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insideoman business OMANDAILYOBSERVER 14 TUESDAY l DECEMBER 13 l 2016 BUSINESS ALERT Start-up Oman to feature local entrepreneurs MUSCAT: Startup Oman (www. startupom an.om ), the Sultanate’s only platform created by entrepreneurs for entrepreneurs and the ‘home of entrepreneurship’ in Oman will host the December edition of the “Caribou Chats,” monthly talks for local start-ups and entrepreneurs. “Caribou Chats” is an educational programme designed specifically for Oman’s start-up community. It aims to fully promote the entrepreneurial lifestyle, with all of its daily hurdles and learnings. The December edition of Caribou Chats is scheduled to take place on December 14 at 6.30 pm and will feature Sadiq Mehdi al Lawati, Director of Mehdi Group. Sadiq is the owner of Slider Station, B+F and Shabestan, three upscale restaurants in Muscat amongst others and a franchisee of 6 brands in Oman. Joining Sadiq will be Ali al Abdullatif, the Managing Director of Creative Foods LLC, a company that operates and runs two outlets of Creative foods restaurant, Shuwa Express and Shuwa Diner. Ahlibank announces MyHassad daily winners AHLIBANK announced the names of the MyHassad daily prize draw winners, Sami Abdullah Sulaiman al Balushi from Sohar branch, Sulaiman Hamood Aamir al Mahrezi from Sur branch, Said Fahad Said al Rasbi from Seeb branch and Nasser Issa Saleh Ali al Flaiti from Barka branch, were the lucky winners of RO 1000 each for the week. MyHassad savings account continues to successfully satisfy the existing customers and attract new ones. MyHassad Saving Scheme was introduced in July 2008 as an extension of the bank’s tradition of product innovation. Opening MyHassad Saving account is simple and easy. Customers need only to open their MyHassad account with RO 100 for their chance to win RO 1,000 in the next working day’s draw hence their chance to “open today and win tomorrow” continues. Further enhancements in March 2009 allows customers to participate in the RO 10,000 monthly draw, by maintaining a minimum RO 250 during the month. Get amazing benefits on all new Renault Koleos RENAULT Oman, from the house of Suhail Bahwan Automobiles (SBA), is offering the best possible value with amazing deals and offers on the new Renault Koleos, which features proven powertrain and technologies. As part of the offer, customers who purchase Renault Koleos will be entitled to receive an assured cash gift of RO 2000. All customers purchasing Renault Koleos during the scheme period will be eligible for free first year vehicle registration. Renault Koleos vehicles purchased during the scheme period will have an extended six years/unlimited mileage warranty. Customers purchasing Renault Koleos in the scheme period will get free periodic vehicle maintenance of two years/20,”000 kms (whichever is earlier). This offer excludes battery. Offers are not applicable for rent a car/ taxi/driver trainer segments. Free AAA/Road Assistance card will be given on the purchase of Renault Koleos for the first year only and as supported by AAA Oman. Oman Motor Show welcomes 31,541 visitors OMAN’S grandest four-day Motor Show welcomed a total of 31,541 unique visitors to its new venue at the Oman Convention & Exhibition Centre from December 7 to 10. As promised, pioneer and leading organiser Omanexpo has once again brought a much-bigger and more exciting show, with reputable top car brands unfailingly displaying and unveiling their top-of-the-line models — from saloon cars to SUVs and four-wheel drives to luxury, sports and hybrid cars. Equally grabbing the spotlight were the elegant display of classic cars and the lineup of Harley Davidson motorbikes. The auto parts and accessories pavilion also did not fail to impress the visitors. Another highlight was the Land Rover adventure zone, which provided visitors the opportunity to do test drives. In addition, there were the traditional road safety demonstrations, a children’s zone that offered educational and interactive activities, the adventure exhibits by Oman Riders Club, Muscat Bikers, Oman Riders Club and Shabek Adventure Oman, and the grand raffle draw. “Because of the show’s popularity, new companies participate each edition. This year, we had BMW, Land Rover, Honda and Hyundai and China car maker BAIC, which recently entered the Oman market. This is apart from regular exhibitors such as Toyota, Lexus, Nissan, Mitsubishi, Jeep, Dodge and others,” Nader Abbas, Omanexpo General Manager said. Lincoln MKS now with offer THE Lincoln MKS