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Analysis

Enticing young Omanis in an effort to reach Omanisation targets
OBG
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With a due date of May 2015, Oman’s new National Tourism Strategy aims to address a range of key challenges in the sector. Amongst these is the ongoing issue of human resources, particularly since one of the main rationales for the high-profile focus on the sector is its ability to deliver jobs as well as tourism receipts. Yet in the area of human resources, there is room for improvement, as many…

Analysis

Conserving natural landscapes and habitats as visitor numbers grow
OBG
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Perched on a rocky headland just minutes drive from Khasab, in Oman’s Musandam exclave, the Atana Musandam hotel represents not only a major advance for the sultanate’s own new hospitality chain, but also a striking attempt to balance tourism development with environmental and social sustainability. The Atana Musandam won the Best Sustainable Project award at the 2014 Dossier Construction and…

Analysis

Higher learning institutes and businesses are cooperating more closely to match training with industry needs
OBG
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Several advisory agencies have been set up in Oman with the task of creating avenues of exchange between academia and the commercial world. “Educational institutions are in continuous dialogue with industry,” Mona Fahad Al Said, assistant vice-chancellor for external cooperation at Sultan Qaboos University, told OBG. “A joint committee is working to address how the university can supply industry…

Analysis

A snapshot of vocational education in the country
OBG
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A focus on educating and training the population has been enshrined in Oman’s national development strategies. In 1995 the government ensured that education would remain central to the country’s growth path under Oman Vision 2020, the national development plan. This document placed an emphasis on upgrading education services to meet international standards, and included quantitative goals for developing…

Analysis

Opportunities are expanding in the private health care sector
OBG
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Although new public hospitals are under development, Oman’s private health care sector is also undergoing rapid expansion, bolstered by population growth, capacity constraints at existing public facilities and rising demand for specialty care. While health care is provided to all Omani citizens free of charge, a dearth of critical care options has prompted the government to fund overseas treatment…

Analysis

Free zones and special economic zone to boost investment
OBG
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Located on the south-east coast of the Arabian Peninsula, Oman enjoys a strategic location as a shipping and trading centre for markets in Europe, Africa and Asia. To realise the benefits of this important location, the government promulgated Royal Decree 56/2002, which provides a general legal framework for the development of free zones (FZs). Currently, Oman has three FZs (Sohar, Salalah and Al…

Analysis

Amendments to the Commercial Agencies Law took effect in mid-2014
OBG
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The Commercial Agency Law (Sultani Decree 26/1977, CAL) was enacted to provide a means for foreign principals to sell goods and services in Oman without a local presence, while providing protection to the investment made by Omani agents. Prior to the amendments, the CAL was protective of Omani agents with regards to renewal and termination of agency agreements. Agent Compensation When a foreign principal…

Overview

The sultanate leverages its location for big gains
OBG
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The year 2015 will mark the 45th anniversary of the accession of His Majesty, Sultan Qaboos bin Said Al Said and the establishment of the Sultanate of Oman, making Oman the longest continually independent Arab country in modern history. November 18 is Oman National Day, which coincides with the sultan’s birthday. The sultanate’s influence in the region is felt above all in the vital role the country…

Overview

The economy is well positioned for long-term expansion
OBG
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In 2013 and the first half of 2014 Oman’s economy continued to expand on the back of rising public and private investment, strong oil and gas revenues and steadily increasing levels of non-oil activity. According to data published by the IMF – Oman’s National Centre for Statistics and Information (NCSI) does not regularly release inflation-adjusted GDP numbers – real GDP growth rate in the…

Overview

The industry is increasingly integral to the economy
OBG
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The banking sector posted solid growth in 2013 and the first half of 2014, on the back of improving asset quality, coverage and capital adequacy, a burgeoning Islamic banking segment and significant expansion in the economy. The industry comprises 16 conventional commercial banks – including seven local and nine foreign institutions – as well as two sharia-compliant banks, two state-owned specialised…