Author: Anirban
The Ministry of Transport, Communications, and Information Technology’s Annual Report on Digital Transformation for 2023 The Ministry of Transport, Communications, and Information Technology recently released its annual report on digital transformation for 2023, revealing key performance metrics. The report highlighted that the overall performance of the government’s digital transformation programme, ‘Tahwaul’, reached 53% in 2023 with government entities achieving an average of 72% in digital transformation. Notably, the governorates achieved an average performance of 54% out of the 56 government entities evaluated. The report identified entities that excelled in digital transformation, including the Telecommunications Regulatory Authority, Muscat Governorate, and Royal…
Shangri-La Muscat Welcomes Philippe Kronberg as New Resort General Manager Shangri-La Muscat is thrilled to introduce Philippe Kronberg as the new Resort General Manager for Shangri-La Barr Al Jissah and Shangri-La Al Husn hotels, starting from 24th June 2024. With a diverse background and over three decades in luxury hospitality, Philippe is poised to lead the resorts’ 640 suites and rooms along the stunning shores of the Gulf of Oman. Philippe’s commitment to sustainability and compliance, coupled with his vision for enhancing guest experiences, makes him an ideal fit for Oman’s premier resorts. His leadership at Shangri-La Sydney resulted in…
BankDhofar Expands Services in Ibri, Oman Muscat – BankDhofar, a leading financial institution in the Sultanate of Oman, recently opened a new branch in the Wilayat of Ibri in the Governorate of Al Dhahirah. This strategic expansion is part of the bank’s commitment to better serve its customers and enhance in-country value addition. The new branch in Ibri will offer specialized services to the SME sector, along with Al Rifaa preferred banking and Al Riadah priority banking services. The branch was officially inaugurated by His Excellency Najib bin Ali Al Rawas, Governor of Al Dhahirah, in the presence of several…
Introducing Badr Al Samaa Royal Hospital: Delivering Luxury Healthcare in Oman Badr Al Samaa Royal Hospital (BRH), the upcoming luxury flagship hospital of Oman’s largest private healthcare group, is set to provide quality healthcare in a luxurious healing environment. At the brand identity and logo unveiling ceremony at W Hotel Muscat, distinguished guests unveiled the logo that symbolizes care, smile, and hope. Abdul Latheef highlighted the hospital’s vision to offer advanced treatments within Oman, reducing the need for patients to seek healthcare abroad. With seven centers of excellence, including specialties like orthopedics and emergency care, BRH aims to meet the…
In an exciting development, Sohar Port has received its first shipment of biofuel, marking the start of the experimental phase for using this eco-friendly fuel in tug and barge operations. Collaborating with Svitzer, Woqod, and Hormuz Marine Company, Sohar Port aims to reduce greenhouse gas emissions by 17% as part of Oman’s plan for carbon neutrality by 2050. Produced locally from cooking oil, biofuel is a renewable energy source that provides an environmentally friendly alternative. This initiative supports Sohar Port and Freezone’s strategy to promote the circular economy and contribute to the economic development of Oman while preserving its natural…
The Growth of Oman’s Banking Sector: A Snapshot The Central Bank of Oman recently released statistics showing a steady growth in the country’s banking sector. By the end of March 2024, total outstanding credit extended by banks had increased by 2.9% year-on-year to reach RO30.8bn. Of this amount, credit to the private sector saw a 3.6% growth, reaching RO25.9bn. The breakdown showed that non-financial corporations and households accounted for a significant portion of private sector credit. Conventional banks saw a modest 0.8% increase in total outstanding credit, with notable growth in investments in securities. Islamic banking entities, on the other…
Revolutionizing Business Environment in Oman: Ministry Signs Agreement to Relocate Oman Business Platform At COMEX 2024, the Ministry of Commerce, Industry, and Investment Promotion (MoCIIP) made a groundbreaking move by signing an agreement with ITHCA Group to shift and host the Oman Business Platform (OBP) in a cloud service environment. This strategic shift is aimed at fostering a competitive business landscape and offering seamless services in line with the smart government initiative. Under the leadership of H E Dr Saleh Said Masan and CEO Said bin Abdullah al Mandhari, this collaboration also includes a consultative study to propel Oman’s digital…
Oman’s Economic Outlook: Fitch Ratings Affirms ‘BB+’ Rating Fitch Ratings has recently affirmed Oman’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BB+’ with a stable outlook. The ratings are supported by a higher GDP per capita, recent budget reforms, and a decreasing government debt-to-GDP ratio. Despite challenges like high dependence on oil revenue and a net external debtor position, Fitch projects continued budget surpluses for Oman in the coming years. The agency expects Oman’s budget surplus to narrow in 2024 and 2025 due to changing oil prices and OPEC+ production quotas, with a focus on improving non-oil fiscal balance. Additionally,…
PDO Celebrates $2.5 Billion Investment in In-Country Value Petroleum Development Oman (PDO) marked a milestone on its biannual In-Country Value (ICV) Day, showcasing its commitment to supporting local industries. With a total of $2.5 billion in retained value in 2023, PDO’s efforts have contributed significantly to Oman’s economic growth. During the event, $900 million was allocated to small and medium-sized enterprises (SMEs), while national industries received $422 million, benefiting 30 manufacturers in Oman. PDO’s focus on manufacturing, construction, and renewable energy has resulted in 11 successful opportunities, boosting the local economy. Under the leadership of H E Eng Salim Nasser…
Driving Economic Growth through the US-Oman Free Trade Agreement In celebration of its 15th anniversary, the US-Oman Free Trade Agreement (FTA) shines as a beacon of bilateral relations. The Oman American Business Council (OABC) is leading the charge in empowering Omani companies to maximize the benefits of this landmark agreement. CEO Rebecca Olson reveals OABC’s ambitious plans for the future, focusing on practical strategies to enhance Omani exports to the US. With the launch of three new services – Gateway USA, US Export Compass, and US-Oman Import Easy – OABC aims to facilitate seamless trade opportunities for Omani businesses. Furthermore,…