The E’s have it! EthosEnergy is an independent service provider of rotating equipment services and solutions to the power, oil & gas, and industrial markets. EthosEnergy employs more than 4500 employees in 100 countries including in Muscat, Oman. Ensign Energy Services is a global leader in oilfield services. They are one of the world’s top land-based drilling and well servicing contractors serving crude oil, natural gas and geothermal operators. Their premium services include contract drilling, directional drilling, underbalanced and managed pressure drilling, rental equipment, well servicing and production services. Ensign’s operations extend from Canada and the US to Latin America, Australia and the Middle East including Oman. Excellence Logging is a specialist oilfield services company with a focus on providing safe and technically advanced geological, surface formation evaluation, drilling monitoring, and light well intervention services. Exlog has made a number of acquisitions and now owns 7 companies. The most recent acquisition is the Mud logging business from Weatherford’s in Oman. Exlog now has operations in over 20 countries in The Middle East, Africa, Asia, Argentina and the USA and employs more than 700 people. L’ETO opens it first Patisserie in Oman! Bondoni’s Partner L’ETO, an internationally acclaimed Cuisine and Cake Cafe opened its doors in Al Mouj on June 1st! The well known brand is already a favourite with many Omanis and international visitors who have sampled their delicious patisseries and meals in London, UAE and Qatar. L’ETO has already employed many local Omanis to join its highly trained team in the restaurant and kitchens.
Oman Improves its “Global Economic Openness Ranking”
Oman continues to improve its global ranking from 60th to 53rd out of 157 monitored countries. In the MENA countries, Oman is behind UAE (30th), Qatar (39th) and Bahrain (46th) and ahead of Saudi Arabia (55th), Jordan (61st), Turkey (63rd) and Kuwait (73rd) Its key areas of improvement are in Market Access and infrastructure (43rd) in communications, roads and resources and Enterprise Conditions (48th) in ease for businesses to start, compete and expand. Governance remains at 75th although the regulatory quality has improved to above 50th place. Oman is also focussing on its Investment Environment (currently 59th) by recently introducing key new pieces of legislation in Public Private Partnership (PPP), Foreign Capital Investment and Bankruptcy laws which aim to have positive impact on international inward investment and delivery of major projects. (Statistics attributed to UK based Legatum Institute)
Bondoni’s Looking Glass
After a quieter first half year than 2018, three of Bondoni’s core services are on the rise. Share Transfers Already established in Oman, large global companies in different sectors from UK, The Middle East, North America and the Far East are opting for a local partnership where they have full control of their businesses. LLC Company Formation from Agency/Distribution Relationships A number of more established mid-market size companies with long term client relationships who also sense an economic upturn are converting from their agency agreements to establishing an LLC. This enables them to have more management control, direct access to their clients and to be on the ground for future business opportunities. Company formations from the USA and the GCC – Commercial Law Changes The additional flexibility from the recent changes in the commercial law allows companies and individuals from GCC and the USA (through the FTA) to launch a business with only one shareholder (before it was a minimum of two). These companies can be 100% owned by the foreign investor. However, companies that are not familiar with Oman are using Bondoni’s Company Formation Facilitation and PRO services to help select the right partners and to help streamline the setting up of their new companies. Thanks for your continued interest in Bondoni’s Insights.