Countdown to Oman Awards for Excellence begins

Finalists announced, awards ceremony on May 12

As finalists in all categories at the Oman Awards for Excellence 2006 were announced in April, the stage was set yet again for the competition that inspires and challenges the very best of corporate Oman. In the ninth year of the awards, the selected finalists across categories comprise as many new entrants as they do vete-ran participants. There are companies like Matrah Cold Stores, four-time finalist and defending champion in the Flame of Excellence category, as also organisations such as Bahwan Tours, who make their debut as finalists in the tourism award category.

For the veterans as well as newcomers, the nomination in itself is motivating. Says Mehdi al Abduwani, chairman, Sun Packaging Com-pany, finalists for the Flame of Excellence award, “We were nominated last year as well and we are very proud to be finalists this year too.”

Mohammed al Busaidi, managing director, Muscat Sports, and finalist in the Entrepreneur of the Year category, entered the competition to be judged by an independent body. “When you are evaluated, you learn what your weakne-sses are. It is important to identify these in order to succeed.”

For Gulf Air, which had been thinking about participating in previous years and finally did this year, being part of the final shortlist meant a great deal of excitement. Explains Aysha al Ismaily, reservations and operations manager, Worldwide Contact Centre, Gulf Air, “We have been providing training, from supervisory to managerial positions, and it is great that we have an opportunity to make the work we are doing more visible through the awards.”

The final judging process, which involves a panel drawn from corporates, entrepreneurs, ministries and academics, will go on through early May. The winners in each category will be announced at a ceremony to be held at the Grand Hyatt on May 12.

Finalists at the Oman Awards for Excellence 2006

Flame of Excellence award
(Sponsored by BankMuscat)
Al Hassan Engineering
Matrah Cold Stores
Midwest Oilfield Services
Oman Cables Industry
Sun Packaging Company

Entrepreneur of the Year
(Sponsored by MB Holding Company)
Hani Mirza - Bin Mirza International
Mohammed al Busaidi - Muscat Sports
Mohammed al Jahwari - Midwest Oilfield Services

Exporter Award
(Sponsored by National Bank of Oman)
National Aluminium Products
Oman Cables Industry
Sun Packaging Company

People Development Award
(Sponsored by TheWeek)
Gulf Air
National Hospitality Institute
Pizza Hut

Tourism Award
(Sponsored by Omantel)
Bahwan Tours
Shangri-La’s Barr Al Jissah Resort & Spa
Zahara Tours

Environmental Award
(Sponsored by Oman Wastewater Services Company)
Oman Refinery Company
The Wave

IOB, Oman UAE Exchange announce new services

Representatives from Indian Overseas Bank (IOB) were in the sultanate recently to announce their new offerings, including Speed Money Transfer and Real Time Gross Settlement (RTGS), as part of their existing partnership with Oman UAE Exchange. J Natrajan, deputy gene-ral manager, IOB, and Tonny George Alexander, country head, Oman UAE Exchange, added that remittances in US dollars for non-resident Indians (NRIs) who want to open Foreign Currency Non-Resident (FCNR) deposits would also be provided for customers.

For the year 2006, deposits and remittances from the Gulf region for IOB amounted to Rs25bn. The bank, which has arrangements with 13 exchange companies in the region, also offers electronic funds transfer facility, SWIFT money transfer, and web-based remittances, along with traditional draft drawing arrangements.

Towards the end of March 2007, IOB also took over Bharat Overseas Bank, which has over 100 branches. This took IOB’s existing branch network to 1,783 branches. IOB is also planning to open a branch in Dubai in the future. Said Natrajan, “The papers for this are still under process. If not a branch office, we would at least have a representative office there.”

Women in business conference

The ‘Women in Business’ conference will be held in the sultanate on June 2-3, 2007, under the patronage of H H Sayyida Aliya bint Thuwaini al Said. The conference, to be held at Shangri La’s Barr al Jissah Resort & Spa, heralds the beginning of an annual event that will have a prominent group of speakers assembling in the country.

The speakers at the conference will be outstanding leaders and successful businesswomen from around the world. Says Elisabet Sjostrand, managing partner, Envent, the organiser of the event, “This conference will have an impact on the way large and small businesses are run, providing cooperation and inspirational opportunities for mutual support and networking. It will open up opportunities in many different areas, create new cont-acts and alliances, while energising women in the workplace, wherever that may be, today and in the future.”

