AL GHORFA

PUBLISHED BY OMAN CHAMBER OF COMMERCE & INDUSTRY • ISSUE NO 255/JUNE - JULY 2022

Towards Effective
Economic Leadership

Oman and Iran strengthen economic partnership Vision foreseeing the future This corner looks at memories of OCCI
Vision
& Mission

The Chamber is a private institution of public benefit that

aims to organize, develop and defend the commercial
and industrial interests of its members, and represent
Identity them in various fields.

Oman’s private sector development to be a key partner in ً

sustainable economic development.
Vision

The official representation of the private

ً sectorً locally
and internationally, and serve its interests and
development through innovative tools integrated with the
Mission business community.

Values
OCCI derives its values from the word «TEAM». Each letter symbolizes a
ُ enhances teamwork and ensures active participation with
certain value that
the different organizations to achieve the aims of economic development.

Trust Empowerment Achievement Meaning

Build the Enhance Implementing the Focusing on the

professional experiences and result-based tasks common values
capabilities and promote and ensure and provide
activate the engagement in optimum use of added value to
communication decision-making. resources. the business
channels with environment.
community.
 Affiliate line
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CONTENTS

12
President Abdel Fattah el Sisi meets
Omani businessmen, offers incentives

16
22

The new OCCI system is a qualitative OCCI hosts the 58th meeting of the FGCCC
leap that meets the aspirations of the The meeting discusses activating decisions
private sector supporting the private sector

äÉ«°ùeG
áaô¨dG
24 28 á«fÉ°†eôdG
ICCIA is looking to boost economic Extensive interest in the topics of the
development and deepen cooperation last edition of “OCCI Evenings”... Vision
foreseeing the future
34 38
The Omani-Lebanese OCCI organizes SME Exhibition
Businessmen Forum discusses for fine arts to introduce Omani AL GHORFA
investment opportunities ideas services and products
Issue No 255
June - July 2022

Editor-in-chief
Eng. Redha bin Juma Ali Al Saleh

Editing Director
Saleh bin Juma Al Balushi

Editorial Team
40 54 Ibrahim Said Al Jalandani
Rabea Said Al Harthiyah
Ibtisam Salem Al Saadiyah
Muscat’s first real estate OCCI Seeks to enhance the
Mohammed Salem Al Kalbani
development forum highlights contribution of the service
Nasser Juma Al Harthi
tourism led opportunities sector to the GDP
Hamoud Hamad Al Buraiki
Shafiqah Ali Al Shabibiyah
Mohammed Darwish Al Balushi
Isam Ahmed Al Balushi

For more information

24763754/24763790
24763819

Email
Rabiaa.harthi@chamberoman.om
Ibrahim.julandani@chamberoman.om

56 Design

Crowdfunding 101: Understanding Tel # 24700896 Fax 24707939

the Basics Umsoman.com
 OCCI Board of Directors
(2018-2022)

Dr. Salem Sulayem Al-Junaibi HE Engineer Redha Juma Ali Salem Saeed Al Hajri
First Deputy Chairman of the Mohammed Ali Al Saleh Second Deputy Chairman of the
Board of Directors Chairman of the Board of Board of Directors Chairman of the
Chairman of the Chamber’s Directors Board of Directors of the Chamber
Branch in Al-Wusta Governorate Branch in North Sharqia Governorate.

Dr. Ahmed Abdulkarim Mr. Anwar Said Al-Sinani Eng. Hussain Hathith Eng. Hamed Said
Al-Houti Chairman of the Chamber Al-Batahari Al-Rubkhi
Member of the Board of Branch of South Chairman of the Chamber Chairman of the Chamber
Directors A’ Sharqia Governorate Branch of Dhofar Governorate Branch of the A’Dakhiliyah
Governorate of Interior

Eng. Hamoud Salem Mr. Raed Mohammed Mr. Rashid Amer Mr. Zahir Mohammed
Al-Saadi Al Shehhi Al-Mesailhi Al Kaabi
Chairman of the Chamber Chairman of the Chamber Member of the Board of Chairman of the Chamber
Branch in South Batinah Branch of Musandam Directors Branch of Al Buraimi
Governorate Governorate Governorate

Mr. Saif Rashid Al Badi Mr. Abdullah Ali Al Shafi Ali Hamdan Hassan Mr. Nasser bin Abdullah
Chairman of the Chamber Chairman of the Chamber Al Ajmi Al-khamisi
Branch of Al-Dhahirah Branch of North Al Batinah Member of the Board of Member of the Board of
Governorate Governorate Directors Directors
 EDITORIAL

Supporting national
aspirations
Oman Chamber of Commerce and Industry is aware commercial cooperation between the Chamber with its
today more than ever of the importance of empowering counterparts in brotherly and friendly countries, creating
the private sector and activating its role in the economic partnerships between the private sector in the Sultanate
scene in line with the efforts made to maximize the sector’s and the private sector in other countries, introducing the
contribution to achieving the aspirations of the Sultanate Omani markets, and identifying serious commercial and
of Oman towards comprehensive sustainable development. investment opportunities that add value to the national
This will only be achieved by harnessing and overcoming economy.
the obstacles and challenges that the sector may face. To
The delegations managed by OCCI will contribute to the
this end, OCCI has made great efforts that have had fruitful
conclusion of partnerships between business owners in the
results and tangible outcomes.
Sultanate and their counterparts in brotherly and friendly
There is no doubt that achieving the ambitious goals of countries. In this regard, a number of agreements and
Oman’s 2040 vision is an integrated national action. Success memoranda of understanding were signed during the last
is related to the extent of integration and interdependence stage.
between the various institutions. For this reason, OCCI, as
We also join hands with various parties to keep pace with the
the official representative of the private sector, seeks to align
efforts made in empowering the governorates by launching
its programs and plans with the goals of Oman Vision 2040.
initiatives that would contribute to the development of the
OCCI has adopted a number of initiatives and programs
economy of these areas and maximizing the benefit of the
to support economic growth contribute to improving the
comparative advantages of each governorate. During the
business environment and attract more investments.
coming period, OCCI will organize a number of economic
During the first half of the year, OCCI has implemented initiatives and activities in various governorates to support
several initiatives that came in line with the general the economies of those governorates.
directions of the Vision’s objectives, especially those related
OCCI will remain committed to supporting the private
to supporting future economic trends within the economy
sector to achieve its aspirations and expectations. We will
and development theme, which set among its priorities the
do everything possible to overcome the obstacles in front of
establishment of a productive and diversified economy.
the private sector, to create a strong private sector that can
OCCI seeks to attract and settle foreign investments by enhance the growth of the national economy and achieve
organizing mutual visits between business owners in the future national aspirations.
Sultanate and other countries, providing data and direct
communication with investors, enhancing economic and Editor-in-Chief
NEWS

His Majesty the Sultan and Iranian President hold talks

His Majesty the Sultan and President affirm the fruitful role
carried out by the private sector in both countries
His Majesty Sultan Haitham bin Tarik and His Excellency The two sides expressed their satisfaction with the existing
Dr Ebrahim Raisi, President of the Islamic Republic of level of cooperation, and decided to continue strengthening
Iran, held an official session of talks at the Al Alam Palace. it and opening new areas of economic partnership. His
During the session, they reviewed aspects of the existing Majesty the Sultan and the President of the Islamic Republic
bilateral cooperation between the two countries in various of Iran also stressed the positive and fruitful role played
fields, and ways to support and strengthen the solid by the private sector in the two countries, and expressed
friendly relations that bind the Omani and Iranian peoples hope that these activities would increase the volume of
to achieve more of their aspirations and hopes. They also investments and the volume of trade exchange between the
exchanged views on matters of common interest. two countries.

The two leaders also reviewed prospects of joint cooperation The Sultanate of Oman and the Islamic Republic of Iran
and bilateral relations and their development, especially have signed eight memoranda of understanding and four
those related to joint trade and investment cooperation cooperation programs in a number of fields. The first MoU
in various fields and coordination in affairs that serve the is related to the field of diplomatic studies and training,
interests of the two friendly countries. the second is related to the radio and television field, the

8 Issue No 255 / June - July 2022

 the aim of exchanging information, experiences, trade
delegations and investment opportunities between the two
countries. He also noted that there is a team formed to put
this program into implementation under the guidance of
the leaders of the two countries.

His Excellency Dr. Ibrahim Raisi, President of the Islamic

Republic of Iran, met a number of Omani businessmen
and their Iranian counterparts with the aim of developing
trade and investment relations between the two friendly
countries. The Iranian president affirmed his country's
intention to expand relations with the Sultanate of Oman in
various fields and called on businessmen in both countries
to venture in various import, export and trade fields.

third is related to the field of higher education, scientific His Excellency called for the establishment of an Iranian
research and innovation, the fourth is related to the oil and commercial representative office in the Sultanate of Oman
gas fields, the fifth is related to the transportation, the sixth to provide investors and businessmen in both countries
is related to the fields of agriculture, livestock and fisheries, with all information related to available investment
the seventh is to the fields of plant protection and plant opportunities and to facilitate customs procedures,
quarantine, and the eighth In the field of specifications, expecting that the visit would increase the volume of trade
metrology and conformity assessment. exchange between the two countries.

The Sultanate of Oman and Iran signed four cooperation His Excellency Eng. Rida bin Juma Al Saleh, OCCI Chairman
programmes, the first is related to the fields of trade, delivered a speech in which he said: The remarkable growth
investment and services, the second is related to an of cooperation, trade exchange and joint investments is the
executive program for technical cooperation in the fields of fruit of the strong relations established by the governments
work and employment, the third is related to an executive of the two friendly countries over the past years. The strong
program for cooperation in the field of environment, and relation opens up new horizons for businessmen and help
the fourth is related to cooperation in the field of sports them to raise trade exchange.
2023 / 2025.
“ Thanks to the interest of the governments of the two
His Excellency Sayyid Badr bin Hamad Al Busaidi, Foreign countries in augmenting bilateral relations, the Omani-
Minister, said in a statement to the Oman News Agency that Iranian trade exchange increased to more than $ 1.3 billion.
the Omani-Iranian relations are historical and are constantly The invested capital amounted to $10.9 billion, of which
strengthening and developing. The Iranian President's the Iranian side contributed $ 3.6 billion. The total number
visit to the Sultanate of Oman confirms these relations of Iranian companies investing in the Sultanate of Oman
and focuses on good work programs for cooperation in stood at 2,710, including 1,163 Iranian investors, with a 100
various fields. He added that during the visit a number of percent ownership and 1,547 Omani Iranian joint ventures.
memoranda of understanding and executive work programs
were signed between the two friendly countries, and there Al Saleh expressed his hope that these numbers will double
is another package that will be announced later. in the coming period by benefiting from the facilities
provided by the Sultanate of Oman to investors.
For his part, His Excellency Qais bin Muhammad Al-
Yousef, Minister of Commerce, Industry and Investment During the meeting, the two sides emphasized the
Promotion, explained that the agreements signed by the importance of increasing trade exchange between the two
Ministry with the Iranian side includes an agreement countries, benefiting from the investment opportunities
related to standards and metrology and a cooperation available in the Islamic Republic of Iran, and facilitating
program related to the trade and investment sides with the smooth flow of trade and the entry of goods.

AL GHORFA
AL GHORFA NEWS

Business Community stresses the importance of strengthening

economic and investment cooperation with Tanzania

On the sidelines of the Omani-Tanzania Business the volume of trade exchange.

Forum, which was organized by Oman Chamber of
Commerce and Industry (OCCI) at the Al-Bustan Sulaymaniyah, who appreciated the realism in
Palace Hotel, businessmen and businesswomen addressing challenges and the transparent dialogue,
expressed the importance of the meeting they had added that the meeting is essential and helps in
with Her Excellency Samia Suluhu Hassan, President pushing the trade relations of the two countries to
of the United Republic of Tanzania, who visited the a higher level. She also confirmed that the presence
Sultanate of Oman. Participants in the meeting stressed of ministers within the delegation had a significant
the importance of enhancing economic and investment impact on the faster implementation of plans and the
cooperation and increasing trade exchange between signing of agreements.
the two countries.
For his part, Ahmed bin Mohammed Baabad, owner of
Lawyer Maymouna bint Saeed Al Sulaymaniyah, Majan Diamonds International, said: “We congratulate
founder of Law and Life Company, said: “The Omani- the two friendly peoples for signing memoranda of
Tanzania Forum was an opportunity for all economic understanding between the two governments. The
sectors to meet with Tanzanian businessmen to explore signing confirms the strength and solidity of the
the promising Tanzanian market. The meeting with relationship between the two countries.
our Tanzanian counterparts discussed strengthening
economic and investment cooperation and increasing “The Sultanate of Oman is a strategic trade ally of the

10 Issue No 255 / June - July 2022

 Maymouna Ahmed Baabad Zuwaina Al Rashidiya
Al Sulaymaniyah

Tanzanian Republic. These agreements will have a in overcoming difficulties, providing support, and
very positive and significant impact on the economies linking Omani businessmen with their Tanzanian
of both countries.” counterparts.

He also praised the importance of the visit of Her He also stressed that all Omani businessmen in various
Excellency Samia Suluhu Hassan, President of the fields should seize these opportunities. The Tanzanian
United Republic of Tanzania, and the trade delegation market is a fertile market characterized with great
accompanying her. The visit reflects the depth of the purchasing power. It is also a gateway to other African
historical relations between the Sultanate and the markets. The food, agricultural, industrial and tourism
United Republic of Tanzania. sectors in Tanzania is very promising. There are
opportunities for Omani products to reach the African
“Besides the fact that there are many common factors market. We always welcome Tanzanian businessmen
between the two parties, the Sultanate is known for its to the Sultanate. Another business visit to Tanzania is
strategic location that qualify it to be a regional and scheduled during the last quarter of this year in order
global logistical center on the Silk Road. The Republic to make new partnerships and attract industries to the
of Tanzania is also the logistical gateway to West and Omani market.”
Central Africa. The Omanis praise His Majesty Sultan
Haitham bin Tariq's keenness to develop and diversify For her part, Zuwaina bint Sultan Al Rashidiya,
the country's sources of income. The packages of owner of Dar Al-Harfiya Company, said: “We will
facilities and support provided will have a positive work together to strengthen commercial relations and
impact on supporting and strengthening the Omani establish partnerships that develop small and medium
economy. This will be reflected in supporting the enterprises. This reflects the sincere desire to invest in
economic balance plan. We are very optimistic about various aspects and fields. This meeting is one of the
the positive indicators that indicate an improvement important meetings, which shed light on investment
in the economy, which will contribute to attracting opportunities and the most important incentives
more quality investments to the Sultanate”, he added. offered to investors in the two countries.

