OABC News

On December 14, OABC Members were invited to attend ‘Update on Oman’s foreign investment law’, in partnership with Dentons.

A Premium Member of OABC, Dentons was one of the earliest international firms to open its doors in Oman and has steadily grown to become the largest international law firm operating in the Sultanate. Dentons are truly in and of the community, with long-standing relationships with local business communities, governments and regulatory authorities.

The team offered useful information based on experiences spent advising on the new law, and shared a copy of their presentation with Members. We give special thanks to Jamie Gibson, Riaz Haq and Yaqdhan Al Busaidi, and the Dentons team for their willingness to address the OABC and share valuable time and effort in preparing this session for us.

On November 17th, OABC partnered with the U.S. Mission to the UAE and other sister Amchams in the region for a live webinar “What Comes Next: A Post Election Review” with Eric Ham.

As the COVID-19 pandemic continues to impact Oman and the region, The National Detergent Company (NDC), the maker of the best detergent brand Bahar, supported the country and the community by introducing a range of innovative and convenient COVID fighting products.

NDC’s COVID fighting product portfolio includes Farah Hand Sanitizer Pocket Spray, Farah Hand Sanitizer Gel, Bahar Premium Antiseptic Liquid, Bahar Antimicrobial Disinfectant Spray, Bahar Gold Multipurpose Disinfectant and PInex.

Farah Hand Sanitizer Pocket Spray, a next-generation hand sanitizer that provides enhanced germ-killing power while being skin-friendly, can be carried in your pocket and offers protection and safety on the go. Farah Hand Sanitizer Gel range – 20ml, 80ml, 270ml, 500ml, 5Ltr, was approved by Oman’s Ministry of Health in the initial stages of COVID -19.

Today, a much sought-after product among consumers in the Sultanate, Farah hand sanitizer contains 70% ethyl alcohol and can kill 99.99% of harmful germs. The hand sanitizer is ideal for corporates, institutions, hospitals, individuals, families and frontline healthcare workers.

NDC’s Bahar Premium antiseptic disinfectant, which provides all-round family protection against germs, has also received the approval from Oman’s Ministry of Health. The disinfectant liquid which is ideal for personal and household cleaning purposes kills 99.99% of germs.

NDC’s other wellness and hygiene products in the laundry, personal and home care segments include Bahar Powder detergent, Bahar Liquid Detergent, Bahar Premium Dishwashing Liquid, Bahar Clean, D’zire antibacterial soap and Farah anti-bacterial hand wash liquid.

On October 26th, OABC partnered with Amcham Bahrain to present a live webinar on U.S. Franchise Opportunities in the GCC, and this included an introduction to international franchise experts and information about U.S. brands interested in entering Oman or finding partners within the GCC.

The presenters discussed the impact of covid-19 on franchising and highlighted recent trends to be aware of as you explore opportunities in 2020.

“Sure, I have a LinkedIn,” is easy to say, and a profile is a cinch to set up.  But how can a professional take an average profile or company page to the next level on Oman’s fastest-growing professional platform?

The Oman American Business Center (OABC) hosted its first-ever LinkedIn training session for executives and business people in Oman on Tuesday, October 20, from 4 pm – 5 pm.
The session, entitled ‘LinkedIn Hacks with Mohammed Al Tamami’ helped equip leaders and businesses as they leverage LinkedIn for their daily work life and business.

The online event was open to both OABC Members and guests from the public, and addressed several topics, including why and how LinkedIn is different from other social media platforms; the basics of LinkedIn, how to create a clear LinkedIn strategy; understanding social media analytics, and troubleshooting challenges.
“Equipping individuals with clarity and getting people more comfortable with themselves as they leverage LinkedIn for their purposes is by far the most important and foundational aspect of this webinar and conversation,” says Mohammed Al Tamami, the main partner and presenter.

Mohammed Al Tamami is a Media Planning & Strategy graduate who spent 10+ years of his career working on global consulting and advisory assignments on innovation, technology and strategy, and is the Co-Founder & Chief Strategy Officer of a young and upcoming financial technology start-up that provides AI-driven capabilities for the financial services industry.

