The funding round featured participation from 500 Global in collaboration with Sanabil Investments, an investment fund owned by the Public Investments Fund (PIF) of Saudi Arabia, and Al Jabr MENA, a startup development and innovation firm. This funding is set to expedite byanat’s technology and product development and enable entry into the Saudi market.

byanat is one of the tech companies that was incubated at Omantel Innovation Labs. The company aims to enhance infrastructure in the telecom, energy, and utilities sectors. Their SaaS analytics platform assists businesses in effectively scaling and maintaining connected infrastructure, by unifying communication management, device management, and data analytics.

Talal al Mamari, CEO of Omantel, said, “This historic investment partnership is an eloquent endorsement of the trust global investors have in Omani startups. It also reflects Omantel’s far-sighted vision towards innovation and technology. Omantel’s investment in byanat is driven by our confidence in its potential to revolutionise the technology industry, not just in Oman but worldwide.”

“As we continue to focus on enhancing and growing our innovative services and infrastructure, we also place a high priority on empowering startups through various programs offered by Omantel Innovation Labs.”

Omantel Innovation Labs, Oman’s innovation and entrepreneurship centre, fosters Omani tech startups and cultivates a thriving ecosystem. Their investment in byanat reaffirms their dedication to nurturing ground-breaking startups and reinforcing Oman’s status as a regional leader in technology and innovation.

Ahmed al Ghadani, CEO of byanat, said, “With this milestone investment, our focus at byanat is firmly set on the future. We are committed to scaling our operations, expanding our product offerings, and reaching new markets, ensuring that we remain at the forefront of our industry.”

As digital infrastructure becomes more complex, the demand for advanced data analytics solutions grows. With Omantel’s support, byanat’s innovative platform is poised to tackle these challenges and deliver value.

Muscat – The GCC countries boast a remarkably small shadow economy, with informal businesses accounting for just 18% of total GDP of the region, which is significantly below the global average, according to a new report.

It is estimated that the shadow activity accounts for 15% of GDP in Saudi Arabia, 17% in Bahrain, 22% in Kuwait, and 24% in the UAE and Oman. This is significantly below the global average of approximately 28% and closely aligns with OECD countries, which stand at around 15%, according to the global management consulting firm Arthur D. Little.

‘Building on this strong position, integrating shadow businesses into the formal economy remains a top priority across the GCC,’ the report noted.

Arthur D. Little Wednesday released an exclusive viewpoint report titled ‘Delivering Inclusive Growth’. The report outlines recent initiatives and presents innovative strategies designed to further diminish the shadow economy and bolster SMEs by enhancing economic and financial inclusion.

According to the report, the GCC is spearheading the battle against the shadow economy in the Middle East and North Africa region by implementing effective policies and ideas that incentivise shadow businesses to participate in the formal economy. Measures include improving tax enforcement, promoting the formalisation of small businesses, advancing digitalisation, fostering transparency, and boosting financial inclusion through the provision of financial services and greater access to credit.

In the UAE alone, SMEs employed more than 86% of the private sector labour force as of mid-2020 and accounted for over 60% of GDP. Meanwhile, Saudi Arabia aims for SMEs to contribute 35% by 2030, and Bahrain set a target of 50% to be achieved by the same year.

Stephane Ulcakar, principal at Arthur D. Little Middle East, said, “By integrating key enablers such as streamlined regulations, enhanced tax oversight, accessible financial services, and a level playing field, the GCC region can establish a robust foundation for the growth and development of the formal economy. These concerted efforts not only reduce incentives for individuals and businesses to operate in the shadow economy but also foster a more inclusive and sustainable economic landscape.”

“As the GCC countries continue to demonstrate remarkable progress, these strategic measures will further empower SMEs as vital drivers of economic growth, innovation, and resilience, ultimately contributing to the long-term prosperity of the entire region,” he added.

GCC accelerating inclusive growth

To ensure a robust enabling SME ecosystem, Arthur D. Little advised that the governments must lead with an orchestrated and coordinated approach and offer solutions that harmonise design, technology, and data. Moreover, such an ecosystem requires that various ministries and government entities establish shared objectives to circumvent siloed approaches.

‘Key enablers of this ecosystem include a strong legal framework, straightforward and transparent taxation, artificial intelligence and digital solutions, access to finance, investment, market access, lucid and effective labor laws, comprehensive infrastructure, and education and awareness,’ the report noted.

It said that the GCC countries are forging a path toward achieving what has eluded virtually every government in the last century: state-driven economic transformation with a citizen-centric approach.

‘But there is more to do; the region’s leaders recognise the need for a thriving and sustainable SME sector to guarantee growth and resilience for the entire economy, and they have positioned this need at the heart of their policies,’ the report added.

