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Analysis

The Omanisation process has been met with mixed results
OBG
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Increasing the number of Omani nationals working in the private sector, coupled with the need to increase foreign direct investment and thereby generate job opportunities for Omanis, have been twin debate points in the public and private sector business community in recent years. Relevant data published by the National Centre for Statistics and Information over the past five years has not been encouraging. Challenges The…

Analysis

Oman's major new health care development projects should expand capacity
OBG
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Efforts are under way in Oman to construct a number of new hospitals and health centres to help meet the growing demands being placed on the national health care system. In 2015 nearly 326,000 patients received treatment and around 102,000 surgical operations were performed in Oman, which has a population of roughly 4.5m, according to government data. Growing The System In a statement issued in…

Overview

Useful information for business and leisure travellers
OBG
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Language Similar to other GCC member states, Arabic is the official language of Oman, although English is widely spoken and understood. Using English to get around or conduct business in the capital, Muscat, or other hubs such as Sohar or Salalah, is relatively easy. Locals do appreciate the exchange of salutations in Arabic, but are very accommodating to non-Arabic speakers. Having historic ties…

Overview

Oman's tax legislation accounts for diverse corporate structures
OBG
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A range of tax regulations exists in Oman and varies according to organisational type and provenance. Corporate Structure Foreign companies and individual investors may establish operations in the sultanate in one of the following forms: Limited liability company (LLC): Foreign companies and individuals are generally required to have an Omani partner with a minimum 30% shareholding in order to form…

Overview

With its rich history, Oman continues to evolve
OBG
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Located in the south-eastern quarter of the Arabian Peninsula, Oman is the only member of the GCC situated outside of the Gulf. Leveraging its strategic location, Oman has invested in infrastructure with the goal of becoming a global logistics centre. While the country is less hydrocarbons-rich than its GCC neighbours, diversification efforts are a driving force behind Oman’s economic growth.…

Overview

Oman prepares for a sustained period of lower oil revenues
OBG
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Having endured low oil prices for the entire year, countries across the resource-rich GCC saw their balance sheets constrained in 2015. In Oman’s case, lower revenues from the petroleum sector led to a nominal GDP contraction of 13.8% and the country’s largest deficit in more than a decade. Closing the fiscal gap is a top priority for the government, whose ambition extends beyond the short-term…

Overview

Oman's central bank takes measures to increase liquidity
OBG
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It is nearly a decade since banking sector liquidity was last a significant concern in the GCC, but the precipitous decline of crude oil prices that began in the summer of 2014 has brought the issue to the fore once again. The major role played by the hydrocarbons industry in regional economies means that large alterations to spot prices and futures have the potential to significantly affect the liquidity…

Overview

Oman's banking sector records rises in assets, lending and deposits
OBG
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A number of challenges have confronted Oman’s banking sector over recent years: a structural shake-up in the form of a new Islamic segment has increased competition levels; declining oil prices have constricted lending opportunities in some segments and compelled the regulator to encourage greater credit extension to others; and uncertainty surrounding the growth of regional economies adds a further…

Overview

Oman's capital markets sustain foreign interest
OBG
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The securities exchange in Muscat is a vital component of the Omani economy. The bourse serves as a showcase for the sultanate’s large enterprises, but its primary function is to act as an arena from which pooled capital can be distributed to investment sectors. In 2015, for example, the exchange had the capacity to provide OR2.56bn ($6.6bn) in funding. However, throughout 2016, subdued oil prices…

Overview

Reforms and economic trends likely to boost insurance uptake in Oman
OBG
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The insurance industry in Oman has grown rapidly in recent years and now plays an important role in the domestic economy. From contributing only 0.9% to GDP in 2008, it has risen to account for 1.6% of GDP as of 2015, according to figures from the sector regulator, the Capital Market Authority (CMA). Important regulatory changes made in 2015 and 2016, aimed at strengthening the industry’s capital…