Oman. Treasury Management Profile Together we thrive

Transcription

1 Oman Treasury Management Profile 2018 Together we thrive

2 2 3 Contents Introduction and Purpose Introduction and Purpose 3 Legal and Regulatory 6 Taxation 8 Banking 13 Payment Instruments 14 Oman This is one of a series of Treasury Management Profiles designed for finance and treasury professionals worldwide. By providing a snapshot of banking, payments and cash management in selected locations, these profiles can help treasury managers to make informed decisions, manage risks effectively and take advantage of new opportunities. However, this information is not intended to be comprehensive and does not constitute financial, legal, tax or other professional advice. Accordingly you should not act upon the information contained in this document without obtaining your own independent professional advice. The materials contained in this document were assembled in May 2017 (unless otherwise dated) and were based on the law enforceable and information available at that time. Payment Systems 15 Cash Management 17 Electronic Banking 19 Trade Finance 20 Useful Websites 22 Facts and Figures Capital/Other major cities: Muscat/Salalah, Sohar Area: 309,500km 2 Population: 4.6m Languages: Currency: Arabic Country telephone code: 968 Weekend: National holidays: Source: Omani rial (OMR) Friday and Saturday Apr *, 15, 16 Jun *, 23 Jul, Aug *, 11 Sep *, 20 Nov * Apr *, 5, 6 Jun *, 23 Jul, Aug *, 1 Sep *, 9 Nov * Business hours: 08:00 12:00 and 14:30 18:00 (Sun Thu), 08:00 12:00 (Sat) Banking hours: Stock exchange: Leading share index: Sectoral distribution of GDP (% of GDP): Source: publications/resources/the-worldfactbook/index.html. 07:30 15:00 (Sun Thu) Muscat Securities Market (MSM) MSM 30 Index Agriculture 1.7%, Industry 45.2%, Services 53% (2017 estimate) * The date shown may vary by plus or minus one day. These dates are derived by converting from a non Gregorian calendar (e.g., Muslim or Hindu) to the Gregorian calendar. Some of these dates cannot be determined in advance with absolute accuracy, even by the governing authorities. In the case of Muslim dates in particular, the feast days are determined by the sighting of a new/full moon. Government Legislature Monarchy with a bicameral parliament (Majlis Oman) composed of a lower chamber (Majlis al-shura) and an upper chamber (Majlis al-dawla). The next general election is scheduled to be held in October Head of state and political leader Sultan Qaboos bin Said Al Said, head of state and political leader since 23 July Lower chamber: 84 members are elected to serve four year terms. Upper chamber: 83 members are appointed by the sultan.

3 4 5 Country credit rating Fitch Ratings rates Oman for issuer default as: Term Short Issuer Default Rating F3 Long BBB - Long-term rating outlook Negative Source: April Economy Exchange rate & Interest rate (%) Consumer inflation & GDP volume growth (%) Q1 Q2 Q3 Q Exchange rate * (OMR/USD) Interest rate (lending rate ** ) (%) NA NA Unemployment (%) NA NA NA NA NA NA NA NA Consumer inflation *** (%) GDP volume growth *** (%) NA NA NA NA GDP (OMR m) 26,122 29,353 30,061 31,451 26,850 25,490 NA GDP (USD m) 67,938 76,341 78,182 81,797 69,831 66,294 NA GDP per capita (USD) 22,496 21,504 19,995 19,292 15,553 14,999 NA BoP (goods/services/income) as % GDP NA Exchange rate (OMR/USD) Interest rate (Lending Rate) Consumer inflation % GDP volume growth % 0 * End Period. ** Transactions-weighted average interest rate on all local currency loans. *** Year on year. Sources: IMF, International Financial Statistics, April 2018 and 2017 Yearbook. Sources: IMF, International Financial Statistics, November 2018 and 2017 Yearbook.

