In the Limelight

People who were in limelight

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Ross Cormack
CEO
Nawras
Nawras has launched two new services, an SMS service to help its customers easily access Muscat Municipality service centre information and Mawjood, which is essentially a notification service.
As per the former service, customers can check the status of building permits, rent contracts, technical inspections, parking violations and other services by simply sending an SMS to the municipality rather than needing to pay a visit in person.
This service is useful for any customer who has made an application with the Muscat Municipality and wishes to follow up its progress in an easy way.
The latter, Mawjood (meaning available), is a free service designed to let customers know when a number they have tried to reach is active again after having been switched off for some reason. Sometimes customers cannot be reached because the phone has been switched off or disconnected due to a flat battery, for example.
Mawjood service sends a free notification message to let the callers know that the person they were trying to reach has now switched his phone back on again. At the same time, a free message is sent to let the previously unreachable customer know the time and number of any missed calls, as well as the number of occasions a caller had tried to make contact.
Nawras says this is another practical example of the continuing dedication shown by the company to enhance customer experience on every level.

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Abdulrazak Ali Issa
Chief Executive
BankMuscat has launched a subordinated bond issue carrying eight per cent annual yield. The RO60mn bond issue, which has a maturity of seven years, is open for subscription for one month until May 7.
The bank is aiming to raise RO60mn and plans to retain an over-allotment option of another RO15mn. The bond issue is aimed at strengthening the capital adequacy position of the bank.
The subordinated bonds are considered as tier II capital and therefore strengthen the capital adequacy of the bank.
It is a step ahead in developing the bond market in Oman and helps the bank in capital adequacy position.
The bond has a face value of RO1 each with the issue price pegged at RO 1.010, which include 10bz towards issue expenses.
The eight per cent bond is an extension of its Certificates of Deposit initiative announced in August last year, with the objective of developing a long-term yield curve for the Omani rial. BankMuscat will apply for the bonds to be listed on the Muscat Securities Market (MSM), for facilitating easy liquidity for investors.
Allotment is scheduled within 15 days of the closing date of the issue. Also, Oryx Fund, managed by the Asset Management Division of BankMuscat, has won the Lipper Fund Award 2009 for the Best Fund in GCC.
Out of the 20 GCC funds, Oryx Fund was the only fund to receive a Lipper Award for 2009. The awards are the ultimate recognition for the global fund industry and highlight funds that excel in delivering consistent performance.

In the Limelight
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