Speakers who will share their experiences and expertise with the audience include Anousheh Ansari, the first woman private space explorer who has received multiple honours including the Working Woman’s National Entrepreneurial Excellence Award. Also addressing the audience will be Isabel Aguilera, CEO of Google Spain and Portugal, ranked by Forbes Magazine as one of the 50 most influential businesswomen in the world; leading UK entrepreneur Michelle Mone; and Farhana Huq, named as the Ernst & Young Entrepreneur of the Year 2005. Also appearing at the conference will be Aisha al Kharusi, deputy director of Strategic Analysis, Middle East, Boeing International and Malak al Shaibani, general manager, corporate affairs, Sohar Aluminium.

For details, visit www.womeninbusiness-oman.com.

Ownership change at ONIC

Shuaa Capital recently sold its 35 per cent stake in ONIC Holding to Dubai Financial, the investment arm of Dubai Holding, for Dhs52.5mn(RO5.25mn). Akbar Habib, CEO, ONIC, speaks to Business Today about the deal

Does this deal signify a mere change of shareholders or will its influence go beyond this?

It marks a big change from the shareholder’s perspective. Unlike Shuaa, whose motive was to unlock value for its shareholders at the opportune time, Dubai Financial’s mandate is to build value in financial service companies like ONIC. They are long-term investors and will create wealth for the country as well as for our shareholders.

Are there certain synergies to be leveraged between the two firms in the financial services arena?

Dubai Financial is looking at expanding its presence in financial services like finance, insurance, and commercial banks. This is clo-ser to our business model compared to Shuaa Capital. So there is learning to be shared to create value.

How would these synergies play out on the ground?

Let me give you an example. National Life has an insurance licence to operate in the UAE market. Having the backing of Dubai Financial will help National Life penetrate that market with referrals and introductions. Secondly, National Life can look at business from companies that are associated with Dubai Financial. The association will help us to expand regionally.

Did the exit of Shuaa Capital take you by surprise?

No, I was a part of the entire deal. ONIC has always managed to attract the best of investors. For Shuaa Capital, a private equity firm ONIC was just another scrip in their portfolio which they had to unlock at the opportune moment. They saw a good opportunity and exited. ONIC proved to be a good investment for them.

TRUCKING TIMES

The centre at the Ghala Industrial Estate features state-of-the-art equipment that will allow personnel to change tyres with a rim size of up to 52 inches, balance and align wheels. The facility also features a training centre where up to 52 people can be trained to service and repair tyres.

Says Yujiro Kanahara, president, Bridgestone, Middle East and Africa FZE, “We have had 30 years of a very conducive relationship with Towell Auto, and our decision to launch the truck tyre centre in Oman was fuelled by the fact that the sultanate’s current economic surge will inevitably lead to a growth in fleet, especially of trucks and buses.”
According to Bridgestone and Towell Auto personnel, the benefits of mainta-ining truck tyres range from reduced tyre wear and increased fuel economy to greater driver comfort. The centre will also feature one of the 14 Tyre Care Plus outlets in Oman. This outlet is equipped to carry out servicing of tyres of saloon cars, SUVs and light trucks also. Other Tyre Care Plus centres are located in Wadi Kabir, Bausher, Ghubra, Rusayl, Barka, Saham, Sohar, Karsha, Nizwa, Ibri, Sur, Salalah and Buali.

Renaissance subsidiary secures US$350mn contracts

The contracts are for ten years each, with extension options for further five years

BUE Kazakhstan, a wholly owned subsidiary of Renaissance Services, together with its local partner in Kazakhstan, has been awarded three prestigious contracts for the provision of up to 15 special purpose ice class barges by Agip Kazakhstan North Caspian Operating Company N V (Agip KCO) in Kazakhstan.

Agip KCO, a company fully owned by Eni S.p.A., is the operator of the appraisal, development and future production operations in the Kazakhstan sector of the Caspian Sea, including the giant Kashagan oil field, on behalf of seven international companies and under the North Caspian Sea Production Sharing Agreement (PSA).

Under the terms of the agreement, initially, four cutting barges, one mud barge, one dry bulk barge and two cargo barges will commence operations in the fourth quarter of 2007 and will support the development by Agip KCO of the Kashagan field. The vessels are currently under construction in shipyards in Ukraine, Russia and the UAE. They are being built to ensure year-round operability in icy conditions that are found in the northern part of the Caspian Sea during winter periods.

