OABC News

The Oman American Business Center (OABC) and Stories announce a new strategic partnership aimed at supporting OABC member companies to grow their business and expand beyond borders under the “Spotlight on U.S. – Oman Free Trade Agreement (FTA)” awareness campaign.

OABC is the official affiliate of the US Chamber of Commerce in Oman, with a mission to foster commercial development between the U.S. and Oman and is also the largest and most active business networking group in the Sultanate. Stories is an online portal that supports business owners and founders to grow their businesses.

The OABC’s unwavering commitment to empowering businesses is further cemented through the “Spotlight on U.S. – Oman Free Trade Agreement (FTA)” awareness program and their efforts in providing businesses with critical insights into leveraging the FTA’s benefits, including tariff elimination and non-tariff trade facilitation.

With this strategic collaboration, Stories will be instrumental in amplifying OABC’s awareness efforts by harnessing the power of social media. With a dynamic tech-enabled portal, Stories’ expertise will be channeled towards promoting OABC’s FTA awareness program, and empowering businesses to seize global opportunities with confidence.

Stories will also provide OABC members with exclusive workshops and coaching calls tailored towards helping businesses unlock growth opportunities and drive success for executives, founders and business owners. 

“We look forward to working with Stories, an organization that shares our vision for fostering economic growth and building strong connections,” said Rebecca Olson, Chief Executive Officer at OABC. “The FTA has been benefiting Omani companies, American companies and even other foreign investors in Oman for over a decade, but there is so much more potential to see trade increase between our two nations. Highlighting the stories of small to large companies taking advantage of the FTA successfully is an excellent way to encourage more engagement and growth.”.

“We are thrilled to embark on this powerful partnership with OABC, where our shared vision of empowering businesses to flourish in the global marketplace aligns perfectly,” said Lubna Forzley, Founder and CEO at Stories. “By combining the expertise of Stories and the esteemed network of OABC we will unlock new horizons and opportunities for growth, ensuring that businesses can confidently stride towards success and leave a lasting impact on the global stage.”

Interested parties can follow these success stories on Instagram, LinkedIn and Facebook @oabcoman. For further information about the OABC and Stories, please visit https://oabc.org/ and https://why-stories.com/. 

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

The Oman American Business Council (OABC), in collaboration with Better Medical Solutions, successfully hosted its annual Back to Business Networking Evening on Tuesday, September 12, at the Sheraton Hotel Muscat. This event provided a platform for Omani and international businesses to reconnect, network, and prioritize their well-being while promoting the utilization of the US-Oman Free Trade Agreement (FTA). The event welcomed guest of honor U.S. Embassy Charge d’affaires Leslie Ordeman and provided a platform for dynamic business networking

The Back to Business Networking Evening brought together 180 esteemed members of the Oman business community after the summer break. Attendees enjoyed a delightful evening of culinary delights and engaging conversations, fostering new connections and strengthening existing relationships. Each attendee was given a gift voucher for use at BMS’ various medical centers and clinics, and was offered a 5-10 minute health consultation in areas such as skin care, allergies, weight loss and physical therapy. As part of the event, Better Medical Solutions showcased their example of utilizing the US-Oman FTA by importing high-quality US medical devices, further highlighting the benefits of this trade agreement for Omani businesses.

“OABC takes great pride in being the primary organization hosting networking events of this magnitude. The Back to Business Networking Evening exemplifies our commitment to fostering a vibrant business ecosystem in Oman. We are dedicated to providing platforms that enable Omani businesses to connect, collaborate, and thrive,” stated Ali Daud, President and Chairman Emeritus of OABC.

OABC was honored to welcome the new Chargé d’affaires at the U.S. Embassy in Muscat, Mr. Leslie Ordeman, as the evening’s guest of honor. He highlighted the strong economic ties between the United States and Oman and the shared commitment to fostering business relations. “The U.S.-Oman economic partnership has never been stronger, with trade last year soaring to record high of $4.2 billion in 2022, a 30 percent increase from the prior year,” he said. “I’m proud the Embassy can support OABC’s efforts to build the relationships between U.S. and Omani companies that serve as the bedrock of that partnership.”

