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BUSINESS BRIEFS [Oman Economic Review (OER)](Oman Economic Review (OER) Via Acquire Media NewsEdge) PDO DONATES FIRE ENGINES TO PACDA Petroleum Development Oman (PDO) has donated five fire engines from its emergency vehicle fleet to the Public Authority for Civil Defence and Ambulance (PACDA). The appliances, which have been deployed in the company's interior and coastal locations, will primarily be used for training purposes. They were handed over to Brigadier Mubarak Juma al Ghailani, director-general of PACDA, at an official ceremony at PDO's Mina Al Fahal headquarters recently. The company's fire and rescue department has recently purchased 19 new fire and rescue vehicles allowing it to dispense with some of its older ones. PDO's oil south director Suleiman al Tobi said, "We are delighted to be in a position where we can support such an esteemed organisation as the Public Authority for Civil Defence and Ambulance. The five fire tenders we have provided are now surplus to our requirements but have been well maintained and can still be used for training and other non-frontline activities." SOHAR ISLAMIC INTRODUCES CONSTRUCTION FINANCE Bank Sohar's Islamic banking window, Sohar Islamic has now introduced dedicated construction financing. The construction finance product provides a comprehensive Islamic finance solution for anyone looking to build a new residential property or purchase under-construction property. This is a perfect complement to its existing Islamic home finance programme launched in 2013, which offers Sharia-compliant financing for ready real estate property. Mohammad Haris, AGM and head of Sohar Islamic said, "The housing finance product launched by Sohar Islamic in 2013 was a huge success with our customers. Backed by its success, Sohar Islamic has now developed the dedicated Sohar Islamic construction finance product which is structured on the Islamic mode of Istisnaa and forward Ijara. It offers flexibility through which one can build a new house or can purchase the under construction residential property and get it completed according to Islamic principles." BANK MUSCAT LEADS OMANI FIRMS IN FORBES TOP 500 IN ARAB WORLD Bank Muscat has topped 38 Omani companies ranked in the Forbes Top 500 Companies in the Arab World 2014. With its 41st ranking, Bank Muscat topped Omani companies on the Forbes list, way ahead of the second Omani company, which was ranked 84th among the top 500 companies in the Arab world. The awards celebrated the region's corporate success. The rankings were based on financial performance as of December 2013 and featured publicly-listed companies across 11 countries from the Arab world whose combined revenues reached $383.67bn and net profits came in at $71.68bn. AbdulRazak Ali Issa, chief executive, said, "Bank Muscat is immensely proud to be ranked among the Top 500 companies in the Arab World. The recognition is all the more credible as the bank has topped the Omani companies in the list which takes the bank notches above to an unrivalled position in Oman as well as the region. The recognition clearly focuses on the global best practices pursued by the bank." TOPAZ SECURES $75MN INVESTMENT FROM SCPE Renaissance subsidiary Topaz Energy and Marine (Topaz), a leading offshore support vessel company with primary operations in the Caspian, Middle East, West Africa and Subsea operations in the North Sea and Gulf of Mexico, announced a $75mn new equity investment in the business from Standard Chartered Private Equity (SCPE), one of the world's leading emerging market private equity investors. Under the terms of the investment, SCPE will inject $75mn of equity in return for a 9.8 per cent stake in the business. The funds will be deployed in support of Topaz's long-term fleet expansion ambition in its core operational regions and strategic entry to key growth opportunities. "Joining forces with a private equity powerhouse like SCPE will enable Topaz to truly accelerate the realization of our strategic plan," commented René Kofod-Olsen, CEO of Topaz. "We have now enhanced the foundation from which we can deliver our ambition for further geographical diversification and growth through both organic expansion and acquisitions." BIZZ ARABIC AWARDS ON SEPT 28 The fourth edition of BIZZ ARABIC awards ceremony will be held on September 28, at the Emirates Palace Hotel, in Abu Dhabi. THE BIZZ is one of the most important business awards in the world bestowed on leading businesspeople in sectors that stand out for their business excellence. These same people foster the growth of the economy in their respective countries and throughout the world on a daily basis, thus making them examples to be followed. This year, the awards will be given out at three ceremonies: BIZZ Europe (Venice), BIZZ Americas (Hawaii), and BIZZ ARABIC. THE BIZZ is organised by World Confederation of Businesses (WORLDCOB), based out of Houston, Texas, US. MEETHAQ OPENS NEW BRANCH IN AL KHUWAIR Meethaq, the Islamic banking window of Bank Muscat, opened its new branch in Al Khuwair, consolidating Islamic banking services in the capital region. Sheikh Salim Al Ghazali who