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Vision Investment enters insurance sector
The insurance sector in Oman, which has witnessed an upswing
in recent times, saw the entry of another player last month.
Vision Investment Company has announced its entry into the
Omani insurance sector with the launch of a joint venture
– Vision Insurance. Starting with a capital base of RO5mn,
the company started operations by setting up three branches
at Ghubra, Sohar and Nizwa.
Ali Mohammed Juma Sultan, chairman of Vision Insurance, says
the newly formed company has the backing of reputed promoters
and to begin with will focus on all lines of non-life insurance,
group life and group medical. Sultan points out that Vision
Insurance derives its strength from a highly qualified and
experienced team, capable of delivering tailored solutions
for different insurance needs. The combined backing of a strong
promoter group and leading reinsurers will offer a high degree
of financial security to prospective policy holders. Asked
why the company is not offering individual life and medical
insurance, Sultan assured that Vision Insurance definitely
has plans to extend its services to these areas in the near
future. As a composite insurance company, Vision is licensed
to offer both life and non-life products.
Transparency, adherence to best practices and professional
service with a personal touch are the core elements of Vision’s
corporate philosophy. Its underwriting capacity is enhanced
by treaty facilities supported by a panel of well-rated reinsurers.
Highlighting the company’s strengths, the chairman said the
promoters of Vision have very strong insurance and investment
management expertise.
Vision Insurance was created out of a tie-up between Vision
Investment Services and UAE-based Al Wathba National Insurance
Company. Other Omani promoters are Shaikh Salim Said Hamed
al Fannah al Araimi, founder chairman of Galfar Group, Tawoos,
Al Sharqiya Investment Holding, Maqbool Ali Salman and Hassan
Ali Salman, promoters of Al Hassan Engineering Group.
International recognition
TheWeek wins accolades
Oman’s best-known newspaper has won the Judges’ Special Recognition
Award at the IFRA Asia Media Awards 2008 held at Macau, China.
TheWeek won the award for the Best Newspaper Frontpage Design
(circulation below 100,000 copies category) at the 2008 edition
of the prestigious awards ceremony that is organised every
year by IFRA Asia alongside its Publish Asia conference. Hundreds
of newspapers and magazines from Asia, Australia, New Zealand
and the Middle East region have taken part in the Annual Asia
Media Awards competition over the past seven editions of this
contest. The award was received by Apex art editor Benoite
Lopes and TheWeek deputy editor Benoy George Thomas on behalf
of Apex Press and Publishing.
This year, a record number of more than 520 entries were received
by IFRA from across the Asia-Pacific and the Middle East regions
for 27 categories. The judges for the contest were Kris Visselman,
editorial director, National Geographic Society (US); Mauricio
Gutierrez, design director, The Detroit Free Press (US); Gabriella
Schmidt, design consultant (Mexico); and Peter Ong, newspaper
consultant (Australia) – all highly respected professionals
in the global arena.
Says Saleh Zakwani, chairman and publisher of Apex Press and
Publishing, “This award is
presented to entries whose overall design, originality and
content have achieved the highest levels of excellence. It
is a justification of our stand that there should be no compromise
on quality.”
Adds Mohana Prabhakar, CEO and managing editor, “The path
ahead is full of challenges and this achievement is only a
first step. We will need to continue raising the benchmark.”
Bahwan moves into real estate
Suhail Bahwan Group, which is involved in numerous sectors
in the country, is now stepping into the real estate market
with the launch of two major projects – Janayin Sama (Gardens
in the Sky), a residential complex, and Al Rawaq, a commercial
complex. The RO39mn Janayin Sama project, spread over an area
of around 20,000sqm in North al Ghubra, will be offered to
high net worth nationals and citizens of other Gulf countries.
Designed by renowned Indian architect Karan Grover, the condominium
will feature 175 residential units that will be sold by Cluttons
who have been appointed exclusive sales agent by the company.
