Oman – Stable Economy, Sustained Progress
With a stable political leadership and peaceful society, the US$60 billion economy of Sultanate of Oman is driven by the growth in key industries including oil & gas, infrastructure, logistics, real estate, information technology and manufacturing, etc. A young population, friendly business environment and focus on economy’s diversification & development makes Oman, which is one of the few countries in the world to a have Free Trade Agreement (FTA) with the USA, a favourite with global majors for investment and doing business.
“The government (of Oman) is taking a number of revenue-raising measures such as cutting subsidies and increasing corporation tax, while remaining focused on its long-term diversification goals. Though hydrocarbons still account for 33.9% of GDP and 78.7% of state revenues, non-oil sectors are playing an increasingly prominent role in the country’s economic profile. Authorities are targeting heavy industries in particular with plans to boost their GDP contribution to from 19.8% today to 29% by 2020. Meanwhile annual growth of 6% is being targeted in the mining sector, with a host of regulatory initiatives being implemented as the government seeks to boost investor interest.” – Oxford Business Group 2017 Report
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