He also indicated that the volume of trade exchange “With regard to investment opportunities between the
between the Sultanate and the Republic of Tanzania Sultanate and Tanzania, there are negotiations with one
witnessed good growth in the past year, despite the of the companies working in the field of food security.
exceptional circumstances the world is witnessing. Negotiations are underway to reach an agreement to
This is a very stimulating indicator and a translation establish a joint company in the field of animal and
of the work policy led by the Ministry of Commerce, agricultural products and feed. There are great and
Industry and Investment Promotion, and the pioneering lucrative investment opportunities in Tanzania. We
role played by OCCI, which played an active role hope to establish this joint venture soon”, she added.

AL GHORFA
President Abdel Fattah el Sisi meets
Omani businessmen, offers incentives
President Abdel Fattah el Sisi of the Arab Republic of Egypt met a number of Omani
businessmen at Al Alam Palace on his recent visit. The meeting was aimed at developing
trade and investment relations between the two countries.

12 Issue No 255 / June - July 2022

President Sisi affirmed his country’s preparedness to offer
incentives to Omani businessmen wishing to invest in
various economic fields. He also underlined the crucial
role carried out by the private sector in the two countries.

On the occasion, H.E. Qais bin Mohammed al Yousef,

Minister of Commerce, Industry and Investment
Promotion, said, “This visit represents a serious desire to
build a growing partnership in strategic economic sectors
and a clear endeavour to enhance investment and trade
exchange efforts between the two countries.
His Excellency Qais Al Yousef
“Omani-Egyptian partnership will be further boosted A sincere desire to build new
through economic openness, trade exchange and
partnership in economic and
investment cooperation.”
strategic sectors
On his part, H.E. Redha bin Juma al Saleh, Chairman of
the Board of Directors of Oman Chamber of Commerce
and Industry, noted that the two countries share similar
visions for the future in Oman Vision 2040 and Egypt countries aspire to enhance their active participation in the
2030. “Business owners and the private sector in both the global economy and increase productivity.”

AL GHORFA
 Her Excellency Lujaina Mohsin Haider Darwish, State
Council Member and Chairperson of the Mohsin Haider
Darwish-ITICS Company, stressed the importance of
this meeting, which dealt with investment opportunities
available to the Omani private sector in several fields of
trade, industry and tourism.

Sheikh Ghanem bin Dhaher Al-Bathari, Chairman of the

Board of Directors of Al Baraka Oil Services Company,
Chairman of the Board of Directors of Sakan Facilities
Management Company, expressed his hope that the
meeting would contribute to providing more facilities and
HE Eng. Redha Al Saleh incentives that would attract investments to both countries.
Omani and Egyptian businessmen
He also affirmed that the leaderships of the two brotherly
look forward to enhancing their
countries' interest in enhancing the role of the private
participation in the global economy sector in encouraging stimulus for Omani businessmen
and their Egyptian counterparts.

Hala el Said, Egypt’s Minister of Planning and Economic The meeting included a presentation by the Egyptian side
Development stressed on the importance of cooperation that touched on investment opportunities in the Arab
and investment partnerships in achieving common Republic of Egypt and the legal procedures regulating them
interests of the two countries. in various economic fields.

14 Issue No 255 / June - July 2022

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AL GHORFA
COVER STORY

Empowering OCCI and the

Private Sector

The new OCCI system is a qualitative leap that

meets the aspirations of the private sector
16 Issue No 255 / June - July 2022
The new system of OCCI issued by Royal Decree No. (56/2022) represents a quantum leap
to enable OCCI to play its role as a representative and a voice of the private sector in the
Sultanate of Oman. It will enable OCCI to communicate it’s independence and strengths

Economists and businessmen expressed their happiness are issued; a move, which will enable the private sector to
with the issuance of the new system, which is in line with amend some, laws and give its views to the legislator in the
the aspirations and goals of Oman Vision 2040, which seeks Sultanate. ‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬ ‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬
to create an economy at which the private sector play the
major role in the sustainable development process. His Excellency Eng. Redha bin Juma Al Saleh, OCCI
Chairman added that giving full independence to OCCI
The new system enhances OCCI’s role as a representative of by not being affiliated with any party is a qualitative
the private sector and raises the level of roles and services. development that reflects the extent of the independence
of the private sector’s decision making . The system gives
His Excellency Eng. Redha bin Juma Al Saleh, OCCI OCCI the power to classify companies in the Sultanate into
Chairman said: “The issuance of OCCI’s system by Royal categories. The amendment will give various authorities
Decree No. 56/2022 came in line with the nature of the a true picture about the business environment in the
current stage of the renewed Renaissance led by His Majesty Sultanate and the size of private sector institutions. ‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬ ‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬ ‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬
Sultan Haitham bin Tariq.
His Excellency Eng. Redha bin Juma Al Saleh, OCCI
Redha bin Jumah Al Saleh, Chairman of Oman Chamber of Chairman, confirmed that the new system will enable
Commerce and Industry (OCCI) has valued promulgation OCCI to contribute to developing performance in various
of Royal Decree No. 56/2022 on issuance of the system of commercial, industrial, and economic sectors. It will also
Oman Chamber of Commerce and Industry. augment its role in discussing and diagnosing challenges,
by building strategic partnerships with universities and
The OCCI Chairman reaffirmed the Royal keenness of His research centers.
Majesty Haitham Bin Tarik for the private sector to play
a greater role during the upcoming period to keep abreast The diversification at the OCCI Board of Directors would
of the developments witnessed at the local, regional and enrich the experience of decision maker and will bring
international levels and to enable the private sector to lead many benefits to the private sector. It will also contributes
the development projects consistent with Oman Vision to strengthening the level of governance in OCCI’s
2040. management and enhancing the independence in the
decision-making process. It will also consolidate OCCI’s
He also reaffirmed that the Decree copes with the needs of role as the voice of the private sector. ‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬
the current stage, which requires empowering the private
sector to play its role in development of the Sultanate and His Excellency Eng. Redha bin Juma Al Saleh, OCCI
to enhance its participation in taking decisions related to Chairman explained that the new system of OCCI
development and economic sectors. constitutes a starting point for the OCCI Board of Directors
to adopt new thinking and more flexible work mechanisms.
His Excellency Eng. Redha bin Juma Al Saleh, OCCI
Chairman pointed out that the amendments contained For his part, Dr. Salim bin Salim Al Junaibi, First OCCI
in the new system enable the private sector to express its Vice Chairman and Chairman of OCCI branch in Al Wusta
opinion on economic laws related to the private sector and Governorate said, “The Royal Decree No. 56/2022 issuing
submit proposals to amend existing laws. the OCCI system meets the aspirations of the private sector.

He also clarified that the new system is a major qualitative He added that OCCI’s new system helps to consolidate the
development that will enhance the role played by OCCI and roles played by OCCI branches in the governorates and
enable it to be actively engaged in framing the economic various regions. It will also enhance the efforts made by the
legislations that are issued. local authorities to attract investments to the governorates.

He noted that the economic legislations related to the work He added that the new system complements and integrates
of the private sector will be presented to OCCI before they the efforts made to develop the governorates’ economy by

AL GHORFA
 enabling OCCI and its branches to communicate directly with
the various units of the administrative apparatus of the state.
It will not only enhance roles assigned to governors’ offices in
developing and implementing economic development plans
but also make OCCI an active participant in the development of
these plans lead. The move will contribute to maximizing the
utilization of the comparative advantage of each governorate.

Ali bin Salem Al-Hajri, OCCI second vice-chairman said

“OCCI’s new system will enable OCCI and its branches to
HE Redha bin Juma Al Saleh: upgrade the roles and services they provide at the next stage,
which is witnessing a great economic activity. The move will
The OCCI system meets the
also contribute to developing the performance of the various
needs of the current stage of
economic sectors.
the renewed Renaissance
Al-Hajri added that enabling OCCI to express its opinion on
the legislation regulating the activities of the private sector and
other economic legislation before their issuance and submitting
proposals for amending the laws in force. The amendments will
improve the business environment in the Sultanate and allow
for the expansion of private sector projects. They will also
create more business opportunities for private sector companies
and improve the business environment. They will also make
the Sultanate attractive to foreign investment.” ‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬ ‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬

“Considering that the development of the governorates is one of

the priorities and strategic objectives of the tenth five-year plan,
the new system will create a kind of integration between the
Salem Al-Junaibi: offices of the governors and the units of the state’s administrative
The System meets the apparatus in the governorates and OCCI’s branches” , he added.

aspirations of the private

Dr. Ahmed Reda, a member of the Omani-Egyptian Business
sector Council, expressed his happiness for representing foreign
investment in the membership of OCCI’s Board of Directors. The
move, which will enable foreign investors in the Sultanate to
participate in economic decision-making, , reflects the extent
of attention given by the government of His Majesty Sultan
Haitham bin Tariq to attracting foreign investments.

He said that Royal Decree No. 56/2022 issuing OCCI news

system, whose amendments included the presence of one
member from among foreign investors who hold an investor
residency, to be elected by secret ballot, is very important. The
amendments will also help foreign investors in clarifying the
challenges they face and the solutions to them.
Ali Al Hajri:
He added that the representation of foreign investors in OCCI
More empowerment of OCCI BoD will have positive results in boosting foreign investments
and its branches will help it in the Sultanate.
play a better role and provide
Mustafa bin Ahmed Salman, CEO of the United Securities
more services
Company, also confirmed that OCCI’s new system issued by
Royal Decree No. 56/2022, which added five members to be

18 Issue No 255 / June - July 2022

 The amendments contained in the new system of Oman
OCCI’s New System Chamber of Commerce and Industry includes:

n Maintaining communication with the administrative members in the governorate and discussing them with the
body and chambers of commerce and industry relevant authorities in the governorate.
n Classification of institutions, companies, and classifying n Participating in committees and councils to promote the

them into specific categories interest of OCCI’s branch and its members
n Expressing opinion on relevant legislation and submitting
n As per the new amendments, 200 members may submit
proposals a written request to OCCI’s BoD to appoint an auditor to
Board of Directors: inspect the Chamber's business
n It consists of 21 members (five from Muscat Governorate, OCCI New Roles
ten heads of branches, five from public shareholding n Preparing studies, research and reports concerned with
companies, one member from among foreign investors evaluating and developing the performance of various
residing in the Sultanate) commercial, industrial and economic sectors
New functions of the board of directors: Nomination Terms and Conditions:
nDevelop plans, programs and projects necessary to perform
n To be an Omani national save as the candidates for
the Chamber’s tasks and follow up their implementation
membership of the Board, from among the representatives
n Studying the quarterly reports of the Chamber and of the public shareholding companies listed on the Muscat
discussing the annual report on the Chamber’s business Stock Exchange, and the foreign investors holding investor
n Forming advisory councils and sectoral committees in residence permits.
coordination with the governor in all governorates and n To have a bachelor's degree or have practical experience in
defining their terms of reference doing business in the private sector for a period of no less than
New mandates for the Chairman of the Board of (10) ten years.
Directors were added in Article (26): n He shall not be an employee in one of the units of the state’s

nFollow up on OCCI's strategic tasks and supervise all its administrative apparatus and other public legal persons,
activities or a paid worker in the private sector inside or outside
the Sultanate of Oman – save as the CEOs nominating for
n Represent OCCI before the judiciary and in her relations
membership on behalf of the public shareholding companies.
with others
n Presiding and managing OCCI General Assembly meetings Amendment to the conditions of candidacy for OCCI
Chairman Position
n Nominating the Chamber's representatives to the
membership of joint business councils, government bodies n An Omani national
and committees n To have no less than (15) fifteen years’ experience in doing

business in the private sector

More powers for the Executive Management:
n It is not permissible to run for the presidency of the Board of
nEnabling the executive management to carry out executive
Directors for more than two consecutive terms, not separated
business in accordance with modern governance systems.
by one term
Branch boards:
Amendment to the conditions of the voter:
n It consists of a chairman, a deputy and three members
n The company should have paid the annual fee for OCCI
who are elected by secret ballot by those registered in the
affiliation
branches.
nThe company should have at least one Omani, or to be a
Additional functions of the branch board of directors:
holder Riyada Card from the Public Authority for Small and
n Submitting to OCCI BoD proposals related to the Medium Enterprises Development
development of the commercial, industrial and economic
nIt is not permissible to elect more than one member of the
sectors in the governorate
Board from one company
nStudying the economic challenges in the governorate and
developing proposals New weights for company votes:

nRepresenting OCCI in the meetings related to the business n Amendments state that excellent companies will have five

sector in the governorate votes, the first category will have four votes, the second
category will have three votes, the third category will have
n Monitoring the proposals and demands of registered
two votes and the fourth category will have one vote.

