OABC News

On August 17th, OABC’s members attended, ‘Oman Tax Update’, in partnership with EY.

The presentation from the team at EY covered information on several changes to the Oman Tax Law including VAT, Corporate Income Tax, and Excise Tax. Panelists include Alkesh Joshi, Partner – Oman Tax Leader & MENA Energy Tax Leader and David Stevens, Partner – MENA Indirect Tax Leader.

The team at EY also generously offered all OABC Member attendees a free one-on-one 30 minute VAT consultation at a time of their choosing.

We give special thanks to EY and their team for presenting and for kindly offering a free VAT consultation.

On July 21st, OABC Members were invited to attend ‘Update on the Oman Projects Market in Light of COVID-19’, in partnership with MEED.

A Premium Member of OABC, MEED is a Middle East business intelligence service that provides the latest news, data and analysis from across the Middle East. The session focused exclusively on Oman with plenty of time for question and answers.

We give thanks to Edward James, Director of Content and Analysis at MEED for his invaluable time and effort in preparing this session for us.

The Oman American Business Center (OABC) invited its members and special guests to an online introduction to the Public Authority for Privatization and Partnership (PAPP), to discuss the objectives and process of PAPP and to discuss opportunities open to companies in Oman.

Fouad Eid, Vice President of the OABC, welcomed members and introduced the presenter, Mr. Abraham Akkawi, PPP advisor.  Mr. Akkawi defined the work of PAPP clearly for all attendees and discussed the objectives, process and and tendering steps to take when working with the Authority.

Samples of projects currently in the pipeline were discussed, including the Misfah Waste Water Plant, Bundle of Schools, Royal Oman Police Hospital and the new Truck Road in Salalah.

In his remarks about partnering on the event, Mr. Akkawi referred to celebrating PAPP’s one-year anniversary during the first week of July. “PAPP is now one year old, and we are signaling to the local and global market that Oman is ready to start transacting in PPPs in several priority sectors.”

“We are proud to introduce OABC’s 160 member companies to the Public Authority for Privatisation and Partnership today,” says Rebecca Olson, Executive Director of the OABC.  “PAPP is doing a fantastic job during a difficult year, and they’re engaging the private sector and providing access to companies looking for information on PPP’s.  We thank Abraham and other stakeholders for the generous time spent connecting with the business community, and look forward to more collaboration in the future.”

Attendees were given time to ask questions at the end of the session, and more details were given on specific opportunities. Members were invited to the OABC’s next online event: ‘The Oman Project Market in Light of COVID-19,’ to be held on July 21st.  The session welcomes Edward James, Director of Content and Analysis at MEED Projects as presenter, and is open to all members. OABC will also give 20 tickets to the public, on a first come-first serve basis.

In his opening remarks, VP Fouad Eid also thanked the Premium Members of the OABC and all members who have renewed their memberships during COVID-19: “Thanks  to the support of these members, OABC will continue to connect, inform, and strengthen Oman’s business community through programs, events, B2B introductions, and other creative initiatives.”

In continuation to Foreign Capital Investment Law issued in July 2019, Ministerial Decision no. 72/2020, promulgating the Executive Regulations of the Foreign Capital Investment Law issued on 14 June 2020, the Sultanate took further steps to ease the investment process. Salient features of the new executive regulations are:

• Application, approvals, clearance, authorization and payment is going to be online
• A foreign investor can entrust a bank or management and financial consultancy offices, with the examination of the application for investment authorization and they can issue a certificate.
• A timeline fixed for the authority to object to the contents of this certificate and to decide on application
• Application to be submitted with minimum documentary requirements
• A single approval for the establishment, operation and management of the investment project set up to establish strategic projects
• Special privileges to projects set up in least developed regions
• Exemption from taxes, customs and non-customs duties to some specific projects
• Allocation of land & real estate for investment projects
• The competent authority shall ensure proper monitoring of the projects

Jim Joseph Itty, FCA, Certified in Business valuation (ACCA)

Associate Partner – Corporate Finance

jim.joseph@crowe.om

Level 5, The Office, Opposite Muscat Grand Mall

Al Khuwair, P.O Box 971, P.C 131,

Muscat, Sultanate of Oman

T: +968 2403 6300

www.crowe.om

On Monday, June 29, OABC hosted its first-ever ‘Virtual Speed Networking’ event.