“We are extremely excited to support our members and guests by covering a topic that is especially appropriate for 2020. Like it or not, we’re living in a new digital world of ZOOM and online networking.  As the use of LinkedIn continues to grow in Oman and the region, every one of us has room to improve our strategy and tactics. As always, we are looking to help our members — CEO’s, business owners and other professionals— grow their networks and their business, to enhance their profiles, expand their reach, and make essential connections — in this case, online,” says Rebecca Olson, Executive Director of the OABC.
All members of the OABC received a free one-to-one consultation service with Mohammed Al Tamami after the session.

On October 10th, OABC partnered with Amcham Bahrain to present a live webinar on Doing Business with the U.S. Navy.

With the presence of the U.S. Navy in Duqm, the event included procedures followed by the U.S. Government to obtain products and services in Bahrain, Oman and throughout the region.

This event is part of AmCham’s mission to inform its members and the local business community about opportunities to do Business with the U.S. Government, and while it is usually two half-day workshops this session was condensed for an online event, as per the following:

Opening Remarks:

•   Qays Zu’bi, President, AmCham Bahrain
•   CAPT Timothy Griffin, Commanding Officer, Naval Supply Systems Command (NAVASUP), Fleet Logistics Center (FLC) Bahrain

Overview: How to Do Business with the U.S. Navy

•  Rick Bauer, Director of Contracts, NAVSUP FLC Bahrain

Topics included:

•  U.S. government contracting process
•  How to register as a U.S. government contractor
•  Vendor payment process
•  Ship repair and support
•   Retail concessions on base
•  Common services & supplies needed: construction, housing, health care, office supplies, food, cars, logistics, and much more.

Thank you to each of our members and guests who attended OABC’s October Social on Tuesday, October 6th.

The evening was a relaxed chance to network and catch up with members in small groups of 5-6 for a few minutes at a time, with 32 (yes 32!!) raffle prizes drawn in-between break out sessions.

The event celebrated the reopening of several member companies, and we wish each the best in this new normal.
Thank you to all the evening’s sponsors, and also for the feedback, emails or calls we received after the event. We look forward to seeing each of you at the next online or in-person event!

The US Department of State Investment Climate Report on the sultanate released last week applauds Oman for continuing to improve regulatory frameworks to establish an economic climate conducive to foreign investment.

The report highlights Oman’s smooth transition of power in January, which reassured investors of the country’s political stability, and the country’s focus on ports, free trade zones, and logistic hubs as promising developments.

The US Department of State released the 2020 Investment Climate Statements on 165 foreign markets on September 9.

‘Oman is taking steps towards making the country a more attractive destination for foreign investment. However, to improve the country’s overall investment climate substantially, the government will need to lessen its dependency on oil, and open up key sectors to private sector competition and foreign investment. These measures have a renewed sense of urgency in the wake of the dual crises of the oil price collapse and the COVID-19 pandemic,’ stated the report.

Oman touts its geographic advantages and interest in attracting foreign direct investment (FDI) in key sectors. It is located just outside the Arabian Gulf and Strait of Hormuz, with proximity to shipping lanes carrying a significant share of the world’s maritime commercial traffic and access to larger regional markets. ‘Oman’s most promising development projects and investment opportunities involve its ports and free zones, most notably in Duqm, where the government envisions a 2,000sq km free trade zone and logistics hub at the crossroads of East Africa and South Asia.’

The report added that Oman promulgated five new laws in 2019 to promote investment – the Public-Private Partnership Law; the Foreign Capital Investment Law (FCIL); the Privatisation Law; the Bankruptcy Law; and the Commercial Companies Law.

‘Oman’s long awaited FCIL holds particular promise for removing minimum share capital requirements and limits on the amount of foreign ownership of an Omani company.’

‘His Majesty Sultan Haitham bin Tarik’s smooth accession following the passing of the late H M Sultan Qaboos bin Said in January 2020 showed Oman’s political stability, reassuring many investors,’ the report said.

Retrieved from: https://muscatdaily.com/Oman/388006/US-applauds-investment-climate,-stability-in-Oman-

The Oman American Business Center (OABC) will host a free informational session for Omani exporters interested in promoting their products in the United States.

The session will discuss how to attend ASD Market Week, one of the oldest and largest consumer trade shows in the US, now available for online attendance.

Though the show cannot be conducted in-person, many are anxious to get back to business, which is why the organisers announced plans to launch the Virtual Product Sourcing Platform, from October 2, 2020, to March 2021.

