Oman’s top-notch corporate leaders and influential policy makers will discuss threadbare ways to tap the enormous non-oil revenue at the OER Business Summit 2017 to be held at Sheraton Oman on October 2.
Organised by Oman Economic Review (OER), the Sultanate’s premium and must read business magazine, the OER Business Summit 2017, will bring together captains of the Oman’s industry and who’s who of the corporate sector for an engaging discussion on the main theme, ‘Paradigm Shift: Thinking beyond oil among other topics.
PDO, the leading oil and gas exploration and production company, Omantel, the pioneer of total communications in the Sultanate, Al Jenaibi International Automobiles LLC, the exclusive importer for BMW, Port of Duqm and Areej Vegetable Oils and Derivatives are the strategic partners of OER Business Summit 2017. Bank Sohar, Oman Cables Industry, Taageer Finance, OCTAL, LuLu Exchange Holdings and National Training Institute are the support partners, while Business International Group (BIG), the Light and Sound partner. Times of Oman and Al Shabiba are the Media Partners and Mazoon Printing, the Print Partner.
The summit will discuss how the new reality is impacting businesses. It will provide a firsthand learning opportunity on policy choices and their ramifications and peer-to- peer networking and brainstorming with industry leaders. With the focus of the country on economic diversification, the private sector has a significant role to play in spurring growth.”
Low oil prices has forced the hydrocarbon dependent economies to look at ways of augmenting revenues from alternative sources. The Sultanate has been quick to respond to the new reality by introducing a number of new initiatives such as Tanfeedh; public private partnerships; changes in taxation, subsidy and levies; privatisation; enhanced efficiencies and reducing redundancies. The OER Business Summit 2017 will delve on the new reality and future choices.
Fabio Scacciavillani, Chief Economist and member of the Investment Committee, Oman Investment Fund will speak on – ‘State of Oman’s Economy’ and Khalid Ansari of KPMG, on ‘Challenges and enablers of growth.’ Presentation by experts on the State of Oman’s economy, changes in taxation, VAT and implications for the corporate sector, besides panel discussion on the sunshine sectors of the future, especially those that can broad base the Sultanate’s economy and generate additional sources of income, will be the highlight of the summit. Sectors that hold promise include manufacturing, ports and logistics and tourism. The panel discussion will look at the strengths of these sectors and measures that need to be taken to unlock their true value.
Given the range-bound prices of oil, there is an immediate need to focus on sectors that can broadbase the Sultanate’s economy and generate additional sources of income. Oman has a number of strengths in various sectors like mining, manufacturing, ports and logistics and tourism. The Tanfeedh programme has also underscored the importance of most of these sectors. The panel discussion will look at the strengths of these sectors and measures which need to be taken to unlock their true value.
The government has identified public private partnerships as an important policy measure for future development. It is also looking at encouraging the private sector to invest in public sector companies. The summit will look at the preparedness of the private sector to take on this role, their wish list and regulatory changes that need to be taken to encourage private sector investment and initiative.