A view of Port Sultan Qaboos in Muscat. With a country still in mourning for its former ruler and an ailing economy, National Day celebrations will be muted this year. Getty Images
A view of Port Sultan Qaboos in Muscat. With a country still in mourning for its former ruler and an ailing economy, National Day celebrations will be muted this year. Getty Images
A view of Port Sultan Qaboos in Muscat. With a country still in mourning for its former ruler and an ailing economy, National Day celebrations will be muted this year. Getty Images
A view of Port Sultan Qaboos in Muscat. With a country still in mourning for its former ruler and an ailing economy, National Day celebrations will be muted this year. Getty Images

Oman gears up for muted 50th National Day celebrations


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Oman’s National Day celebrations on November 18 will be muted this year as the country continues to mourn the death of its former ruler while cutting back on non-essential expenditure to protect its ailing economy and curtailing large gatherings amid the Covid-19 crisis.

In previous years, renowned actors, singers and other performers have been flown in to entertain crowds in football stadiums and hotels across the country. But this year the festivities have been trimmed down in recognition of the nation’s loss in January.

Sultan Qaboos bin Said, who was the Arab world’s longest-serving ruler when he passed away aged 79 this year, is credited with bringing Oman out of obscurity and transforming it into a modern nation by building schools, universities and modern infrastructure while opening it up to visitors.

Nearly a year after his death, many Omanis still mourn the loss of the much-loved leader and are reluctant to engage in celebrations.

“I think it is obvious that Omanis are still in mourning and the death of Sultan Qaboos is still fresh in their minds. The government has obviously decided to keep the 50th National Day on a low key to respect people’s feelings,” Qassim Al Kharusi, a political analyst said.

National flags will be hoisted along roadsides but the streets of cities like Muscat, Sohar and Salalah will see little of the usual National Day fanfare.

Oman’s ruler, Sultan Haitham bin Tarik is expected to deliver the traditional National Day speech on television, rather than the royal box in the national stadium in front of thousands of his subjects.

The usual street decorations and traditional dances on the roads will also be bypassed this year, though there will still be small fireworks displays to mark the occasion.

Financial analysts said that, in addition to muting the celebrations out of respect for the loss of Sultan Qaboos, the country is trying to save costs to pay for the national deficit.

“The year 2020 has a deficit of 2.8 billion rials ($7.2 billion) and it makes sense to cut down losses. At current prices, we sell our oil at about $43 per barrel compared to $120 per barrel in 2014. There will be no point to spend millions in celebrations when we need to pay for the deficit,” Ahmed Al Shizawi, a financial analyst said.

In the last three months, Sultan Haitham, who took over from the late Sultan Qaboos bin Said in January, has introduced a series of measures to boost the national coffers, including trimming down the civil ministries, introducing taxes and implementing plans to raise funds from bonds.

However, towns outside Muscat are expected to stage the usual National Day horse and camel races, though the crowds will be cut to half their usual size due to the pandemic.

Oman, which has been through two lockdowns since the start of the pandemic, reported 329 new cases of Covid-19 on Monday with 12 deaths. The total number of confirmed cases has now reached 120,718 while 1,350 people have died from the virus since the beginning of the outbreak.

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Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks. 

“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.

“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”

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Liverpool 2 (Van Dijk 18', 24')

Brighton 1 (Dunk 79')

Red card: Alisson (Liverpool)

Gifts exchanged
  • King Charles - replica of President Eisenhower Sword
  • Queen Camilla -  Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
  • Donald Trump - hand-bound leather book with Declaration of Independence
  • Melania Trump - personalised Anya Hindmarch handbag

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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The specs: 2018 Nissan Altima


Price, base / as tested: Dh78,000 / Dh97,650

Engine: 2.5-litre in-line four-cylinder

Power: 182hp @ 6,000rpm

Torque: 244Nm @ 4,000rpm

Transmission: Continuously variable tranmission

Fuel consumption, combined: 7.6L / 100km