AL GHORFA
 selected from among the chairmen of the boards of directors
of Muscat Stock Exchange listed companies, is a positive
development that reflect the trend of the Omani government
, under the wise leadership of His Majesty Sultan Haitham Bin
Tariq to enhance the role of public shareholding companies
which represent large segments of investors. ‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬ ‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬ ‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬

He added that the new system also reflects the Omani’s

government efforts that encourage the establishment of public
joint stock companies, and the transformation of some closed
Ahmed Reda and family joint stock companies to keep pace with the
economic developments taking place in the Sultanate. It also
The representation of foreign
contributes to enabling the private sector to participate widely
investment in OCCI BoD
and effectively in investing in the productive and service
reflect the Sultanate of Oman’s sectors that are purposeful and value-added. ‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬ ‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬
interest in encouraging
investment He pointed out that the about 120-listed public shareholding
companies represent a large segment of the national
economy and a large number of shareholders. Therefore, the
representation of these companies and shareholders, whether
founders or shareholder investors, is extremely important and
a fair move to ensure the interests of these companies and
investors. Moreover, the representation of these companies
on the OCCI board of directors will enhance economic growth
of the national economy as these companies, investors, and
administrations have extensive experience in the making
lucrative investments. They also well aware of the challenges
facing the national economy and the solutions to them.
Mustafa Ahmed Salman:
The new system translates “Engaging public shareholding companies; through
representation on the OCCI Board of Directors will contribute
the directives of His Majesty
to enhancing OCCI’s economic and contribute to meeting the
The Sultan’s government needs of the private sector”, he furthered. ‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬ ‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬
to strengthen public
shareholding companies “We are optimistic that the new amendments to OCCI’s
system will contribute to realizing private sector hopes and
aspirations’, he concluded.

Abdulaziz bin Khalifa Al Saadi, CEO of Ubar Capital, said: “The

new amendments, which guarantee having five representatives
in the OCCI board of directors from the public joint stock
companies, will give momentum and thrust to our national
economy. Joint stock companies now can play a role in shaping
private sector policies for the next stage and be engaged in
economic decision-making in the Sultanate. ‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬
Abdulaziz Al Saadi:
He added: “The joint stock companies will have leaders who
Expanding the participation will provide the OCCI board of directors with distinguished
of public shareholding competencies that will contribute to improving economic
companies will enable OCCI work and expressing what the private sector aspires to in the
Sultanate. ‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬“The Royal Decree No. 56/2022 plays a great role
to formulate sound private
meeting the requirements for the growth of of the national
sector policies economy” ‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬, he continued.

20 Issue No 255 / June - July 2022

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AL GHORFA NEWS

OCCI hosts the 58th meeting of the FGCCC

The meeting discusses activating decisions
supporting the private sector
came after the Covid-19 crisis to discuss many issues
The Sultanate of Oman, represented by the Oman
related to enhancing food security in addition to the
Chamber of Commerce and Industry (OCCI), recently
challenges of import and export between the GCC
hosted the 58th session of the Board of Directors of
countries.
the Federation of Gulf Cooperation Council Chambers
(FGCCC). The Federation discussed a number His Excellency indicated that the future vision
of topics, including food security and activating of the GCC countries seeks to achieve economic
decisions that support the private sector in the GCC diversification, which attaches a greater role to the
countries. private sector. He stressed the role of the Chambers of
Commerce in working to achieve leadership for the
The meeting was chaired by His Excellency Ajlan
private sector, removing obstacles and intensifying
bin Abdulaziz Al-Ajlan, President of the FGCCC and
incentives to enable the GCC private sector to play
President of the Federation of Saudi Chambers. In his
its national role.
speech, Al-Ajlan made it clear that the GCC states -
with their strategic geographic location and being the His Excellency said that the meeting completes what
main global source of oil - possess all the capabilities has been done in previous sessions to promote GCC
to create a strong economic entities which are capable joint work and to take it to the stage of integration.
of protecting and maintaining its interests.
During the meeting, the recommendations of the
His Excellency added that close cooperation between technical team assigned to study the development
the GCC states is required more than ever, in light of self-revenues and the reduction of the operational
of the developments the world is witnessing. He expenses section of the Union and the outcomes of
also stressed that the strength of the economy of any the periodic consultative meeting with GCC Ministers
country or regional grouping help it to play a key role of Commerce were reviewed.
in the region and the world.
On the other hand, His Excellency Dr. Nayef Falah
For his part, His Excellency Eng. Redha bin Juma Al-Hajraf, Secretary-General of the GCC discussed,
Al Saleh, OCCI Chairman noted that the meeting during his meeting with the heads of the GCC

22 Issue No 255 / June - July 2022

 Chambers in Muscat, the issue of investment, import
and export procedures among the GCC countries, and
the promotion of food security.

His Excellency Ajlan bin Abdulaziz Al-Ajlan,

President of the FGCCC’s and President of the
Federation of Saudi Chambers, pointed out that the
meeting with the Secretary-General of the GCC aimed
at discussing the activation and development of Gulf
economic integration.

HE Eng. Redha Al Saleh: He added that the prospects for cooperation and
The future vision of integration in the Gulf countries between the public
GCC countries targets and private sectors are promising and that the
economies of the GCC countries have become one of
the expansion of GCC
the largest in the world.
economies
His Excellency indicated that the meeting will focus
on many topics, including the global shortage of
food supplies, the integration in the food industry,
opening markets, creating a unified market for Gulf
products, in addition to the new decisions to support
economic integration.

His Excellency indicated that the meeting sought to

create the maximum possible harmony between the
efforts and aspirations of the private sector on the
one hand, and the vision of the government of the
GCC countries and the GCC General Secretariat on
the other hand.

For his part, His Excellency Eng. Redha bin Juma Al

Saleh, OCCI Chairman noted that the meeting came
Ajlan Ajlan: to discuss ways to activate the role of the private
The GCC countries can create sector in the Gulf economic work and to develop
a strong economic entity appropriate solutions to the challenges facing the
capable of protecting and private sector in the GCC countries.
maintaining its interests His Excellency said that the meeting comes at a
time the GCC Countries are continuing their efforts
towards economic recovery from the effects of the
Coronavirus.

AL GHORFA
 ICCIA is looking to boost economic
development and deepen cooperation

The Sultanate of Oman, represented by Oman Chamber of Commerce and Industry said, “This
Chamber of Commerce and Industry (OCCI), meeting aims to activate the efforts of ICCIA to
hosted the 33rd meeting of the Islamic Chamber of promote economic development in all Islamic
Commerce, Industry and Agriculture (ICCIA) Board countries and to deepen the bonds of cooperation
of Directors and its 38th General Assembly at the among the members of this bloc.
Sheraton Oman Hotel. ICCIA discussed promoting
His Excellency pointed out that the value of trade
economic development in Islamic countries and
exchanges between Islamic countries increased by
deepening cooperation between members of the
156% from 271.45 billion US dollars in 2005 to
bloc.
694.23 billion dollars in 2015. This rise is still below
During its meeting, the ICCIA Board of Directors our ambitions and does not reflect the capabilities of
reviewed an accreditation program that allows Islamic countries.
chambers of commerce across the Organization of
He added that the level of intra-Islamic trade is still
Islamic Cooperation to evaluate and improve their
modest and below the level of ambitions because
performance to implement best practices in the
it represents only 10% to 15% of the total trade of
business sector. During the meeting also, Youssef
Islamic countries with the world. He also stressed that
Khalawi was elected Secretary General of the Islamic
the need to enhance trade exchange between Islamic
Chamber of Commerce, Industry and Agriculture.
countries is growing considering the challenges the
His Excellency Eng. Redha bin Juma Al Saleh, world is witnessing, such as the Coronavirus that
Chairman of the Board of Directors of the Oman affected various economic sectors. The challenges

24 Issue No 255 / June - July 2022

have been compounded by the Russian-Ukrainian ICCIA to empower it to realize our ambitions. Today,
war, which seems to be long-term. The war will I am proud to say that at the end of last year 2021 we
exacerbate the supply chain crisis. have completed the implementation of an ambitious
plan for a comprehensive restructuring at various
“This exceptional circumstance that the world
levels: financial, administrative, public relations
is witnessing makes it imperative for countries
and communication”, he added.
and economic blocs to join hands to achieve the
goals set on the foremost for ensuring business ICCIA cooperates with everyone in its various
sustainability and growth. Therefore, we need to works and projects, and these efforts have paid off
come up with Visions that lead to the removal of thanks to your constructive cooperation. On this
obstacles to promoting trade exchange, including occasion, I invite all members for more cooperation

custom procedures, trade finance and information and solidarity to achieve the greatest possible
exchange”, he added. benefit from the Chamber’s activities, especially the
workshops held by the Chamber in various regions
For his part, His Excellency Sheikh Abdullah Saleh
and in various fields important to the largest number
Kamel ICCIA Chairman expressed his thanks to
of our members. During this year, we completed
OCCI for hosting ICCIA meetings in Muscat. “We
major workshops in important areas such as digital
meet in the 38th General Assembly of ICCIA, which
transformation of Chambers, SMEs, knowledge
is the largest representative of the private sector in
economy, microfinance, entrepreneurship and
our Islamic world, with greater ambitions, stronger
others. Two weeks later, we have an innovative
determination, and a firm vision to enable the private
workshop in Izmir that covered a very important
sector to exercise its pioneering actions, plans and
field, namely, agricultural stock exchanges”, he
projects seeking to achieve one goals, which is the
furthered.
empowerment of the private sector”, he said.
During the past month alone, ICCIA working teams
“We never forget that this dream (empowering the
have visited Karachi, Cairo, Baku, Dakar, Istanbul,
private sector) is the dream of the founding fathers
Algiers, Casablanca, Sao Paulo and others. Dozens
of this ancient entity. Our ancestors spent their time,
of virtual meetings were held. Our teams have also
effort and money to achieve this great dream, not only
attended many international exhibitions in the
for the Islamic countries, but also even for the Muslim
fields of ICCIA’s work. During our annual meetings
communities around the world. For this reason, we
here - a delegation from ICCIA is holding scheduled
have focused in the last period on restructuring the
meetings with a number of United Nations

AL GHORFA
organizations interested in cooperating with ICCIA, member states. The ICCIA General Secretariat
as a representative of the private sector in the Islamic welcome the holding of the first meeting of the Board
world in various fields, he concluded. of Trustees of the Organization’s Arbitration Center,
which was held on October 7, 2021 on the sidelines
For his part, Dr. Ahmed Sengendo, ICCIA Assistant
of the 37th Ministerial Session of the COMCEC held
Secretary-General for Economic Affairs of praised
in Istanbul, Turkey (on November 24 and 25, 2021)”,
the role played by the ICCIA Board of Directors and
he continued.
its General Assembly.
“We appreciate ICCIA’s initiative to establish a Family
“We are an integral part of the world. We are aware
Bank, as an Islamic bank dedicated to microfinance
that the Corona pandemic has had a negative impact
for the benefit of the five coastal countries, similar
on the slowdown in global economic activity
to international microfinance institutions, which
and on lowering global growth levels. ICCIA has
would contribute to the growth of the private sector
demonstrated that it was up to these challenges,
in those countries. We hereby stress the importance
thanks to the measures taken to contain the effects
of the repeated calls for the meetings of the Council
of the crisis and alleviate the damage to the Islamic
of Foreign Ministers of the Member States of the
economy “, he said.
Organization of Islamic Cooperation to activate the
“In the previous meeting, which was held on role of the private sector in promoting economic
February 1, 2021, a number of decisions were development and cooperation in the field of intra-
issued, the most important of which was stressing trade among ICCIA member states”, he added.
the importance of the events that are being planned
“In this regard, we must commend the role of the
and the need to come up with practical initiatives
Kingdom of Saudi Arabia in financing the Family
and programs”, he added.
Bank and other projects in the five coastal countries
“ICCIA is an engine for mobilizing investments, and we, in turn, call on the member states of the
setting economic policies and undertaking various organization and their relevant institutions to
initiatives for the development of the private sector support the operations of the Family Bank in the
through the Chambers of Commerce of the ICCIA five coastal countries. We also call for extending

26 Issue No 255 / June - July 2022

the Family Bank model to other least developed
countries in the Organization of the Islamic
Conference’, he concluded.

Mohammed Abdul-Jabbar Al-Kooheji, Second Vice-

President of the Bahrain Chamber stressed the
importance of the ICCIA meetings on issues such
as agriculture, rural development and food security.
Al-Kooheji stressed the need to enhance cooperation
between Islamic countries, introduce available
investment opportunities, raise trade exchange rates
between member states, and develop infrastructure
in various countries.

He also pointed out that the most important projects

currently available is the “Halal” project, which was the various projects such as the Federation of
adopted by the ICCIA with the aim of spreading the Businessmen, Investments, Zakat Fund, Halal Project
concept and culture of halal and contributing to the and other projects. He also stressed that the ICCIA is
development of halal trade in Islamic markets. He one of the entities emanating from the Organization
also noted that ICCIA is the sole representative of of Islamic Cooperation and that it brings together
the private sector and that it will be responsible for federations of chambers of commerce and industry
issuing halal certificates. and representatives of the private sector in member
“He indicated that the most important content of the states. ICCIA plays an essential role in the economic
thirty-eighth session of the General Assembly of the development of Islamic countries.
Islamic Chamber is the consolidation of relations On the sidelines of the meeting, other events were
with the chambers of commerce and international organized, namely the exhibition of productive
institutions ICCIA. The relations with the chambers families and handicrafts and a workshop on
of commerce and international institutions have halal activities. There was also a presentation on
been strengthened by signing memorandums of investment opportunities in the Sultanate of Oman
understanding with the chambers of commerce from under the patronage of His Excellency Assila Al
various countries to achieve high-level cooperation. Samsamiya, Undersecretary of the Ministry of Trade,
He also indicated that the Bahrain Chamber will Industry and Investment Promotion. The event also
provide the necessary support to the implementation included a number of B2B meetings that aimed at
of pioneering initiatives to have a strong modern entering into business partnerships between the
Islamic nation. Bahrain Chamber also promotes different participating countries.