Muscat – As the low-cost national carrier of Oman, SalamAir has made significant strides in improving and expanding its network and product offerings, all while keeping fares affordable for customers. The airline’s dedication to excellence and customer satisfaction has been recognised through its recent accolade as the winner of Oman’s Most Trusted Brand Award 2022 in the airlines category.

In an exclusive interview with Muscat Daily, SalamAir CEO, Captain Mohamed Ahmed, talked about the airline’s customer-centric approach and its strengths within the aviation sector of the sultanate. He also shared insights into SalamAir’s future plans for fleet and network expansion.

SalamAir has been voted as Oman’s Most Trusted Brand 2022 in the airlines category. How has SalamAir built and maintained its reputation as a top brand in the sultanate’s aviation industry?

Firstly, we are very humbled and thankful to our customers who chose us as their preferred airline. Our customer-first approach is something we take very seriously. Over the years, we have significantly improved our overall product offerings and network and maintained low fares, making travel affordable and accessible to many. We constantly evolve our services and continue to listen and engage with our customers.

How does SalamAir differentiate itself from other low-cost carriers in the region? What initiatives has SalamAir implemented to enhance the customer experience?

As a national carrier of Oman, we consider ourselves fortunate to operate from a base that reflects the rich culture of this remarkable country. We take pride in embodying the values of Omani hospitality, which permeates every aspect of our customer service across various touchpoints. Moreover, our product offerings are designed with simplicity in mind, effectively addressing the diverse needs of our customers in terms of both services and destinations. Our carefully crafted network is tailored to complement the travel requirements of our home base while continuously expanding to meet the evolving needs of our valued customers.

We recently introduced the first freighter to our fleet to further diversify our business. This strategic addition enhances our capabilities and enables us to offer an even broader range of services. Additionally, we have upgraded our booking engine and introduced numerous value-added services, providing our passengers with a convenient and personalised experience.

Innovation and creativity are deeply ingrained in our approach, evident in our adaptability to changing circumstances and adventurous spirit. These qualities shine through in all aspects of our business, including technology advancements, network expansion, and fleet diversification.

We consistently strive to embrace new ideas and push boundaries, ensuring we remain at the forefront of the industry. As a national carrier of Oman, we embody the essence of Omani culture, offering exceptional hospitality, simplicity, and innovative solutions. We are committed to providing our customers with unmatched travel experiences while continuously evolving and adapting to meet their ever-changing needs.

How do you keep the costs affordable for passengers while maintaining higher safety and customer satisfaction?

Efficient resource management is a crucial advantage in maintaining competitiveness. For instance, we excel in optimising operational efficiency, proudly standing out as one of the most efficient airlines in the region in terms of aircraft utilisation. This proficiency provides us with a cost-saving advantage, allowing us to offer highly competitive fares.

Moreover, we have nurtured an adaptable team with extensive knowledge across multiple facets of the business. This strategy empowers us to reduce manpower expenses while maintaining high levels of expertise effectively.

Our focus is on short- to medium-haul operations; we focus on the latest aircraft technology that supports safety, high fuel efficiency, and low maintenance costs. We have recently secured the IATA safety audit registration, which is a testament to our commitment to passenger safety. We follow the low-cost model for saving costs across our business, which transpires to our customers as low fares. Our team is dedicated to ensuring our passengers are cared for at every step of their journey.

Can you tell about the current size of SalamAir’s aircraft fleet, routes and destinations?

In 2022, we were honoured to receive the prestigious recognition of having the youngest fleets in Asia. Our fleet comprises six A320neo, four A321neo aircraft, and an A321F dedicated to freight operations. With these ten-passenger aircraft, we serve a comprehensive network of 38 destinations, encompassing domestic and international routes.

Looking ahead, we have exciting plans for fleet expansion. In June and July 2023, we are set to welcome three new Airbus 321neo aircraft to our fleet. Furthermore, before the end of the year, we have three additional aircraft scheduled for delivery. These developments will increase our fleet size to 17 aircraft, enabling us to enhance our services and cater to a broader range of travel demands.

What new routes or markets will your airline expand to in the next few years? What factors do you consider when selecting new destinations to add to SalamAir route network?

Our destinations are selected by listening to our customers, followed by a feasibility study to gauge the operational and commercial viability of the destination. We have already introduced Kula Lumpur, Almaty, Rize, Mashhad, and Beirut this summer, all fascinating destinations for our passengers to explore. We have a few more in the pipeline, which we will announce in the near future.

How does SalamAir handle the competition from larger carriers in the market?

