JEDDAH: Finance chiefs of oil-rich Gulf states on Wednesday approved proposals to set up a monetary council and a draft charter for a monetary union, the Arab bloc’s secretary general said.

Finance and economy ministers of the six-member Gulf Cooperation Council approved the draft agreement for a monetary union and the council’s bylaws at a meeting in the Saudi Red Sea city of Jeddah, Abdurrahman al-Attiyah told AFP.

The endorsement of the proposals constitutes a major step toward adopting a single currency, Attiyah said. (more)

Till June this year, Oman was refusing to be part of the monetary union.

Oman yesterday reiterated it would not join its partners in the six-nation Gulf Co-operation Council in the establishment of a landmark monetary union following its last year’s decision to pull out.

“Oman will not participate in the establishment of the monetary union following its earlier decision to withdraw,” said Hamoud bin Singour Al Zadjali, chief executive officer of the Central Bank of Oman. (more)

Meanwhile, Gulf states are working on a common approach to calculate consumer price inflation which as of now ranges from 3.1 percent in Bahrain to almost 15 percent in Qatar.

Gulf Arab states are working to align by next year the methods they use to calculate consumer price inflation in preparation for monetary union, a Gulf Cooperation Council (GCC) executive said.

Most Gulf states will begin using 2007 as the base year of the consumer price indices (CPI) by 2009, said Naser al-Kaud, GCC deputy secretary-general. Countries in the region have conducted household spending surveys to change the weights of their consumer price baskets, with Saudi Arabia, the UAE and Oman agreeing to begin using the new baskets by the first quarter, Kaud said. (more)

Unlike earlier, the new moderator failed to wield the stick when necessary, and allowed audiences to ask questions in the beginning itself, thereby diluting the focus of discussion among the panellists. It is irritating when people interrupt an interesting discussion by asking non-relevant questions. Ideally, all questions must be kept for the last 30 minutes or so. I was very disappointed with the seminar. Like someone said, the best part of seminar was the dinner!

Now, some advice for PEIE folks. The sound system was a big let down; henceforth please give handheld microphones for panellists for better clarity and voice quality. Also, have a couple of guys stationed across the hall to pass on the microphones to people who ask questions. It is irritating to see the ‘lone’ microphone circulating all over the hall.

The TRA said:

Surveys published by vendors and contractors may not be considered independent due to the potential conflict of interest resulting from the business relations with operators. Thus, in this case, being a vendor of Nawras, Ericsson may not be considered as an independent authority to verify service quality of Nawras network. Moreover, Oman Mobile was not part of this survey; therefore the comparison with Oman Mobile may not be appropriate. (more)

I must confess the Nawras press releases are one of the best in town. And, their PR department is super efficient!

Read: Nawras press release which created furore

*230 guest rooms (including 38 club rooms, 18 suites, 9 studio apartments).
*Ballroom (with a capacity to accommodate up to 700 persons)
*10 meeting rooms
*One all day dining restaurant with interactive cooking stations.
*Specialty South American grill gouse.
*Bavarian-themed bar.
*Lobby Café
*Extensive state-of-the art recreation facilities including gym with latest fitness equipment and wellness system; indoor and outdoor pools; floodlit tennis court; steam rooms; sauna; massage with separate area for ladies.
*Pool bar
*Health bar

Meanwhile, the Al Bustan Palace Hotel, which underwent extensive renovation, is set for launch in November 2008.

MUSCAT: A grand function was held to mark the launch of ‘Talks,’ Oman’s newest communication firm, on their office premises in Al Ghubra here on Tuesday.

The firm is the first of its kind in the country that offers integrated solutions in advertising, public relations, corporate branding, events and sports management together with online branding and marketing consultancy. (more)

The image above is the current homepage of ‘Talks’ which says “talk to you soon” which implies the website is not ready yet. Talk of ‘Talks’ having online branding as part of their portfolio. Did somebody say talk the talk. Huh!

I have no love lost for communication and advertising agencies in Oman. Except for DDB Oman, I can’t think of any local agency which is capable of coming up with eye-catching creatives. I pity local businesses which employ their services. At the end of the day, it is money down the drain. Less said the better about public relations companies and their press releases. Awful is not the word.

An ad guru from Singapore who was in Muscat recently, commented, “The advertising industry works by way of contacts in Middle East.” How true. Who cares for quality output, after all.