4 6 7 Legal and Regulatory Banks cannot lend more than 2.5% of their local net worth to a non-resident, which is not a licensed bank, and not more than 5% to a non-resident, which is a licensed bank. Central bank The Central Bank of Oman is an autonomous institution operating in accordance with the Banking Law issued pursuant to Royal Decree 114/2000. Bank supervision The Central Bank of Oman supervises the banking sector in Oman. Resident/non-resident status The Income Tax Law issued pursuant to Royal Decree 28/2009 defines an Omani Company as any person established in Oman as a company under Omani legislation, whether as a commercial, civil or any other type of company regardless of its legal form, the nationality of its partners, the purpose of its incorporation or the nature of Its activity. As a corollary, a non-omani company would be a company that does not fulfil these criteria. Bank accounts Resident Foreign exchange accounts and domestic currency (OMR) accounts can be held by residents both domestically and abroad. Resident domestic currency accounts are freely convertible into foreign currency. Non-resident Non-resident bank accounts are permitted in both foreign and domestic currency. Non-resident domestic currency accounts are freely convertible into foreign currency. Interest can be offered on savings accounts and time deposit accounts. Overdraft facilities are available to residents and non residents. It is not permissible to grant loans denominated in OMR to nonresidents. It is however permitted to grant loans denominated in foreign currency to non-residents for operations outside Oman, provided that certain conditions, imposed by the Central Bank of Oman in relation to such lending, are observed. Reporting All transactions between residents and non-residents must be reported to the Central Bank of Oman for balance of payments purposes. Balance of payment statistics are compiled using administrative data and surveys on a quarterly basis. Banks are responsible for submitting transactions data to the Central Bank of Oman on behalf of their clients, although the accuracy of all reported information remains the resident s responsibility. Transactions data can be submitted via paper or electronically using standardised forms on the Central Bank website. Exchange controls Oman is a member of the Gulf Cooperation Council (GCC). The GCC comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE). The Omani rial (OMR) is Oman s official currency. The OMR is pegged to the USD at a central rate of OMR 1 per USD Oman does not apply exchange controls on inbound or outbound investment or on the repatriation of capital or profits. Foreign exchange derivatives entered into by locally incorporated banks, and branches of foreign banks, licensed by the Central Bank of Oman, are limited to trade related activities in forward contracts. Non-resident investors are not permitted to hold more than a 70% stake in Omani businesses although, in certain instances, 100% foreign ownership of businesses is permitted by law and in other cases with approval of the Council of Ministers. Approval from the Ministry of Commerce and Industry is required for non resident investment in certain Omani businesses (such as in the mining sector). GCC Investors (being citizens of GCC countries and GCC incorporated companies wholly owned by GCC citizens) are accorded the same treatment as Omani Investors. US investors (being US citizens and US incorporated companies wholly owned by US citizens) are also allowed similar treatment pursuant to the Free Trade Agreement entered into between the USA and Oman. The Banking Law and Banking Regulations imposed by the Central Bank of Oman place restrictions on ownership interests in locally incorporated banks. Banks cannot lend more than 2.5% of their local net worth to a non-resident, which is not a licensed bank, and not more than 5% to a non-resident, which is a licensed bank. Banks cannot, in the aggregate, lend more than 20% of their local net worth to all non residents which are not licensed banks, and not more than 30% of their local net worth to all non-residents including licensed banks. Anti-money laundering/counter-terrorist financing 1 Oman has implemented a variety of anti-money laundering and counter-terrorist financing legislation. Notable legislation includes: Anti-Money Laundering and Combatting Financing of Terrorism Law Issued pursuant to Royal Decree 30/2016; Executive Regulations of the Anti-Money Laundering Law issued pursuant to Royal Decree 72/2004; and Royal Decree 27/2014 ratifying Oman s membership of the Arab Convention on Prevention of Money Laundering and Financing of Terrorism. The Central Bank and the Capital Market Authority have issued a series of related Circulars. Oman is a member of the GCC, which is a member of the Financial Action Task Force (FATF). It is also a member of the Middle East & North Africa Financial Action Task Force (MENAFATF). The National Center for Financial Information (NCFI) is the country s financial intelligence unit. The NCFI is an independent entity. Account opening procedures require formal identification of all customers and beneficiaries. Financial institutions are required to conduct risk-based ongoing due diligence. Financial institutions must report transactions prior to their completion in cases where the customer is not acting on his or her own behalf and the transaction is suspicious. All financial institutions must record and report suspicious transactions to the NCFI. All records of customer details and transactions must be kept for a minimum of ten years after the transaction or after the termination of the business relationship. Individuals entering Oman carrying cash or any other valuables exceeding OMR 6,000, or its equivalent in foreign currency, must declare this to the customs authorities. Relationships with shell banks are prohibited. 1. Data as at May 2017.