During the event, the OABC team recreated the efficiency of in-person speed networking (our tenth such event), but in an online environment using ZOOM breakout rooms.  The afternoon was an exciting and innovative way to meet other members and business professionals, one person at a time, in a fast-paced environment.  Members met a new professional connection every three minutes.

The event was appreciated by many, and in considering the event’s popular demand, OABC will host another virtual speed networking event in September.

U.S. Ambassador to the Sultanate of Oman Leslie M. Tsou underscored the potential of Oman’s ports and aviation industries to contribute to the country’s GDP and bilateral trade in her opening remarks at a June 24 webinar for U.S. businesses, trade associations, and local stakeholders.

Top officials from Oman’s Public Authority for Investment Promotion & Export Development (Ithraa), Oman Aviation Group, and the three main ports and free zones of Salalah, Duqm, and Sohar presented on opportunities for U.S. businesses.  The presenters stressed their readiness to partner with U.S. companies on multi-modal transportation system plans in the logistics sector.
For more information, check out the individual speaker presentations from the webinar:

• Ithraa
• Oman Aviation Group
• Sohar Port & Freezone
• SEEZAD

Presenters included:

Azzan Al-Busaidi, CEO, Public Authority for Investment Promotion & Export Development (Ithraa)
Mustafa Al-Hinai, CEO, Oman Aviation Group;
Mark Hardiman, CEO, Port of Salalah;
Robert Bartstra, Executive Commercial Manager, Sohar Port & Freezone; and
Saleh Alhasani Director General of Investor Services, SEZAD

On June 21st, Muscat Daily and OABC hosted an insightful webinar on ‘Educating Our Children in the New Normal’. The session discussed the transition of educational teaching methods to online platforms and different approaches to learning from home.

A key theme was to create a routine that suits your lifestyle and to maintain a balance between learning, engaging in physical activity and expressing oneself creatively.

We give special thanks to the panelists and OABC member Sue Groesbeck, Head of ABA, an IB World School for moderating the session and addressing this imperative subject during these unprecedented times.

A fun evening with our staff, board and members of the OABC — our first-ever virtual cooking class with Chef @ilias_doulamis of the @grandhyattmuscat was a wonderful experience.

Members enjoyed cooking, watching, and learning traits of Italian cuisine while making potato gnocchi with rocket pesto and seasonal vegetables. We thank members for coming on board and trusting our first attempt at a more ‘social’ event — very different to a usual OABC event but we all enjoyed the opportunity to reconnect.

We give thanks to Paul Murphy GM of the Grand Hyatt and OABC Board member for sponsoring the cooking class and a very special thanks to Chef Doulamis for his time and effort in preparation for this evening.

On June 15th, OABC hosted a Sector Update on Logistics in Oman during and after Covid-19.

Premium Member Companies DHL Express, Port of Salalah and RA Logistics participated a panel discussion moderated by Mr. Warith Al Kharusi, Chairman of Al Safwa Group and Board Member of Oman Logistics Association.

Moustafa Osman, Mark Hardiman and Colin Mckinlay answered questions on the changes and challenges faced by each of their individual businesses and discussed the future of logistical operations in Oman.
We give special thanks to each and every panelist, moderator and our Media partner @imagineOman

On Wednesday, May 20, the OABC and members of the greater business community gathered virtually for a legal webinar in partnership with Global Advocacy and Legal Counsel (GALC).

The session addressed the following topics:
• Postponement of Tax
• Postponement of Shareholders Annual General Meetings
• Termination of Employment Relationships
• Termination of Tenancy Relationships

The event started with a talk from experts at GALC on the above topics, followed by engaging Q & A’s from members.

Global Advocacy and Legal Counsel Representatives included:
• Abdulredha Al Lawati, Partner, Oman
• Nasser Al Osaiba, Managing Partner, UAE
• Omar Al Shomali, Counsel, Hd of Corporate & Commercial