Al Maha unveils virtual currency

Al Maha, a Omani petroleum product firm, has launched what it claims to be the first e-riyal, which, according to a top government official, was the beginning of virtual currency in Oman.

Al Maha is a joint venture between Oman government and private investors with the government holding 64 per cent share.

"The launch of e-riyal by Al Maha is definitely the beginning of e-currency in Oman," Sheikh Abdul Malik Al Hinai, economic affairs undersecretary, said at the launch of Al Maha Smart Fuel Card.

Al Hinai, who is also a board member of Al Maha, revealed that a national committee was formed under the chairmanship of the Minister of National Economy to study integration of information technology (IT) in government affairs.

"Technology is there to be utilised and we are determined to do so," he said. "I think Al Maha has set the ball rolling for the introduction of e-riyal in every sphere of life."

He said Al Maha would be privatised completely. "The government has 64 per cent stake in the company and gradually it would be sold to private investors."

Al Hinai, however, refrained from giving a time frame for the privatisation.

He allayed fears that, with Al Maha rapidly expanding, older players like Shell and BP would have to make way.

"All the three will stay in business," he said, adding that since the sultanate's market was small, there was no room for a fourth player. "Three are enough."