is renowned for its luxury. Right from its attractive looks to its list of advanced features and technologies, the MKS has remained one of Lincoln’s most successful luxury models. Boasting an available 305HP, V6, dramatic styling and a spacious, leatherlined cabin loaded with the latest high-tech features, the MKS appears to check all the boxes for a large luxury sedan. The Lincoln MKS feels like the big, solid car it is when driven down the freeway. The steering is responsive and well weighted and provides a welcome sense of control. In terms of engines, the base 3.7-litre V6 is sufficient for moving the big and heavy MKS. Customers looking to own the MKS can now look forward to impressive Cash Gift of RO 5000 and 0 per cent interest on EMI (Conditions apply. Visit showroom for details). Nissan Oman’s special offer ends on Dec 15 FOR the benefit of customers who aspire to own a Nissan vehicle, Nissan Oman from the house of Suhail Bahwan Automobiles (SBA), had launched the “Get the Nissan Excitement” offer. The offer which started on October 16 will be valid till the December 15 on all models purchased for personal use only. Extending buyers a surplus of appealing value propositions, which include attractive cash back offer, free registration, free periodic maintenance service of 10,000 km, extended mileage warranty, the promotion offers the best of the deals for its customers. These offers vary across all models. Talking about the promotion, a senior official of SBA said, “Excitement is at the heart of everything we do at Nissan, which is why we came up with this offer. The “Get the Nissan Excitement” campaign wants to reward customers who are enthusiasts of the Nissan brand. This offer makes the process of owning a Nissan vehicle easy and attractive. Brand Nissan is trusted by auto enthusiasts and we feel our customers deserve the best for heir loyalty.” A’Saffa Foods reinforces ‘100 pc promise’ A’SAFFA Foods, Oman’s largest fully integrated poultry project leaves no stone unturned in its commitment to delivering superior quality products that are 100 per cent natural, fresh and tasty. Focusing on the corporate philosophy — “Core values of Healthy Food, Health and Happiness”, A’Saffa’s success is based on its “100 per cent promise” and its three pillars — “100 per cent halal, 100 per cent natural and 100 per cent tasty”. Each and every A’Saffa product is produced, packaged and transported to a wholesaler or retailer keeping health, freshness and safety in mind. Having built its competence and expertise in fully integrated Poultry and food production, food processing and innovative food recipes, the brand is thus known for delivering fresh, flavourful, halal and healthy choices for its consumers in Oman and beyond. New 2017 Toyota COROLLA launched The Corolla launch event was graced by Honourable Chief Guest Sayyid Tareq bin Shabib al Said along with Sayyid Khalid bin Hamad bin Hamoud al Busaidi, Chairman, SABCO Group and Eng Ahmed bin Hassan al Dheeb, Under Secretary, Ministry of Commerce and Industry, in the presence of Saud Mohamed Bahwan. At the venue — the futuristic Toyota Pavilion at Oman Motor Show 2016 — scores of eager Toyota enthusiasts were present along with friends and family... a clear indication of the mass excitement that the new Corolla generates. Emphasising the significance of the launch of the new 2017 Toyota Corolla, a prominent online automotive site stated, “Toyota has a big influence on the industry. Now, the Corolla is no different — with over 40 million sales, this go-getter is just getting started. People have been speculating about the new edition for quite some time now, and there used to be this mystery fog around it — nobody really knew when it was going to come out, or even what it could look like!” Making a strong design statement with its unique visual signature, the Corolla Multi Drive 7S signifies Toyota’s brand evolution. The Corolla’s design theme combines clean lines and balanced proportions to give it an immediate visual impact. It tapers at the front and rear of the vehicle to help emphasise the wheel arches and wheels-to-the-corner stance. Indeed the 2017 Corolla attracts all the right attention. There are many distinctive upshots of the 2017 restyle. According to the Saud Bahwan Automotive spokesperson, “The new 2017 Corolla has been restyled to turn heads, arrest attention. These include a refreshingly redesigned grille that set off its stylish profile. The new front bumper, the redesigned headlamps, daytime running lights & fog lamps further accentuates