Know more about economic and business developments in Oman and the region. GCC stocks mixed as oil fails to provide catalyst Improving trade flows point to Oman’s hub potential LNG, Shift in world energy targets raises LNG prospects Oman continues to boost national workforce Consolidation puts Oman Oil Company in better position after oil price drop Technologies for the ultimate home theatre experience RAK’s Al Wadi Desert beckons tranquility News

1. Issue 31. Vol 1August, 2017
Our Message Executive Summary Market Update Trade LNG Omanisation Exclusive Interview Feature Story
Travel Corner News

2. 5
EXECUTIVE SUMMARY
Oman taps
Chinese market
Chinese banks’ are showing remarkable
appetite for Omani debt, attracted by the
economy’s fiscal strength and stable debt
profile.
Chinese financial institutions have extended a
OMR 1.36 billion five-year loan to the Omani
government, according to the Sultanate’s
Ministry of Finance.
The senior unsecured loan comes hot on the
heels of Oman’s OMR 1.9 billion triple-tranche
bond and OMR 768 million sukuk earlier this
year.
“The transaction witnessed strong interest
from a group of leading Chinese banks with the
transaction upsized from the initial target of
USD 2 billion to accommodate interest from
the lenders,” the ministry said in a statement.
H.E. Nasser Khamis Al Jashmi, undersecretary
at the Ministry of Finance, said the loan will
help the government complete its financing
requirements for the expected 2017 fiscal
deficit. In addition, the fund will “meet the
refinancing needs in relation to some of the
loan instalments that fell due during the year”.
The OMR 1.36 -billion loan was the largest ever
achieved for a regional borrower exclusively by
Chinese institutions. It is also considered a
milestone, as it was the first time in the Middle
East that only Chinese institutions were invited
to participate in a loan deal.
The move will also help Oman diversify its debt
position, which is currently dominated by
Western financial institutions, and bring in a
new pool of creditors in the mix. The financing
agreement comes as Moody’s Investors Service
downgraded Oman’s credit rating.
However, Fitch Ratings noted that Oman's sovereign net foreign asset
position will continue to exceed that of its peers, underpinned by the
OMR 6.92 billion in foreign assets held by the State General Reserve
Fund of Oman (SGRF) as at end-2016, which is not included in the
Central Bank of Oman’s reserves.
“This buffer supports Oman's market access and the stability of the
exchange rate peg,” Fitch added.

4. 7
MARKET UPDATE
GCC stocks mixed as oil fails
to provide catalyst
Regional markets were mixed in July as
they track the economies’ lacklustre
performance. The benchmark S&P GCC
Index dipped 0.4% during the month,
even as the wider world is in the midst
of a strong rally.
The MSCI World rose 2.3%, while the
MSCI Emerging surged 5.5% during the
period as investors plowed funds in
emerging markets. The MSCI Frontier
Market Index was up 1.9%.
But regional markets are still weighed
down by the prospect of modest
economic growth and a slow
improvement in crude oil prices, which
has compelled investors to sit on the
sidelines.
DUBAI AND SAUDI
Dubai and Saudi Arabia, two of the
region’s most liquid markets, went in opposite directions in July. Dubai
jumped 7.1% during the month, erasing its losses for the year, to end the
first seven months with gains of 2.9%.
Most of the gains were witnessed in medium to smaller sized companies
as investors hunted for bargains in the market. The buzz surrounding
World Expo 2020 contracts also encouraged investors to position
themselves, as did improved consumer and investor sentiment as evident
in the latest PMI data.
"The (Dubai) market has gained almost 400 points – up 12% – from the
3,265 bottom in just eight weeks and is poised to target its yearly high of
3,738 in the coming weeks," according to a Reuters report.
Abu Dhabi also gained 3.2% in July, as crude oil prices showed signs of
improvement.
Meanwhile, Saudi Arabia was the region’s laggard, falling 4.5% during the
month, and ending up in the red by the end of the first seven months of
the year.
The total value of shares traded in July reached SAR 60.51 billion (OMR
6.21 billion), increasing by 10.57% over the previous month, while the total
number of shares traded hit 2.91 billion, slightly above the 2.90 billion
shares traded in June.