AL GHORFA
AL GHORFA NEWS

Extensive interest in the topics of

the last edition of “OCCI Evenings”...
Vision foreseeing the future

á«f
The pioneering “Ramadan Evenings” initiative The issue is important as His Majesty Sultan Haitham
organized by OCCI annually during the holy month of bin Tariq is personally interested in this file. To this
Ramadan receives wide attention from the public and end, His Majesty the Sultan gave his gracious royal
private sectors. Ramadan Evenings provide visions that directives to raise the amounts allocated to the
foresee the future and review the economic challenges Governorate Development Program from 10 million
facing the business community in the Sultanate of Omani riyals to 20 million Omani riyals for each
Oman. governorate during the years of the current five-year
The initiative seeks to open extensive dialogues with plan (2021-2025. The move comes in a bid to accelerate
the participation of officials, stakeholders, experts and the pace of governorate development, enhance private
specialists to contribute to achieving the goals of Oman sector participation and support youth and SMEs
Vision 2040, through opinions that address many projects.
topics of interest for the private sector. The initiative The evening shed light on multiple aspects in
comes within the framework of a real partnership to the development of the governorates, such as
enable the private sector to play its role the economic decentralization, which leads to proper implementation
and social development. of the development plans. This in turn will maximize
The five Evenings have opened discussions that the benefit from the comparative advantage of each
reviewed several economic aspects and topics. The governorate and find integration between the offices
issues touched on the needs and requirements of of the governors and OCCI in implementing the
the current stage of the Renaissance, addressed the development plans and programmes. The plans will
challenges and proposed appropriate solutions to contribute to creating job opportunities for citizens
them. This was accompanied by wide media interest in their places of residence and reverse the massive
and follow-up on various communication platforms. immigration from the wilayats to the capital. This
development will also ensure economic security
The economic development of the Wilayats
by promoting diversification, creating an efficient
The title of the first Ramadan Evening of this season economy, and ensuring integration between projects.
was “The Economic Development of the Governorates,
The Evening shed light on the challenges facing the
the Economic and Social Objectives and Dimensions”.

28 Issue No 255 / June - July 2022

 in light of the economic changes. The participants
emphasized that the biggest challenge facing this vital
sector is financing. Oman Chamber of Commerce and
Industry was keen to stress the need to reschedule
loans to SMEs without fees until the beginning of next
year, and to provide packages of support and facilities
to private sector enterprises to ensure continuity and
raise their ability to overcome the challenges imposed
by the Corona virus “Covid 19” crisis.
The participants stressed that the challenges faced by
SMEs have increased in frequency with the spread
of the Corona pandemic and its repercussions. Small
and medium enterprises were the first affected by the
pandemic, as productivity and sales decreased and
the volume of expenses increased. Oman Chamber
economic development of the governorates, such as of Commerce and Industry has promoted the sector's
the correlation between investment and the overall problems to urge banks and finance companies to
economic situation, the lack of basic services near cooperate with the affected borrowers.
some of the sites owned by the governorates and the
inconsistency of some sites and their allocations with Money laundering in the real estate sector
the need for investment in the surrounding area at the
present time.
Economic diplomacy and its role in promoting the
Sultanate
The second Ramadan Evening discussed a vital
topic, which is “economic diplomacy and its role in
promoting the Sultanate”. The participants stressed
the importance of intensifying joint coordination and
integration between the diplomatic missions of the
Sultanate in various countries of the world and the
concerned authorities in the Sultanate to stimulate
and strengthen bilateral and multilateral economic
relations, with OCCI.
They noted that stressing that this coordination and
integration should also include a form of cooperation
between diplomatic missions and the private sector.
They stressed the importance of enhancing efforts
directed to investment attraction and establishing
commercial and economic partnerships with investors.
The Evening's discussions contributed to framing the
mechanisms that help the Sultanate to maximize the
benefit from the distinguished political relations with
all countries of the world and identifying mechanisms
for introducing the elements of investment attraction
in the Sultanate, the available opportunities and
how to encourage owners of capital to invest in the
Sultanate.

SMEs Evening
At the third Ramadan Evening on the “Small and
Medium Enterprises Sector”, the participants
discussed challenges and difficulties facing the sector

AL GHORFA
The fourth Ramadan Evening on money laundering
and real estate tried to shed light on the efforts made OCCI also emphasized the dire effects of this crime
to protect the promising economic sectors against on the national economy, as well as investors and
cross-border crimes to enhance the efforts made business owners. The practices of the perpetrators
to immunize the real estate sector against money of the money laundering crime lead to structural
laundering crimes. The real estate sector, which is imbalances in the economy. The Evening presented
witnessing a large movement of funds, is one of the a number of mechanisms to overcome the challenges
most important investment options for perpetrators such as activating the real estate brokerage system,
of money laundering crimes. OCCI stressed the established by the Ministry of Housing and Urban
importance of reviewing the legislation governing real Planning, intensifying awareness by the concerned
estate investment and immunizing the sector against authorities and creating a real partnership between
money laundering crimes, without prejudice to the real estate brokerage companies and these authorities
elements of investment attraction and the facilities to curb the phenomenon of money laundering in the
that should be given to serious and real investors in real estate sector.
this sector.
Co-operative Societies
As part of the key role it plays in discussing economic
issues, the fifth Ramadan Evening came in response to
the demands of a large segment of society demanding
the creation of a system of cooperative societies.
The aim of such cooperative societies is to provide
more options for the consumer to obtain various
commodities. These cooperatives will work with other
stores to provide the high quality goods and services to
consumers at reasonable and competitive prices. The
participants in the symposium called for providing
organized legislative cover and financial and training
support to form a solid and sustainable cooperative
economy that contributes to achieving individual
living stability.
The Evening also dealt with various aspects of
cooperative societies. The participants shed light on
the experience of establishing cooperative societies in
a number of GCC countries, to draw a clear picture
of the mechanisms for organizing the work of these
cooperatives in the Sultanate and the challenges
that they can face in order to contribute to leading
economic activities, enhancing productivity and
promoting innovation. .
It should be noted that Ramadan Evening’s discussion
of vital economic and investment topics reflect OCCI’s
interest in supporting the capabilities of the national
economy, achieving a comprehensive sustainable
development, and searching for solutions to many
challenges facing the Omani economy. This also comes
within the framework of strengthening partnership
with all relevant authorities and sectors, out of OCCI’s
role as an official representative and voice of the
private sector in the Sultanate.

30 Issue No 255 / June - July 2022

E-payment is the cashless payment method using bankcards and
smart phone applications. Companies and individual can pay the value
of their purchase and services electronically. E-payment is one of the
methods that supported e-commerce and digital transformation in all
parts of the world.

The e-payment benefits for businessmen

Eliminating human errors in financial management

Reduce the security risks associated with cash money

Expedite the sale and purchase transactions and manage the

customer services, financial management and stock management

Reduce the risks that may face companies such as stealing,

e-cheating and false invoices.
LEGAL STUDY

Termination of the contract in

the Civil Transactions Law

This article talks about the termination of the contract in parties fails to fulfill his contractual obligations, the other
the Civil Transactions Law. Article (167) of the Omani Civil contracting party, after sending a notice to the debtor, has
Transactions Law states that “if the contract is valid and the right to demand the execution or termination of the
binding, no contracting party may terminate or amend it contract.
except by mutual consent or litigation.”
2- The Court may oblige the debtor to implement the
This article establishes a general principle that is ‘neither contract immediately, or give him a grace period for
party to a contract may terminate or amend the contract execution. The Court may also order the termination of
unilaterally’. contract. In such case, the unfulfilled obligations remain
On the other hand, this does not apply if one of the four valid. In all cases, the Court shall award compensation, if
cases clarified in Article (171) of the Civil Transactions necessary.
Law is realized: As per this provision, either party has the right to request
1- In contracts binding on both sides, if one of the contracting the termination of the contract in the event that the other

32 Issue No 255 / June - July 2022

 Second condition:
When one of the contracting parties has failed to implement
his obligation. For the validity of the termination, the
failure to implement the obligation must be due to the
debtor's act.

For the termination to be valid, it is not required that the

debtor has failed to perform all his obligations. Rather, the
creditor has the right to request termination of the contract
even if the non-performance was partial, unless the part
that was not implemented is of little importance. In this
case, the Court may reject the request for termination. An
example of this is when the seller delivered the sold car
without its cover.
The court may give the seller a period to deliver what he
did not deliver, or compensation if it deems it appropriate.
The decision will be left to the discretion of the court.

Third condition:
When the party requesting termination can restore the
situation to its previous condition. If the buyer is the
one requesting the termination and for the request to be
accepted, the buyer should be able to return the sold goods
to the seller. However, if he is unable to return the goods
due to its damage or consumption, he is not entitled in this
case to request termination.

Fourth condition:
When the party requesting the termination has fulfilled his
obligation or is at least willing to do so. The party requesting
the termination due to the default of the other party must
also not be in default in carrying out his obligations. If the
seller requests termination for non-payment of the price by
the buyer, the seller must have delivered the sold goods to
the buyer or at least is ready to deliver it at any time.

The basic principle is that the termination takes place

judicially in the light of Article (171) previously referred
to. However, there is nothing to prevent the two contracting
parties from agreeing to consider the contract terminated
contracting party does not perform its obligations. Certain by mutual agreement, without the need to file a lawsuit
conditions must be met to make such termination valid. before the court to issue a judgment for termination.
These conditions are:
It is worth noting that for the contract to be terminated
First condition: by the court, the law requires the debtor to be notified of
The contract should be binding on both sides. This means default. In other words, in order for the creditor to enjoy
that termination applies to contracts that are binding on his right to request termination, he must have sent a notice
both sides. For example, a sales contract entails that both to the debtor first of the necessity of execution, otherwise
the seller and the buyer have obligations related to each the lawsuit will be premature.
other. If, after concluding the contract, the seller refuses to
This is a quick reading of the provisions for termination
deliver the goods, the buyer may request the termination of
the contract according to the Omani Civil Transactions
the contract, without prejudice to his right to resort to the
Law. For further clarification, the reader can view the texts
judiciary and request specific execution if that is possible.
of the law as well as the relevant laws.

AL GHORFA
AL GHORFA NEWS

The Omani-Lebanese Businessmen Forum

discusses investment opportunities and
strengthening the trade balance

The Omani-Lebanese Businessmen Forum, organized Statistics on 2020 show that the value of Lebanese
by Oman Chamber of Commerce and Industry (OCCI), investment in the Sultanate stood at OMR 1.096 billion,
discussed ways to enhance the trade balance between the 36% of which by the Lebanese side. The number of
Sultanate of Oman and the Lebanese Republic and explore companies that have been established stands at 417.
areas of cooperation and partnership. His Excellency noted that the numbers confirm that there
The Forum, which was attended by His Excellency Eng. are more efforts that we have to make, especially since
Rida bin Juma Al Saleh, OCCI Chairman and Salim Al- the trade balance is still tilting in favor of Lebanon, with
Za’ni, Chairman of the Board of Directors of the Lebanese more than 20 million Omani riyals. There are many Omani
Industrialists’ Association, stressed the importance of products that aspire to be present in the Lebanese markets,
exchanging experiences between the two sides, especially especially in the sectors of food industries, clothing, plastic
in a number of priority sectors in Oman Vision 2040. products and other products.
His Excellency the Engineer, Chairman of the Board of His Excellency said that the priority sectors of economic
Directors of the Oman Chamber of Commerce and Industry, diversification in Oman 2040 include tourism, agriculture,
said that this Forum complements the efforts of the two fisheries, industry and logistics.
countries to explore opportunities to enhance trade and His Excellency indicated that OCCI, as an official
investment exchange. representative of the private sector in the Sultanate
His Excellency stressed that the convening of this forum of Oman, has sought, through joint meetings with the
comes at a time when the trade and investment exchange Federation of Lebanese Chambers and other economic
figures are witnessing remarkable growth. The volume bodies, to develop a common vision for economic relations,
of trade exchange between the Sultanate of Oman and and to promote viable investment opportunities in various
the Lebanese Republic increased by the end of 2021 to sectors in the two countries. He also affirmed the keenness
about 28.9 million Omani riyals (75 million US dollars), of businessmen from both countries to organize bilateral
compared to about 17 million Omani riyals (44.16 million meetings to enter into joint ventures.
US dollars) at the end of 2020.

34 Issue No 255 / June - July 2022

For his part, Salim Al-Za'ni, Chairman of the Board of exchange between Lebanon and the Sultanate.
Directors of the Association of Lebanese Industrialists, Albert Samaha, the Lebanese ambassador to the Sultanate,
said: “The ties that link the Sultanate of Oman and the expressed his thanks for the Sultanate's hosting of the
Lebanese Republic are deep-rooted. He also stressed Lebanese delegations during the current forum and for
that the Sultanate is the second home for the Lebanese. hosting it last October. He added that these events reflect
Through these meetings, we seek to introduce the Lebanese the serious desire of the Omani and Lebanese sides to
industrialists and take advantage of the geographical achieve a qualitative leap in economic and trade relations.
location of the Sultanate.
The Lebanese ambassador praised the constructive and
“The relations between the two countries are not limited fruitful cooperation between OCCI and the Federation of
to trade and investment exchange, but rather include the Lebanese Chambers, which has witnessed momentum
exchange of information and experiences”, he added. in recent years despite the repercussions of COVID-19
He pointed out that the Sultanate is the first option for pandemic.
Lebanese who seek to enter GCC markets. He also hinted His Excellency indicated that there is a strong will from
that the delegation's visit to the Sultanate came to achieve the Lebanese side to confront the challenges and crises
a number of goals, including activating trade relations experienced by the Lebanese Republic, which have left
between the two brotherly countries, introducing Lebanese catastrophic effects on the productive sectors, including
industries, and exchanging expertise and experiences industry.
between Lebanese businessmen and their Omani
His Excellency called on the visiting delegation to review
counterparts. The meeting also aims to expand relations
the opportunities available in the Sultanate, and to take
between industrial and commercial institutions in the two
advantage of the promising opportunities in the two
countries, cooperate and coordinate to increase bilateral
countries in tourism, industry, information technology,
exports. It also aims to enhance cooperation in the field
health, education and franchising.
of organizing specialized exhibitions and a number of
seminars and conferences, and to increase the rates of trade Elie Rizk, head of the Lebanese-Gulf Economic Relations