the effect. A truly well-heeled look is imparted by the New Alloy Wheels as it passes by. Finally, like perfume wafting in the air, the new rear combination lamps & rear spoiler leave a lasting impression. The 2017 Corolla is now available with two new exciting colours — Beige Metallic & Phantom Brown Metallic” Stepping in, one is greeted by the aesthetically refreshed interior of the new Corolla. It boasts of a refreshed and pleasingly contoured Dashboard, even the A/C vents have been redesigned to enhance the new Corolla experience. The new Corolla is up-todate on the inside with the new design Display Audio System, Steering Wheel with controls and automatic Air-conditioner. In other words, Toyota Corolla 2017 is ready to come out and play. No wonder then that industry experts are giving rave reviews on the new Corolla. The feature-rich Corolla is an exceptional value, but that is not all. The world famous Toyota Corolla is no less than an icon. Not only does it have a legendary reputation, it offers a truly impressive resale value, even after years of use. It was no surprise for anyone that when the Multi Drive 7S transmission equipped Toyota Corolla was introduced in Oman, it quickly climbed to the top of the list of favourites. Customers love the fact that the Corolla has Multi Drive 7S Transmission that allows them to ‘Drive Smooth and Save Smart.’ It does so by delivering a very smooth, yet powerful driving performance; topping it up with gratifying fuel efficiency. The Multi Drive 7S continuously variable transmission meticulously controls the speed and shifting pattern to realize excellent power train performance while ensuring a powerful and linear acceleration. It also has a 7-Speed Sequential Shiftmatic Mode with Manual Gear Shiftinglike characteristics that give the driver complete control when required. Under the bonnet lies, a 2.0 litre engine mated with the Multi Drive 7S transmission. Apart from this, the Corolla is also available with a 1.6 litre engine that offers excellent fuel efficiency. It is indeed fortunate for many customers that the ‘Toyota never-before’ offer is currently running. At this moment, the Corolla, even the 2017 YM, is available with an attractive cash gift. Customers are advised to make the most of this wonderful opportunity to own one of the best-loved cars across the world. The 2017 Corolla comes with an array of safety, comfort and convenience specifications that add to customers’ delight — including ABS with EBD and Brake Assist, Cruise Control, Vehicle Stability Control System and the Tyre Pressure Monitoring System. Engineered to provide high active and passive safety standards, the Corolla also offers enhanced pedestrian impact protection. The adoption of numerous energy absorbing components offer significantly improved pedestrian protection in the event of a frontal impact. For occupant protection, impact-absorbing structures have been adopted for the interior part of the pillar areas to ensure cabin safety. To help reduce the impact of a collision on occupants, the 2017 Corolla Multi Drive 7S is equipped with SRS Airbags for the driver and front passenger. In addition to the above, the Corolla also features other class-leading features such as LED Projector Headlamps with Integrated-type Daylight Running Lights, Smart Entry System with Push Button Start, new Sport Drive mode, Auto Headlamp Levelling, Chrome Garnished Retractable Outer Mirrors with Turn Signals and Moonroof, amongst others. The new 2017 Corolla invites you to visit any Toyota showroom for a closer look. All specifications listed above are standard Toyota equipment. Safety kit (fire extinguisher, warning triangle, tyre pressure gauge & first aid kit) is a dealer installed non-Toyota item provided on Toyota models as standard equipment. The vehicle specifications may change without prior notice. Pictures and colours may differ from actual specifications of the vehicles. For further details & to ascertain availability of stocks, please visit your nearest Toyota showroom. In Oman, Toyota’s outstanding product quality is supported by the nationwide parts and service network of Saud Bahwan Automotive. No wonder then that today, Toyota is one of the most trusted and well-known brands.
