TAG: Oman
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 in a real GDP growth rate of 3.3% in 2015. At the same time, foreign direct investment inflows have risen from $739m in 2014 to an estimated $822m in 2015.
Undoubtedly, higher and more stable oil prices have buoyed the Gulf countries over the past year. As I have written before, this is in some senses good news for the region, where oil plays such an important role in terms of income.
Higher and more stable oil prices have undoubtedly buoyed Gulf countries in 2018. While this is, in some senses, good news for the region, where oil plays such a crucial role in terms of income, it also raises important questions about the need for – and the pace of – reform. In speaking with close to 900 of the region’s executives in face-to-face interviews, the latest OBG Business Barometer: Gulf CEO Survey illuminates how the rollercoaster of the past year has impacted near-term business plans in the private sector, and how executives are factoring uncertainty into their development strategies.