What is the meaning of Olema?

Alternative form of ulema

to be (indicating that the subject and the complement of the verb form the same thing)

to be (occupy a place)

to be, constitute, make up, form

to have; to own, to possess

to have, to possess (as a feature or capability, as opposed to simple possession; almost always for inanimate subjects)

to have (a sensation)

there be

Synonym of olemas olema (to exist)

to have (a verb to build active present perfect tense and active past perfect tense, taking active the past participle ending -nud)

to have (a verb to build impersonal simple past tense, impersonal passive present perfect tense and impersonal passive past perfect tense taking the passive past participle, ending -tud)

agent participle of olla

Source: wiktionary.org