Luxury features will include rooftop as well as private swimming
pools, shopping facilities, spa, a restaurant, underground
parking space and a health club. The RO13mn Al Rawaq complex
will come up close to the Qurm interchange of the Southern
Expressway between the Nissan showroom and Omanoil headquarters.
The 44,000sqm complex will offer office space on lease and
both projects will be ready in two years.
First phase of Springs project
Majan Gulf Properties (MGP), designers and developers of the
Sohar Residential and Commercial Project in the Wilayat of
Sohar, recently announced the launch of the Phase I of the
luxurious Springs Compound project. Comprising 75 double-storied
villa style residences in the first phase, the Springs Compound
reflects a fusion of Omani architecture with contemporary
Arab cultural construction and is the only project of this
nature in Sohar.
Says Bader Al Hamdani, marketing and sales manager, MGP, “The
growing residential demand in Sohar due to the pace of its
industrialisation is faced with a challenge – the scarcity
of good real estate projects. Additionally, the current devaluation
of currencies has had a negative impact on financial investments.
In the light of these situations, investment in real estate
provides an ideal alternative to most investors today and
hence has propelled the demand even more."
The Springs Compound is 70 per cent complete and is expec-ted
to be ready by May 2008. The first phase of the Springs Compound
project, comprising 75 villas, has been financed by National
Bank of Abu Dhabi (NBAD) and forms a part of the first component
of this project. Says Saeed Salim Al Mubarak, regional manager,
NBAD Oman, “NBAD is pleased to be associated with Majan Gulf
Properties in financing their start up project, the development
of which has progressed satisfactorily and I wish the project
all success.”
Tourism: food for thought
Emirates Leisure Retail, a subsidiary of the Emirates Group,
which owns food and beverage outlets Left Bank, Noodle House
and Hamburger Nation, held an informal session with key representatives
of the sultanate’s tourism industry at Left Bank. Their intention
was to highlight future potential business synergies between
tourist groups and their three premier food chains. Andrew
Sharp, the new Emirates Leisure retail general manager for
Oman, Bahrain and Qatar, also took the opportunity to introduce
himself.
Nawras, Fono continue ties
Nawras signed a new contract with Gulf Telecommunications
Company (Fono) to extend their partnership in continuing to
provide important distribution outlets for Nawras products
and services across the sultanate. Ross Cormack, CEO of Nawras,
signed an agreement with Minoo Saher, CEO of Mustafa Sultan
Group. The two were joined by M Ramachandran, general manager
of Fono, as well as Tore Solberg, chief commercial officer,
Nawras, Khalil Abbas, sales director and others.
Environment initiatives
Masafi, working together with the Environment Society of Oman
(ESO) and Nawras, has placed recycling domes at key locations
across the sultanate, to encourage awareness of plastic waste
recycling and its benefits. Unique school recycling units
have also been introduced. This partnership has spearheaded
initiatives for the recycling and collection of other waste
materials such as paper and cans in schools and other organisations.
Says Nida Helou, manager of ESO, “The project initially kicked
off in schools, but soon many embassies and private companies
started expressing their interest to join." Crowne Plaza
Muscat has also joined ESO in its recycling initiative.
Octal to add capacity
Octal Petrochemicals will add 500,000 metric tonnes of production
capacity in PET resins by May 2010, making it one of the world’s
largest polyester producers with 800,000 metric tonnes of
annual capacity. Octal chairman Sheikh Saad Suhail Bahwan
says the company’s second phase expansion will make it the
largest polyester manufacturer in the Middle East and one
of the biggest outside China on one site. The integra-ted
PET resin and APET sheet facility in the southeast city of
Salalah will ramp up the new production capacity in two stages:
250,000 metric tonnes by March 2010 and the remaining 250,000
two months later.
Says Sheikh Saad, “Octal is fulfilling its expansion strategy
to become a homegrown global petrochemicals leader. Phase
I saw our entry into APET sheet for global export. Phase II
will be a major step forward in PET resin production, and
Phase III will complete the integration of our state-of-the-art
facility, realising unprecedented cost and quality advantages.”