presided over the ceremony as guest of honour congratulated Meethaq for extending the branch network to all parts of Oman and setting a benchmark for Islamic banking operations in the country. The event was also attended by AbdulRazak Ali Issa, chief executive of Bank Muscat, dignitaries and senior bank officials. AbdulRazak Ali Issa said, "The banking sector in Oman is witnessing the consolidation of Islamic banking and the state- of-the-art Meethaq branch network reflects Bank Muscat's focus to redefine Islamic banking operations in Oman. With unique products and services, Meethaq Islamic banking will benefit citizens and complement the economy." Sulaiman Al Harthy, group general manager - Islamic banking, said, "The new branch is designed to create a unique ambience and banking environment in line with the Meethaq brand values of true partnership, transparency and trust." NBO SCORES HAT-TRICK AT BANKER MIDDLE EAST AWARDS National Bank of Oman (NBO) has scored a hat-trick at the Banker Middle East Product Awards Oman in recognition of its ability to deliver exceptional levels of customer service across the breadth of its operations. Ahmed Al-Musalmi, CEO of NBO, was presented with the awards for "Best Customer Service," "Best Call Centre" and "Best Premium Banking" during a ceremony at the bank's head office in Muscat. The Banker Middle East Product Awards acknowledge the most successful, innovative and forward-thinking financial services institutions in the region, and are voted on by the magazine's readers. NBO was recognised for its exceptional standards of customer service, the outstanding responsiveness of its call centre, and the tailor-made solutions of its Sadara wealth management and private banking division. In particular, the bank was commended for its commitment to consistently enhance the customer experience through new product and service innovations. BANKDHOFAR BAGS TOW BANKER MIDDLE EAST AWARDS BankDhofar received two Banker Middle East Awards 2014, from CPI Financial, Dubai, UAE, recently. BankDhofar was honoured for the 'Best Managed Advisory Service 2014' - Oman and for the 'Best Mobile Banking App 2014' - Oman. The trophies and the certificates were handed over to Abdul Hakeem Omar Al Ojaili, acting CEO of BankDhofar by Adam Broom, CEO of CPI Financial, at a press conference held at the Intercontinental Hotel, Muscat, recently. On receiving the awards, Al Ojaili said, "BankDhofar continues to constantly and consistently grow since its inception 24 years ago. As one of the leading banks in the region with a fast- growing network, we aim to deliver reliable, dynamic and innovative banking services to our esteemed customers. The bank draws on its expertise to provide customers with the best banking products and services and these awards are a reflection and a testament to our successful strategies and quality of products and services provided. HSBC OMAN WINS TWO BANKER MIDDLE EAST OMAN AWARDS HSBC Bank Oman recently won the 'Best Corporate Account' and 'Best Treasury Management' awards in the Banker Middle East Oman Product Awards for 2014, organised by CPI Financial. Following five weeks of voting and more than 12,000 votes, the 2014 awards saw nominees compete in 19 categories split into four segments. Andrew Long, CEO, HSBC Bank Oman said, "Winning these awards is testament to the high levels of customer service HSBC Bank Oman continues to be focused on providing at all times and through all customer touchpoints. For our corporate banking and treasury clients in particular, HSBC Bank Oman occupies a unique position where we are able to combine our extensive local presence with international expertise." PASMED HOLDS WORKSHOP FOR ENTREPRENEURSHIP AWARD Around 120 participants attended the Public Authority for SME Development's (PASMED) introductory workshop for the Entrepreneurship Award, to guide participating entrepreneurs and SME owners on the rules and categories of the award at Al Bustan Palace, A Ritz-Carlton Hotel recently. Khalifa Said Al Abri, acting CEO of PASMED, said, "The main objective of this award is encouraging enterprise and SME owners in being innovative with their initiatives, and to recognise enterprises and particular projects that add value to the country. The Entrepreneurship Award is a way to highlight outstanding individuals, as well as for enterprises to put forward exceptional projects that will serve as a role model for inspiring entrepreneurs and business owners alike to begin their own initiatives. Participants from Dhofar, Sharqiyah, Batinah and Dakhilya attended the workshop. The last day for registration will be on September 25, 2014. OMANTEL NET PROFIT GROWS BY 9 PER CENT Oman Telecommunications Company (Omantel) revealed that the company's preliminary financial results for the period that ended on June 30, 2014, recorded an increase in net profit by 9 per cent. The company's revenue reached RO238.6mn as of June 30, 2014 compared to RO239.3 of the corresponding period of 2013, while the net profit reached RO66mn compared to RO60.5mn in 2013. Omantel domestic customer base has grown by 6.8 per cent while the group customer base has also grown by 5.5 per cent year on