5 8 9 Taxation 1 As of 1 January 2017, a 15% flat rate of tax applies to all businesses, including branches and PEs of foreign companies. The threshold of OMR 30,000 has been removed. Resident/non-resident Residence is not defined in Oman for corporate tax purposes. A permanent establishment (PE) is defined as a fixed place of business, including a place of sale or management, branch, office, factory, workshop, mine, quarry, other place of extraction of natural resources, building site, a place of construction or an assembly project. The PE rules have been extended to include provision of consultancy and other services in Oman for 90 days or more within a 12-month period. The rules have been further amended to include dependent agents. Tax authority Secretariat General for Taxation. Tax year/filing The tax year is generally the calendar year, but a different accounting year is acceptable if followed consistently. A start-up company can extend its first financial year up to a maximum of 18 months. There is no minimum tax period. Companies must file a provisional tax return within three months following the end of the accounting year and make a payment of the estimated tax. An annual income tax return, accompanied by audited financial statements, must be filed within six months of the end of the accounting year, and tax due must be paid at that time. Failure to present a declaration of income to the Office of the Director of Taxation may lead to arbitrary assessment and penalties. Delay in payment of income tax normally results in additional tax calculated at 1% per month on the outstanding amount. Consolidated returns are not permitted and each company must file its own return. A foreign person who has multiple PEs in Oman must file a tax return that covers all of the PEs and the amount of tax payable will be based on the aggregate of the taxable income of the PEs. Withholding tax (subject to tax treaties) Payments to: Interest Dividends Royalties Corporate taxation Omani companies are taxed on their worldwide income, with a foreign tax credit granted for certain taxes paid overseas. A PE is subject to tax only on Omani-sourced income. For financial years beginning on or after 1 January 2017, a 15% flat rate of tax applies to all businesses, including branches and PEs of foreign companies. The OMR 30,000 threshold has been removed. A new 3% rate applies to small companies. Income from the sale of petroleum is subject to a special provisional tax rate of 55%. There is no surtax rate. There is no alternative minimum tax rate. The tax authorities may allow a credit for foreign taxes paid on a case-by-case basis. For certain taxes paid overseas, the credit may be granted up to the amount of the Omani tax liability regardless of whether Oman has concluded a tax treaty with the source country, subject to the approval of the Director of Taxation. The Law for Unified Industrial Organisation of Gulf Cooperation Council Countries provides certain incentives to licensed industrial installations on the recommendation of the Industrial Development Committee. However, as from 1 January 2017, all tax exemptions have been abolished, except for those granted for manufacturing activities, and these are limited to a five-year period. Technical service fees Resident companies None None None None NA Non-resident companies 10% * 10% * 10% 10% * None * Applies to foreign companies without a PE. Effective 27 February Losses may be carried forward and set off against taxable income for five years. However, tax losses incurred during a tax exemption period by any establishment or Omani company benefiting from an exemption under article 118 of the Oman tax law generally may be carried forward indefinitely. The carryback of losses is not permitted. Advance tax ruling availability Rulings generally are not issued, although they can be obtained for the application of withholding taxes. Wealth tax Religious wealth tax (zakat) is not levied in Oman. Branch remittances Capital gains tax Capital gains derived from the sale of fixed assets and acquired intangible assets are taxed at the same rates as ordinary income. There is no special tax treatment of profits derived from the sale of fixed assets and acquired intangible assets. Exemptions exist on dividends received from Omani companies and gains from the disposal of securities listed in the Muscat Securities Market. Withholding tax (subject to tax treaties) Foreign companies that do not have a PE in Oman for tax purposes and that derive income from Oman by way of 1 All tax information supplied by Deloitte Touche Tohmatsu ( and Deloitte Highlight, 2017.

