Unified insurance policy, bank fees affecting SMEs reviewed
Muscat – The Finance and Insurance Committee of Oman Chamber of Commerce and Industry (OCCI) reviewed progress on the unified insurance policy – aimed at standardising coverage and terms across all insurers in the sultanate – last week.
Chaired by Mustafa bin Salman bin Ahmed, Committee Head and OCCI Board Member, the committee also examined bank fees and charges imposed on borrowers, stressing the need for a detailed study based on data from Central Bank of Oman. Officials noted that around 80% of companies in Oman are classified as small and medium enterprises, making the impact of such fees particularly significant.
The committee further discussed charges levied by commercial banks on SME accounts and considered holding a joint seminar with Oman Commercial Arbitration Centre to highlight its services in resolving financial disputes.
Members also reviewed a proposal for a dialogue session on financing challenges and personal loans to support the employment of Omanis in SMEs. Training initiatives for insurance sector workers were explored, including short- and long-term programmes and a professional diploma in insurance.
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Unified insurance policy, bank fees affecting SMEs reviewed
By OUR CORRESPONDENT Muscat – The Finance and Insurance Committee of Oman Chamber of Commerce and Industry (OCCI) reviewed progress on the unified insurance policy – aimed at standardising coverage and terms across all insurers in the sultanate – last week. Chaired by Mustafa bin Salman bin Ahmed, Committee Head and OCCI Board Member, the committee also examined bank fees and charges imposed on borrowers, stressing the need for a detailed study based on data from Central Bank of Oman. Officials noted that around 80% of companies in Oman are classified as small and medium enterprises, making the impact of such fees particularly significant. The committee further discussed charges levied by commercial banks on SME accounts and considered holding a joint seminar with Oman Commercial Arbitration Centre to highlight its services in resolving financial disputes. Members also reviewed a proposal for a dialogue session on financing challenges and personal loans to support the employment of Omanis in SMEs. Training initiatives for insurance sector workers were explored, including short- and long-term programmes and a professional diploma in insurance.
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MUSCAT, AUG 14 Nama Water Services announced the completion of recruiting 800 Omanis for new job opportunities in the projects sector. This step comes within the framework of the company's commitment to enhancing the participation of national talent in the implementation of vital projects and supporting Omanisation efforts in advanced technical and administrative specialties within supporting companies. The initiative was part of strategic projects with a total value exceeding RO 1 billion, covering various governorates. These projects include the construction and expansion of water transmission and distribution networks. It also reflects the Omanisation efforts being made within supporting companies in advanced technical and administrative specialties, including health and safety, project management, surveying, and engineering in various branches. Qais bin Saud al Zakwani, CEO of Nama Water Services, stated that this batch of job opportunities aligns with the company's strategic direction to strengthen national human capital, support partner companies, and directly link employment to the needs of ongoing projects in the water and sanitation sector. He added, "We at Nama Water Services are pleased to welcome our new colleagues in this sector to work with the supporting companies implementing water projects. We have seen their competence and desire, which indicates outstanding job performance that will be reflected in the quality and efficiency of project implementation. The provision of more than 800 new job opportunities by contractors and consultants implementing Nama Water Services projects is a qualitative step towards supporting efforts to accommodate job-seekers and opening broader horizons for Omani youth to develop their skills and utilise their energies in vital projects that serve the various governorates." Eng Abdullah bin Salem al Rasbi, CEO of Development Projects, emphasised that the new jobs represent direct support for the projects sector by providing it with Omani competencies capable of integrating into the fieldwork environment from day one. "The recruitment of these national talents brings real added value, not only by filling job needs, but also by providing employees with practical experience and advanced technical skills acquired through on-the-job experience, and by transferring knowledge from current work teams to younger cadres. This ensures continued outstanding performance and enhances the sector's ability to keep pace with development requirements and future projects," Al Rasbi said. Care was taken to attract both new graduates and experienced individuals to achieve intergenerational integration and enhance the exchange of expertise. The positions covered a range of technical and administrative fields, most notably project management, engineering across various specialisations, health and safety engineering, quantity surveying, consulting services, human resources, public relations and logistics support. The number of Omani employees reached 16 in Senior Management positions, 248 in Engineering positions, 105 in HSE positions and 150 in administration. Meanwhile, 338 were hired in various positions. The initiative embodies the goals of Oman Vision 2040, which places people at the heart of development. These positions will support strategic projects, including the expansion of water transmission networks and pipelines, the construction of new water and sewage networks, and the development of smart monitoring and control systems. The meeting also addressed ongoing projects, including water transmission lines, water distribution networks, distribution tanks, and other facilities related to the water system in various governorates. Nama Water's existing projects in various governorates are valued at RO 960 million. Muscat Governorate has 37 contracts at a cost of RO 266 million, employing 288 Omanis. Al Sharqiyah Governorate has 13 contracts at a cost of RO 40 million, employing 47 Omanis. Al Wusta Governorate has two contracts at a cost of RO 0.8 million. Al Dakhiliyah Governorate has 10 contracts at a cost of RO 293 million, employing 200 Omanis. Al Dhahirah Governorate has 10 contracts at a cost of RO 271 million, employing 129 Omanis. Al Buraimi Governorate has three contracts at a cost of RO 3.2 million. Musandam Governorate has two contracts valued at RO 3.1 million. Al Batinah Governorate has 29 contracts at a cost of RO 83 million, employing 193 Omanis. 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Working in a vital sector like water gives me a sense of pride and motivates me to put in more effort to gain experience and develop my skills." The initiative embodies the goals of Oman Vision 2040, which places people at the heart of development and emphasises building a diversified, knowledge-based economy.
