Following the global oil price drop in 2014, Oman – like the other GCC states – is pushing ahead with its long-term national development plans that seek to diversify the economy.
Oman Industry
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Oman boasts an extensive and largely untapped mineral resource base that includes large deposits of metallic minerals, such as copper and chromite, and industrial minerals, namely limestone and marble. The country is the first GCC producer and exporter of ferrochrome, and produces large quantities of non-metallic minerals, including limestone, gypsum and marble, that support construction and...
Growth in Oman’s industrial and retail sectors has been affected by both commodity prices and weaker consumer sentiment, which have lowered spending and forced some companies in heavy industry to delay investment programmes. However, the impact of the costs borne by the sultanate’s manufacturers was offset somewhat in 2017 by the rise in exports to Qatar following the blockade of that country’...
The utilities industry in Oman is going through a transitional period in anticipation of major restructuring and renewal in the water and electricity segments. While large-scale retail competition in electricity is not yet feasible, changes in technology, such as the introduction of cost-reflective tariffs (CRT), are making distributed provision more cost-effective. The most significant...
The effects of lower oil prices continue to be felt in Oman, with budget cuts and spending rationalisation still in evidence across the board. However, higher commodity prices in late 2017 and into early 2018 should provide a welcome boost to state revenues.
Announced in January 2016, Oman’s ninth five-year plan is the final component of is long-term blueprint Vision 2020 and includes mining as one of five pillars of economic diversification being fast-tracked by the sultanate. With the government targeting 6% annual growth in the sector, and major regulatory initiatives attracting increased investor interest, mining is poised to surge in 2017-18...