5. 58
Tadawul data shows Saudi investors bought more than they
sold during the month, but GCC investors and foreign investors
were net sellers.
“The decline in the Saudi Tadawul index comes as optimism
following MSCI’s decision to put the stock market on its ‘watch
list’ for inclusion in the MSCI EM Index has faded,” according to
Capital Economics.
OTHER MARKETS
The Qatari bourse also jumped in July, rising 4.4% and reversing
four months of consecutive losses.
“While the Qatari riyal fell a little on the spot market when the
crisis erupted, it has now returned to the level of the dollar peg,
at 3.64/USD,” Capital Economics said.
“Our own measure of financial conditions in Qatar suggests
that conditions tightened initially after the crisis erupted –
although to nowhere near the same extent that they did in
2008 – and have now started to ease.”
Kuwait and Bahrain were also in positive territory during the
month, rising 1.3% and 1.4%, respectively. Meanwhile, Oman
declined 1.8%, its fifth consecutive monthly loss, and is down
13.1% for the year.
Data from the Muscat Securities Market (MSM) shows the
industrial index fell the most, losing 4.57%, while service index
(-3.77%) and financial index (-19.2%) were all in the red.
The value of shares bought by non-Omani investors reached
OMR 15 million, accounting for 26.34% of the total. However,
the total value of shares sold by non-Omanis investors reached
OMR 18 million, or 31.15% of the total.
“The net foreign investment on the market
decreased by OMR 2.8 million or by 4.8%,”
MSM said in its monthly report.
In the future, regional investors are hoping that
the GCC economy picks up and crude oil prices
remain sustainably high so that governments
can inject funds into the economy.
AT LAST, AN OIL RALLY
A bright spot for regional markets was the
improved commodity price environment. Brent
crude prices rose nearly 10% in July, as
production cuts orchestrated by the
Organisation of the Petroleum Exporting
Countries (OPEC) and its allies, such as Oman,
started to drain inventories.
The S&P GSCI Energy Total Return gained 8.1%
in July, led by petroleum that was up 9.2%.
“Another key factor in the oil price rebound is
US production may be starting to slow as
companies reach drilling capacity and fear the
risk of another drop in oil prices,” according to
S&P Global. “This may happen just as Saudi
Arabia cuts oil exports to the US, potentially
accelerating the inventory reduction.”
A surge in crude oil prices going forward will be
the catalyst needed for Gulf markets to join the
rest of the world in a spirited equity rally.

6. 9
TRADE
Improving trade flows point to
Oman’s hub potential
Oman’s trade flows have shown significant
improvement in the first quarter of 2017, compared to
the same period last year, on the back of rising crude
oil revenues – but also, encouragingly, non-oil exports.
Total merchandise exports jumped 10.3% in the first
three months of this year to OMR 2.85 billion.
Commodity exports were the biggest gainers during
the period, boosted by higher crude oil prices. This is a
significant improvement from the first quarter of 2016
when oil prices had hit a low of around USD 29.78 per
barrel.
Refined oil exports saw the biggest jump of 134.5%,
while crude oil surged 30.6%. Total oil and gas exports
rose 28.4% to reach OMR 1.73 billion in the first
quarter.
The non-oil sector also enjoyed strong growth, soaring
by 14%, with chemical exports up by a hefty 77% and
base metals exports recording an increase of nearly
44%, according to the latest available data from the
National Centre for Statistics and Information (NCSI).
Merchandise imports climbed 14.3% during the period,
led by a 121% gain in transport equipment, which was
fuelled by strong activity in the infrastructure sector.
Electrical machinery and mechanical equipment
imports were also buoyant at 20.6% higher than in Q1
2016.
However, Oman’s trade balance narrowed in 2016 to
its lowest level in at least 11 years. Trade balance
stood at OMR 1.38 billion during the year, compared to
OMR 2.26 billion in 2015, and a record OMR 9.2 billion
in 2012 during the heady days of oil at USD 100 per
barrel.
Oman’s international trade, especially exports,
continued to be dominated by hydrocarbon with oil
alone representing 48.4% of the total exports.
Together, oil and gas account for 57.9% of the
Sultanate’s overall exports, according to the Central
Bank of Oman (CBO).
“This signifies the critical dependence of Oman’s
economy on hydrocarbon exports, even though the
share of oil and natural gas exports in total exports
has come down in the last few years,” the bank said.

