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Overview

Oman’s conventional and Islamic banks positioned for growth
OBG
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As a cornerstone of the economy, Oman’s banking sector experienced significant growth and development between 2012 and 2022. While the disruption of the Covid-19 pandemic – and in particular its knock-on effects on global energy markets, supply chains and inflation – has weighed on the pace of expansion, Omani banks’ strong performance and stability in the years preceding the health crisis…

Overview

How legislation will foster investment in Oman's economy
OBG
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Due to the hydrocarbons-focused nature of its economy, the sultanate was not immune to the global economic shocks of the past decade. The government is therefore pursuing broad economic diversification, with specific sectors strategically targeted for development. While this is a familiar narrative across the GCC, motivated in large part by the global transition to clean energy, the need for diversification…

Overview

What CEOs in the Gulf predict for 2023 and beyond
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Against a backdrop of high oil and gas prices on international markets, global inflation and enhanced geopolitical risk due to Russia’s invasion of Ukraine in February 2022, CEOs in the Gulf were comparably more optimistic than their global counterparts about the prospects for 2023 in the Global CEO Survey conducted by OBG in late 2022. Buoyed by surging commodity prices, 62% of respondents in the…

Overview

How institutional changes and diversification boost Oman’s economy
OBG
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At the confluence of the Gulf and Arabian Sea, Oman occupies a strategically important location for trade and logistics. Although it is not on the Gulf, Oman sits atop significant oil and natural gas reserves like its GCC neighbours. Under the leadership of Sultan Haitham bin Tarik Al Said since January 2020, the country has renewed its diversification efforts to reduce its dependence on the energy…

Overview

CEOs in the Gulf Survey
OBG
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After registering an expected 6.9% growth rate in 2022, the GCC is set to see GDP expansion moderate – to 2.7% and 2.4% in 2023 and 2024, respectively – as hydrocarbons revenue is constrained by an anticipated global slowdown. For Oman, economic growth is set to ease from 4.4% in 2022 to 4.1% in 2023, before dropping to 1.9% the subsequent year, according to the IMF. Even so, local business sentiment…
Interview

Rahma bint Ibrahim Al Mahrooqi, Minister for Higher Education, Research and Innovation: Interview
OBG
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Interview: Rahma bint Ibrahim Al Mahrooqi In what ways can the private sector further contribute to research and development (R&D) output? RAHMA BINT IBRAHIM AL MAHROOQI: The private sector can contribute to R&D through energy-related activities. In this sense, the EJAAD platform, a virtual collaborative programme, has around 40 partners who produce R&D action plans that align industry…
Interview

Hashil Al Mahrouqi, CEO, Oman Tourism Development Company (Omran): Interview
OBG
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Interview: Hashil Al Mahrouqi Where do you see the most promising investment opportunities in the development of the country’s tourism and hospitality sector? HASHIL AL MAHROUQI: We have identified promising investment opportunities that align with trends in sustainable tourism, ecotourism and experience tourism. The government has taken significant steps to attract foreign direct investment in the…
Interview

Nabil bin Salim Al Bimani, Group CEO, Fisheries Development Oman (FDO): Interview
OBG
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Interview: Nabil bin Salim Al Bimani What are the main investment opportunities for the local fishing industry, and how do you assess its potential as a contributor to the economy? NABIL BIN SALIM AL BIMANI: The local fishing industry is an important contributor to the economy and there is significant potential for this contribution to grow. The strategic focus for the 2023-26 period will be centred…
Interview

Mohammed Al Harthy, CEO, Oman Food Investment Holding (Nitaj): Interview
OBG
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Interview: Mohammed Al Harthy Where do you identify investment opportunities in the agriculture sector? MOHAMMED AL HARTHY: Players in the domestic agriculture industry have placed a significant emphasis on ensuring food security, thus presenting substantial prospects for local entities within the agri-food segment, including for our newly rebranded organisation, Nitaj. Nitaj aims to bridge the gap…
Interview

Sheikh Aimen Al Hosni, CEO, Oman Airports: Interview
OBG
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Interview: Sheikh Aimen Al Hosni In what ways can technology help improve air infrastructure and enhance the traveller experience? SHEIKH AIMEN AL HOSNI: To improve the airport customer experience, in November 2022 Document Management Centre was launched in Muscat International Airport. Similarly, in late 2022 an agreement was signed with local firm Bahwan IT to provide an electronic system for managing…