6 10 11 royalties, management fees, consideration for the use of or right to use computer software, or consideration for research and development, are subject to a withholding tax of 10% of gross income from such sources. As from 27 February 2017, the provision of services is also subject to a 10% withholding tax. There is a 5% customs tariff on most non-gcc-sourced goods. Financial transactions/banking services tax There are no specific financial transactions/banking services taxes in Oman. Withholding tax must be paid within 14 days of the end of the month in which the amount is actually paid to the foreign company or credited in the books of account, whichever is earlier. Tax treaties/tax information exchange agreements (TIEAs) Oman has 26 income tax treaties and four air transport tax treaties. Thin capitalisation Thin capitalisation rules require a debt-to-equity ratio not exceeding 2:1 for interest to be deductible with respect to borrowings between related parties. Payroll and social security taxes There are no payroll taxes in Oman. Omani employees aged between 15 and 59 contribute 7% of their basic salary towards social security taxes. Employers contribute 10.5% of their employees basic salary against old age, death and disability, and 1% against work injury or occupational diseases. A unified system of insurance protection coverage is in effect for GCC citizens working in other GCC countries. Transfer pricing Transactions between related entities should be priced at arm s length. If a related-party transaction results in a lower income or higher costs, the transaction may be set aside and the taxable income will be computed as if the transactions were with unrelated parties. Related-party transactions must be disclosed. Stamp duty There is no stamp duty. Cash pooling Oman has no specific tax rules for cash pooling arrangements. Property tax There are no real property taxes in Oman. Municipalities tax rents and hotel occupancy. Sales taxes/vat (incl. financial services) Oman has postponed plans to introduce VAT at a rate of 5% until 2019.

7 12 13 Banking Overview There are 16 banks operating in Oman, seven locally incorporated banks, nine branches of foreign banks and two specialised banks. There are an estimated 470 bank branches operating across the country. Bank Muscat and HSBC Bank Oman have the largest branch networks. Major banks Bank Total assets (USD billions) 30 June 2017 Bank Muscat 28.5 Bank Dhofar 10.3 National Bank of Oman 9.4 Bank Sohar 6.9 HSBC Bank Oman 6.2 All commercial banks are privately owned. The government owns a minority stake in National Bank of Oman and Bank Muscat. Oman s banking sector is dominated by Bank Muscat, which controls approximately 36% of the banking sector s total assets. The five largest banks control around 78% of the banking sector s total assets. Source: April There are two full Islamic banks in Oman (Bank Nizwa and Alizz Islamic Bank), and six Islamic windows at conventional banks. The Islamic banking sector accounted for approximately 11.9% of the banking sector s total assets at the end of November 2017, according to the Central Bank of Oman. Aggregate foreign ownership in locally incorporated banks is limited to 70%. Bahrain s Ahli United Bank has a 35% stake in Ahli Bank; Commercial Bank of Qatar has a 34.9% stake in the National Bank of Oman and Dubai Financial Bank has a 15% stake in Bank Muscat. Foreign banks, including Bank Melli Iran, Bank of Baroda, Standard Chartered and the State Bank of India, play an active role in the country s financial sector. Technological advancements, from online banking to mobile payment apps, are driving change within the Omani banking sector as the banks push for greater digitalisation of services.