7. 510
The improved first quarter figures come after years of
weak trade growth, as low crude prices subdued
import appetite and dampened exports. Oman’s
non-oil exports slipped to OMR 2.4 billion last year,
from its all-time peak of OMR 4.1 billion in 2014, CBO
added.
MIDDLE EAST TRADE
Oman’s non-oil exports scene was dominated by
Middle East states, led by the UAE and Saudi Arabia,
which were the largest destinations for
non-hydrocarbon exports, according to official data.
UAE received OMR 165.5 million worth of exports in
the first three months of 2017, but this was a 26%
drop from the previous year.
Exports to Saudi Arabia saw a 30% jump during the
period. The kingdom has been a steady export
destination for non-oil Omani exports, averaging
around 11% of all exports from the Sultanate over the
past three years. Last year, the kingdom accounted for
10.6% of all Omani non-oil exports, second only to the
UAE.
India and China were the next two major export
markets for Oman, and both registered solid growth of
28% and 69.7%, respectively. In terms of percentage,
Kuwait led the pack with growth surging 310%. As a
result, Kuwait became Oman’s fourth largest export
destination with OMR 43.9 million of export revenue
between January and March this year.
However, Omani non-oil exports (including re-exports)
to GCC states contracted by 59.2% in 2016 over the
previous year, reflecting the oil price-led slowdown
that has gripped the entire GCC region.
“On the other hand, Oman’s imports from GCC
countries declined by just 5.4% during the same period,
which exhibits that Omani imports from GCC region
constitute the core component and hence, not very
elastic,” CBO said.
Qatar and Iraq have also traditionally been among the
top 10 non-oil export destinations for Oman over the
past three years.
Middle East states dominate Oman’s re-export
markets. The UAE, Iran and Saudi Arabia were the
country’s top three re-export destinations, with
Yemen, Iraq and Libya also among the Top 10 last year.
OMANI IMPORTS
The UAE is still the biggest exporter to the Omani
market, accounting for around OMR 1 billion of total
imports in the first quarter, a 4.8% decline over the
previous period. No other Middle East state was in the
top five, as the United States, China, India and Brazil
made up the top five biggest importers to Oman.
The UAE has been the number one exporter to the
Omani market over the past few years, steadily
increasing its market share to 48.8% last year,
compared to 32.5% in 2014. Japan lost its position as
the second largest exporter to the Sultanate,
relinquishing the title in 2016 to China, which now
accounts for 5.1% of the market.
Japan currently represents a 4.5% share of the
importers’ pie, while India has increased its stake to
5%, in a sign that the Sultanate’s ties with
fast-growing Asian economies is improving.
Among the Middle East states, Saudi Arabia has been
a steady exporter to the Sultanate and will continue to
remain a provider of goods as the kingdom’s economy
expands.
The surge in trade flows in the first quarter, especially
in the non-oil sector, bodes well for Oman, which is
looking to raise its profile as a regional trading hub. To
realise this, the government is investing in upgrading
the country’s airports, seaports and other transport
infrastructure to leverage its geographic advantage.

9. 12
LNG
The global liquefied natural gas (LNG)
market has undergone a massive
transformation over the past decade.
As demand increases, LNG found its
place in the global energy mix, even
quadrupling its size and doubling its
share of the international gas market.
LNG has truly come a long way from its
humble beginnings, when Algeria
shipped its first LNG export to Japan in
the 1960s. Back then, it was a novel
technology, which involved cooling
natural gas to reduce its volume by
about 600 times, and exporting it on
ships across the world in a
cost-efficient manner.
Getting a head start back in the 1990s,
Qatar has emerged as the world’s
largest LNG exporter, but its position
was challenged by Australia, which has
built massive capacity over the past
decade. Other entrants, such as Russia,
the United States, Malaysia and
Nigeria, are also raising their export
capacity.
The 140 million tonnes per annum (mtpa) liquefaction capacity under
construction, along with a number of potential but yet-to-be-sanctioned
projects, would satisfy global growth expectations through 2035,
according to the International Energy Agency (IEA). New projects in North
America, Australia, Africa, the Middle East and Russia are helping to boost
the share of LNG in inter-regional gas trade from 42% today, to 53% by
2040.
SHIFTING DYNAMICS
With the emergence of several players, the industry has become a buyers’
market. This development posed a challenge to LNG-producing countries.
In the early years, producers had stability, as they were able to secure
long-term contracts with eager customers, at favourable prices. Today,
however, it is the buyers who find themselves in a strong bargaining
position, since they can negotiate better contracts and utilise spot-price
shipments, which are considerably lower.
“East Asia has usually been the highest priced market with the strongest
link to oil prices; Europe has been in the middle, with oil price indexation
tempered by the effect of competition with Norwegian and Russian
pipeline gas supplies; and North America has been the lowest priced
market, with intense gas-on-gas competition usually driving gas prices
down at liquid and transparent trading points, such as the Henry Hub,”
according to Deloitte.
Shift in world energy targets
raises LNG prospects