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Development Authority, also spoke about his experience enhance their exports to neighboring countries and abroad.
in the Sultanate of Oman and his aspiration to strengthen The conference reviewed the opportunities available in the
brotherhood and partnership between the two countries. Governorate of Dhofar and how to benefit from the elements
He also explained that the Lebanese products enjoy of tourist attractions and investment in the hospitality and
credibility and can benefit from the geographical location restaurant sector.
of the Sultanate of Oman and enter many markets. On the sidelines of the Forum, a memorandum of
The Forum witnessed the presentation of a number of understanding was signed between the Association of
working papers that reviewed the attractive investment Industrialists in the Sultanate and its counterpart in
climate in the Sultanate. Muhanna Al-Sanani from the Lebanon. The memorandum was signed by Maqbool
Ministry of Commerce, Industry and Investment Promotion bin Ali Salman, Vice Chairman of the Board of Directors
gave a presentation on the investment components of the of the Omani Industrialists Association, and Salim Al-
Sultanate, such as the strategic location linked to the vital Zaini, Chairman of the Board of Directors of the Lebanese
trade routes between East and West and its proximity to Industrialists Association.
about 54 million consumers in the GCC and emerging Omani and Lebanese businessmen also held bilateral
markets in Asia and Africa. meetings on strengthening partnerships in a number of
sectors, including foodstuffs, industry, clothing, plastic
Al-Sanani also highlighted the incentives offered by the
tools, water treatment equipment and other sectors.
Sultanate, including a tax exemption for up to five years,
extendable to 10 years, full foreign ownership of up to In this regard, Ahmed bin Mohammed bin Omar Baabad,
100%, freedom to transfer profits and capital, integrated owner of Almas Majan International Investment Company,
legislative systems, advanced infrastructure, tax exemption said: “The Company seeks to promote investment
on equipment for establishing or expanding industrial opportunities.
projects, tax exemption on production inputs, the “Investor “The Lebanese market is a promising market, and Lebanese
Residence” program, in addition to the Sultanate’s launch businessmen have experience in the fields of business.
of a number of industrial investment opportunities with We look forward to benefiting from the agreement signed
readymade feasibility studies and initial approvals from between the two countries”, he added.
government agencies. Ahmed Al Habsi, owner of Badir Investment Company,
For his part, Eng. Hussein Al-Bathari, member of the expressed his aspiration to enhance trade exchange
OCCI and Chairman of the OCCI Branch in Dhofar, gave a between the Sultanate of Oman and the Lebanese Republic.
presentation that shed light on the investment environment “This meeting provided an opportunity to meet with
and investment opportunities available in the Sultanate. He representatives of Lebanese companies to strengthen these
also highlighted the opportunities for companies aspiring to partnerships”, he added.

36 Issue No 255 / June - July 2022

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OCCI organizes SME Festival and Exhibition

for fine arts to introduce Omani ideas,
services and products
Oman Chamber of Commerce and Industry (OCCI) national cadres.
organized a festival for small and medium enterprises “OCCI seeks to identify the challenges facing owners
and an exhibition of plastic arts at the Sheraton Oman of SMEs and entrepreneurs and to propose appropriate
Hotel, Muscat, under the patronage of Her Excellency solutions, in addition to providing the necessary
Dr. Laila bint Ahmed Al-Najjar, Minister of Social consultations and training for entrepreneurs in all
Development. The festival and the exhibition was governorates of the Sultanate, he added.
attended by His Excellency Eng. Rida bin Juma Al
“OCCI also seeks to support SMEs and entrepreneurs is
Saleh, OCCI Chairman and a number of officials from
to provide an opportunity for the economic community
inside and outside the Sultanate.
and major companies to learn about Omani ideas,
The event aims to introduce the importance of the SME services and products in various economic fields in a
sector and its role in the development and economic way that enhances their local value and makes them
process in the Sultanate of Oman. It also comes in a eligible to compete internally and externally”, he
bid to introduce the products, businesses and services furthered.
provided by these institutions. He also pointed out that the festival complements
His Excellency Eng. Rida bin Juma Al Saleh, OCCI the role of the trade delegations OCCI is arranging for
Chairman said that OCCI spares no effort to enable brotherly and friendly countries. OCCI is keen that
the SME sector and entrepreneurship from its role in these delegations include a number of business owners
economic development. This comes out of OCCI’s in order to provide them with the opportunity to meet
belief in the importance of this sector in economic their counterparts abroad. OCCI also organizes a number
diversification and providing job opportunities for of exhibitions and corners in commercial centers to

38 Issue No 255 / June - July 2022

market and promote the products of owners of small services it provides in the field of consultancy, training
and medium enterprises and entrepreneurs. and others.
The festivals included a presentation to introduce some They pointed out that the idea of their project is based
of the startups, their projects, products and plans. After on the fact that it is the first institute in the Sultanate,
the presentation, the chief guest and attendees toured licensed by the Ministry of Higher Education, Scientific
the accompanying exhibition, which includes the Research and Innovation. Their company holds
works and products of emerging companies specialized awareness sessions about the market and the way to
in scientific research, innovation, real estate finance, work in it, what these markets are and the legitimate
interior design and graphic design. The exhibition ways to work in them. The awareness sessions also
included the works and products of productive families, contribute to introducing international licenses and
the industries and products of rural women, and the how to obtain them through legitimate means.
works of plastic artists and craftsmen from inside and For his part, Rashid Al-Badi from the Simat Company
outside the Sultanate. for Human Development praised the pioneering role
Commenting on the Exhibition, Al Saleh pointed out played by OCCI in enhancing the performance of SMEs
that this exhibition comes out of the keenness to protect in various aspects and fields.
and support talents, innovative ideas, creativity and “OCCI gave us the opportunity to participate in this
fine art in the Sultanate by highlighting the moral value exhibition to display the services provided by the Simat
of fine artists, encouraging emerging plastic artists, and Company for Human Development”, he added.
sponsoring their artistic products.”
Hamdan Al Riyami, owner of the Heritage House
At the end of the ceremony, Al Saleh and Rima Al- project for decoration (pottery and ceramics), said, “We
Sajwani, owner of Rima Integrated Projects, presented participate in this exhibition with emerging Omani
a memento to the Chief Guest, Her Excellency Dr. Laila companies and display a number of beautiful and
bint Ahmed Al-Najjar, Minister of Social Development. distinctive ceramic products.
Muhammad Al Abdulsalam and Maysa Al Abdulsalam, Khalifa Al-Hadi, a wood craftsman said, “Our
the owners of the LETS TRADE project, expressed participation in this exhibition, organized by OCCI,
their thanks to OCCI for the constant cooperation. comes in a bid to introduce our projects and products
They added that this participation allowed them to that are able to compete in the local, regional and
introduce the brand identity of the company and the international markets.

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 Muscat’s first real estate development forum highlights tourism investment opportunities
On the sidelines of the forum, memoranda signed for
cooperation and honoring the pioneers of the sector
Oman Chamber of Commerce and Industry (OCCI) developers, interested people and influencers in the
, represented by the Real Estate Development and real estate sector to shed light on the ingredients and
Construction Committee, organized at the Grand incentives that this vital sector abounds in. The themes
Millennium Hotel Muscat, under the patronage of His of the Forum will focus on qualitative investments,
Highness Sayyid Marwan bin Turki bin Mahmoud Al projects with international specifications, and real estate
Said, the first Muscat Real Estate Development Forum development for integrated cities.
and Awards. The opening of the forum was attended by His Excellency pointed out that the real estate sector in
a number of their Excellencies, developers, investors and the Sultanate of Oman is a promising sector that attracts
those interested in the real estate development sector in investments due to its steady growth. The volume of real
the Sultanate of Oman. estate trading in the Sultanate of Oman stood at OMR
The forum aims to shed light on investment opportunities 2,651 million during 2021, compared to OMR 2,456
in one of the major tourism projects, and stimulate real million in 2020. The figures make real estate investment
estate investment in the Sultanate of Oman, especially as in the Sultanate of Oman a secure pool for investment and
the real estate market is witnessing a great development. capital development.
His Excellency Eng. Ridha bin Juma Al Saleh, OCCI His Excellency indicated that this investment attraction
Chairman said: The forum brings together real estate in the real estate sector is very lucrative ; thanks to the

40 Issue No 255 / June - July 2022

incentives offered by the Sultanate of Oman, including In accordance with Oman 2040 vision, the Ministry of
the freedom of the investor to own property, permanent Housing has developed the National Urban Development
work and residence visas, in addition to the advantages, Strategy and announced a package of measures
incentives and facilities related to tourism investment and supporting the sector - the most important of which is
the support provided by local banks to tourism projects. a comprehensive digital transformation and activation
His Excellency explained that organization of this forum of Bank guarantee, organization of work mechanism and
is part of OCCI’s efforts to attract more foreign investments facilitation of licenses”, he added.
and capital. The Forum seeks to introduce the investment Al-Ruqaishi also pointed out that the real estate sector has
opportunities available in the Sultanate of Oman, and become more organized thanks to the efforts made by the
highligt the strategic plans for developing tourism in the General Directorate of Real Estate Development. We need
Sultanate of Oman. Moreover, organizing the conference to strengthen the cooperation of real estate developers to
is part of OCCI's endeavors to make the Sultanate of Oman support these efforts. OCCI has played a role in supporting
the second home for every businessman and investor, the sector through a series of events aimed at converging
and to give a true and real picture of investment in the views between government agencies and business owners.
Sultanate of Oman. It has also implemented various awareness campaigns
For his part, Hassan Al-Ruqaishi, Chairman of OCCI’s and training programs that contribute to the development
Real Estate Development and Construction Committee of this sector.
said, “The real estate sector business started with a Al-Ruqaishi talked about the challenges facing the
simple traditional concept and the individual efforts of sector and the importance of providing financial support
some contractors. Now the real estate sector has become through easy banking procedures.
one of the most prominent pillars of the economy in the On the sidelines of the first Muscat Real Estate
Sultanate because it contributes to the employment of a Development Forum and Awards, a number of
large number of national manpower.” memoranda of cooperation in the field of real estate
“ The real estate sector also has a role in operating development were signed. Some of the Omani real estate
and revitalizing different sectors such as engineering development pioneers were honored. Awards were also
consultancy offices, contractors, building materials allocated to the best woman in real estate marketing in
suppliers, real estate brokerage offices, and many others. the Sultanate of Oman.

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AL GHORFA NEWS

OCCI reviews the mechanisms for improving the intellectual property

His Excellency Eng. Rida bin Juma Al Saleh, Chairman threat to intellectual property protection laws.
of the Board of Directors of Oman Chamber of Commerce During an introductory workshop on the concept,
and Industry, discussed with Peter Mehravari the U.S. objectives and laws of intellectual property, Al Saleh
intellectual property (IP) attaché for the Middle East and stressed the importance of educating owners of small
North Africa (MENA) mechanisms for improving the and medium enterprises about the concept of intellectual
intellectual property environment in the Sultanate. property. During the meeting, international experiences of
The meeting discussed mechanisms for enhancing the success of strategic plans through intellectual property
cooperation between the Sultanate and brotherly and were presented. The workshop aimed at transferring
friendly countries on the issue of intellectual property, knowledge about the most important malpractices such
in addition to discussing the most important intellectual as commercial fraud and counterfeit goods, in addition to
property laws and regulations, and practices that pose a spreading awareness about franchising.

OCCI hosts the inking of a medical cooperation agreement between two

Omani and Indian companies
Al-Amal Medicine and Health Care Center signed a
memorandum of understanding (MoU) with India-based
Medanta Gurugram Medical, in the presence of His
Excellency Eng. Rida bin Juma Al Saleh, Chairman of
Board of Directors of the Oman Chamber of Commerce and
Industry (OCCI). The agreement was signed by Salem Ali
Al Siyabi, Chairman of Al Amal Medicine and Healthcare
Center and Navneet Malhotra, Vice President of Medanta
Gurugram Medical. The agreement aimed to achieve
cooperation in the medical field and develop health care
in the Sultanate.
In response to a question about the importance of this MoU patients or give medical lectures.
, Salim bin Ali Al Siyabi pointed out that this agreement “ Continuing medical education for local doctors will be
will contribute to providing medical and logistical services conducted twice a year, in addition to cooperation in the
to patients in the Sultanate, whether through Al Amal field of marketing and participation in specialized medical
Medical and Health Care Center or sending their medical fairs” , he added. Navneet Malhotra, representative of
reports to Medanta Gurugram Medical in India. Under the Medanta Gurugram Medical, said that Medisti Hospital
agreement, patients will receive all accommodation and is one of the most important hospitals in India. Through
treatment services at preferential rates. The agreement will cooperation with Al-Amal Medicine and Healthcare Center
contribute to training the medical staff and coordinating , the hospital will undoubtedly contribute to providing the
visits to medical experts in the Sultanate to examine Omani market with high quality medical expertise.

42 Issue No 255 / June - July 2022

 OCCI receives Iranian business delegation
Oman Chamber of Commerce and Industry (OCCI) 100%, no restrictions on transfer of funds, no income
received a business delegation from the Islamic tax for individuals, and a stimulating and open
Republic of Iran, headed by Alireza Peyman-Pak, environment to the world. In this regard, the Sultanate
Deputy Minister for Industry, Mining and Trade. The has launched more than 90 opportunities with initial
delegation was received by Eng. Redha bin Juma Al feasibility studies in the industrial sectors. Moreover,
Saleh, Chairman of the Chamber’s Board of Directors, special economic zones and free zones provide a
in the presence of Muhammad Abdul-Hussein Baqer, number of investment opportunities, advantages and
Head of the Omani side in the Omani-Iranian Business competitive facilities for investors”, he added.
Council, Dr. Shahla Al-Amouri, Vice-President of the For his part, His Excellency Alireza Peyman-Pak, Deputy
Iranian-Omani Chamber of Commerce, and a number Minister for Industry, Mining and Trade, and head of
of Omani and Iranian businessmen. the Iranian trade delegation, indicated that the Iranian
His Excellency Eng. Redha bin Juma Al Saleh, OCCI side is looking forward to enhance trade exchange
Chairman pointed out that the visit of the commercial between the two friendly countries. The commercial
delegation to the Sultanate is a reflection of the efforts of delegation also seeks to develop commercial relations
the two friendly countries to strengthen the established that will enhance the establishment of joint ventures.
relations. The visit comes as part of efforts to enhance The Undersecretary of the Ministry of Mines Industry
trade exchange. He noted that OCCI seeks to enable the and Trade, head of the Iranian trade delegation,
private sector to take advantage of the opportunities indicated that Iran is working to solve the problems
available in both countries. This is achieved by facing Omani businessmen in Iran. It is also seeking
operating and receiving trade delegations, allowing to solve banking and infrastructure issues, as well as
businessmen and representatives of the private sector reviewing the challenges that impede increasing the
in the two countries to hold B2B meeting, and discuss rates of trade exchange.
concluding partnerships that accelerate and increase The Undersecretary of the Ministry of Mines Industry
trade and investment exchange. and Trade, the head of the Iranian trade delegation,
“The competitive business environment that promotes indicated the need for continuous cooperation and
growth and economic diversification and enables efforts to achieve the desired goals of trade relations
the private sector in the Sultanate helps in attracting between the two friendly countries. He also mentioned
investors and businessmen. The Sultanate offers many that Iran is working to establish an Iranian trading center
advantages and investment incentives such as the On the sidelines of visit, B2B meetings were held
national treatment of investments, legal transparency between Omani businessmen and their Iranian
in the business environment, full ownership of up to counterparts.

