Breaking new grounds

As we begin the New Year on a fresh note, while looking back at 2007, we find that the group continued to progress on its journey of success and growth in its silver jubilee year.

While celebrating 25 years of excellence and accomplishment, we have added new business, ventured into new territories, expanded and modernized our infrastructure and restructured our management to meet the stated business objectives. With operations spread over to the Middle East, Africa, Europe, Asia and Australia the group is meeting challenges successfully to assume a position of authority in overseas markets to emerge as a model of a true Omani multinational company.

In 2007, we acquired complete ownership of United Engineering Services, the leading precision engineering firm in Oman, while National Mining Company (NMC) begun its first mining production and started generating sales. As a further momentum to our E&P overseas business, we have made a solid beginning in India and Egypt, with Petrogas being awarded three exploration oil and gas blocks in India and opening its first office in New Delhi and acquiring a 30% stake in two exploration concessions in Egypt. We have also moved into Africa through multiple contracts between MB Petroleum and Sasol Pande in Mozambique. With acquisition of 51% stake in Century Drilling, MB petroleum has also expanded its presence in Australia, New Zealand, Indonesia and India.

On the challenges at domestic front, MB Group family displayed true professionalism and patience during the Gonu Cyclone and contributed in helping the needy and making Oman clean, tidy and welcoming, the hallmarks of the Sultanate.

I wish you all a very happy and prosperous new year. We are committed towards moving ahead in the new year and beyond, and endeavours to outpace industry standards and surpass all expectations in the process. All this can be achieved only through your continued support and belief in us. I believe that we will further strengthen ourselves as a globally competitive group and keep the momentum going to become the best in the business!

Mohamed Al-Barwani
Chairman
MB Holding Company LLC