10. 13
Lower LNG prices have become a major constraint for
producers seeking to develop their natural gas
resources and are reluctant to pour billions of dollars
into projects without locking in customers for the long
term. Spot prices for Asian LNG for September were at
OMR 2.21 per million British thermal units (mmBtu),
compared to OMR 6.92 per mmBtu a few years ago.
The IEA does not expect global LNG market to
rebalance until the mid-2020s, a consideration that
curbs profitable export opportunities, but LNG is still
seen as a relatively cheap and widely available fuel
source for consuming countries.
OMAN CAPITALISES ON LNG
Oman is also monetising its natural gas resources and
already boasts a foothold in the market, thanks to
long-term contracts with a number of Asian buyers.
Oman LNG LLC, which operates three liquefaction
trains with a capacity of 10.4 mtpa of LNG at Qalhat
and Sur, already has long-term contracts to feed 4.1
mtpa to Korea Gas Corporation (KOGAS), 0.7 mtpa to
Osaka Gas of Japan, and another 0.7 mtpa to Itochu
Corporation, also in Japan.
Despite these favourable contracts, the Omani
company has not been immune from the downturn
sweeping the global LNG, and wider commodity,
sector. As a result, its revenues reached OMR 731
million last year, compared to OMR 1.65 billion in
2012, primarily due to plummeting prices.
In May this year, Oman LNG awarded US engineering
group KBR Inc. a front-end engineering design (FEED)
and project management services contract to
modernise its Qalhat facility.
The Sultanate is also boosting its natural gas
production with the launch of the Khazzan field in early
September, according to the Oman News Agency. The
first train has a capacity of 500 million cubic feet per
day of gas, while the second train, which has a similar
capacity, will be on line in early 2018.
Operated by British energy giant BP Plc, which also has
a 60% stake in the project, the Khazzan field is located
on a previously undeveloped desert site, 350
kilometres south of Muscat. Work on the tight gas
project began in 2014 and the completed development
will eventually contribute roughly to a third of Oman’s
natural gas supply, according to Oman LNG. The
remaining 40% share is currently held by Oman Oil
Company Exploration & Production.
Oman is also keen to develop energy ties with Iran via
a planned undersea gas export pipeline, which would
connect the Islamic republic’s vast gas reserves with
Omani consumers, as well as Omani LNG plants. The
Sultanate can then re-export the gas.
In 2013, the two countries signed an agreement to
supply gas to Oman through the new pipeline in a deal
valued at OMR 23 billion over 25 years.

11. 14
OMANISATION
Oman continues to boost
national workforce
The Sultanate has made significant
strides in raising Omanisation rates
across the country, but more work still
needs to be done.
“The number of Omanis employed in
the private sector is rising steadily and
has indeed exceeded that of in the
public sector in recent years,” according
to the Central Bank of Oman (CBO).
Employment of Omanis in the private
sector grew 9% in 2016, topping the
8.1% growth in 2015. However,
employment of expatriates in the
private sector also increased by 9.3%.
The number of Omani workers in the
public sector stood at just under
230,000 in 2015, compared to around
194,000 in 2012. However, the
percentage of Omani workers in the
public sector slipped to 84.5% in 2015
from 85.84% in 2012.
Within the public sector, the percentage and numbers of Omanis grew in
the Diwan of Royal Court to 65% in 2015 versus 63.7% in 2012. Omanis
also accounted for 83.6% of the workforce in The Royal Court Affairs
department.
The biggest jump was seen in public sector corporations where
Omanisation has increased to 82% in 2015, from 78.9% in 2012, with more
than 15,600 Omani employees.
But latest available data also points to an expanding number of Omanis
joining the private sector workforce. In 2016, more than 223,000 Omanis
were employed by the private sector, from 172,000 in 2012. However, the
overall make up of Omanis in the workforce slipped to 11.36% from 11.56%
in 2012.
“As the demand for labour exceeded supply in the domestic market, a large
part of the demand was met from the external labour market,” the CBO
said in its annual report. “This could be observed from sharp increase in
expatriate employment in Oman, particularly in the private sector during
the period 2009 to 2013 and subsequently in 2015 as well as in 2016.”

12. 15
CHALLENGES
In the future, the government would have to tackle two key
challenges: replacing expatriate workers with equally qualified
and skilled national workers, and creating new jobs for the
Omani population, ideally in high-end private sector jobs that
are aligned with the government’s effort to diversify the
economy.
The government is also enforcing new rules to ensure the
private sector develops local talent, especially in areas, such as
engineering, education, healthcare and finance.
In February, Ali Al Sunaidi, minister of commerce and industry,
told companies that 35% of their workforce must be Omanis or
they will lose their benefits.
“I understand that with jobs that Omanis cannot do, then there
is a justification for expatriates to do them. However, there are
many Omanis who are well qualified to do them but the private
sector doesn’t do enough to replace the expatriates with the
positions,” Al Sunaidi told a business audience.
“We at the Ministry of Commerce and Industry will not continue
to support or provide incentives to companies that don’t help
the government’s drive to comply with the Omanisation
process.”
Engineering is a key sector where Omanis can replace
expatriates. More than 53,000 Omanis are employed in the
field compared to around 855,000 expatriates, data from the
National Centre for Statistics and Information (NCSI) show.
The construction sector also boasts 655,000 expatriate
workers, compared to 56,000 Omani nationals.
Another area ripe for Omani workers is the
service industry, which boasts around 490,000
expatriate employees, compared to 43,000
Omanis.
Wholesale, retail trade sector is also a major
employer of expatriate workforce with a
quarter of a million people employed, as
opposed to around 38,000 Omanis.
Other areas dominated by expatriates are
manufacturing, which has 224,400 workers,
compared to 26,000 Omanis. More than
137,500 foreign workers are also employed by
industrial, chemical and food industries,
compared to a 14,000-strong national
workforce.
To address the disparity, the Omani
government has created programmes and
incentives to match Omani nationals with
private sector jobs. These include developing
sectors, such as renewable energy, high-tech
services, and Islamic banking, while building on
mature industries, like manufacturing and
tourism.
Public sector companies are also making
efforts to award contracts to local companies,
particularly those that have a high proportion
of local workforce. Combined, these efforts
should start bearing fruit and improving the
outlook for unemployed Omanis.