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THE STUDY

Risks management

Professor Ramadhan Ahmed Juwaili Kannan

Faculty of Economics & Commerce, Al Khums
- Almarqab University, Libya
Buraimi University College( 2012 – 2019),
Sultanate of Oman

Professor Abdul Salam Mohammed Aloud

Faculty of Economics & Commerce, Al Khums
- Almarqab University, Libya

Nowadays, the concept of risk is considered as one of the organizational model of the primary crisis management.
most dynamic scientific fields that captures the attention of Controlling risks in its various forms such as management,
researchers among a wide range of disciplines. The studies of analysis, assessment, mitigation or treatment etc. became
the likelihood and potential consequences of an event have a normal and almost indispensable act of wise governance
followed by responses that lead concerns about interventions nowadays. In the risk community, the high awareness of risks
related to the health and safety of the population and the inevitably leads to their assessment and search for answers
environment. This is the reason for which the fundamental in order to implement an appropriate management. Whether
question related to human perception of risk arises. the risks are natural, technological or others, the inclusion
There is a reasonable consensus to consider the renaissance, of perception studies in risk management processes has
discoveries, and long-distance maritime trade as milestones become a priority for public policies. We can ask ourselves
in the initial standardization of risk analysis. In modern how we can meet the challenges of the present and the future
times, the disaster in a European capital which is the 1755 without these operational tools.
earthquake in Lisbon, sparked a debate in Europe over ideas The increased social responsibility allows to identify the
about providence and destiny. This event of political power effects resulting from the different risks, whether natural
led to the implementation of a set of measures to mitigate or human origin. Politicians also began to use the concept
its social effects as well as measures of protection against of danger as a support tool for social control and as a
future earthquakes. The decisions made are a historical complement tool to security.
example of natural disaster responses and considered as an
Another factor related to risk is the concept of vulnerability

44 Issue No 255 / June - July 2022

that characterizes the probability of loss resulting from the the seventeenth century onwards, the concept of risk gained
impact of hazardous incidents on a particular asset. In certain expression through Portuguese and Spanish navigators.
situations and conditions of uncertainty, the reliability or However, the etymology of the term itself is still not known
validity of quantitative risk analysis based on estimated with absolute certainty, and Proski refers as possibilities to
probabilities becomes problematic. In these circumstances the Greek word Rhizia, the Persian word Rozi, or even the
vulnerability and management can be an appropriate and Spanish and African languages with the term Aresk. These
effective alternative. terms had a common context where life was so dependent on
On the other side, the concept of uncertainty is always God and on fate that it was impossible to predict and control.
presented with our imperfect knowledge i.e. related to According to Ewald, risk appeared as a divine act and a force
successive 'futures', and it has always been recognized as a so great that no responsibility could be ascribed to humans.
constant burden to be avoided and has often been ignored for They can do little to either try to predict future events or
a long time. Due to the purpose and nature of risk analysis, minimize their impact.
uncertainty in the outcomes and the elements on which risk The banking sector made a vital contribution to the
management decisions are based can be very important and development of the concept of risk during the seventeenth
have important consequences. Thus, here we will provide a century. Since the beginning of the use of this concept,
summary of some of the related issues raised by the concepts it included the concept of space only whereas from the
of risk, vulnerability, and uncertainty. moment this concept was used by the banking system, it was
Risk definition related to the concept of time because this was also necessary
The risk is increasingly existed in today's society. Despite to determine the possible results in relation to investments
evidences going back to several centuries, and since the for both creditors and debtors. The emerging idea stated that
last decades of the twentieth century, the level of risks in the past, society was concerned with external dangers as
awareness has gradually become higher. This has resulted in a result of phenomena imposed by nature such as drought,
an increased exposure of people, built structures and human pests or poor harvests. At the moment, the concern lies
activities to the potential negative effects of hazardous not only in this but also in the impact of technological
phenomenas. On the other hand, the proximity of people development on the environment.
and assets to the occurrence of dangerous events has enabled During the eighteenth century, risk began to be dealt with
the population to access empirical knowledge, which in the scientific community, especially in mathematics and
is important for scientific development. The processes probabilities. The development of the industry and the
of globalization have contributed to the increased risk need for statistical determination of the safety degree of its
disclosure from social media. decisions and activities has led to the use of calculus as a
We live in a society full of risks due to the difficulty of means of identifying and even trying to eliminate potential
quantifying, preventing and excluding risks from our lives risks. According to Reddy, the progress that has been
because of their scale and global nature. The risk community observed in society over the years has pushed us towards
refers to a type of settlement that is currently more susceptible eliminating uncertainty, leaving risks in place. However for
to frequent changes and uncertainty and thus becomes more Castle, this removal of uncertainty is not a reality.
demanded and with less assurances. Risk prevention has become a constant element, but the factor
In spit of that, the attention and dealing given to the concept of unpredictability has continued to emerge frequently. The
of risk has always not been the same as it is today; it has rational treatment of the concept of risk and the calculation
evolved over centuries. According to Covelo and Mombauer, made for its identification do not completely exclude the
the first fears of danger (although they were not dealt with occurrence of unpredictable events. Clear evidence of the
in that term) occurred around 3200 BC in the Tigris and close relationship between unpredictability and risk can be
Euphrates valley where a group called the Asibo practiced found in the scope of activities in the insurance industry
analysis and advice about risks based on recurring events where calculations for obtaining insurance values are based
and motivated by divine powers, thus providing support to on correlated events and statistics accumulated over several
the local population . years. Although the risks do not vanish,it is still a way to
deal with them and gain a sense of control.
The concept of risk, which is closest to the concept currently
used, appeared in the fourteenth century and was associated At the end of the last millennium, one can realize that
with marine expeditions and the events that could occur concerns about risks have intensified not only within the
and threaten their success. In the 16th century, the term scientific community but also in the general public which
Rischio of danger began to be used in Roman languages to creats the idea that at any moment a negative incident
communicate uncertainties. During this period and from can occur causing troubles on various levels and general

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confusion. According to Beck, all the changes in the nature indirect human and/or physical and occupational damage.
of the risks have made them more global, less specific and Types of risks
with more serious consequences, which are of concern
The existence of risks or the idea of their existence in
to the population. This state of heightened vigilance and
different areas and realities are noticed. Ewald noted that the
apprehension regarding the existence of hazards is a major
concept of risk has been extended to other areas and is no
reason for a stronger demand for anticipation and warning of
longer focused solely on nature alone. In fact, globalization
hazard situations on the part of those responsible for them.
and the scope of application of risk concept are felt in the
Prevention, when duly justified, can make the difference
daily life of modern society as it is related to work, personal
between exacerbating or mitigating risks.
security, health, housing, economy or environment among
Sometimes, uncertainty associated with risks creates others.
instances of warning 'fear' or concealment of facts. When the
Currently, the concept of risk applies to both uncertainties
risks are considered high and publicized widely, and when
in the security of technological systems or products
the effects are later found to be minimal, the participants in
(technological risks) or to natural systems and disasters
the prevention process are considered irritating. Conversely,
(natural hazards). Technological risks relate not only to
when the risk is not properly taken care of and serious cases
tampered and dangerous technology systems and products
occur later, they are accused of underestimating the risks
but also living organisms and especially humans either
and neglecting the preparedness. to deal with it. Complains
because of a direct relationship in terms of design and use or
and fear can be a tool in favor of precautions in facing risks
because of exposure to a certain level of risk. An error in the
through preventive action that reinforces this. Rather, it is
design or project of an artificial or technical system created
considered only a positive approach after the occurrence of
by people can bring risks and result in dire consequences
events with negative results, indicating the preventive role
that can become a disaster or calamity. So, the technological
that it could have done.
risks are those that result from accidents and are often
Descriptively, the definition of risk has been the goal of sudden and unplanned due to human activity (eg floods due
mystery over time. Professionals and decision-makers to bursting dams, accidents in transporting dangerous goods
among the most diverse fields as well as the general public and radiological emergencies).
or societies in various sectors have dealt with this concept in
The recent developments and approaches in science and the
an applied manner and adopted it in their reality and goals.
exploration and application of the concept of risk to different
The result of this practice is the formulation of different
sectors of society have led to the emergence of new types of
conceptions of risk. As general rule, risks are associated
risks such as social risks or environmental risks.
with uncertainties about future events of a negative nature
for mankind. Risk can be considered as a category of The social risks are related to the gaps in the life of an
analysis previously related to the concepts of uncertainty, individual or society which to some extent restrict access
vulnerability, physical damage, and economic and human to the basic means, goods and care that provide him with
losses resulting from natural processes (such as Earth's an acceptable minimum comfort in his daily life. It can
external and internal processes) and or those associated with be defined as the result of social needs that hinder full
human actions. human development and contribute to the deterioration of
living conditions. As indicators for determining the degree
From an integrated perspective, risk aims to identify
of social risk one can suggest conditions of habitability,
characteristics of potential disturbances that alter the
hygiene, access to drinking water and even in the long term
current or expected balance and security situation that
conditions of work, income or technical skills. These are
cause negative effects. Using mathematical concepts, risk
elements capable for demonstrating good and sustainable
is understood as the probability of a certain event occurring
level of human development.
causing significant damage to humanity or the environment
in each period under certain conditions. According to the Generally, although everyone is exposed to risk, it has been
same authors, and in a clear indication of the importance verified throughout history that the most vulnerable are
of the concept of risk for management, risk expresses the the most disadvantaged social groups. Usually individuals
possibility of occurrence and quantification in terms of costs, with poor financial condition, the elderly, the sick and even
serious harm, economic consequences, or even for the safety children among others are the most vulnerable to social
of people as a result of a natural phenomenon or human deficiency and most sensitive to the recovery process. We
activities. In light of a variety of current definitions, risk can can also point out that social danger is a harm caused by a
also be viewed as the potential for a hazardous process or community or a part of it with emphasis on armed conflicts
procedure to occur and each estimate of its consequences for and military actions among other things. Wisner treats with
people, property, or the environment, expressed in direct or social risks differently, through focusing on extreme natural

46 Issue No 255 / June - July 2022

 Define context

Communication and audience participation

Risk assessment
Monitoring and review

To determine

Risk analysis

Risk assessment

Risk Management

Figure 1:General risk management process, Quoted from !SO31000( 15)

phenomenas as events that demonstrate greater vulnerability of environmental risks followed the same direction and
to unprotected individuals towards such events. assumed itself as a risk mixed with several other systems.
For the definition of environmental component of risk, it is The distinction between the different types of risks
relatively recent, at least in light of new theories. Definition of has become increasingly mysterious as human impact
environmental hazards as a result of its naming and then its on the natural environment has grown in tandem with
application several times under the classification of natural technological development. The concepts of risk and hazard
hazards due to the fact that the term environment is associated are often misused as synonyms for the same definition.
with nature with all living and non-living combined and For Cutter and others, hazard is seen as a threat to the
integrated organisms. The sharp and increased complicated people and things they value. The threat arises from the
interaction of human activities with the functioning of interaction of social, natural, and technological systems and
natural systems has led to the introduction of the concept is often described according to its origin although the author
of environmental risks, which include phenomenas such as recognizes that this classification loses its power within the
desertification, environmental pollution and forest fires. scientific community because many of these threats have a
Nowadays, the concept of ecology is more complicated complicated origin.
and exceed the basic structures that support life and living The social and technological hazards have an effect on the
organisms as it also includes a set of highly diversified natural environment and produce various hazards, including
and interacting components. These components are semi-natural hazards that have a dimension of the physical
interconnected so even slight modifications to one of them environment modified or limited by social or technological
can cause changes to the other components. elements. The mixed risks are the result of the interaction of
Considering this change in the environmental concept social and technological phenomenas while environmental
towards a reality that operates in a close relationship risks are the result of the interaction of three elements
between dependent and complicate systems, the concept (natural, social and technological) in a more contemporary

