Country Profile
From The Report: Oman 2018
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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 nonetheless a driving force. The sultanate’s long-term development strategy, Oman Vision 2020, emphasises diversification, privatisation and Omanisation. Logistics, tourism, mining, manufacturing and fisheries have all been identified as potential future economic drivers, and will be the focus of development under the next plan, Vision 2040. This chapter contains viewpoints from Sultan Qaboos bin Said Al Said; and Xi Jinping, President, People’s Republic of China.

Articles from this Chapter

Overview

Strong and stable: The sultanate continues to evolve, with a focus on diversification and infrastructure investment
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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. The sultanate’s long-term development strategy, Oman Vision 2020, emphasises diversification,…

Viewpoint

Strength in change: Sultan Qaboos bin Said Al Said, on how embracing the private sector will help bolster the economy in the long term
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Viewpoint:Qaboos bin Said Al Said As Oman enters its 48th year of renaissance, we hope to see its sustained development continue. In recent years we have witnessed, through the implementation of various plans and programmes, the accomplishment of those goals which we have had our sights set on since the dawn of our new era. These achievements are inspired by our fundamental principles: the development of Oman’s richly abundant supply of human and natural resources; the building of infrastructure;…

Analysis

New measures: The government moves to accelerate fiscal reforms and broaden its revenue base
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Oman’s oil output fell by 3.7% year-on-year (y-o-y) in the first 10 months of 2017, with production averaging 970,000 barrels per day (bpd), down from 1m bpd in the same period of 2016. However, an improvement in average prices saw oil earnings rise by 32%, according to the National Centre for Statistics and Information. Bolstered by a 10.7% increase in gas revenues to October 2017, the higher hydrocarbons earnings helped narrow the budget deficit to OR3.2bn ($8.3bn) by the end of October…

Viewpoint

Strengthening unity: Xi Jinping, President, People’s Republic of China, on the myriad benefits of China-Arab cooperation
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Viewpoint:Xi Jinping Arab states are China’s important partners in following the peaceful development path, strengthening unity and cooperation among developing countries and establishing a new type of international relations, with win-win cooperation at its core. China has always approached China-Arab relations strategically. It is China’s long-held diplomatic principle to consolidate and deepen the traditional China-Arab friendship. There will be a joint effort by China and Arab countries…

Analysis

A widening reach: GCC member states look to strengthen global trade ties
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For the nations of the GCC, the drop in oil prices highlighted something many already knew: there is a pressing need for economic diversification and to further engage with global partners across different markets. To this end, countries in the region have made efforts to expand their international role and reach in recent years, with trade deals and investments being pursued in the US, China and India. Going forward, relationship building is likely to receive even greater focus, with GCC…

Analysis

A widening reach: GCC member states look to strengthen global trade ties
OBG
plus

For the nations of the GCC, the drop in oil prices highlighted something many already knew: there is a pressing need for economic diversification and to further engage with global partners across different markets. To this end, countries in the region have made efforts to expand their international role and reach in recent years, with trade deals and investments being pursued in the US, China and India. Going forward, relationship building is likely to receive even greater focus, with GCC…

Analysis

Money management: Activity among the region’s sovereign wealth funds picks up as oil prices stabilise
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The number of sovereign wealth funds (SWFs) operating in the GCC has grown significantly in the last decade. The value of these SWFs – created to invest and manage the huge sums flowing into the region from hydrocarbons sales – stood at $2.9trn in December 2017, according to the Sovereign Wealth Fund Institute (SWFI), or 38.3% of the global total. Turning A Corner With oil prices remaining relatively low since mid-2014, many SWFs have had to rein in investments, pulling money out of…

Analysis

Money management: Activity among the region’s sovereign wealth funds picks up as oil prices stabilise
OBG
plus

The number of sovereign wealth funds (SWFs) operating in the GCC has grown significantly in the last decade. The value of these SWFs – created to invest and manage the huge sums flowing into the region from hydrocarbons sales – stood at $2.9trn in December 2017, according to the Sovereign Wealth Fund Institute (SWFI), or 38.3% of the global total. Turning A Corner With oil prices remaining relatively low since mid-2014, many SWFs have had to rein in investments, pulling money out of…