Oman has successfully stabilised public finances by implementing cost-saving measures and reforms while benefiting from higher oil prices. Additionally, the government is focusing on enhancing oversight and consolidating public sector entities to enhance efficiencies, improve the business environment and attract greater foreign direct investment over the long term. As a result, Oman’s sover
Small and medium-sized enterprises (SMEs) drive economic growth and employment, accounting for an average of 33% of GDP and 45% of the workforce in high-income countries, and over 60% of GDP and 70% of employment in developing economies. Their rise has been crucial to economic diversification and resilience, particularly in countries vulnerable to commodity price fluctuations. SMEs have also…
IDF 2019 welcomed 10,000+ visitors of companies including BP Oman, CACI, Cloisall Co, Dawood Engineering Consultancy, DG Dharamsey Group, Diwan of Royal Court, Douglas OHI, F&M Middle East Engineering Consultancy LLC, Iskan Oman Investment Company SAOC, Khatib & Alami, Majid Al Futtaim, MAF + Partners, Occidental of Oman Inc, Oman Air, Oman Airports, Omantel, OMRAN, Ooredoo and Petroleum…
For now, however, income from oil and gas sales accounts for around 70% of total revenue. As such, firming oil prices since 2017 have led to an improved fiscal scenario, and the 2018 budget anticipated that oil and gas revenue would increase by 9%. Oman’s efforts to expand non-oil activity will continue into 2019 through the Tanfeedh initiative and new policies, such as those developing the fram
Steps towards economic diversification have continued with a renewed focus and are being rolled out at pace. In late 2016 the government launched Tanfeedh, the National Programme for Enhancing Economic Diversification, as a core tenet of the country’s ninth-five-year plan. The programme aims to leverage Oman’s strategic location outside the Gulf to spur growth across five key sectors: manufact
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 its economic growth. The sultanate’s long-term development strategy, Oman Vision 2020, emphasises industrialisation, privatisation and Omanisation, and resulted…
Despite the impact of the oil price downturn, the sultanate remains an attractive proposition for GCC-focused retailers and international brands. Compared to neighbouring markets in the UAE, Kuwait and Qatar, the retail footprint in Oman is less formalised and growing from a smaller base. Retail space per capita is the lowest in the GCC at 0.09 sq metres of gross leasable area (GLA), and there are…
Interview: Hilal bin Hamad Al Hasani To what extent can Oman increase its competitiveness and attractiveness for investors? HILAL BIN HAMAD AL HASANI: Oman has already taken a large number of important steps to improve its position as an attractive investment destination. The county’s position in this regard has been strengthened by its strategic location, the significant investments it has made…
In January 2016 the Oman Supreme Council for Planning published the sultanate’s ninth five-year plan, covering 2016 to 2020. The plan is the final component of the government’s long-term Vision 2020 development strategy, focused on reducing reliance on the energy sector’s contribution to GDP and boosting non-petroleum industrial activities such as mining and quarrying, manufacturing, and building…
The sultanate’s ninth five-year plan, covering 2016-20, is the final component of the government’s long-term Vision 2020 development strategy, and is focused on reducing reliance on the energy sector’s contribution to GDP, while boosting non-petroleum industrial activities such as mining and quarrying, manufacturing, and building and construction. These together accounted for OR5.33bn ($13.8bn),…