AL GHORFA
perspective of analysis. as a changing decision facing potential threats and encourage
Estimation of risks amount the protection of people and assets . As a result, it improves
the quality of life and enable a symbolic representation of the
As it is expected in concepts associated with complicated
modern world.
entities, there are always different definitions and
philosophical viewpoints to describe risk as a reliable Taking into consideration the decision-making processes,
objective for analysis and decision. However, we can say one of the main concerns of this construction emerges from
that the idea of risk is based on a subtle combination of the need to compare, in the present, a specific effects of
potential knowledge and uncertainty as it always involves which the occurrence in future is considered with different
a mixture of knowledge and uncertainity. It became clear to degrees of uncertainty. Therefore, the concept of probability
be the main practical difficulty but also the greater interest in arose in connection with the quantitative analysis of risk.
risk is the analysis as a theoretical concept. Knight strongly advocated the principle that risk involves
From the point of view of the intrinsic nature of the concept, knowledge of (measurable) probabilities, otherwise it is
there are two main different approaches of the risk. First, ignorance or uncertainty in its restricted sense. Therefore,
hazard is an objective fact that exists independently from constructing a quantitative analysis of risk implies rating
the people's subjective values and opinions - as in other the reasonability of uncertain events through assessing
situations. The application of scientific methodology probabilities. For some views of thoughts, the probability
will allow determining the relationship between facts, of the occurrence of a dangerous event is so important that
quantification, prediction and control - a positive perception it is confused with the concept of danger associated with
of risk. Second, there is the human construct in the face of it (probabilistic perception). In the process of prevalent
uncertain events with serious consequences. In this case conceptual construction, practice and thinking have allowed
risk can be seen as a subjective reaction to a phenomenon to reduce the three intervening factors—uncertainty,violence,
that arises from personal and social experiences - a relative and outcome—to only probabilities and outcomes.
perspective of risks. The estimated value of the consequences is “diluted”
In both perspectives, it is interesting to define a threshold depending on the degree of uncertainty and by multiplying
that reflects the concept of risk and allows for its quantitative by the relevant probability of occurrence. Therefore, the risk
analysis in a generalized way. In fact, risk analysis inspired variable has a measurable value that can be compared with
by human behavior in the face of risks can be considered as others in the quantitative assessment and decision-making
a construction of the human mind. process. Risks of a different nature (quantitative risk units
indicate the type of value: for example ,victims per year or
Among difficulties in quantifying risk is characterizing
Euros per year) can be compared through outcome categories.
uncertain events that describe threats to a particular
objective or societal condition. They are recurring, or It should be admitted that the solution found is simple
perhaps exceptional, unique and intense future events with and almost wonderful: this concept has been resisted for
variable, tangible and/or intangible consequences. Risks aim centuries. De Moivre explains in his doctrine of opportunity
to measure the uncertainty in an activity and the severity “Theory of probabilities”, published in 1711 for the first
of its consequences, that is, the effect of the uncertainty on time, about this concept of risk: The measure of the risk of
current or planned conditions. losing an amount is the product of the amount offered for the
bet by the probability of loss.
The size of risks can then be determined by the correlation
between risks and outcomes. For the purposes of presenting Quantitative Definition: Quantitative analysis of risks allows
the main components of natural risks, the following model considering and understanding of risks while analyzing
will be a derivation from the original expression where the the costs and benefits as well as in multi-criteria decision-
consequences are represented by vulnerabilities and exposed making processes. This ability is appreciated in designing
components. Practically, the two approaches are similar. In complicated technological systems or in planning costly
this sense, concepts such as hazards, vulnerabilities, exposed protection measures against natural risks.
elements, and consequences will be addressed, as well as Regardless of the phenomenon's origin, the concept of risk
other supporting concepts needed to fully understand the includes the possibility of hazards. This concept is often
components of risk and the multiple aspects involved, such used as a synonym for the concept of risk. It is therefore
as susceptibility and severity. important to add that a hazard can be defined as a natural,
Risk is a comprehensive, stimulating and ambiguous technological or mixed process capable of causing specific
concept with different dimensions and a unique possibility losses and damages. The United Nations definition of risks
to distinguish uncertain events associated with deviations dated 1979 deals with this concept only in its natural aspect
from the basic conditions. Risks justify choices and actions and describes it as the possibility of a certain natural hazard

48 Issue No 255 / June - July 2022

occurring with a certain level of danger and in a certain
period. The idea of linking this concept to the time and space
of occurrence is clear because. at a more general level risk,
is understood as the probability of occurrence (a qualitative
or quantitative assessment) of a phenomenon of a given size
(related to the possibility of destruction) in a given period
and in a particular area. Hazard represents the potential for
an area to be affected by a natural, technological, or an event
due to factors such as scale and danger.
Exposed items also called at-hazard items according to Dailey
and others. Population, properties, structures, infrastructure,
economic activities and others are exposed to a hazardous
operation in a particular area. With respect to other factors,
the main properties of the exposed items determine whether
they are liable to suffer from the effects when affected by a
particular hazard contributing to the total damage or loss.
Each type of the displayed items is associated with a specific
set of damage and the specific factors that enhance it. The
same natural phenomenon can cause different damage to
people, buildings or infrastructure. The consequences of a
hazardous phenomenon in combination with the properties
subject of cultural analysis. It is necessary to structure the
of the items are influenced by factors such as the size,
process from identification to decision and implementation
duration, location and time of the event. Personal and
of measures. This is the function of risk analysis and
material losses always result from the interaction between
management.
the event and the characteristics of the affected items that
make them more or less susceptible to negative influences. This structure has been strongly influenced by developments
in the fields of financial and insurance management during
It is due to mention that the distinction between exposure
the twentieth century. It should be noted that the term
(still unaffected or weak in potential) and physical
risk management was suggested in 1956 in the Harvard
vulnerability (damage factor in action) depending on the
Business Review magazine in an article written by Russell
severity of the impact in each scenario with significant
Gallagher, and since then a general regulatory framework
operational efficiency and is a basis for deciding the
has been imposed which includes risk analysis and crisis
mitigation measures.
management.
Risk management
As per the international standard of the International
There is an old saying that “prevention is better than Organization Standardization (ISO) 31,000 - Risk
fixing”. This wisdom can be a good example of practical and Management Guidelines, the risk management comprises
popular philosophy. Almost everything that is necessary for of a set of activities to direct and control an organization in
reasonable human behavior is stated in this general sentence relation to risks. In the future behavior of a natural system or
and can be applied to all hazardous situations. built system (eg a technological product) we are instructed to
The above saying assumes that a risk can be perceivable and recognize a normal pattern of expectation, reference or set of
can be regulated and materialized into different levels of goals to be achieved.
risks (hypothetically) but that it is supposed to be mitigated Considering the experience, these conditions and
by a foreseeable action. In fact, every human applies tactics expectations are not always met. Events, whether expected
to assess risk situations or hazardous situations through or unexpected, can occur in the far or near future and cause
conscious manner in the decision-making processes deviations from what was expected with outcomes (positive
associated with their survival and development. or negative). According to this conceptual framework, the
The current situation is no more a normal feature of the above-mentioned ISO standard defines risk as the effect of
contemporary society. The dangers have become widespread uncertainty on objectives. This definition alerts us in an
and difficult to comprehend in a society that relies heavily elegant way for the need to identify the goals you intend to
on systems of such complexity so that most citizens cannot achieve (e.g the preservation of human life), the uncertainties
fully understand the vulnerabilities and threats associated to consider (cognitive and random), and the possible effects
with them. It is an aspect of the so-called risk society and the or outcomes.

AL GHORFA
AL GHORFA DELEGATIONS

The Egyptian-Omani Business Forum explores means of

developing economic ties
OCCI Delegations reviews available
investment opportunities
The Egyptian-Omani Business Forum hosted by ambassador to Egypt and its permanent representative
Cairo, explored means OD developing business and to the Arab League, affirmed that the relations
economic relations between Egypt and the Sultanate between the Sultanate and Egypt extend throughout
of Oman. history and continue with stability and trust. He
noted that the Sultanate of Oman is one of the best
The Forum was organised at the headquarters of investment destinations in the Middle East due to
the Public Authority for Investment and Free Zone the opportunities it provides. In many industrial
in Egypt on the sidelines of OCCI North Al Batinah sectors, logistics, tourism, fisheries, manufacturing,
business delegation’s visit to Egypt. mining and others.

Abdullah bin Nasser Al-Rahbi, the Sultanate’s Ambassador Al-Rahbi called on Omani businessmen

50 Issue No 255 / June - July 2022

and their Egyptian counterparts to exchange visits
and enhance their presence in the Omani and
Egyptian markets, benefiting from what the Sultanate
of Oman and Egypt offers, and benefiting from the
economic projects implemented by the governments
of the two countries.

The forum witnessed the holding of bilateral

meetings for seven Egyptian companies affiliated
with the Export Council for Chemical Industries
and Fertilizers with Omani companies and
representatives of the Oman Chamber of Commerce
and Industry in the fields of plastics, paints, inks and
chemical industries. Its nature is to develop trade
exchange between the two countries.
HE Abdullah Al-Rahbi
Counselor Mohamed Abdel Wahab, CEO of the Oman is one of the best
General Authority for Investment and Free Zones
investment destinations in
“GAFI”, in Egypt said that the visit comes out of the
keenness of the Egyptian government to enhance the Middle East due to the
investment and business relation between the two
opportunities it provides.
countries. He affirmed the need to activate the real
partnership between the two countries and eliminate
any difficulties facing the joint ventures.

He added that the Omani Egyptian relations serve as

a model for the strong ties and provides the healthy
milieu for investment in the two countries.

Abdullah bin Ali Al Shafei, Chairman of the Board

of Directors of the Oman Chamber of Commerce and
Industry branch in the North Al Batinah Governorate,
said: This meeting is of great importance for Omani
and Egyptian business owners to work together,
exchange experiences in the business sector and
discuss investment opportunities in both countries
and ways of joint action that enhance this regard. He
pointed out that there are promising opportunities
for investment in many sectors between the two
countries.

The OCCI North al Batinah Branch Business

Abdullah Al Shafie:
Delegation had meetings with Egyptian businessmen
to discuss available investment opportunities in The visit seeks to enhance
both countries in the field of construction, fertilizers,
joint work and share
modern technology and renewable energy.
experiences
During the B2B meetings, the two sides expressed
their sincere desire to enhance reciprocal trade. The
Omani side highlighted the facilities provided to
investors in Oman.

AL GHORFA
GOVERNORATE NEWS

The First Grape Exhibition in North Al Sharqiyah discusses

raising efficiency and enhancing competitiveness

OCCI’s branch in North Al Sharqiyah Governorate programs. He also reviewed some preventive measures
organized the under the patronage of His Excellency and pest control systems.
Sheikh Ali bin Ahmed Al Shamsi, Governor of North The second theme discussed ways to improve grape
Al Sharqiyah, . The Exhibition seeks to support products and the industries based on it. Engineer
the marketing of grapes, raise the efficiency of their Salem bin Mohammed bin Hamad Al Shezani, Head of
production and enhance its competitiveness . The Marketing Department in the Directorate of Agriculture
opening ceremony was attended by a number of Their , presented a working paper entitled “Raising the
Excellencies and Ali bin Salem Al-Hajri, the second efficiency of grape production.” He presented many
OCCI Vice-Chairman and Chairman of the Chamber's facts about grape cultivation, how to increase its yield,
branch in the governorate. selection of grape , requirements for cultivation, the
In his speech, Rashid bin Saeed Al-Sudairi, head type of soil grape needs, and methods of preparation
of the Food Security Committee in OCCI branch in for cultivation.
the governorate said that the grape crop achieves a It is noteworthy that the exhibition was organized by
great economic return for farmers and enhances the OCCI’s branch in the governorate represented by the
contributions of the agricultural sector to the GDP. Food Security Committee in collaboration with the
After the speech, the audience watched a presentation General Directorate of Agriculture and Water Resources
prepared by the Agricultural and Fisheries and the Farmers Association, with the participation
Development Fund on the cultivation of grapes in the of the Small and Medium Enterprises Development
Sultanate of Oman. Department, the Heritage and Tourism Department.
The specialized symposium was held on the sidelines Prior to the program, there were field and exploratory
of the exhibition discussed the first two themes entitled visits to some grape cultivation projects in the Wilayat
Special treatments for common diseases in grapes. of Al Mudhaibi.
Dr. Qais bin Saif bin Amer Al-Maawali, Director of
the Agricultural Development Department in North Grape Exhibition
Sharqiyah, presented a working paper in which he A group of farmers and agricultural entrepreneurs
discussed agricultural pests in the grape crop and how specialized in growing the finest grapes participated
they affect the quality of the crop. He also provided in the exhibition and presented their products and
an explanation about some pests, how to follow up expertise in grape production and how to protect grape
on the general condition of the crop and pest control orchards against agricultural pests.

52 Issue No 255 / June - July 2022

OCCI South Al Batinah Branch and the University of Technology
and Applied Sciences sign MoC
Al-Saadi: Implementation of three marketing outlets to branch’s efforts in developing the capabilities and
serve student companies and SMEs skills of male and female students in the fields of
business.
Oman Chamber of Commerce and Industry (OCCI)
Branch in the South Al Batinah Governorate signed a Al-Saadi pointed out that the Takamul initiative
memorandum of cooperation (MoC) with the branch includes a set of reports and research aimed at studying
of the University of Technology and Applied Sciences the governmental procedures followed in granting
in Al Musanah, in the presence of His Excellency licenses to the business sector. The aim is to submit
Eng. Rida bin Juma Al Saleh, OCCI Chairman . The recommendations and suggestions to the relevant
memorandum aims to achieve cooperation in the competent public authorities on the development
“Takamul” initiative for SMEs and the “Badir” of the procedures followed in granting licenses for
initiative for student companies to serve the public and various commercial activities.
private sectors interests and enhance the development “ The agreement included the organization of a number
of the business environment. of activities and events through the “Badir” initiative
for student companies with the aim of developing
The agreement was signed by Eng. Hammoud bin
and stimulating the entrepreneurship climate at the
Salem Al-Saadi, Chairman of the OCCI 's branch in the
university in particular and the governorate in general.
governorate, and Dr. Ahmed bin Ali Al-Shahri, Dean of
We also seek to prepare male and female students to
the University branch in Al-Musanna.
engage in the business environment by exchanging
En Al Saadi said that the signing of the MoC comes as knowledge with each other and with business owners.
a desire to activate real cooperation and partnership We will also work to highlight the competitive
between the public and private sectors and to advantage that student companies possess and develop
establish the principles of community partnership. the skills of positive and honest competition between
This agreement also reflects the serious desire of male and female students in the fields of business. This
both parties to enhance cooperation to serve the three contributes to helping successful student companies
production parties. to formally transform into SMEs and enter the local
“The integration initiative for SMEs emanates from the market”, he added.
importance of the sector, which is one of the most vital Omar bin Rashid Al-Shibli, the economic researcher
sectors that actively contribute to the development at OCCI’s branch in the South Al Batinah Governorate,
of the national economy and create job opportunities presented a working paper in which he talked about
for young people. The “Badir” initiative comes in the most important efforts of the branch in the research
response to the increase in the number of student aspect by presenting a study on customs clearance
companies in the governorate and the spread of a through seaports, and a study of the visa system for
culture of entrepreneurship among students. Through truck drivers in the GCC countries and its impact on
the initiative , OCCI branch supports the university transportation costs.