Muriya starts signing of Phase I
Muriya Tourism Development has initiated the process of signing
the agreements with the customers of Phase I for two of its
leading projects – Jebel Sifah and Salalah Beach. The first
phase of both projects was sold out within 48 hours of being
launched in the last quarter of 2007. Director of sales, Ali
Abuelhawa, described the signing of the contract as a moment
of great importance for Muriya. “The proud owners of the 420
apartments and villas have been eagerly waiting to sign the
contracts and we are very pleased to announce the same. With
this, we are entering the next phase of Muriya’s ambitious
development plans,” says Abuelhawa.
The signing of the contracts commenced on April 5, wherein
Abuelhawa, along with Hani Macki, director of customer relations
& sales operations, were present on the occasion of the
first customer signing. Muriya is currently arranging appointments
for customers to sign their contracts. Mobilisation of the
sites is already under way and the projects are progressing
as planned.
SMS banking from Bank Sohar
Bank Sohar announced that it has become the first bank in
Oman to achieve ISO 27001:2005 Certification for complete
IT Service. ISO 27001:2005 is the formal standard of certification
that provides the assurance that the certified organisation
fulfils the highest levels of security and compliance and
has implemen-ted an Information Security Management System
(ISMS) which is on par with global standards. Says, Mujahid
al Zadjali, AGM/head of IT department, Bank Sohar, “Since
the inception of the bank, the senior management had a very
clear agenda for having a proven system in place for safeguarding
the bank’s information assets and the sensitive personal and
financial data of the customers.” The bank also launched ‘Al
Mumayaz’ SMS banking, a product that will enable its customers
to access their bank accounts and conduct banking transactions
and inquiries using their mobile phone. Elaborating on the
features of SMS banking, Khalfan Al Tal’ey, DGM-Retail Banking,
Bank Sohar says, “Customers have the flexibility to receive
alerts as and when the selected transaction happens, or request
for alerts whenever they want by sending an SMS in the specified
format to 90404.”
Bank Sohar formally inaugurated its Azaiba branch at the Al
Sahwa Towers, making it the bank’s fourth access point in
the capital area. The Wali of Bausher, H E Ibrahim bin Yahya
bin Abdullah al Rawahi formally declared the branch open.
The bank plans to open some more branches before the year
end.
OAB starts online trading services
Oman Arab Bank – Investment Management Group launched its
new online trading services under the brand e-link. As the
first bank in Oman to provide this service to all clients,
it is available in both Arabic and English. E-link allows
investors to buy or sell shares on Muscat Securities Market.
Clients can view the market screen from wherever they are
and can place orders directly through the Internet. At any
point of time, clients can also view their portfolio details,
transaction details, order status, all through our website.
Once transaction is executed the client will receive an SMS
confirming execution. Clients must have an amount deposited
in their investment account with the Investment Management
Group in order to place orders through e-link.
Zahara Travel wins contract
Zahara Travel has entered into a tie-up with Plaza Premium
Lounge (PLL) of Hong Kong for operating the departure lounge
at Muscat International Airport, bringing together local know-how
and international expertise. PLL, an acclaimed airport lounge
management company, manages and operates more than 30 airport
lounges in ten international airports across the globe.
Says George Bellow, CEO, Oman Airports Management Company
(OAMC), “We are delighted to associate with such leading Omani
and internatio-nal firms. Zahara Travel and PLL are industry
leaders and we have firm faith in their tremendous potential
to deliver high-quality amenities to the passengers, which
will enhance our standards to an international level.” Gautam
Broota, general mana-ger, Zahara Travel thanked OAMC for entrusting
them this opportunity. Zahara Airport Services, a joint venture
between Zahara Travel & Service Bureau and PLL, recently
won the OAMC tender for operating the CIP departure lounge
at Muscat International Airport. In the tender heavily bid
by various travel and hospitality firms in the region, Zahara
Airport Services was chosen for their innovative commercial
and customer service strategy.