14. 17
Oman Oil Company was already on its
way to becoming a more cohesive and
centralised organisation when oil prices
started to decline. Like many
businesses worldwide, it had not been
immune to impact of a “new normal”
era of low oil prices.
As many oil companies across the
world felt the brunt of shrinking
revenues, Isam Al Zadjali, CEO of Oman
Oil Company, said the company had to
take an approach that ensures
consolidation and restructuring in order
to weather the challenges that came
along with the oil price drop. Adopting
this strategy has allowed the
state-owned firm to reduce costs,
change company culture, and become
more independent, especially during a
challenging period in its history.
WHAT WERE THE BIGGEST
CHALLENGES FOR OMAN OIL
COMPANY THIS YEAR?
The most significant challenge that we
have faced this year and the year
before is the drop in oil prices. This is true not just for us but for the entire
country. However, challenges sometimes lead to opportunities and we
have turned this economic slump to our advantage by taking the ‘think out
of the box’ approach. We have focused on cost reduction, optimisation and
streamlining the organisation’s activities. This will reap benefits in the long
run and create a culture of efficient practices.
Restructuring is another major task that we have been faced with since
the start of the process in January 2016, and when employees are given
new roles and assignments, it sometimes brings a slight period of
fluctuation.
The restructuring is a part of our strategy to improve work environment
efficiency. If we didn’t, reorganise, the low oil price ordeal would have
proved to be a much bigger challenge. Oman Oil Company has now shifted
its operations philosophy approach to a more cohesive sort, in contrast
with a decentralised one in the past. We are now a group of companies
integrated as one, and this allows the board and the CEO to oversee the
organisation as a single unit rather than multiple fragmented assets.
Our plan to restructure was on the table regardless of the current
situation, but we are now in a good position to deal with low oil prices
since we are better prepared. I guess it was good timing to enforce the
restructure.
WHAT CHANGES/IMPROVEMENTS HAVE BEEN MADE?
The entire organisation has seen a change in culture. We are now less
dependent on government equity, which bodes well for us as well as the
government. I am proud to say that this is a major improvement, and I
think this is how it should be for any company, to be financially
independent. This is one of our key achievements in the long term plan of
self sustainability. We have also reached out for more strategic
partnerships as we are selective in terms of who we deal with.
SIMILARLY, WHAT WERE THE OPPORTUNITIES THAT
OPENED UP FOR OMAN OIL COMPANY THIS YEAR?
Due to our strategic consolidation plan, we view our projects with a holistic
approach, instead of a segmented one. This gives us a lot of opportunities
and benefits that were previously overlooked. For example, our assets and
operations encompass upstream, midstream and downstream functions,
allowing us to view the entire hydrocarbon value chain and make better
decisions to help the company and the country as a whole.
EXCLUSIVE INTERVIEW
Oman Oil Company CEO Isam Al Zadjali: Consolidation puts
Oman Oil Company in better position after oil price drop

15. 18
WHAT CAN WE EXPECT FROM YOUR
COMPANY IN THE NEAR FUTURE?
More consolidation. It is the simply the way out. We
are not the first ones to go through tough times and
then emerge stronger than ever. However, the
technique is to do this quickly, and in a pragmatic
manner.
Consolidation for the sake of it doesn’t bring any
tangible benefits to the company. We want to
consolidate, restructure and integrate to create
better value for the nation, and that remains our
primary objective. We need to be stronger,
self-sufficient and create opportunities for the nation,
whether in employment, projects or manufacturing.
This needs to be looked into the point of creating
value- what we call in the oil and gas field as
optimising the molecule, be it oil or gas. We have to
push ourselves to export less and create value added
products using the raw materials inside Oman.
WHAT LESSONS HAVE YOU LEARNED IN
LIFE?
You need to surround yourself with good people. I
strongly believe that it doesn’t matter how good or
smart you are, as without your team, you are a
one-man show, and that eventually will collapse. So I
like to be around people I trust. This is a lesson that I
have tried to keep all my career.
The rest is being yourself. No one wants to deal with
an arrogant leader. You are here today and gone
tomorrow, and CEO’s are more expendable than any
employee. At the end of the day, you just do the best
you can.
WHERE DO YOU SEE THE COMPANY IN
2017 COMPARED WITH 2016?
We are rated by the revenue generated through our
investments and ventures. We have grown in 2016,
further evolving in 2017, and need to continue this
trajectory to enhance revenue generation.
Our ultimate objective is to reach a point of 100% self
sufficiency, and we are underway to reaching our
goal, and are are mostly self reliant at this stage.
However, occasionally we do ask for government
support, not monetary, but in guarantees. We are a
state owned firm so sometimes that is a pre requisite
to move forward. Oman Oil Company is driving
towards becoming bigger and better with its available
resources, but we hope to successfully implement
integration and consolidation during this time.
WHAT WAS THE MOST CHALLENGING
MOMENT IN YOUR CAREER?
Taking this job was a turning point in my career. I had
to leave everything including the career I built with
my previous employer in the United States. It was
unplanned but I am very happy and proud to be here.
WHAT WAS THE BIGGEST RISK YOU HAVE
EVER TAKEN (BE IT INVESTMENT OR
TRAVEL ADVENTURE)?
Accepting this position. Although I don’t see it as a
risk, and I am honoured that I was selected. It took
me a split of a second to accept it as homecoming is
always sentimental. You don’t want to leave your
country regardless of wherever you go. This job,
however, was always going to be a challenge because
of the fear of failing to succeed. Fear here is prudent
as it prevents you from making blind decisions
assuming that you will flourish.
The fear of failure is always lingering around, and it
happens, but I counter that with a positive attitude
and the push for the best I can do. This is a journey
and throughout the ride you need to have the right
attitude and good people around to be successful.
You might even fail after that, surely, but you have to
try not to.