Fouad Eid, Vice President of OABC emphasized the importance of networking events like this in supporting the FTA. “The Back to Business Networking Evening not only provided an opportunity for businesses to connect, but also showcased the impact and untapped potential of the US-Oman FTA. We are proud to promote companies like Better Medical Solutions, who are importing medical devices and contributing to the growth of the healthcare sector in Oman, and we hope to see many other companies following this example in the near future.”

“We are thrilled to have partnered with OABC for the Back to Business Networking Evening. It was an impactful evening for all attendees, enabling each executive to strengthen relationships and explore new opportunities,” commented Khaled Kassar, CEO of Better Medical Solutions.

With over 170 member companies and as Oman’s largest and most active business networking organization, OABC remains dedicated to organizing impactful events that facilitate networking, knowledge-sharing, and business growth within the Oman business community.

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.

OABC members recently gathered at the W Muscat for a delicious lunch and an important conversation presented by Sadad International, a new entity from the Bahwan Group.

Tom Cyriac, the Vice President of Sadad, shared critical tips to ensure corporate debts are paid on time, when and how to provide credit, and what causes overdue bills to accumulate. Mr. Cyriac has more than 30 years of experience giving credit and recovering debt and most recently has taken on the role of launching Sadad, a full-service debt collection company based in Oman. He shared his personal experience and best practices he has seen in Oman and the region. The presentation was followed by a lengthy Q&A session, while briefly covering how Sadad International can support businesses in recovering their debt.

If you missed the presentation, you can access it here or let us know if you’d like to be in contact with Tom and the Sadad team.

Plenty of business cards were exchanged and many new contacts were made as over 80 OABC members and guests joined our Speed Networking evening at the Crowne Plaza OCEC. The event was designed to accelerate the process of making business contacts in a fun environment and was inspired by many conversations with our members, understanding more about how the OABC can support their business. With many new businesses constantly joining the OABC, speed networking is a great equalizer: everyone has the same amount of time to talk and you are paired with people who you may never have met or people who tend to be shy or more quiet at traditional networking events.

Participants spent more than one hour briefly meeting one on one and exchanging business cards. This was followed by a reception allowing them further those connections they made during the speed networking session.

Based on the wonderful feedback we’ve received; you can expect more events like these in the future.

OABC members from the energy sector joined a special roundtable session to discuss clean energy opportunities in Oman with U.S. Department of Commerce Deputy Under Secretary for International Trade Diane Farrell and Mr. Khalid Hamad Al Busaidi, OCCI-Energy Committee. Senior leaders from Oxy, Emerson Automation Solutions, Plug Power and Mitsubishi Power Aero were present. Our moderator Dr. Mohab Ali Al-Hinai led an insightful discussion covering topics such as carbon capture, renewables and green hydrogen. Members shared best practices they felt could be implemented in Oman that would support Vision 2040, as well as the benefits the FTA and Export-Import Bank of the United States could bring. During the discussion, Deputy Under Secretary Farrell expressed her keen interest in understanding how the U.S. Government can better support U.S. companies in Oman and how the U.S. can support Oman in achieving their clean energy goals. After the round table, businesses leaders had the opportunity to have one on one discussions with

Oman American Business Council members, along with fellow Oman business leaders and senior government officials took part in an informative session with the Export-Import Bank of the United States (EXIM) last week at the Diplomatic Club. This event was hosted in partnership with the Ministry of Foreign Affairs under the patronage of H.E. Tahir bin Salim Al Amari, the CEO of the Oman Central Bank. The workshop discussed EXIM’s financing tools, congressional mandates and special initiatives, while highlighting global best practices of companies that have benefited from EXIM.

