because for every ten people competing for a job, nine are bound to be disappointed.

Abdulla Lamki, deputy managing director, PDO; Issue 90, March 2006

I believe that my fortunes and attitudes have been shaped by many incidents, coincidences and turn of events. Some of these happened long before I was born.

Omar al-Wahaibi, CEO, Oman Wastewater Services Company
Issue 92, May 2006

4. BY WAY OF VIEW

Taking a quick look at what corporate visitors have had to say about Oman through BusinessToday

John Wright
Chairman of the Edinburgh Fund
Managers Group (Former CEO of Oman International Bank)
Issue 42, March 2002

“Although we are in a transition period, there is a move towards professionalism and professionalisation of the management cadre. Having said that, the influence of the traditional major houses is still very strong and it will take a process of ongoing change to dilute that.”

Faisal Anwar
Marketing specialist for Pan
Arab Research Centre
Issue 48, September 2002

“We had not moved into Oman until now, simply because we were sceptical about the readiness of the market. But we realised that if we didn’t do that now, we would be missing out on a potentially productive market.”

Patricia Aragon Sto Thomas
Philippine secretary for Labour and Employment
Issue 51, December 2002

“We need good PhDs as much as we need good plumbers. If you have a process to certify plumbers and electricians, attaching some status to blue-collar jobs, it makes it easier for people to get jobs.”

Steve van den Heever
CEO, Bolero MENA
Issue 55, April 2003

“Being big is not a measure of the gains from e-commerce. A small market like Oman has more to gain thanks to its level of adoption of these technologies.”

J E Kim
Executive director, Hyundai Motor Company
Issue 73, October 2004

“Every time I come to Muscat, I see many more cars on the roads, which makes me very happy.”

Paul J Ostling
Chief operating officer, Ernst & Young
Issue 75, December 2004

“The Middle East operation is a role model for us as it is completely integrated and works as seamless one. Its sophistication can be seen from the fact that people
move in and out of 12 countries without
a problem.”

Klaus Berning
Vice president sales, Asia, Pacific, Africa, East Europe, BMW Group
Issue 78, March 2005

“We want to have a presence in Oman; the question is not how many vehicles we sell here, but how important BMW is as a premium product in Oman.”

Dr Albert Bressand
Vice president, global business environment, Shell International
Issue 79, April 2005

We do not talk of any one Middle East. There are many different countries and each is different. The question we ask is what will happen in the GCC and what sort of integration can develop in this region.

Bob Urichuck
Sales trainer
Issue 80, May 2005

You must understand that the world revolves around sales. Without sales, there would be no financial transactions, no revenue and ultimately no jobs for the rest of us.

Sami Haddad
Director, International Finance Corporation (IFC), Middle East and North Africa
Issue 83, August 2005

At IFC, there is an ongoing effort to strengthen Oman’s financial sector, as viable financial institutions are key to sustained economic growth.

petra fraatz
Director for Africa, Middle East, Asia and Pacific region, Dertour
Issue 85, October 2005

A lot of people come to Oman because the way of life here is the way it it. But if Oman wants to grow, it must attract different types of travellers. But I hope that it remains, more or less, the way it is. That is what makes it charming and attractive to a whole lot of tourists.

Tom Peters
Management guru
Issue 92, May 2006

Oman has opportunities vis-à-vis intellectual capital. It’s the smaller countries or smaller areas which have an advantage over a large business if it produces something that adds tremendous value. With the price of oil being over US$70 per barrel, there are opportunities in drilling, secondary and tertiary exploration. You will have to work hard to make a mess of this.

David Hamod
President and CEO, National US Arab Chamber of Commerce
Issue 93, June 2006

Oman moved faster than any other country in the region on FTA largely due to the sultanate’s good institutions. It has articulated its side very well at the highest levels in the US.

Terry Johnson
Regional managing director, General Motors Corporation Middle Eastern Division
Issue 97, October 2006

There are aren’t too many places on the planet growing this fast (as the Middle East) and we need to make the most of a unique window where factors such as the market environment and a young population of car buyers are all in our favour.