News

The Oman American Business Council (OABC) Tourism Committee recently held a high-level roundtable, bringing together top industry leaders from Oman’s tourism sector. Con Korfiatis, CEO of Oman Air and guest speaker for the event, addressed CEOs and general managers from leading hotels, tour companies, and tourism organizations. His presentation covered Oman Air’s vision for bolstering Oman as a global tourism destination and shared strategies aimed at attracting more visitors, including new initiatives to encourage extended stays through Oman Air’s stopover programs.

This gathering, held at Europcar’s regional HQ for Oman and Bahrain, highlighted the Tourism Committee’s role, established in 2023, as a dedicated platform for industry professionals to connect, provide feedback, and stay informed on emerging trends. The Committee is committed to supporting Oman’s goal of building a thriving, year-round tourism sector, with a special focus on welcoming American tourists and increasing summer tourism in Oman—an objective aimed at placing Oman on par with neighboring destinations that experience peak tourism during the summer months.

Rebecca Olson, CEO of OABC, emphasized the significance of Oman Air’s engagement with the committee, noting, “We were honored to host Con Korfiatis in his role as CEO of Oman Air, especially given his busy schedule. Events like this one are exactly why the Tourism Committee exists—to bring industry leaders together to share insights and collectively support Oman’s tourism ambitions, which are too big for any one entity to achieve alone. Thanks also to Europcar for hosting the event, always looking for ways to support Oman’s business community.”

Nitin Sapre, CEO of Europcar Oman & Bahrain, also expressed his appreciation for the gathering, adding, “It was a privilege to host this important discussion with OABC and Oman Air as part of our commitment to supporting Oman’s business community.”

OABC welcomed delegates from the space industry this past week at our office in Bait Al Reem for a conversation on business in Oman.

We were honored to welcome Farhat Jahangir to share his relevant insights on GSME’s entrance into Oman’s (growing!) semiconductor sector, how the U.S.-Oman FTA influenced the decision to set up in Muscat, and his experience working with Omani entities to expand the business. Thank you, Farhat, for sharing areas of crossover that relate to other new sectors like space, and for joining OABC’s CEO, Rebecca Olson, in sharing positive remarks about the Sultanate with our guests.
We hope the session will pave the way for more communication, in-person visits, partnerships and eventually, success in Oman and growth for these companies. Thanks to the Department of State’s Office of Global Partnerships for their work in organizing the delegation, to the U.S. Embassy Muscat for the collaboration, and to each delegate for your questions and interest in OABC. Read more here.

OABC was honored to host Judith D. Pryor, First Vice President and Vice Chair of the Board at the U.S. EXIM Bank, for an exclusive, high-level roundtable with senior representatives from Oman’s banking sector.

The discussion centered on the $500 million Memorandum of Understanding (MOU) between Oman and the U.S., designed to increase financing for key projects in Oman and facilitate the purchase of U.S. exports. Judith Pryor shared valuable insights on how EXIM Bank can work alongside Omani banks to support economic growth and enhance financing solutions for major sectors.

This high-level dialogue underscored the significant opportunities created by the MOU and set the stage for strengthened financial cooperation between the U.S. and Oman.

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Our premium members had the exclusive opportunity to engage with Jason Buntin, who played a key role in drafting the Oman-USA Free Trade Agreement (FTA). Jason shared invaluable insights on the FTA and offered practical guidance on how businesses can leverage this agreement for success.

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Muscat, Oman – The Oman American Business Center (OABC) recently hosted a successful Oman Future Fund Webinar, showcasing investment opportunities through the Oman Future Fund. The event saw high engagement from OABC members and a strong presence from U.S. companies, keen to explore business prospects in Oman.

The webinar, held in partnership with the Oman Embassy in Washington DC, featured a presentation by Sultan Al Busaidi, representative of the Oman Investment Authority (OIA) and the Future Fund Oman, who highlighted the submission requirements, target segments, key investment sectors including agriculture, mining, information technology and communication, green energy, fisheries, logistics and more.