EXIM is the official export credit agency of the United States and supports the purchases of U.S. – made capital equipment and ancillary services by international buyers. In more than 85 years of operation, EXIM has supported more than $400 billion of U.S. exports to international markets, and EXIM finance products are now able available to both the Oman private and public sector when procuring American goods and services.

EXIM can provide loan guarantees and medium to long-term direct financing at attractive rates for those wanting to buy American products. Projects that are considered transformational such as biotech, AI, renewable energy, fintech, wireless communications and water treatment, may receive enhanced, competitive financing options. This opportunity for Oman businesses to utilize EXIM products further strengthens the long, strong business ties between the United States and Oman while stimulating economic growth.

Ali Daud, Founder and Chairman of the Oman American Business Council commented “being able to import high-quality, innovative U.S. products duty free (under the FTA) along with highly competitive financing options through EXIM presents a tremendous opportunity for Oman businesses”. Ali Daud also mentions that “As we look to achieve Oman’s 2040 vision, agreements and programs such as the FTA and EXIM can help get us the necessary infrastructure and technology but it’s essential businesses take advantage of these opportunities”. Companies wanting to learn more about the Oman-U.S. Free Trade Agreement, EXIM’s finance products or be put into direct contact with an EXIM representative should contact the Oman American Business Council at info@oabc.org or call 9418 9500.

In partnership with the U.S. Embassy Muscat, the OABC recently kicked off their 5-part FTA webinar series. These interactive sessions will cover critical facets of the Oman- U.S. Free Trade Agreement and are ideal for any U.S. or Omani organization considering trading between the 2 countries or those just looking to expand their understanding of the FTA. The webinars are one part of the OABC’s multi-faceted project “Spotlight on The U.S. – Oman Free Trade Agreement: Contributing to Bilateral Economic Growth” This program aims to enhance the business relationships between the U.S. and Oman by helping increase awareness and understanding of the Free Trade Agreement. Specifically, this multi-faceted project will create the tools and resources that will assist in growing Omani exports to the U.S., increase U.S. sourcing, support FDI and ultimately create more jobs for Americans and Omanis. The webinars are free to participate and open to all, but you must register in advance. You can learn more about our webinars and the entire FTA program here.

Spotlight On the U.S. – Oman Free Trade Agreement: Contributing to Bilateral Economic Growth

Questions:
1. Can you briefly describe the role of the OABC in promoting bilateral trade, business and investment between the U.S. and Oman?
For the past 20 years, the OABC has played a vital role in promoting bilateral trade between the 2 nations. We support Omani and American businesses by facilitating critical connections within the private and public sectors, providing advocacy, hosting educational workshops and networking events as well as supporting international delegations and trade missions.

2. The U.S. and Oman have a Free Trade Agreement since 2009. What are the key benefits of this FTA for Omani companies looking to export/import to/from the U.S. market?
There are only 20 countries in the world that have an FTA in place with the United States, this gives Oman a huge competitive advantage. By removing or reducing tariffs and other trade barriers, the FTA represents an opportunity for Omani businesses to expand the market for Omani goods and services in the United States. It also makes sourcing from the U.S. more cost effective.

3. In your view, how has the FTA impacted economic and trade relationship between the two countries? And how do you see the U.S. – Oman business relations evolving in the future, and what opportunities and challenges do you anticipate?
Since implementing the FTA, Oman’s exports to the U.S. have more than doubled. In 2022, trading between the 2 countries was valued at over $4 billion dollars (a record year), and the United States is the leading buyer of Oman’s non-oil exports. In the past several months significant activities to boost the bilateral relationship have been taking place. A first-ever strategic dialogue between the countries’ top senior government officials took place in Oman, an MOU between Oman and EXIM Bank was signed and more meetings to increase trade between the two nations continue to take place both in the U.S. and here in Oman. It’s important for Omani businesses to remember the FTA is an agreement signed by governments, but it’s up to the businesses to use it. That is why the Oman American Business Center plays such a significant role, particularly with our new FTA training program.