16. 19
FEATURE STORY
Technologies for the ultimate
home theatre experience
Gone are the days where the ‘TV room’ consisted of a
sofa and a screen. New technology is invading our
homes to provide audio-visual entertainment on a
par with the best movie theatre experiences. Here is a
look at the next big things in home theatre tech.
QUANTUM DOT TECHNOLOGY
Quantum dots (QD) are tiny semiconductor
nano-crystals that enhance brightness and use less
energy. They are basically a new type of
light-emitting diode (LED)-backlit liquid crystal
display (LCD) TV providing high dynamic range (HDR)
displays with better contrast and colour accuracy for
images. It’s still early days but the key players in this
field – LG, Sony and Samsung – have all released
quantum dot super-ultra-high-definition (SUHD) TVs
over the past years and plan to develop the
technology even further with new releases soon.
ORGANIC LED OR ‘OLED’ DISPLAYS
‘Organic’ refers to the carbon film that sits inside the TV
panel before the glass screen. Unlike LCD displays, OLED
screens do not require an external light source for
brightness. They do, however, emit their own light when
an electric current is passed through. This results in an
image where blacks are darker and whites brighter,
creating a more vivid picture of the highest quality. In
addition, OLED panels are incredibly thin: just a few
millimetres of depth. On the downside, they are also
incredibly – sometimes prohibitively – expensive, but it’s
still early days and mass production should help lower
costs. Sony and Panasonic have recently joined LG, the
leader in the field, in the production of OLED TVs. In the
future, OLED displays will be transparent and even flexible
or bendable. So watch this space!

17. 20
4K OR ULTRA-HIGH-DEFINITION (UHD) VIDEO
4K refers to a horizontal resolution in the order of 3840
(or 4096) pixels and vertical resolution in the order of
2160 pixels. Basically, those screens offer about four
times the standard of ‘high-definition’ we have grown
used to: 1080p. UHD is therefore a truly futuristic
technology that can really bring a real cinema experience
to your home. It has started to gain ground recently
among the Netflixes and Amazon Videos of this world
since they have started to produce some of their series or
films in the 4K high-dynamic range. The downside: a
genuine 4K experience includes a 4K Blu-ray player, 4K
Blu-ray discs and a 4K TV – so the full kit. The top players
in the field are Oppo, Panasonic, Samsung and LG.
Noteworthy information for potential buyers: the Xbox
One S and PlayStation 4 Pro are both capable of playing
4K Blu-ray discs.
SURROUND-SOUND SYSTEMS AND SOUND
BARS
Image isn’t everything when it comes to home
entertainment. For an experience as realistic and
engaging as possible, sound of the greatest quality is key.
A good surround-sound speaker system will offer an
immersive experience and the good news is that it does
not have to be too costly – a full range of solutions exist
at decent prices other than the eye-wateringly expensive
Goldmund Epilogue Signature Audio System, which will
set you back…USD 1 million (OMR 385,000)! The one
thing to consider is space. A full home cinema system
may include up to five or more speakers of various sizes,
plus a subwoofer. This implies many cables unless you
prefer the wireless option. Those with less room may
want to opt for a sound bar, which typically consists of
only two units, a speaker that sits in front of the TV (or a
sound base below the TV) and a subwoofer. There again,
Bluetooth options also exist.
HOME PROJECTORS
When size really matters and big-screen TVs aren’t large
enough, a projector may be an option. While TV screens
these days can be as big as 80 inches, a projector can be
as large as 120 inches. The downside is that the colours
in the picture can often look washed out and lack
brightness and contrast. They simply cannot beat the
most recent TVs for image quality, let alone 4K UHD
displays. Installing a home projector properly also
involves more preparation and thinking than putting a
standard TV screen in a room.