Ali Daud, President and Chairman Emeritus of the Oman American Business Council, emphasized the significance of Oman’s investment potential, stating, “The Oman Future Fund offers a strategic gateway for international investors to access Oman’s growing economy and diverse sectors. We are excited to see so much interest from U.S. firms in partnering with Oman for long-term growth.”

OABC’s CEO, Rebecca Olson, highlighted the collaborative effort behind the event, saying, “This webinar is a testament to the willingness of Omani entities to engage with U.S. companies and investors across a variety of ways. We’re proud to have connected our members with such valuable information, and the participation from U.S. companies speaks volumes about the interest in Oman’s investment potential.”

The OABC’s Tourism Committee came together on April 29 for an inspiring brainstorming session. The OABC extends its heartfelt gratitude to Grand Hyatt Muscat Hotel for graciously hosting the meeting.

The session was marked by the exchange of brilliant ideas and enthusiastic discussions on enhancing tourism initiatives. From innovative strategies to collaborative partnerships, members contributed valuable insights aimed at advancing Oman’s tourism sector. Click here for more!

On February 22nd, the Oman Tourism Committee kick-off meeting took place at the Sheraton Hotel Muscat, and it was nothing short of inspiring! It was a focused gathering where the best ideas came together, setting the stage for exciting initiatives ahead. Read more

Harshal Dutia is heading up three new programs at the OABC to support further the use of the U.S. Oman FTA, and the commercial relationship between the U.S. and Oman on a more practical level. He shares more of the vision behind our services in the below article.

Tell us more about you, Harshal

Hi! I’m Harshal Dutia. Over the past decade, I’ve had the privilege of serving in diverse capacities across governmental non-profit organizations, private for-profit sectors, and international trade promotion. I’ve delved into pivotal roles encompassing trade development, investment promotion, finance, and cyber forensics.

Before my current role with the Oman American Business Council (OABC), I honed my skills as a Marketing Manager at the Korean Trade-Investment Promotion Agency (KOTRA), stationed at their Muscat office for over seven years. This role was instrumental in fostering trade relations between Oman and South Korea, driven by a state-funded initiative. This included liaising with government and private sector clients in Oman, facilitating deals, and overseeing the introduction of various products and technologies into the Omani market. I organized demonstrations, site visits, and ministerial delegations to and from Korea, showcasing the potential for collaboration in sectors such as oil & gas, defense, consumable goods, and cosmetics. Additionally, I utilized digital marketing strategies, market analysis, and research to identify emerging trends and facilitate Korean companies’ entry into the Omani market.

After which, I held the mantle of Business Development Manager, overseeing the Middle East and South Asia regions for a first-of-its-kind cyber fusion SaaS platform. I worked on finding government and private sector clients in these regions to promote and sell the platform to.

Academically, I graduated with a Bachelor of Science (Hons) in Accounting and Finance from the University of Bradford in 2012. Since then, I’ve dedicated myself to continuous learning, acquiring certifications in finance, management accounting, and cybersecurity.

My passion lies in international trade, where I find fulfillment in facilitating businesses to thrive in new markets. This commitment extends beyond mere commerce; it’s about contributing to the economic growth and prosperity of both Oman and the United States.

Through my endeavors, I aspire to bridge gaps, foster collaborations, and drive sustainable growth. Each role I’ve undertaken has equipped me with a unique perspective and a diverse skill set, enabling me to make meaningful contributions to both the Omani and American business landscapes.

If there’s anything else you’d like to know or explore further, I am happy to connect.

Can you share more about OABC’s trade services and programs?

We at the Oman American Business Council (OABC) are excited to announce three programs designed to bolster trade between Oman and the United States. These programs cater to Omani and American companies seeking guidance and support as they explore business opportunities in each other’s markets.

1. U.S. Export Compass: This annual program assists Omani companies in entering the U.S. market. OABC professionals’ partner with each company, providing comprehensive export preparation, tailoring proposals and sales pitches for the U.S. market, and identifying genuine buyers. 
2. Gateway Oman: This monthly program caters to American companies seeking to export to Oman. We provide market research, statistics, and buyer introductions tailored to diverse industries. 
3. U.S. Import Compass: This monthly program caters to Omani companies seeking American products and aims to connect them with manufacturers, service providers, and traders throughout the U.S. It operates on a month-long basis.