I firmly believe that competition is a positive force that ultimately benefits customers. It encourages us to continuously enhance and innovate our unique product offering, enabling us to seize new opportunities in the market. By embracing advanced thinking and staying ahead of the curve, we consistently strive to maintain a competitive edge over other carriers. Our commitment to forward-looking strategies ensures we remain one step ahead in meeting customer needs and expectations.

How does SalamAir approach partnerships and codeshare agreements with other airlines to expand its destination offerings?

Our business model focuses on expanding our network while allowing our passengers’ reliability and convenience during their travel while maintaining low fares. Thus, partnerships and agreements would be part of our strategic collaboration, which benefits the airline and is strategically advantageous to our partners, the country and the region on a macroeconomic scale.

Following a review of the authorised business activities of licensed finance and leasing firms, the CBO on Tuesday issued instructions to allow these companies to expand their scope of operations. This includes the relaxation of certain conditions associated with existing activities.

According to the CBO’s decision, finance and leasing companies are now authorised to engage in additional lending activities such as real estate financing, working capital facilities, personal loans, and lending against their own deposits.

Furthermore, the CBO has extended relaxations to finance and leasing companies regarding their ability to accept corporate deposits and make investments. Additionally, the finance and leasing companies now have the discretion to adjust their business hours based on market demand.

The Central Bank of Oman has emphasised that these amendments are aimed at broadening the activities of finance and leasing firms, thereby fostering positive contributions to the growth of the sector and the overall economy.

This partnership establishes a strong collaboration and is the first step towards the development of an optimal, efficient, and cost-effective solution for green hydrogen transportation in Oman, OQGN said in a press statement.

OQGN will leverage on its expertise and capabilities to provide shared infrastructure plans allowing green hydrogen developers to capitalise on the substantial technical and economical synergies and benefits of a shared infrastructure.

OQGN, a part of Oman’s global integrated energy group OQ, is well placed to be at the center of the development of green hydrogen network initiatives. The company will help explore the best options for the development and construction of green hydrogen pipeline network infrastructure to transport green hydrogen from Hydrom’s renewables and clean hydrogen blocks to the downstream plants at the special economic zones and ports, as well as linking the network across governorates and explore potential interconnection with neighboring countries – as part of Hydrom’s master plan.

Furthermore, the partnership will help to facilitate study outcomes, which will enable local company talents to develop optimal, efficient, and cost-effective solutions for green hydrogen transportation in Oman, advancing the green hydrogen economy and attracting international investments.

The agreement was formalised as part of OQGN’s efforts to drive clean energy initiatives and is a direct reflection of OQGN’s deep commitment to developing clean energy infrastructure, as well as an acknowledgment of OQGN’s capabilities and expertise by key stakeholders in the hydrogen ecosystem.

Mansoor Ali al Abdali, managing director of OQGN, said, “OQGN’s core focus is on clean energy infrastructure. This MoU reflects both the importance of green hydrogen for Oman and our intention to play a leading role in green hydrogen transportation. We are delighted to be formalising our relationship with Hydrom, which has already achieved a great deal in its first year of existence.”

Dr Firas Ali al Abduwani, acting managing director at Hydrom, said, “The huge potential and rich natural resources for green hydrogen in Oman can only truly be captured through the development of robust and reliable infrastructure. We are therefore delighted to be signing this MoU with OQGN. We are confident there are many other similar opportunities that we are hoping to explore with other national and international infrastructure providers, which will benefit the green hydrogen developers by providing a reliable cornerstones, supporting Hydrom’s vision of creating a green hydrogen hub in Oman.”

Hydrom was established last year and is the entity orchestrating the national interest in green hydrogen, which includes operating competitive auction process for lands to be allocated for green hydrogen projects and orchestrating and master planning the Common Use Infrastructure, which includes hydrogen networks. Hydrom is fully owned subsidiary of Energy Development Oman (EDO) and is regulated by the Ministry of Energy and Minerals.

OQGN is the exclusive operator of Oman’s gas transportation system. As the backbone of the country’s energy ecosystem, OQGN is a critical infrastructure player for the sultanate, and aims to champion the management and development of energy infrastructure through innovative and sustainable solutions. OQGN has 450 talents that are responsible for overseeing the smooth running of more than 4,030km of gas pipeline network.

DIDIC submitted its final offer for the merger to the OIFC board last week.

‘We would like to announce that following careful consideration, the board of directors of OIFC has approved the proposed merger terms and conditions in its meeting held on Thursday,’ OIFC said in a disclosure to the Muscat Stock Exchange on Sunday.