This virtual directory gives the 225,000 invited buyers and 2,700 vendors the opportunity to connect and conduct business-to-business meetings. Buyers can source new products, refill orders and schedule appointments all through the online platform.

This virtual platform enables vendors to showcase their products in an  easy to navigate directory.

At the end of the online trade show, exporters are also invited to attend a full scale, live edition of ASD Market Week on February 28-March 3, 2021, in Las Vegas, NV.

The show focuses primarily on wholesale of fashion accessories, housewares, gifts and toys, apparel, affordable footwear, holiday and seasonal merchandise, souvenirs and novelties, electronic accessories, bedding and bath, health and beauty products and general merchandise.

“Oman is one of only 20 countries in the world, and one of two countries within the GCC, that has a free trade agreement with the US,” explained Ali Daud, chairman of the OABC.

“In this exclusive club of trade partners there is so much untapped potential ready to be explored. This online opportunity is a fantastic chance for Omani exporters to engage with the world’s largest economy and fish in the world’s largest ocean.”

“We are extremely excited to support companies looking to attend this event,” said Rebecca Olson, executive director of the OABC.

“The first unique opportunity presented here is the chance to connect with buyers over a long period: rather than 2-3 days, attendees can plan meetings and make connections over several months.  The second opportunity relates to cost – typically to exhibit at a show in-person could cost upwards of US$20,000. This show will cost less than 1/10 of that price, and could provide value and help companies gauge whether or not to make the trip in-person in 2021.”

After the info session, those who wish to register for the trade show will have the experience and support of the OABC at their service.

All members of the OABC will receive specialised training over multiple days, focused on how to attend the trade show and make the most of the experience as a vendor.

While the info session is mainly focused on companies looking to export to the US, importers in Oman may also attend the session.

Many of the vendors exhibiting will have ‘Made in USA’ products available. Thanks to the FTA, these products enter Oman duty-free.

Retrieved from: https://muscatdaily.com/Oman/387868/His-Majesty%E2%80%99s-promotion-of-economic-freedom-praised-

The Heritage Foundation, a US-based research organisation formulating public policies, has praised the efforts of His Majesty Sultan Haitham bin Tarik in promoting economic freedom for the sultanate, modernising the economy and strengthening relations with the United States.

In a report published in The Daily Signal, an American political media news website, Anthony B Kim, research manager and editor of the Index of Economic Freedom, at The Heritage Foundation, said that Washington currently has a unique opportunity to build on the existing good relations with the sultanate and reaffirm it as a reliable partner in dealing with the many challenges facing the Middle East.

About the economy, the report stated that it is notable that Oman is the sixth-freest economy in the Middle East and North Africa region, according to the Heritage Foundation’s latest edition of the annual Index of Economic Freedom.

The country’s overall economic freedom score has increased by 2.6 points from last year, with significant improvements in all areas related to the rule of law.

‘As a moderately free economy, Oman’s economy has been undergoing modernisation and liberalisation, albeit gradually,’ it added.

‘Recognising the importance of developing a dynamic entrepreneurial environment, the government has acted to diversify economic activity and stimulate broader-based development. An effort is underway to develop a new bankruptcy and insolvency law, which would help to improve the country’s business environment and increase foreign direct investment inflows.’

Kim further said that such improvements in economic freedom would aid the government’s efforts to develop the economy beyond the oil sector more rapidly, positioning Oman as an even more valuable trading partner for the United States and others, and increasing the country’s standing and influence in the region.

‘Washington’s renewed good relations with Muscat will benefit not only the US, but other partners in the region as well, as the two longtime partners move forward together,’ he wrote.

The US is one of Oman’s largest trading partners, exporting about US$2bn in goods to Oman and importing around US$1bn in goods from the sultanate.

The first contact between the US and Oman was in 1790, and the relationship became formalised in 1833 with a Treaty of Amity and Commerce, the first bilateral trade deal between the US and an Arab Gulf state. In 1840, Oman sent the first accredited diplomat from the Arab world to the US.

‘Continuing that unique, long-established relationship with America, Oman has been a more strategic partner of the United States since 1980, when it became the first Gulf state to sign a formal accord permitting the US military to use its facilities.’

The US-Oman free trade agreement – the sultanate’s only bilateral trade agreement – was signed in 2006, and since then, it has led to increased partnerships between Omani and US companies in a broad range of industries, not limited to energy.