In addition to the aforementioned programs, we also develop custom programs to meet the specific requirements of Omani and American businesses. These customized solutions may include designing and hosting delegations and roadshows, providing support in creating marketing materials tailored for the respective markets, and addressing any other specific needs related to trade and business development.

What is the overall vision for the program?

The vision we aim to achieve through these programs is multifaceted:

1. Facilitating Trade: We strive to facilitate smoother trade relations between Oman and the United States by providing comprehensive support and guidance to businesses from both countries. By offering tailored programs for exporting and importing companies, we aim to streamline the process of doing business across borders. Additionally, we aim to leverage the Free Trade Agreement (FTA) between Oman and the US to further enhance trade opportunities and remove barriers to commerce.
2. Promoting Economic Growth: Our programs are designed to contribute to the economic growth of both Oman and the United States. By helping Omani companies expand their market reach into the U.S. and assisting American companies in accessing the Omani market, we aim to foster increased trade volumes and business opportunities, ultimately leading to economic prosperity for both nations. The Memorandum of Understanding (MoU) signed between the Export-Import Bank of the United States (EXIM) and the Ministry of Finance, Sultanate of Oman in 2023 further underscores our commitment to bolstering economic growth through trade cooperation.
3. Building Stronger Business Relationships: Through initiatives like delegations, roadshows, one: one meetings, and networking opportunities, we seek to facilitate the establishment of strong and enduring business relationships between companies in Oman and the United States. These relationships can lead to long-term partnerships, collaborations, and mutually beneficial ventures, bolstered by the incentives provided by the FTA and the recent MoU between EXIM and Oman.
4. Enhancing International Cooperation: By promoting trade and business development between Oman and the United States, we aim to strengthen the ties between the two countries on an international level. Increased collaboration in the economic sphere can also pave the way for cooperation in other areas such as technology transfer, education, and cultural exchange. 

Overall, our vision is to create a dynamic and thriving ecosystem that fosters sustainable economic growth, mutual prosperity, and deepens the bonds of friendship and cooperation between Oman and the United States, leveraging the opportunities and incentives provided by the governments of both countries.

What do you think are the untapped areas of growth for the US Oman FTA?

While the Free Trade Agreement (FTA) has demonstrably bolstered Oman-US trade, I firmly believe significant untapped potential remains. My focus would be on strategically leveraging these areas for further growth and development.

1. Prioritizing Investment Facilitation: Strengthening investment protection and promotion is crucial. By enhancing investor confidence, streamlining procedures, and clarifying regulations, we can unlock greater cross-border investment flows, fostering robust economic activity.
2. Empowering SMEs: Equipping small and medium-sized enterprises (SMEs) with the tools they need to thrive in international trade is critical. Targeted capacity-building initiatives, access to financing via initiatives such as EXIM bank MoU with Oman Ministry of Finance and initiatives by organizations such as Riyada in Oman, and support with market entry strategies through initiative like our programs, we will empower these economic engines.
3. Embracing E-commerce: Integrating e-commerce provisions within the FTA is essential to capture the burgeoning digital trade landscape. Facilitating cross-border transactions, protecting consumer rights, and removing regulatory barriers will unlock a whole new avenue for collaboration. The U.S. has a streamlined and well-established e-commerce infrastructure in which Oman can be integrated in to with initiatives from logistics and digital payment partners.
4. Integrating Sustainable Development: Embedding sustainable development and environmental protection within the FTA framework ensures equitable trade benefits. Promoting environmental standards, social responsibility, and inclusive growth creates a win-win for both nations and their citizens. This also falls in line with the 2050 Net Zero Carbon initiative by His Majesty Sultan Haitham Bin Tariq Al Said and the U.S. committing to cut total greenhouse gas emissions by at least 50% by 2030. Both part of the Paris Agreement,
5. Forging Supply Chain Resilience: Collaborative efforts to strengthen supply chain resilience and diversification will mitigate risks associated with disruptions. Promoting regional integration, bolstering logistics infrastructure, and implementing trade facilitation measures are key areas for collaboration. The first step towards trade development is the initial business between two nations. To make it sustainable over a long period, every aspect of the supply chain needs to be fine tuned and it is an ever-evolving process. The nuances of these developments need to be accommodated in the FTA.

