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Muscat-based I2offshore launches unique new corporate pension product to benefit Omani Nationals and expatriates

Oman: Monday, February 07 - 2011 @ 14:59

The new product is the first in Oman to be genuinely 100% capital protected for the full amount of the investment, is totally flexible in nature and is structured and backed by a highly respected London-based pension specialist company.

Senior executives from i2Offshore outlined the impact the new product will have alongside financial experts from the City of London at a special investment seminar hosted by the company that featured senior executives from Brooklands Trustees, LCF Rothschild, AMT Futures and Castlestone.

Speaking at the seminar, i2Offshore said that the product has already generated significant interest among the corporate sector in the Sultanate with two leading organizations already signing up to the product and offering it to their employees. The scheme has been set up in a way that individuals companies can brand the product as their own – giving a stronger ownership and sense of belonging to the organization and its staff.

i2Offshore has launched the new product in response to growing demand from the corporate sector and individual employees for the provision of additional and strengthened pension and savings schemes to complement the existing PASI schemes and end of service payments for expatriates.

The company believes that company’s who adopt the scheme make themselves more attractive to talented staff in an increasingly competitive labour market in the country – and also help in the longer-term retention of Omani nationals and expatriate employees.

It has partnered with the well respected Brooklands Trustees who operate out of the City of London to provide the new product that has a number of significant benefits compared to other savings products currently available in Oman.

Barry Woodgateof i2Offshore, says, “We have decided to develop and introduce this product after extensive research into the requirements and demands of companies and individuals in Oman. A key differentiator in our product is having trustee partners in the form of Brooklands Trusteeswho operate out of offices in the City of London and Dubai and a financial nominee in the shape of Brown Shipley Private Client Bank, a FTSE 100 company in London.

“Having the pensions and savings in trust ensures they are not so exposed to the volatility of the global financial markets and also ensures that the money saved is not linked to the future of the individual company – ensuring the individual’s savings are fully protected.

“The product is already creating interest among Omani businesses, and we believe this will be a real added benefit to companies in their recruitment strategies in recruiting and retaining senior executives and staff, helping them to be seen as visionary in their approach to the financial security of their employees.”

i2Offshore is convinced that the time is right for the introduction of more sophisticated and advanced financial services products as the Sultanate’s economy and its businesses become stronger and more developed – requiring a new era of pensions and savings planning.

The company is an independent financial consultancy that has been operating in Oman for the past 15 years and also has offices in Kuwait and Baku and is part of the Tamimah Consultancy Group, led by Sheikh Mohammed Al Harthy, an aide to the Cabinet of the Government of Oman, and is widely respected, experienced and knowledgeable about the challenges facing companies in the Sultanate.

Mr. Woodgate from i2Offshore added that another important asset to companies was giving them control of the investment strategy with a recommended approach for companies to adopt 100% capital structured products that could give a growth return of between 6-17% per annum.

“We wanted to create a product that keeps companies away from the volatility of local or global equity and bond markets – especially in light of the recent global financial downturn from which nowhere in the world has remained immune,” he added.

The recent seminar organized by i2Offshore at the Grand Hyatt is the first in a number of seminars the company plans to for businesses and organisations in Oman to explain and brief them about the benefits of the new products and how they can bring real and tangible benefits to both the employer and the employee in the future.

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Monday, February 7- 2011 @ 14:59 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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