According to the merger offer, the value of OIFC has been determined at RO25.2mn, the company noted. It added that the swap ratio offered to the shareholders of OIFC is 0.3488 shares of the merged entity (DIDIC) for every owned share of OIFC. Accordingly, 86,809,825 shares in the merged entity will be allocated to the OIFC shareholders.

OIFC said, ‘The board of directors of the company believes that the merger is in the interest of OIFC shareholders and has therefore approved the calling of an extraordinary general meeting (EGM) of the shareholders of OIFC.’

The EGM will consider the merger and present the OIFC shareholders with an explanatory statement including the terms and conditions of the merger, and other supporting documents, with the board’s recommendation to vote in favour of the merger.

In addition to the approval of the shareholders of the two companies, the merger remains subject to the approvals of the competent authorities.

OIFC said there will be no immediate changes as a result of the disclosure. Both companies will remain independent and continue to operate their business as usual until the merger is completed.

In a separate disclosure, DIDIC confirmed that it has received acceptance from the board of directors of OIFC for the merger offer between DIDIC and OIFC.

The EGMs of the two companies’ shareholders will be held to obtain the final decision on the proposed merger.

According to OIFC, a separate announcement will be made in relation to the date, time, and agenda of the EGM in due course and in accordance with applicable laws.

DIDIC is one of the largest investment holding companies in Oman. Its main activities include investment in businesses, marketable securities, and the promotion of new projects. The company holds investments in subsidiary and associate companies.

On the other hand, OIFC is Oman’s leading organisation in billing and collection of utilities, providing a centralised collection point for customers to pay for their electricity, water, and telecom utilities. It is also involved in the collection of Public Authority for Social Insurance subscriptions and investments in the banking, finance, and electricity contracting sectors.

Galfar shares surged nearly 8% on Sunday at the Muscat Stock Exchange following the announcement of the new contract award by the company.

“We are pleased to inform our esteemed shareholders that PDO has awarded Galfar the Off-Plot Delivery Contract Qarn Alam via a letter of award that was formally accepted by both parties on May 25, 2023, and approval from PDO to disclose was confirmed on Sunday,” Galfar said in a disclosure to the Muscat Stock Exchange.

The company estimates the value of this call-off contract to be approximately RO280mn for an execution period of seven years. The contract also includes an additional three-year extension option worth RO120mn.

“If the extension option of three years is approved and implemented, the potential associated additional contract value is estimated to be RO120mn,” Galfar said.

“We take this opportunity to express our appreciation to PDO for the confidence vested in Galfar through this award,” the company added.

According to Galfar’s first-quarter 2023 financial report, for the period ended March 2023, the company continues to maintain a significant project pipeline of RO481mn supported by new project awards worth RO9.1mn.

“The company expects to maintain a solid project pipeline in excess of RO500mn in the future, with a significant number of tenders under evaluation across a diverse array of sectors and clients. We reasonably expect to be successful in a number of those, which will ensure stability and sustainability of our strong market position,” the company said in the report.

Galfar further said it continues to explore avenues to strengthen the company’s financial position in a challenging and highly competitive economic environment.

“As part of the company’s turnaround strategy, ongoing measures to control manpower and overhead expenses and improve project execution efficiencies are poised to reduce overall cash outflow and improve the operating financial results in 2023,” Galfar said.

As a flagship for Oman’s contracting and engineering business, Galfar said it is looking forward to building on its strength, supporting the government and local market endeavours for economic growth, and pursuing significant development and infrastructure projects across various sectors.

‘The board of directors decided to submit the final offer for the merger between DIDIC (the merging company) and OIFC (the merged company),” DIDIC said in a disclosure to the Muscat Stock Exchange on Thursday.

In its final offer, DIDIC proposed the merger through the consolidation method. The offer includes an agreement on the swap ratio of the shares of the merging and merged companies, which will be disclosed subsequently.

According to the terms of the offer, DIDIC will also increase its capital and allocate it to the shareholders of OIFC.

‘The board of directors of DIDIC believes that the merger is in the interests of the company’s shareholders by increasing its market share, optimising the cost of operations, and expanding business in new geographical areas in Oman,’ DIDIC said.

The merger is subject to obtaining necessary approvals from regulators and fulfilling other applicable requirements, the company added.

In a separate disclosure to the Muscat Stock Exchange, OIFC confirmed that it received a letter from DIDIC expressing its desire to merge with OIFC through incorporation.

‘We would like to inform our shareholders that the company received a detailed merger offer from DIDIC on May 31, 2023, which includes the swap ratio of the shares of the merging and merged company. The board of directors will discuss the merger offer and will disclose any decision that could be taken in this regard in due course,’ OIFC said.