By focusing on these untapped areas, we can transform the FTA into a dynamic platform for even stronger Oman-US trade relations, fostering shared prosperity and a sustainable future.

During the Oman AI Summit 2024, key figures including HE Dr. Ali Al Shidhani, Undersecretary of MTCIT, H.E. Munther Al Busaidi, VP of Oman Vision 2040, Mr. Talal Al Saadi: Director’s Office, Ministry of the Interior, and AI Expert Dr. Joerg Bienert, joined a panel conversation moderated by OABC CEO Rebecca Olson. The panel discussed Oman’s AI integration and its significance for Oman Vision 2040. The summit focused on the role of AI in economic sectors, talent development, and governance, with am emphasis on the importance of AI regulation for data privacy and achieving the nation’s goals. For more details, visit here.

If you missed the event, check out the video here.

The Oman American Business Council, Oman’s largest and most active business networking group and the official affiliate of the U.S. Chamber of Commerce in Oman, in partnership with OABC Corporate Member Al Tamimi & Company, the region’s leading law firm, was delighted to host a successful morning session on the Omani Labor Law.

The event took place on Sept 5th at the Intercontinental Hotel Muscat, and brought together over 200 esteemed legal professionals, executives and business leaders to discuss the significant changes introduced by the new labor law. After networking and coffee, experts provided valuable insights and guidance on the implementation of the newly announced labor law, ensuring that employers and employees left well-informed and equipped to navigate the evolving legal landscape.

Highlights of the event included:

1. Presentation by Al Tamimi & Company, providing a comprehensive overview of the new labor law and its implications for businesses and employees in Oman.
2. Q&A session providing participants with the opportunity to seek clarification on specific aspects of the law.
3. Networking breaks allowing attendees to connect with like-minded business people and expand their professional network.
   

“OABC gathered over 200 professionals from every business sector in Oman, to receive clear, highly beneficial advice on a very important aspect; the new labor law, which impacts every business in Oman,” says Ali Daud, President and Chairman Emeritus of OABC.” These sorts of experiences and events set the organization apart here in Oman, and add incredible value for our members.”

“Reforms such as this new labor law show the government’s support of the country’s workforce and its ongoing drive towards continued development,” says Fouad Eid, Vice President of OABC and VP of Champion X, an American company and global leader in chemistry solutions, artificial lift systems, and highly engineered equipment and technologies. “At OABC, our membership consists of both local and foreign companies, and individuals from the public and private sector, who all look forward to this event to better understand the new law’s implementation.”

Abdelhaleem Mohammed Ahmed, Senior Counsel & Head of Litigation – Oman, Al Tamimi & Company, comments: “The new labor law overhauls the legal framework in respect of the employment relationship in the private sector and introduces significant changes to the old legal framework. The new law seeks to address changes in the work environment, align Oman labor relations with international best practices, and it is the most significant amendment to the Oman labor legislation since 2003. The New Law provides employers with additional rights for terminating employment relationships and introduces new and additional obligations on employers and employees alike. Employers should be aware that they are required to comply with the new law by 25 January 2024. Our team in Oman possesses a wealth of experience in respect of employment matters and disputes, and has an in-depth understanding of both the old and the new employment legal frameworks.”

“Since the day the labor law was announced, OABC members have been asking for this session to clarify aspects regarding its implementation, and we’re proud to present the topic with our Corporate Member, Al Tamimi & Company,” says Rebecca Olson, Chief Executive Officer at OABC. “This is part of OABC’s mission, to keep member companies in the know about changes, opportunities, and developments that impact their business in Oman.”

The event was free for OABC members. It was open to employers, HR professionals, legal practitioners, and anyone interested in gaining a comprehensive understanding of the new labor law regulations.

If you missed the session, click here to watch some snapshots of it.