19. 22
TRAVEL CORNER
RAK’s Al Wadi Desert
beckons tranquillity
A desert landscape does not typically
exude luxury. But in a remote area of
Ras Al Khaimah – an emirate in the
northern most region of the UAE – sits
a five-star Bedouin-inspired luxury
resort.
At Al Wadi Desert, Ras Al Khaimah, a
Ritz Carlton partner hotel, visitors are
treated to an endless view of soft sand.
The resort is built into the desert
landscape. Authentic to the region, its
Arabian-inspired architecture blends
well with the glistening sand and flora.
Situated between the Al Hajar
Mountains on one side and the Arabian
Gulf on the other, Ras Al Khaimah’s Al
Wadi Desert is a sanctuary that
provides luxury, adventure and
everything in between.
It has both local and international travellers mesmerised, as the resort is
located within a nature reserve stretching 500 hectares. A total of 101
Bedouin-inspired villas welcome guests who are keen to escape the hustle
and bustle of city life.
If you’re looking for the ultimate pampering experience, Al Wadi Desert’s
luxury spa is just what you need.
For a truly pleasant stay, you can choose from one of four villas, each with
its own private pool. Regardless of which villa you choose to book, all
exude luxurious comfort, while also maintaining the architecture and
designs authentic to desert life. For more privacy, you can opt for an
enclosed villa.
ACTIVITY-FILLED GETAWAY
To make your stay a memorable experience, there are also plenty of
activities waiting for you and your family at Al Wadi Desert.
The area’s untainted natural resource and relaxed atmosphere are
therapeutic and can do wonders for your mind and soul. For a tailor-made
itinerary, the resort’s “experience concierge” is on hand to create a
customised activity plan during your visit.

20. 23
Choose from a selection of desert life and Bedouin
culture experience, equestrian and camel rides, or
nature and outdoor activities.
Explore the hotel’s nature reserve or take a walking
tour through the surrounding villages. You can also try
your hand at archery or fishing.
If you’re up for some adrenaline-pumping activity, dune
bashing is a popular pastime. You can also soak up the
area’s impressive landscape by hiking the Jebel Jais, the
highest mountain in the UAE. End your hike with a view
of the sunset over a wadi.
As a family-friendly resort, children can join the Ritz
Rangers programme, which includes exploring the
nature reserve and discovering Bedouin life. At the Kids
Club, your little ones can interact with birds during a
mini-falconry class. They can also learn the art of
archery, or take a discovery walk with the resorts’
activity officers to understand the mysteries of the
desert. As an added treat, kids can meet Ritz and
Carlton, the resort’s resident owls.
Eat your way around the globe at one of Al Wadi
Desert’s restaurants. Kaheel offers both Arabic and
international cuisine in a breath-taking setting inspired
by traditional Middle Eastern architecture and design.
The Al Wadi Tower, which serves lunch and dinner, was
built in a traditional Arabian watchtower. You can also
enjoy dinner or tapas at the resort’s Moorish restaurant
or Moon Bar roof terrace.
Start the weekend right with a Friday brunch between
the stables and the paddocks at the Al Wadi Equestrian
and Adventure Centre. With a carving corner, a burritos
station, a lavish seafood bar, organic breakfast station,
and kiddie corner, there is something for the whole
family to enjoy.
Whether you seek adventure or solace, Al Wadi Desert
in Ras Al Khaimah can deliver an unforgettable
experience with luxury beyond your expectations.