8 14 15 Payment Payment Instruments1 Systems Cash Cash is an important payment medium in Oman, particularly for low-value retail and commercial transactions. Credit transfers All credit transfers in Oman are automated. Customer transfers can be initiated using banks e-banking systems, while interbank credit transfers can be effected through the Central Bank. High-value and urgent credit transfers are cleared and settled via the national RTGS system on a same-day basis. Low-value and non-urgent, high-volume credit transfers are processed via the ACH on a same-day or next-day basis. Lowvalue credit transfers include salary, supplier and third-party payments. Direct debits Direct debits are available in Oman for low value recurring payments such as utility bills. Interbank direct debits are cleared and settled via the ACH. Funds are available to beneficiaries on a T+2 basis. Cheques The cheque is the dominant cashless payment instrument for both retail and commercial payments. In 2015, 77.6% of the value of all retail payments were carried out by cheque. All cheques are processed electronically via the ECC on a T+0 basis. Final settlement is via the RTGS. Cheques can be discounted and used as a short-term financing instrument. Card payments Payment cards are a popular method of payment in Oman. In 2015, the volume and value of payment card transactions increased by 19% and 23% respectively on 2014 figures, to 29.1 million transactions with a value of OMR 2.2 billion. In 2016, approximately 90% of the payment cards in the country were debit cards issued by local banks in Oman. Visa and MasterCard are the principal credit card brands issued although American Express and Diners Club credit cards are also available. All banks in Oman are migrating to EMV technology and issuing chip and pin cards. There were 1,036 ATMs and 11,398 POS terminals in Oman at the end of All ATMs (and 320 POS terminals) are interconnected via OmanNet. OmanNet also connects the country s ATM network to the ATM networks of its fellow GCC member states (via the GCCNet ATM network). All ATMs and POS terminals are EMV-compliant. Electronic wallets Electronic money schemes are available in the form of reloadable pre paid cards. In November 2016, Oman launched the OmanNet Debit Card E-Payment Gateway infrastructure, to processes e-commerce transactions via debit card. MpClear, a mobile payment clearing and switching system, was launched in July MpClear facilitates mobile-based instant payments, by enabling users to transfer funds using their mobile phone numbers instead of bank account numbers. Type The Central Bank of Oman manages and operates the following systems: The RTGS, the national real-time gross settlement system. In 2015, the RTGS processed 502,501 transactions, with a value of OMR billion, an increase of 7.68% and 0.3% respectively on 2014 figures. The ACH (Automated Clearing House), a multilateral deferred net settlement system. In 2015, the ACH processed 4.19 million payments, with a value of OMR 2.82 billion, an increase of 29.58% and 27% respectively on 2014 figures. The ECC (Electronic Cheque Clearing) system. In 2015, the ECC processed 4.08 million transactions, with a value of OMR 17.5 billion, a rise of 7% in volume on 2014 figures, but a fall of 16% in value. Participants The RTGS has 22 direct participants (16 commercial banks, two specialised banks, the Muscat Securities Market, the Muscat Depository and Securities Registration Company and the Central Bank of Oman). ACH and ECC participants are all of the country s commercial banks. Transaction types processed The RTGS processes high-value OMR interbank transfers. In addition, the RTGS effects the final settlement of participants net balances originating from Oman s other clearing houses. The ACH is used for low-value and bulk electronic direct credits and debits. Operating hours The RTGS system operates from 08:00 to 14:30 GST, Sunday to Thursday. During Ramadan, it operates from 08:30 to 12:30 GST. The ACH operates from 08:00 to 13:45 GST, Sunday to Thursday. During Ramadan, it operates from 08:30 to 13:45 GST. The ECC operates from 08:30 to 15:30 GST, Sunday to Thursday. During Ramadan, it operates from 08:30 to 11:00 GST. Clearing cycle details The RTGS The RTGS system settles transactions in real time and with immediate finality. Payment instructions are submitted using SWIFT messages. Settlement takes place across the participants banks correspondent accounts held at the Central Bank of Oman. The ACH Payments between participants are netted and subsequently settled. There are two clearing cycles per day. Each session s batch of clearing orders is forwarded to the RTGS system for final settlement. 08:30 10:15 GST: transactions are exchanged until 10:00 and then cleared until 10:15. 10:15 11:45 GST: transactions are exchanged until 11:30 and then cleared until 11:45. 12:30 13:00 GST: net positions are settled on an end of-day basis across participants accounts held at the Central Bank of Oman via the RTGS system. The ECC processes all cheque payments. 1. Central Bank of Oman, Financial Stability Report.