AL GHORFA
COMMITTEES AL GHORFA

OCCI Seeks to enhance the contribut

ion of the service sector to the GDP,
says Ali Al Ajmi, Head of OCCI Services
and IT Sector Committee
The service sector is one of the vital sectors of the national economy as it contributes
to 70% of the GDP. Although the sector may be in a nascent stage, it still supports other
economic sectors. While the Omani service sector has witnessed remarkable decline
during COVID-19, it is showing recovery signs over the past period
Al Ghorfa magazine has this freewheeling interview with Ali ideas and SMEs, which may enhance the level of services,
bin Hamdan Al Ajmi, OCCI Board member and Head of OCCI provided at the different service sectors.
Services and IT Sector Committee on the efforts made by OCCI
In response to a question about the role of the Committee
to support this vital sector.
in studying the challenges that faces the service sectors, Al
Al Ajmi noted that the formation of a committee for services Ajmi noted that the Committee plays a vital role in supporting
and IT sector during the current OCCI term reflect the the private sector organizations operating in this field. The
importance of this vital sector. The aim of this Committee is to committee held several meetings during the last period in
support the national efforts made to enhance the contribution order to discuss and study the difficulties facing the service
of this sector to the GDP, study the challenges facing its growth sectors in the Sultanate, such as the challenges related to
and devise proper solutions to address such challenges. the regulations for recruitment agencies and challenges of
SANAD and translation offices. To overcome these difficulties,
“The Committee organizes events and activities to raise
the Committee held several meetings with officials to discuss
awareness of the service sector and support it in coordination
and find appropriate solutions, including a meeting with the
with other stakeholders. The Committee also studies the laws
Minister of Commerce and Industry and a meeting with the
and regulations that regulate the service sector and propose
Director General of the Ministry of Commerce, Industry and
amendments to such laws and regulations. It also explores
Investment Promotion to discuss the challenges of SANAD
the investment opportunities at the different sectors and
Offices. The Committee also met with officials from the Public
encourages businessmen to invest in this vital sector. The
Authority for Consumer Protection and the Ministry of Labour.
Committee, in cooperation with other relevant organizations,
evaluates the performance of the different service organizations In response to a question about the legislative environment,
to develop and improve their performance. It also supports the Al-Ajmi noted “In the beginning, it should be noted that the

54 Issue No 255 / June - July 2022

transformation strategy of the Oman Chamber of Commerce • Heavy equipment rental project
and Industry was prepared based on three basic principles that • Two integrated fuel stations on the Mahout - Duqm , Al
are in line with the strategic objectives of the Oman Vision Jazer road
2040, which emphasizes that the future of the Omani economy • An integrated station for the maintenance of trucks and
will be built on technology and innovation. This allows the heavy equipment
production of competitive goods and services in which the • The establishment of a College for Maritime Logistics and
knowledge and technical component can contribute to the Transportation Sciences
development of the economy and enhance its competitiveness. • Building integrated private schools and nurseries
Al-Ajmi also indicated that OCCI seeks to build applications, • The establishment of a Space Experiments Simulation
platforms, and e-services solutions, as well as to collect, Center.
manage, analyze and publish data for specialists to provide
The list of projects in the digital intelligence and information
security for information and IT infrastructure.
technology sector includes Business Acceleration Parks,
“We believe that the legislative aspect has been developed Research, Technology and Innovation Park. Data center and
in line with the next phase of the services and information cloud services, a project for using massive 3D printers to
technology sector. Many laws and regulations were issued build homes, e-shops using wheel is Moby Mart applications,
including but not limited to the Public-Private Partnership and automatic multi-storey car parks equipped with modern
Law, the Privatization Law, and the establishment of the systems and technologies.
Commercial Arbitration Center, the Innovation Center, the In response to a question about the files and small and
Bankruptcy Law and the Foreign Capital Investment Law. medium-sized projects that the Committee has dealt with to
Considering the administrative developments undertaken support the sector's capabilities, Al-Ajmi pointed out that the
by the Omani government under the wise leadership of His Committee sought to raise the level of the recruitment offices
Majesty the Sultan, we expect that this legislative environment by finding appropriate solutions to the challenges they face.
will have positive effects on the development and growth The Committee also sought to organize the translation sector
of the service sector. The improvements will contribute to in cooperation with the Ministry of Commerce, Industry
allowing the practice of commercial activities more easily, and and Investment Promotion and the Ministry of Labour. The
will contribute to ensuring investor-friendly environment. The Committee also sought to enhance the capabilities of SANAD
investment of the Sultanate is in line with Oman Vision 2040. Offices, which play a major role in providing jobs for job
seekers. The Committee also studied the challenges facing art
Al-Ajmi pointed out that the Omani service sector has many production companies. With regard to the recommendations
rich investment opportunities. There are many investment raised by the Committee to OCCI’s BoD for approval, Al-
opportunities in the digital transformation and 4IR sector. Ajmi said, “The Committee recommended following up
This is just a simple list of some of the opportunities that have issues related to stumbling companies with the concerned
emerged from specialized studies of investment opportunities authorities to find solutions that suit all stakeholders. The
in some governorates: Committee recommended approaching the Public Authority
• Offshore Services companies for ships transiting in the port for SME Development, after taking the proposals of the OCCI’s
of Duqm branches, to find a mechanism to support cardholders. The
• The integrated service station in the fishing port of Duqm Committee also recommended conducting a questionnaire
• The logistic village project, and a marine pollution to assess OCCI’s role in solving the issues facing the private
management and treatment company to serve Duqm companies and institutions.

AL GHORFA
VIEWPOINT

Crowdfunding 101: Understanding the Basics

Ms Riza Ismail
COO and Compliance Director
EthisX, Sultanate of Oman

Crowdfunding refers to the practice of funding a project, funder i.e investor and the recipient. For one, the
business or campaign by raising small amounts of platforms on which they are promoted, reduce
money from a large pool of people. This is mostly done search and transaction costs, thus allowing higher
through the internet, however, its history goes back to participation in the market.
much earlier to the time of the Prophet ‫ﷺ‬. The word
It also allows regular individual investors, especially
“crowdfunding” itself seems to be a recent development.
those with relatively less capital, to invest in
The Importance of Crowdfunding startups or early-stage companies, a move that was
Crowdfunding shows promise today more than ever traditionally more accessible to angel investor groups
before to fund worthy causes, companies, ventures and venture capital firms.
or projects. Modern technological developments have
Most importantly, it opens up possibilities for
made this possible and a simple process. Through
investing in neglected areas like the low tech
the internet, crowds are engaged to fund for-profit
consumer products which are often ignored in favour
companies, ideas, noble causes and environmental
of high-tech investments.
projects wherever they may be based.
Enter Islamic Crowdfunding
Through unique storytelling via the crowdfunding
Muslims and ethically-minded people of other
platform, funders i.e investors get connected with
faiths prefer investing in what is called Islamic
projects or businesses on a more personal level,
crowdfunding, which is guided by Shariah rules that
giving them a sense of satisfaction that they have
stipulate which investments are permissible and
been—to some extent—instrumental in the success of
which are not.
a company, venture, project or cause.
In general, Islamic crowdfunding offers investors
More importantly, crowdfunding frees ventures from
greater protection compared to conventional
the influence of lobbyists and big investors, and it
crowdfunding. This is because Islamic rules impose
allows startup founders to raise funds without giving
a high degree of responsibility on those handling
up control to investors.
the funds (crowdfunding platforms) and users of
the funds, preventing unnecessary speculation
Types of Crowdfunding
and barring investments in non-Shariah-compliant
Generally, there are four types of crowdfunding
sectors, which is why these platforms have duly
available. These are namely:
constituted Shariah boards.
• Equity crowdfunding where the funder receives
Islamic crowdfunding platforms also offer investors
shares of a company, often in its early or growth
confidence that their funds will be channelled to
stages, in exchange for the funds contributed;
productive ventures.
• Peer-to-peer (P2P) crowdfunding where companies
obtain financing/loans directly from funders; Crowdfunding in Oman
The Capital Market Authority of the Sultanate of Oman
• Rewards crowdfunding where entrepreneurs pre-sell
(CMA) issued new rules on crowdfunding platforms
a product or service to launch a business concept
through Decision No. E/153/2021 in November 2021
without incurring debt or giving up equity; and
and followed by the licensing of the first global
• Charity crowdfunding where individuals or organisations Shariah-compliant crowdfunding platform operator,
donate money to a project or cause. EthisX, in the Sultanate of Oman, in March 2022.

The CMA regulates all crowdfunding activities in

Benefits of Crowdfunding
Oman, including donation-based, rewards-based,
Crowdfunding offers several benefits to both the

56 Issue No 255 / June - July 2022

equity-based and peer-to-peer (P2P) financing. • All information related to it, its management,
financial statements, business plan and purpose of
Companies interested in raising funds via
participation, targeted amount, proposed offering
crowdfunding must adhere to a set of rules as follows:
period and the required percentage of acceptance
• Only incorporated companies and enterprises are (if any).
allowed to raise funding on the platform.
• Any statements or information requested by the
• Must not be public joint-stock companies or entities investors (where applicable) or errors or adverse
with no specific business plans or non-profit material changes to the issuer i.e applicant for
organisations. funding or its projects.

• Must not concurrently raise funds on other • The rewards or any potential investment risks.
crowdfunding platforms in the Sultanate of Oman.
• Exit procedures from any investments.
• Companies which are constituted less than 12
In addition, the companies must ensure that there is
months may apply for funding of up to RO 100,000
an effective, transparent and regular communication
and must provide financial statements approved by
with investors and provide regular updates on the
the board of directors/ shareholders.
progress of use of funds, business and financial
• Companies which are constituted 12 months or position.
more must produce audited financial statements
Reach out to EthisX at support@ethis.co to learn how
prepared by an auditor accredited by the CMA.
your business can start raising funds!
There is no limit to the funding amount allowed to
be raised.

• Must ensure that all information submitted or

disclosed to the crowdfunding platform operator is
true and accurate, otherwise the companies will be
subject to liability.

Companies seeking funding must provide the

following information to be listed on a platform:

AL GHORFA
OCCI MILESTONES

This corner looks at memories of Oman Chamber of

Commerce and Industry, and the most prominent
developments and events that OCCI has witnessed since its
establishment nearly half a century ago.
The seventh
annual meeting
of the Public
Authority of
Oman Chamber
of Commerce and
Industry in 1981

During OCCI’s
participation in the
activities of the Arab-
French Chamber of
Commerce in 1981

Highlighting
the civilized
and cultural
role of Oman in
international trade
exchange during
the Omani Media
Economic Day in
France in 1981

58 Issue No 255 / June - July 2022

 Highlighting the
economic situation
of the Sultanate
during the Omani
Media Economic
Day in France in
1981

OCCI’s Board of
Directors meeting
headed by Sheikh
Ahmed bin
Muhammad bin
Omair Al Hinai in
1981

OCCI’s
participation in
the Food Security
Conference for
the Arab Gulf
Countries in 1981

AL GHORFA
STATIONS

The new business

situation

Nasser Al-Harthy
Editor at Oman Chamber of Commerce and Industry

The world, which has not recovered from the Corona a result of the decline and delay in government contracts
crisis, found itself facing a new economic crisis caused and the weakness of the supply chain.
by the Russian-Ukrainian crisis. There is a sense of
uncertainty about the length of crises. We may be at the Rethink: Both companies and government should pursue
beginning of a long-term crisis or a domino effect crisis. new business model strategies capable of achieving a
We hope that it will be a medium or short-term crisis. higher rate of self-sufficiency and localization for local
These days, international planning centers are studying industries. This helps both companies and government to
how companies and entrepreneurs can deal with the new become immune to sudden crises. This includes greater
situation, and the most important work mechanisms that activation of In-Country Value programs, especially in
can be followed to get out with the least damage and take basic industries sector.
advantage of the available opportunities. We will try to
review some ideas in this article. Preparedness: Private and public sector organizations
must have greater flexibility and ability to keep pace
The rapid changes in the global scene are affecting with changes in the twenty-first century. The inability
companies locally and globally at all levels. It is not of some local institutions to keep pace with the new
surprising to find a small cafe whose prices are rising situation resulted from their use of outdated traditional
these days as a result of the high cost on the supply chain work systems, which relied heavily on the continuous
in addition to the high price of the materials used in the government support.
coffee product. Here comes the importance of companies
developing plans and strategies to reduce the effects of Transfer of knowledge: Many companies suffer from the
crises and developing emergency plans based on the lack of mechanisms and methods for sharing information
uncertainty of future situations. These plans should be with the shareholders of the company. This leads
flexible because the sectors affected by the Corona crisis to problems related to the methods of assessing the
are not necessarily the same ones that are affected by damages resulting from crises and the available means
the Russian-Ukrainian crisis. For example, the energy, to address them. Many entrepreneurs focused on calling
aviation and tourism sectors were among the most affected for financial support to mitigate the damages. It is true
but the food sector is now at the forefront of the sectors that the financial deficit and the decline in revenues is
affected by the new crisis. the result of the crisis, and it was possible to find more
dynamic and less costly solutions if information that is
I would like to review the most important points outlined more transparent was available about the company's work
by PwC of Britain, a global company specialized in data mechanism.
analysis and business sector services, about the most
important ways to deal with the new situation, which are Expanding: By following the previous steps, the company
as follows: can expand but with a high ability to adapt to the rapid
changes. In no case can private sector institutions stop
Reform: By repairing, the damage caused by the crisis, such working for a very long time, except in the event of
as weak revenues, increased spending, and addressing the bankruptcy and loss. Companies should equip themselves
company's balance sheet. This applies to Omani private with tools that make them viable for longer and at lower
sector institutions whose revenues have been affected as operating costs.

60 Issue No 255 / June - July 2022