The contracts are for firm periods of ten years each, with extension options for further five years. The initial investment in the first phase of over US$43mn in the construction of the barges further reinforces BUE Kazakhstan’s commitment to maintain its position as the prime offshore fleet operator in the north of the Caspian. The potential cont-ract value is estimated to be in excess of US$350mn, assuming that all of the contract options are exercised.

The combined Topaz-BUE fleet, owned by Renaissance, ranks amongst the largest offshore fleets in the Middle East region with operations in the Caspian, Middle East and Southeast Asian markets. Renaissance is a diverse service group listed on MSM with a primary focus on oil and gas services.

Amouage launches new fragrances

Amouage launched its new Reflection perfumes in April, an event company chairman Sayyid Khalid al Busaid described as a key milestone in the history of the luxury fragrance house. “It marks a change towards more contemporary fragrances that better suit the requirements of international markets.” He also announced that the company, which is celebrating its 25th anniversary in 2007, would be unveiling new anniversary fragrances as well as a new logo, new bottles and packaging designs later in the year. Product extensions that are currently being developed would also be part of the change on the cards.

Reflection Woman was created by perfumer Maurice Roucel, whose creations include perfu-mes for Gucci and Donna Karan. Reflection Man was created by Lucas Sieuzac, who has created fragrances for Givenchy and Emporio Armani, among others. The perfumes will be available in Amouage boutiques in Oman as well as in perfumeries and department stores.

Board approves Gulf Air’s new restructuring plan

The board of directors of Gulf Air has approved a new restructuring plan aimed at significantly reducing company losses over the next few years. President and chief executive André Dosé said the board unanimously endorsed the plan which will involve some tough new measures including cost cutting across the entire company, streamlining the structure of the organisation and making network operations more efficient.

Says Dosé, “We have the full support of the board for all the measures that have been proposed in order to secure Gulf Air’s future. All our actions will be focused on the four key issues: safety, punctuality, customer service and profitability. To turn our operations around we need a real cultural shift inside our organisation. At present Gulf Air is heavily losing money every day. This has to stop. The shareholders have guaranteed a capital injection to cover past costs, fund the restructuring process and invest in future operational improvements. But they expect us to make sure that this money is wisely spent and that it will help secure a sustainable basis for a strong Gulf Air.”

To improve the profitability of the company, Gulf Air will reduce its fleet from 34 to 28 aircraft and one single manufacturer (Airbus). At the same time network operations will be improved by reducing ground-time of the aircraft and limiting connection times for the passengers. To cope with these tasks, Gulf Air’s organisation will be streamlined and simplified. The new organisational structure comprises four divisions, each headed by an executive vice president: sales and marketing, Lee Shave; operations, Bjorn Naef; finance and administration, Ismail Karimi; and network, Hashim Mahmood (acting).

A LANDMARK IN RETAILING

The Landmark Group launches the sultanate’s largest electronics showroom

The launch of Emax, a concept store in electronics retailing, saw the sultanate get its largest ever electronics showroom. Covering about 25,000sq ft, the showroom at Muscat City Centre’s new wing stocks over 65,000 products spanning 300 electronic brands. Says Vineet Mehrotra, retail manager – country operations, Emax, “We intend to cater to the largest customer base possible, from a person with limited knowledge of electronic products to someone who is well aware of technology and electronics.”

Apart from the array of products, customer convenience will be aided by the presence of trained staff able to advise a visitor on what might be the right choice. Informs Saibal Basu, general manager, Landmark Group, Oman, “The idea is to transform the shop from being a point-of-sale to one where customers can make an informed choice.”

Emax has tied up with Taageer Finance Company to provide financing options to customers who would prefer to pay for their purchases in easy installments. Representa-tives of the finance company will be present at the store from 10am to 10pm.

The Wave, BankMuscat tie up

Leading tourism and beachfront residential development, The Wave, Muscat has tied up with BankMuscat enabling its property buyers to avail of BankMuscat's suite of Baituna home finance products and services. BankMuscat will provide affordable and convenient home-financing plans for both local and expatriate investors in The Wave, Muscat. The agreement with BankMuscat is part of The Wave, Muscat's mission to make property ownership more accessible, with maximum flexibility and options according to a press release from the company. The new scheme offers up to 80 per cent of the value of the property for investors.