9 16 17 Cash Management The ECC Cheques are exchanged electronically between banks that hold accounts with the Central Bank of Oman. They are then processed by the clearing house situated at the Central Bank of Oman s head office. 12:00 GST: cut-off time to deposit cheques. OMRdenominated cheques delivered before 12:00 GST can be cleared on a same-day basis, while those delivered afterwards are typically cleared the next day. Final settlement takes place across the participants accounts held at the Central Bank of Oman via the RTGS. Currency centre holidays Apr *, 15, 16 Jun *, 23 Jul, Aug *, 11 Sep *, 20 Nov * Apr *, 5, 6 Jun *, 23 Jul, Aug *, 1 Sep *, 9 Nov * * The date shown may vary by plus or minus one day. These dates are derived by converting from a non-gregorian calendar (e.g., Muslim or Hindu) to the Gregorian calendar. Some of these dates cannot be determined in advance with absolute accuracy, even by the governing authorities. In the case of Muslim dates in particular, the feast days are determined by the sighting of a new/full moon. Source: Domestic Notional pooling Notional pooling is not permitted between residents and nonresidents. Cash concentration Cash concentration, particularly zero balancing, is permitted between residents and non-residents and offered by the country s international banks. However, regulatory restrictions limit the use of sophisticated cash concentration methods. Cross-border cash concentration is not permitted. Collections Several banks in Oman offer cash collection and account receivables services to corporate clients. Cross-border Cross-border payments are routed via SWIFT and settled through accounts held with correspondent banks abroad. Lifting fees Percentage-based fees are applied to funds transfers between resident and non-resident accounts. Short-term investments Interest can be earned on resident and non-resident savings accounts and time deposits. Demand and time deposits are available in OMR or major foreign currencies. Maturities range from one week to two years. Certificates of deposit are offered by commercial banks. Treasury bills are issued by the Central Bank of Oman, with maturities of three and six months. Repurchase agreements are available. Custody and securities settlement 1 Depository Muscat Clearing and Depository Company (MCD). The MCD was established by Royal Decree in November Muscat Securities Market (MSM) owns 60% of the MCD. The remaining 40% is owned by the country s banks. After the close of trading, the MSM delivers trade data electronically to the MCD, where buys and sells are matched prior to settlement on a gross basis. The associated net cash obligation of each member for the day s trading is specified by the MCD, with settlement due to take place no later than 11:00 on T+1 for bonds and T+3 for equities. Settlement cycle T+1 for bonds. T+3 for equities. 1. Data as at May 2017.

10 18 19 Electronic Banking Electronic banking is available in Oman and offered by the majority of the country s banks. There is no bank-independent electronic banking standard; each bank offers its own proprietary system for corporate banking purposes. Internet and mobile banking is offered by Oman s leading commercial banks for both corporate and retail purposes. The National e-payment Gateway provides secure online e-payment services to various government and private institutions. Users are able to pay online via debit and credit cards. In April 2017, a new mobile e-payment system was launched to enable remote payment via mobile. Oman had an internet penetration rate of 68.5% at the end of December Mobile mobile penetration was 154% Telecommunications Regulatory Authority. The National e-payment Gateway provides secure online services government and private institutions. Users are able to pay online via debit and credit cards.