Water treatment plant by Corodex
Corodex Industries, a part of Dubai-based Concorde-Corodex
group recently announced the successful completion of a reverse
osmosis water treatment plant project for Occidental Mukhaizna,
Oman. The site is located in the desert of central Oman, south
of Muscat. The project is estimated to be worth RO3.4mn. The
project involved engineering manufacturing supply and supervision
of installation and commissioning of the reverse osmosis water
treatment plant, with a view to generate steam from the processed
water and increase the pressure used to pump oil from wells.
The capacity of the plant is 6,000 cubic meters per day. The
envisaged unit consists of a pre-treatment system, reverse
osmosis plant and post treatment system of the aforesaid design
capacity to meet the final boiler feed water specification.
The project, which was handed over to Mukhaizna in March 2008,
is now under full operations.
A’Saffa registers record growth
A’Saffa Poultry Farms at its recent AGM for the year 2007
announced a net profit increase of 423.68 per cent as compared
to 2006. The company recorded an increase in the utilisation
of resources by increasing the production to the optimum capacity
level. The net profit increased to RO628,804 in 2007 as compared
to RO120,074 the previous year. The sales also increased to
RO9,276,452 as compared to RO6,385,635 during 2006 registering
an increase of 45.27 per cent. “The increase in the production
capacity will reduce the unit fixed cost and therefore will
work as a catalyst in improving the performance of the company,”
says Rafique Chaudhary, CFO. Says Nasser al Maully, CEO, “At
A’Saffa, we believe that while bricks and mortar can be bought,
human capital needs to be nurtured and fostered. We have also
successfully managed to implement the Omanisation policy.”
On a concluding note chairman, Saleh Mohammed al Shanfari,
had the following to say: “I take this opportunity to thank
our customers, shareholders and ministries along with our
staff and management for their continued support and confidence
in the company. A’Saffa has witnessed unprecedented growth
during this period and promises to focus efforts on delivering
another year of exceptional performance.”
corporate moves
Maitha Al Mahrooqi
General Manager, Gulf Air Oman
Gulf Air has appointed Maitha Al Mahrooqi as general manager,
sales, to take charge of its Oman commercial operations. She
will lead a team of sales and marketing personnel in Oman.
Mahrooqi joined Gulf Air Bahrain Sales in 2006 as business
development manager from Emirates airlines, where she was
working since May 2000 in various sales and marketing positions.
Mahrooqi is a science graduate from the University of Oxford
Brookes, UK, and is currently pursuing an MBA programme in
Strategic Sales & Marketing with University of Hull, UK.
Peter Hall
CEO, AI-Hassan Engineering
AI-Hassan Engineering Company (AHEC) has created a new position
of CEO, at which Peter Hall has joined. Hall, a 53-year-old
British national, is a National Certificate holder in Electrical
Engineering with a post graduate qualification of MBA and
has over 25 years of varied work experience in the contracting
and construction industry. He has worked with several multinational
companies looking after the Gulf Region from within the Middle
East as well as from Europe. Prior to joining AHEC, he worked
as the general manager of Siemens PTD Lower Gulf based in
Dubai.
Joyce Andraos
Brand Manager, Omasco watches division
Joyce Andraos has been appointed as brand manager for Omasco
watches division, where she will be handling the prestigious
Raymond Weil brand. Andraos has a strong commercial background
having worked for high-end luxury products in Paris, where
she was the manager of a large toy and luxury clothing shop
for children. She later joined Intercontinental Hotels as
part of their development department for Middle East and Africa
and was its regional purchasing manager in Lebanon. She was
later appointed as director, sales and marketing.
Geoff Walsh
Country Manager, DHL Oman
Geoff Walsh has been appointed the DHL country manager for
Oman. Walsh has had a 13-year stint with DHL, and started
his career in the UK where he was the operations manager for
East Midlands station. He moved to the UAE as area operations
manager in 2000, in charge of the North Emirates. In 2003,
Walsh took over as national operations manager for the UAE.
He introduced a host of innovative measures to augment DHL’s
presence in the UAE, which include a stand-alone country road
network, and five state of the art operational facilities.
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