omaninternational business OMANDAILYOBSERVER 15 TUESDAY l DECEMBER 13 l 2016 Kempinski to support Oman to attract more quality tourists SALEH AL SHAIBANY MUSCAT Dec 12: Kempinski Hotel, set to be officially inaugurated in the second half of 2017, aims to help Oman’s ambitions to attract quality tourists to the country, its General Manager told the Observer in an exclusive interview. Konstantin Zeuke said he would bring in his international experience and the proud tradition of the famous European luxury brand Kempinski to Oman to push forward the tourism drive. “Oman is an ideal destination for tourists. We will work with the local authorities, travel agents and tour guides to promote the interest of the country and highlight all the major attractions. Kempinski has a rich tradition of hospitality and we plan to bring it here as part of the tourism campaign,” Zeuke told the Observer. Kempinski have been hoteliers since 1897 catering for luxury holiday resorts, business and spas around the world. The hotel’s uniqueness is designed for guests who value five star holidays and luxury getaways and it would work well for Oman’s tourism plans. Oman is an ideal destination for tourists. We will work with the local authorities, travel agents and tour guides to promote the interest of the country and highlight all the major attractions KONSTANTIN ZEUKE GM, Kempinski Hotel Nevertheless Zeuke said, although Kempinski follows the finest traditions of its European heritage, under his management, the hotel will infuse local cultures and customs for the guests to enjoy what Oman has to offer. “We will be the ambassador of Oman’s rich culture. I know this country has a proud background. Tourists do not come here for tall buildings or big shopping malls. Oman is different from other regional countries. It has a fascinating history, beautiful beaches, sceneries and attractive mountain background. It is also attracting water sports such as snorkelling and diving, which is increasingly becoming popular to tourists from different part of the world,” Zeuke explained. The Sultanate has received over 2 million tourists in 2015 and the number of visitors has been steadily increasing at the rate of 7 per cent per annum in the last five years. With the current situation of falling oil revenues, the government is stepping up its efforts to diversify the economy. Tourism is the pivotal part of it. At the moment, tourism is contributing to less than 5 per cent of the total revenues while oil and gas over 80 per cent. Zeuke stressed that Kempinski is not France’s Amundi to buy Pioneer from UniCredit for 3.6 bn euros PARIS: French asset manager Amundi has agreed to buy rival Pioneer Investments from Italian bank UniCredit for 3.6 billion euros (£3.01 billion), extending its reach in Europe and bringing in some much-needed capital for UniCredit. Amundi’s share price surged more than 6 per cent to record highs following the announcement, as analysts welcomed the deal, which should boost earnings for both Amundi and majority owner Credit Agricole, while UniCredit shares also rose. The Pioneer sale follows on the heels of UniCredit’s sale of its Polish assets last week and is expected to be followed by the announcement of a massive share issue this week worth up to 13 billion euros as it seeks to shore up its balance sheet. “The deal is a positive for all the parties involved. UniCredit raises some money and Amundi boosts its market presence,” said Clairinvest fund manager Ion-Marc Valahu, who holds shares in European banks. UniCredit’s chief executive Jean- Pierre Mustier, a former top banker at Societe Generale who along with Amundi’s CEO Yves Perrier managed the creation of the French asset manager back in 2009-2010, also signed an agreement that gives Amundi access The Amundi company logo is seen at their headquarters in Paris. — Reuters to UniCredit’s distribution networks in Italy, Germany and Austria for up to 10 years. Amundi will finance the deal via a 1.4 billion share issue and the issue of around 0.6 billion euros of senior and subordinated debt, with the rights issue to be launched in the first half of 2017. It also has 1.5 billion euros in excess capital. UniCredit said the sale of Pioneer would boost its best-quality capital adequacy ratio by around 0.78 percentage points and it would also receive an extraordinary dividend payment of 315 million euros before the closing of the sale, which is expected in the first half of 2017. The sale would also result in it booking a net gain of 2.2 billion euros, the bank said. Amundi is on an expansion spree following its stock market flotation by French banks Credit Agricole and SocGen in 2015, which resulted in SocGen selling out, and the company is aiming to win market share in Europe and Asia. — Reuters seeking to compete with other hotels already operating in the country but to work