4. What opportunities does the U.S. – Oman FTA present for small and medium-sized businesses in Oman?
It’s very simple, it makes accessing the world’s largest economy easier. Plus, SMEs will benefit from an immediate cost advantage whether they are looking to export their products to the U.S. or source U.S. goods.

5. OABC is launching an awareness program focusing on the U.S.-Oman FTA. What motivated or prompted OABC to launch the FTA Awareness program? Can you elaborate on key features and components of this program?
While trade U.S. and Oman trade has reached a record high, there is still so much opportunity for Omani businesses. We work very closely with the U.S. Embassy in Oman, and together we realized there was a need to build greater awareness and understanding of the FTA and how it can bolster international trade, attract investment and create jobs for both Omanis and Americans. This program will offer a survey for companies to assess their export readiness, a series of five interactive webinars, a 2-day executive training and export readiness audit for those companies who are ready to export, new educational materials and a black-tie gala recognizing those American and Omani companies who demonstrate best practices when it comes to the FTA.

6. Can you briefly talk about the objectives of the FTA Awareness program, and how these align with the broader mission of the OABC?
The aim of the project is to help promote the special economic partnership between Oman and the United States, as reflected in the FTA with the goal of increasing awareness of the FTA amongst Omani and American importers/exporters and to ultimately increase trade and jobs in both markets. This aligns with the work that the Oman American Business Center does every day with our members and the Oman business community. This program, being funded by the U.S. Embassy Muscat, allows us further our efforts and reach more people both in Oman and United States.

7. In your view, what are some of the most common misconceptions or misunderstandings about the U.S. – Oman FTA, and how does the FTA Awareness program address these?
Many believe the FTA only benefits Americans, but this isn’t the case. For the past 2 years the trade deficit has been greatly in Oman’s favor. We hope with this program will improve public perception but also greatly increase both awareness and how to best use the FTA.

8. What advice would you give to Omani companies that are looking to start exports to the U.S. market under the FTA?
Get involved with the Oman American Business Center. Our upcoming FTA program offers everyone the chance to learn more about the FTA. Whether trading with the U.S. is a top company objective or something you’re considering in the next several years, we will provide you with the tools and resources to make it happen. Furthermore, all of our members benefit from being part of Oman’s largest and most active business networking organization in the country.

For more information on becoming a member of the Oman American Business Center or taking part in the FTA program, please email info@oabc.org or call +968 9418 9500

This week the Oman American Business Center welcomed more than 160 members to their annual iftar hosted at the Crowne Plaza Muscat.  OABC members were joined by 10 talented artists from Adatee Hyatee, a group of Omani artists who each live with a physical disability. Also present was U.S. Embassy Muscat’s Chargé d’Affaires, Junaid Munir and many U.S. Diplomats.

The evening started with special remarks by OABC’s Vice President Fouad Eid and the U.S. Embassy Muscat’s Chargé d’Affaires, Junaid Munir. Wafa Al Harthi of Adatee Hyatee was the evening’s keynote speaker. Wafa, an award-winning artist and illustrator, shared with members her incredible story of perseverance and dedication.

The highlight of the evening was a silent art auction by artists of Adatee Hyatee. 36 beautiful pieces of art were on display for members to enjoy and bid on while networking on the terrace of the Crowne Plaza. All proceeds from the art sales went directly to the artist.

As the official affiliate of the US Chamber of Commerce in Oman (AmCham Oman), the OABC promotes understanding, partnerships & other matters of mutual economic interest between business communities in Oman and the United States. Formed in 2003, the OABC’s mission is to foster the development of commercial activity between Oman and the United States.  With 30 events annually and over 180 member companies, OABC is Oman’s most active business council and networking group. The Oman American Business Center (OABC) is best known for hosting high-level professional networking events and informational sessions for professionals across the Sultanate.