The bidding groups are: Bank Muscat, with HSBC; Global Financial Investments, with Global Investment House; National Bank of Oman,with Global Investment Corporation; Oman Arab Bank, with Arab Banking Corporation and BNP Paribas; and Oman International Bank, with Citigroup. An award is expected by early May.

The six-month mandate calls for the selected group to advise the government through all stages of the process of divesting a 30 per cent stake in Omantel, due to be completed by the end of 2004. The sale will be concluded through an initial public offering (IPO). Privatisation of the operator coincides with the introduction of competition to the local telecoms market. Bids were submitted in late March for a licence to set up a second GSM network in the sultanate (MEED 2:4:04).