with them towards common goals and targets. “Competition is healthy for the country. We are here to work together with the tourism campaign by helping the government to achieve its objectives. For example, I am impressed with the Ministry of Tourism’s efforts to build recreation, convention facilities and more hotels, giving opportunities to other hotel chains. Kempinski is here to be part of the team,” he said. He gave an example of resorts in the Jabal Al Akhdhar which Kempinski would work out joint packages with them to bring in tourists to enjoy the breathtaking views and the tranquility of the mountainside’s life. The Kempinski general manager also paid tribute to the stability of the country under the reign of His Majesty Sultan Qaboos. “ It is a trouble free country and that is the other reason why Oman is an ideal destination for many people who want to come to enjoy a quiet holiday and meet the friendliest people in the region,” he added. BCC nudges up 2017 growth forecast, cuts 2018 LONDON: The British Chambers of Commerce nudged up its forecast for economic growth next year but downgraded the outlook for 2018 due to inflation pressures and ongoing uncertainty as Britain prepares to leave the European Union, it said on Monday. The BCC modestly revised up its expectations for gross domestic product growth to 1.1 per cent for 2017 from 1 per cent after a strongerthan-expected economic performance following June’s vote to quit the EU which means the economy is likely to grow 2.1 per cent this year, roughly its long-run average. However, the business group said it expected the current economic momentum to slow over the next two years and downgraded its GDP forecast for 2018 to 1.4 per cent from 1.8 per cent, as Britain continues its divorce from the EU. The BCC’s forecast is exactly in line with the consensus among private-sector economists polled by Reuters last week, and their economic analysis is similar. Weaker economic activity and an erosion of real wage growth triggered by sterling’s post-referendum slide is expected to curb household consumption and business investment, the BCC said. — Reuters Large turnout for ‘Invest in India’ forum BUSINESS REPORTER MUSCAT Dec 12: Around 250 representatives of public sector organisations, investment funds, banks, business enterprises and institutions in the Sultanate attend the 3rd ‘Invest in India’ seminar hosted by the Indian Embassy at the at Sheraton Oman Hotel recently. The seminar highlighted the attractive investment opportunities in India. Three presentations on ‘Investment opportunities in India’, ‘India’s attractiveness as an investment destination’ and ‘India’s taxation policies and ease of doing Business in India’, showcased the immense opportunities for investment available in India. Sayyid Khalid al Busaidi, Chairman, Al Nab’a Group, shared his experiences of doing business with India and explained how the business opportunities offered by India has been benefitting Oman. Among the dignitaries attending the event were Ahmed bin Hassan al Dheeb, Under- Secretary, Ministry of Commerce and Industry; Abdulsalam bin Mohammed al Murshidi, Executive President, State General Reserve Fund (SGRF); Sulaiman al Rahbi, Deputy Secretary- General, Supreme Council for Planning; and Redha Juma al Saleh, Vice Chairman, Oman Chamber of Commerce and Industry (OCCI). Indra Mani Pandey, Ambassador of India to the Sultanate of Oman, in his welcome remarks, conveyed India’s keenness to enhance bilateral trade and investment relations with Oman. He explained how the economy of India has been transformed to become the fastest growing major economy of the world and a preferred investment destination for the world business community. With recent improvements in ease of doing business, India has been receiving a record amount of foreign direct investment (FDI) — $44 billion during April 2015-March 2016, and $29 during April-September 2016. Ambassador Pandey drew attention to the decline in bilateral trade between India and Oman from $5.7 billion during the year ending March 2014 to $3.8 during the year ending March 2016, and invited business communities of India and Oman to expand their mutual trade and investments. He underlined that India, as always, is keen to work with the government and business community of Oman to achieve the goal of diversification of Oman’s economy, with focus on sectors identified through Tanfeedh. The ambassador also announced that the Government of India has launched a new scheme for grant of permanent residency status to foreign investors