Oman Economic Review – July 2019

BUSINESS BRIEFS

6 July 2019

PDO, Ejaad collaborate on 4IR research

Petroleum Development Oman (PDO) signed
an agreement with The Research Council to
conduct research on the overall impact of the
Fourth Industrial Revolution (4IR) on jobs in the
oil and gas sector through Ejaad, the platform to

boost R&D collaboration between industry and

academia in Oman.

The study will explore the effect of 4IR on

employment trends, stable, emerging and declining

roles and job opportunities over the next five to ten

years in PDO and its direct contractor community.

The study, which is made up of three phases, is

aimed to be concluded by end of the year (2019).

The first phase of the study will identify and

map out potential jobs that will be eliminated,

developed or created due to the use of different

4IR technologies within PDO and its contractors.

The second and third phases will then focus on

building the company’s competency framework

for emerging jobs as well as providing capability

building proposals, recommendations and

implementation plans in relation to the current

and future workforce of PDO and its contractors.

Ejaad director, Dr Abdullah Al Abri said, “We are

delighted to sign this consultancy agreement

with PDO to look at the promising upside of

4IR into PDO’s business portfolio and potential

implications on jobs and associated competency

development programmes.”

Bank Muscat, Meethaq ink finance pact with Al Mouj

Bank Muscat and its Islamic banking window
Meethaq have signed a finance agreement with
Al Mouj Muscat, Oman’s lifestyle and leisure
destination. The agreement for a syndicated term
loan worth RO115mn will allow for the consolida-
tion of Al Mouj’s financing facilities, keeping in
view its revised fund-flow requirements following
the implementation of a refreshed master plan.
The agreement was signed at the bank’s head
office by Osamah Al Abdullatif, AGM - project
finance, Bank Muscat, and Ahmed bin Abdul-

lah Al Massan, acting chief financial officer, Al

Mouj Muscat, in the presence of Sheikh Waleed

K Al Hashar, CEO, Bank Muscat and Nasser bin

Masoud Al Sheibani, CEO of Al Mouj Muscat.

“Bank Muscat is proud to successfully close the

financing facility for Al Mouj Muscat, marking a

unique collaboration and continuation of Bank

Muscat’s long term relationship with Al Mouj

Muscat aimed at sustainable development and

enhancing the tourism potential of the Sultanate,”

said Osamah Al Abdullatif. “This financing

agreement comes within the scope of joining hands

with partners to achieve the highest value for the

national economy and is a clear indication of the

availability of viable financing facilities in Oman.

Bank Muscat maintains a leadership position,

enabled by its deep expertise, innovative structuring

capabilities and sound due diligence techniques,

thus catering to long-term and short-term financing

requirements of major projects in the Sultanate.”

“Al Mouj Muscat has already achieved great

success, with its landmark residential, leisure

and hospitality offerings now well-developed and

supporting a wide range of thriving businesses,”

said Ahmed Al Massan. “Our next phases will

deliver even greater opportunities for Muscat and

Oman, with additional tourism facilities creating

more employment and economic benefits. We

are very pleased that Bank Muscat has continued

supporting Al Mouj Muscat on this important

stage in our growth, and to supporting our

continuous contribution to Oman.”

A joint venture between the Government of Oman

and UAE-based Majid Al Futtaim Properties, Al

Mouj Muscat is spread across 2.5 million square

metre of land located at Seeb.