21. 24
OMANNEWS
First wind farm project to electrify 16,000
homes
Abu Dhabi’s renewable energy company, Masdar,
signed an Engineering, Procurement and Construction
(EPC) contract with a global consortium comprising GE
and Spain’s TSK to build the Dhofar Wind Power
Project, the first large-scale wind farm in Oman and
the GCC.
The Dhofar Wind Power Project is a result of the joint
development agreement that was established in 2014
between Masdar and the Rural Areas Electricity
Company of Oman (RAECO). Funding for the wind farm
is provided by the Abu Dhabi Fund for Development
(ADFD), a leading national entity supporting global
socio-economic development initiatives - Oman Daily
Observer Read More >>
Omantel acquires minority stake in Zain
Oman Telecommunications Company (Omantel), the
first integrated telecommunications services provider
in Oman, has announced a share purchase agreement
(SPA) whereby Omantel will purchase 425.7 million of
Mobile Telecommunication Company’s (Zain) treasury
shares at a price of 0.60 Kuwaiti dinar ($1.99) per
share.
Once complete, Omantel will own a minority stake of
approximately 9.84 percent in Zain’s outstanding
common shares. The total value of the transaction is
$846.1 million. - Arab News Read More >>
Oman plans mandatory health insurance
from next year
The stage is being set for the introduction of mandato-
ry health insurance for private sector employees in the
Sultanate.
According to sources, the scheme is in the final stages
and will be implemented from January 2018.
“A directive to provide health insurance for both
nationals and expatriates will be issued after necessary
approvals from the ministry,” said Rashid bin Amer al
Musalhi, a member of Oman Chamber of Commerce
and Industry (OCCI) and head of Services Committee. -
Oman Daily Observer Read More >>
Oman inks $3.5b loan pact with Chinese
institutions
Oman government has signed a $3.55 billion five-year
loan agreement with a group of Chinese financial
institutions, according to a press statement released by
the Ministry of Finance.
The senior unsecured loan follows the Sultanate’s $5
billion multi-tranche bond and $2 billion sukuk priced
earlier this year. “The transaction witnessed strong
interest from the group of leading Chinese banks with
the transaction upsized from the initial target of $2
billion to accommodate the interest from the lenders,”
said the statement. - Oman Daily Observer
Read More >>
Duqm's first large scale power project
expected to be awarded early 2018
An engineering, procurement and construction (EPC)
contract to build Duqm’s first large-scale natural
gas-fired power-cum-water desalination project is
expected to be awarded in the first quarter of 2018.
The new project, which will have a ‘contracted capacity’
to generate 183 megawatts (MW) of power, along with
a 9.5 million imperial gallons of water per day-capacity
desalination plant, is being developed by Marafiq—the
Sultanate’s first centralised utilities provider catering
initially to the industrial zones. - Times of Oman
Read More >>

22. 25
GCC
Investors in search of yields look at GCC
bonds
Amid near-zero interest rates, investors in search of
elusive yields are increasingly looking at bonds in the
Gulf cooperation Council.
The US Federal Reserve gradually started to raise rates
in the second half of 2016; however, other markets
such as the UK, Eurozone and Japan continue to have
abysmally low levels of bond yields, making higher
yielding Gulf bonds attractive.
“This [low rate environment] has created a dearth of
investment opportunities for bond investors. The
desperation to invest in better yielding quality papers
has wooed investors towards the emerging bond
markets of the GCC,” M.R. Raghu, executive
vice-president at Kuwait Financial Centre (Markaz),
said. - Gulf News Read More >>
MENA healthcare project pipeline valued at
$55.2bln
As much as $55.2bn worth of healthcare projects are in
the pipeline in the Middle East and North Africa (MENA)
region in 2017, with major new developments
expected to be announced at the forthcoming Building
Healthcare Innovation & Design Show.
According to the latest industry estimates, a total of 37
mega hospital projects are already underway in the
Gulf region, worth about $28.2bn and are expected to
add 22,500 hospital beds to existing capacity (Alpen
Capital Healthcare Report). The rest of the year will be
even more robust for the healthcare projects market,
with major projects being undertaken throughout the
region. - The Saudi Gazette Read More >>
Saudi conglomerate to launch first-ever
Shariah-compliant spot gold contract in
Mideast
The Dubai Gold & Commodities Exchange (DGCX) and
Ayedh Dejem Group, a conglomerate from the Kingdom
of Saudi Arabia, have agreed to develop and launch the
Middle East’s first-ever Shariah-compliant Spot Gold
contract to be traded on an international exchange. The
partnership enables both entities to increase their
presence in the Saudi Arabian and wider GCC Islamic
Finance market, and attract the interest of regional
Islamic financial institutions and banks.
This development is reflective of the growing potential
of the Saudi Arabian and wider GCC regions Sharia
compliant gold markets. According to the World Gold
Council, Saudi Arabia’s gold demand, stood between 60
and 85 tons. This is the highest in the Middle East and
ranked sixth in the world; representing almost 30% of
demand across the region. Sharia compliant gold
investments are worth an estimated USD 2 trillion
meaning the decision to launch this new contract is
ideally timed. - The Saudi Gazette Read More >>
Saudi Arabia to restart work on $26.6bln
Grand Mosque expansion
Saudi Binladin Group will restart work next month on the
$26.6 billion expansion of the Grand Mosque in Mecca,
nearly two years after work stopped in the wake of a
crane collapse at the site that killed 107 people, sources
told Reuters on Thursday.
Work will resume after the annual haj pilgrimage, and
Saudi Binladin will pay outstanding salaries owed to
staff involved in the project beginning on Aug. 20,
according to a notice that the company sent to banks
and which was seen by Reuters. - Reuters
Read More >>
Abu Dhabi creates new legal structure for
preserving family wealth
Abu Dhabi Global Market (ADGM) has announced the
launch of a new legal structure to support wealth
management and preservation between family
generations.
ADGM, which is the international financial centre based
in the United Arab Emirates' capital, said that its new
'Foundations' regime provides a new platform for
financial planning and structuring of investments that
will serve as an alternative either to trusts or corporate
vehicles. - Zawya Read More >>

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