year. Omantel said that growth was mainly driven by domestic retail revenues. However, 28 per cent decline in WTL revenue impacted overall revenue growth at group level which is mainly due to reduction in Wireless Local loop (WLL) segment. Commenting on the results, Omantel CEO, Talal bin Said Al Mamari said, "Omantel has continued to see a steady growth especially in the net profit despite the decline of revenue from some services, which has been offset by the growth of mobile and fixed broadband services." OMAN AIR SHORTLISTED FOR TTG TRAVEL AWARDS Oman Air has been shortlisted for two major UK travel trade awards: the TTG Travel Awards 2014 and the Travel Agents Choice Awards 2014. The TTG Travel Awards is one of the most prestigious and highly respected travel industry awards, with applications and nominations representing a large array of companies and market leaders. Award categories range from 'Airline of the Year', in which Oman Air has been named as a finalist, to Business Travel Agency of the Year. The winners will be announced at a ceremony to be held on September 15, 2014 at the Lyceum Theatre, in London's West End. Oman Air has also been nominated as a finalist in the 'Airline to the Middle East' category of The Travel Agents Choice Awards, which are organised by Selling Travel publishers BMI Publishing. SEE MUSCAT TO REPRESENT OMAN AT WSA-MOBILE See Muscat application has been selected to be the national nominee of Oman, and is one of 460 excellent applications from all around the world to enter the second round of the 2014 World Summit Award (WSA) mobile competition. WSA-mobile's goal is to find out what works in different markets and in different parts of the world and what really makes a difference for the people in remote villages and global megacities. See Muscat is a personal concierge service for the city and surrounding areas of Muscat. See Muscat's website and smart-phone applications offer a completely free online service to consumers which offers a comprehensive listing with information on all the very best that the city of Muscat has to offer. "Our mission is to connect people with local businesses," says Will Blake, vice president, business development. ALL SET FOR OPEX 2014 The organising committee for OPEX 2014 has begun the countdown to the local products exhibition to be held in September, in Dubai. The committee consisting of Ithraa, the Public Establishment for Industrial Estates (PEIE) and Oman Chamber of Commerce & Industry (OCCI) met with Omani exhibitors recently to ensure that all operational, logistical and other support services are on track. Held at the Dubai International Convention & Exhibition Centre, OPEX 2014 will offer Omani companies the opportunity to showcase their products and strengthen business and trade relations with the UAE. The exhibition will include a wide range of goods, including food and beverages, textiles, garments and furniture to minerals and metals, equipment and construction. Fahmi Al Hinai, deputy chairman of the OPEX organising committee said, "We are using every possible resource to ensure we successfully promote Oman-made goods to the UAE market." BANK NIZWA RECORDS DOUBLE AUTO FINANCE SALES Bank Nizwa has registered an increase in demand for auto finance recording double sales across the Sultanate. During the month of Ramadan, customers visiting any of the bank's seven branches were eligible to apply to finance their car at a competitive profit rate of 4.99 per cent , while enjoying a specially designed bundle of value added- benefits. Bank Nizwa has based its auto finance product on the Islamic financing concept of Murabaha, while salary transfer is not required. "Since its launch in early 2013, the auto finance product has been achieving steady growth. To ensure customer satisfaction, we view ourselves as trustworthy consultants rather than service providers only, and understand the importance of streamlining the process and offering maximum savings on rates and fees," said Dr Jamil El Jaroudi, CEO of Bank Nizwa. ALIZZISLAMIC BANK WINS BANKER MIDDLE EAST 2014 AWARD FOR 'BEST CREDIT CARD' alizzislamic bank has won Banker Middle East 2014 award for 'best credit card in Oman', recently. Salaam Al Shaksy, CEO of alizz islamic bank, said, "This recognition demonstrates our commitment to providing and creating innovative and value-added products and services. We are honoured to be a winner of this award in one of the most esteemed awards programmes regionally." alizz is Oman's first full-fledged Islamic bank to offer Sharia -compliant Titanium and Platinum MasterCard credit cards. The Titanium and Platinum cards offer a range of unmatched features and privileges to the affluent segment, providing cardholders with exclusive lifestyle benefits. Besides enjoying seamless global acceptance at 35.9 million locations worldwide, alizz islamic bank cardholders also have access to select VIP airport lounges across the GCC, along with premium benefits and luxury retail shopping advantages offered by MasterCard. Both credit cards have been well received by the Bank's customers. (c) 2014 United Press & Publishing LLC Provided by SyndiGate Media Inc. (Syndigate.info). |