The proposed merger is subject to applicable laws, approval from relevant regulatory authorities, and approval from the shareholders of both companies, OIFC added.

DIDIC is one of the largest investment holding companies in Oman. Its main activities include investment in businesses, marketable securities, and promotion of new projects. The company holds investments in subsidiary and associate companies.

On the other hand, OIFC is Oman’s leading organisation in billing and collection of utilities, providing a centralised collection point for customers to pay for their electricity, water, and telecom utilities. It is also involved in the collection of Public Authority for Social Insurance subscriptions and investments in the banking, finance, and electricity contracting sectors.

Ooredoo Oman has issued a tender to sell and lease back its passive tower infrastructure, as stated in a disclosure submitted to the Muscat Stock Exchange by the company.

According to Ooredoo Oman, several companies with expertise in telecommunication towers have been invited to submit bids for the purchase and leaseback of their passive tower infrastructure. The company is currently evaluating the offers it has received.

Ooredoo Oman said that the proposed transaction is in the early stages, and it is not possible at this point to determine its financial impact on the company.

‘Ooredoo will provide updates to the market regarding any significant developments in the project. The winning bid will be disclosed once a final decision is reached by the company, subject to approval from the Telecommunications Regulatory Authority and other relevant authorities in compliance with the law and the company’s internal regulations,” Ooredoo Oman said.

In a similar move, Ooredoo Oman’s competitor, Omantel, completed the sale of its passive tower infrastructure in Oman to Helios Towers Company in December 2022. Omantel sold its passive tower infrastructure consisting of 2,519 sites to Helios Towers for a gross consideration of $495mn.

During the first quarter of 2023, Ooredoo Oman’s net profit declined by 37.8% to RO2.8mn from RO4.5mn in the same period last year, primarily due to higher expenses. However, the company’s revenue for the first three months of 2023 increased by 1.9% to RO65.9mn compared to RO64.7mn in the corresponding period of 2022.

While iDreamSky acknowledges the significance of forging strategic alliances to drive industry advancements, the company is engaging in serious exploratory discussions and evaluating potential synergies that may arise from various collaborations, according to a press release.

By exploring opportunities in Oman, iDreamSky aims to leverage its expertise to create a seamless and secure gaming payment platform that caters to the evolving needs of the next generation of gamers.

In Oman, iDreamSky has signed a partnership with leading Omani fintech firm Mamun. Through this groundbreaking collaboration, iDreamSky and Mamun aim to enhance the gaming experience, foster innovation, and support the growth of Oman’s gaming ecosystem.

“We are excited to begin exploring the potential collaborations and opportunities in Oman’s game payment landscape with Mamun. We see lots of similar pain points that the industry and players are suffering. Our discussions with Mamun have been very productive. I am looking forward to solidifying it further with Mamun as our main local partner as we secure more infrastructure partners within Oman,” said Jeff Lyndon, president and cofounder of iDreamSky.

This cutting-edge platform aims to meet the surging demand from gamers, developers, and publishers in the region. By leveraging the expertise and resources of iDreamSky and Mamun, in conjunction with strategic partnerships with leading telcom firms, this joint initiative seeks to revolutionise the gaming payment landscape in Oman. The platform will offer a comprehensive suite of secure and seamless financial services tailored specifically for the gaming industry.

“In the dynamic gaming payment ecosystem, we see significant challenges that hold immense potential for growth. Our unwavering commitment lies in positioning Oman at the forefront of this vertical, and Mamun’s fintech infrastructure platform technology will serve as a crucial conduit to seize these opportunities. With iDreamSky’s prominent operating position in Asia and global reach of game developers, they are the perfect partner. It’s essential for the sector to recognise that payments transcend mere gateways; the future entails a comprehensive financial services experience, and fintechs are poised to deliver much more than vanilla payment services,” said Mohammed al Tamami, co-founder and chief commercial officer at Mamun.

Commenting on the new partnership between iDreamSky and Mamun, H E Dr Ali Shidhani, Undersecretary for Communications and Information Technology at the Ministry of Transport, Communications and Information Technology, said, “We are thrilled to witness the collaboration between local Omani startup, Mamun, and renowned international game development player, iDreamsky, as they join forces to pave the way for a thriving future in game development and the digital economy in Oman. This partnership marks a significant milestone in fostering growth and innovation within the Omani gaming industry, showcasing the immense potential and opportunities that lie ahead.”

iDreamSky and Mamun extended their heartfelt gratitude to the Ministry of Transport, Communications, and Information Technology in Oman for their unwavering commitment to fostering the growth of the gaming industry in the country. The ministry’s emphasis on developing and promoting this sector has created an environment conducive to innovation and collaboration.