OABC News

Gathered on a Thursday afternoon, nearly 80 passionate OABC members joined forces for a beach cleanup, a heartwarming initiative generously sponsored by Europcar. Members representing diverse professions and backgrounds united to clear litter, debris, and plastics from the coastline, showcasing the power of collective action for a cleaner, greener future. It was a heartwarming display of community engagement, emphasizing the OABC’s commitment to positive change and sustainability. The successful event underscored the significance of preserving our natural environment while celebrating the impact of unity in fostering environmental consciousness. Click here to read more.

OABC members enjoyed an exclusive afternoon networking event aimed at reuniting members and refining their professional image on LinkedIn through top-notch profile pictures, generously provided by OABC’s SME member, Booma. Before their headshots, ladies were pampered with hair touch-ups by Maliheh, also an SME member of OABC. Throughout the event, members mingled, exchanged business cards, and enjoyed healthy food from Premium Member KAIA, at the Shatti beachfront. The event’s raffle sponsors, dusitD2 and Me-So Hungry, surprised attendees with additional treats, adding to the excitement of the event.

The U.S. and Oman have enjoyed a strong and stable relationship that dates back more than 200 years and continue to collaborate closely on regional security and stability, as well as economic prosperity and trade. In 2009, the two countries signed a Free Trade Agreement which removed most customs duties, allowed citizens to set up businesses without a local sponsor, and gave businesses and investors the right to 100% ownership of companies in Oman.

This landmark agreement has been hugely beneficial to both countries, with the US now Oman’s biggest non-oil export destination, registering $2.73 billion in 2022. The US was also the second-largest foreign direct investor in Oman in the third quarter of 2022 with a total of $6.5 billion coming into the Middle Eastern country.

Due to the strength of the relationship between the two countries, the Oman American Business Council (OABC) was founded in 2003 to foster the development of commercial activity between the U.S. and Oman. Supporting the business community in the Sultanate, OABC delivers programs and events that are focused on professional development, thought leadership and high-level networking.

Hosting 30 events annually, OABC is Oman’s most active business networking group, with each conference, seminar and networking event providing members access and opportunities to meet other decision-makers across a variety of sectors in Oman.

Tasked with overseeing the execution of OABC’s mission is CEO Rebecca Olson. Having previously served as the Executive Director or five years, she is now looking to implement new initiatives to improve trade, develop bilateral relations and establish a stronger presence promoting Oman trade and investment in the U.S.

One of the ways that Olson is achieving this mandate is through networking events that bring together important members of the Oman business community and connect them with US counterparts.

Earlier this year the OABC welcomed U.S. Embassy Charge d’Affaires Leslie Ordeman to one such event which was hosted in partner- ship with Better Medical Solutions, an American company in Oman which has utilized the Free Trade Deal to import high-quality medical devices from the US.

Speaking at the event, Ordeman said: “The U.S.-Oman economic partnership has never been stronger, with trade last year soaring to a record high of $4.2 billion in 2022, a 30% increase from the prior year. “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.”

The importance of education

With many U.S. citizens bringing their families to the Sultanate, the need to create an American educational system in Oman was first recognized by Ambassador Frances Cook who in 1997 was gifted land by Sultan Qaboos bin Said Al Said in order to build a school. The following year The American International School of Muscat (TAISM) opened its doors, and it continues to deliver a high-quality curriculum to more than 500 students.

“The vision of Ambassador Frances Cook — the first female ambassador to serve in any Gulf Cooperation Council country — was not only to set up a school for Americans but for anyone desiring an American-based education,” reveals Kevin Schafer, Director, TAISM.

“There is a caveat that Omani children wishing to attend must obtain special permission from the Ministry of Education, which has historically been around 10-15% of our student population. The school is incorporated as a private institution in Oman that leases the land from the American Embassy. Four of the seven people on the school board are appointees of the US ambassador, and the director of the school must be an American. It has a unique U.S. connection and will always be American in character.”

Focuses on providing quality education to students and supporting their intellectual and personal growth while following the American curriculum, TAISM currently has 85 students whose family members work at the US Embassy in Oman. The school has also witnessed an increase in the number of students whose parents work for U.S. companies in the Middle Eastern nation and even some who have retired in the Sultanate.

“Some students whose parents have independent businesses and moved here are enrolled, while some retirees have children who attend our school. They are in Oman through the integrated tourist complex that allows investment in local properties and grants residence permits,” adds Schafer.

“We also have parents whose children attend school here, but one parent works outside the country. It is a different world now. When American companies come to Oman, they often have employees from various countries working for them who are foreigners. These employees are often mobile and often want to keep their children in the American education system. We strive to ensure that our students are not held back in their education due to relocation. Oman offers a beautiful place to live and raise a family, with a good education system.”

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.