11 20 21 Trade Finance Imports of specified products are prohibited if domestic production is deemed adequate for companies in Oman trading in manufactured oil products. Key import partners UAE 38.3% Japan 6.0% India 5.6% China 5.2% USA 5.0% Saudi Arabia 4.1% Key export partners China 42.4% UAE 12% South Korea 7.4% Saudi Arabia 5.2% Imports Documents In order to import goods into Oman, a customs declaration, commercial invoice, certificate of origin, packing list and bill of lading are required. Licences Licences are required for certain imports. All importers are required to be listed on the commercial register. Taxes/tariffs and other fees Oman is a member of the Gulf Cooperation Council (GCC). The GCC comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE. A GCC Customs Union with a common external tariff came into effect in No import tariffs apply to imports from within the GCC. As a member of the Greater Arab Free Trade Area (GAFTA), Oman has eliminated most trade tariffs with GAFTA s other member states. GAFTA has established a bilateral free trade agreement with the USA. A customs duty of 5% is generally applied to imports from outside the GCC. A higher tariff of 100% is applied to imports of alcohol. Exports Documents In order to export goods from Oman, a customs declaration, commercial invoice, certificate of origin, packing list and bill of lading are required. Licences Licences are not required for the majority of exports. Licences are required for exporting items of historical value and large consumer goods. Taxes/tariffs and other fees No taxes are charged on exports from Oman. Prohibited exports A negative list (of products that may not be exported) is in operation. Financing imports and exports Imports There are no financing requirements for imports. Exports There are no financing requirements for exports. Source: The World Factbook. Washington, DC: Central Intelligence Agency, 2017 ( Imports cannot be done on a CIF basis. Prohibited imports A negative list (of products that may not be imported) is in operation. It is prohibited to import certain commodities into Oman, in order to protect fauna and flora, and for national security and moral reasons. Imports of specified products are prohibited if domestic production is deemed to be adequate for companies in Oman trading in manufactured oil products.

12 22 23 Useful Websites Central Bank of Oman Leading banks: Bank Dhofar Bank Muscat Disclaimer HSBC Bank Oman National Bank of Oman Bank Sohar Ministry of Commerce & Industry Oman Chamber of Commerce and Industry Ithraa (inward investment and export development agency) Muscat Securities Market HSBC website details HSBC Commercial Banking HSBC Global Banking and Markets chamberoman.om This document has been produced by HSBC Bank plc and members of the HSBC Group ( HSBC ), together with their third-party contributor, WWCP Limited. We make no representations, warranties or guarantees (express or implied) that the information in this document is complete, accurate or up to date. We will not be liable for any liabilities arising under or in connection with the use of, or any reliance on, this document or the information contained within it. It is not intended as an offer or solicitation for business to anyone in any jurisdiction. The information contained in this document is of a general nature only. It is not meant to be comprehensive and does not constitute financial, legal, tax or other professional advice. You should not act upon the information contained in this document without obtaining your own independent professional advice. The information contained in this document has not been independently verified by HSBC. This document contains information relating to third parties. The information does not constitute any form of endorsement by these third parties of the products and/or services provided by HSBC or any form of cooperation between HSBC and the respective third parties. Under no circumstances will HSBC or the third-party contributor be liable for (i) the accuracy or sufficiency of this document or of any information, statement, assumption or projection contained in this document or any other written or oral information provided in connection with the same, or (ii) any loss or damage (whether direct, indirect, consequential or other) arising out of reliance upon this document and the information contained within it. HSBC and the third-party contributor do not undertake, and are under no obligation, to provide any additional information, to update this document, to correct any inaccuracies or to remedy any errors or omissions. No part of this document may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of HSBC and the third-party contributor. Any products or services to be provided by HSBC in connection with the information contained in this document shall be subject to the terms of separate legally binding documentation and nothing in this document constitutes an offer to provide any products or services.

13 Together we thrive