valid for 10 years and extendable for another 10 years. Apart from free entry and no restrictions on the duration of stay, foreign investors are allowed to purchase one residential property in India for residential purposes. The spouses and dependents of investors will be allowed to work or study in India. The only requirement is to invest RO 571,000 within 18 months or RO 1.4 million in 36 months, and create 20 jobs for Indians every year. With a view to promote visits by Omani businessmen to India, the Embassy of India has streamlined business visa processes and issues multiple entry visas with a minimum six month validity. For high-level Management of Omani companies, the embassy is issuing visas valid for one to five years. Philips to sell Lumileds majority share for $1.5bn AMSTERDAM: Dutch electronics giant Philips announced on Monday the sale of a majority share in its Lumileds LED lighting business for $1.5 billion, after cancelling the spinoff earlier this year over US regulatory concerns. “Royal Philips today announced that it has signed an agreement to sell an 80.1 per cent interest in Lumileds to certain funds managed by affiliates of (USbased) Apollo Global Management,” the Amsterdam-based company said in a statement. Philips said it expected the deal to net the firm approximately $1.5 billion (1.41 million euros) in cash and equity. The new move comes after Philips dropped a planned $2.8 billion sale to Beijing-based GO Scale in January. “With this transaction, we will be completing an important phase of the transformation of our portfolio and I am satisfied that in the Apollo managed funds we have found the right owner for Lumileds,” said Philips chief executive Frans van Houten. — AFP Growth in global coal demand to slow over next five years: IEA LONDON: Growth in global coal demand will slow over the next five years due to lower consumption in China and the United States and as renewable energy sources gain ground, the International Energy Agency (IEA) said on Monday. The IEA said last year that the world’s top coal consumer, China, could be facing peak coal demand for the first time due to measures to cap coal use to tackle air pollution and curb excess supply. “In China, coal demand is in structural and slow decline driven by a new economic growth model and diversification of coal,” the Paris-based IEA said in its medium-term coal market report. Even though China’s consumption is likely to have peaked, the country will still be the largest coal user over the next five years. Its coal demand should decrease slightly to 2.816 billion tonnes of coal equivalent by 2021, compared to 2.896 billion tonnes of coal equivalent in 2014. Globally, the IEA expects coal demand to total 5.636 billion tonnes by 2021, compared to 5.400 billion tonnes last year, when coal demand dropped for the first time this century. This equates to 0.6 per cent average annual growth from 2015 to 2021, below the 2.5 per cent average yearly growth over the past decade. “Because of the implications for air quality and carbon emissions, coal has come under fire in recent years, but it is too early to say that this is the end for coal,” said Keisuke Sadamori, director of the IEA’s energy markets and security directorate. “Coal demand is moving to Asia, where emerging economies with growing populations are seeking affordable and secure energy sources to power their economies.” The biggest growth in coal demand will occur in India, which will have an annual average growth rate of 5 per cent by 2021. After years of decline, coal prices have rebounded sharply in 2016, driven by a sharp cut in Chinese coal output coupled with strong demand across the Asia-Pacific region and in Europe. Benchmark API2 2017 coal futures rose by 4 per cent to $65.75 a tonne on Monday morning, the highest level since December 2. In its report, the IEA forecasts thermal coal prices to decline next year and then remain relatively flat to 2021. “Reasonable doubts persist on the sustainability of current prices, given that climate pressure continues and air pollution is a serious issue which will shape policies in China, India and other emerging countries,” it said. Coal demand in the United States and Europe will continue to decline, falling to 475 million tonnes and 337 million tonnes respectively in 2021. — Reuters Locals carry coal from an open cast coal field at Dhanbad district, Jharkhand, India. — Reuters
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Crude at $45 may cut deficit

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