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...
Oman Industry
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Chapter | Industry & Retail from The Report: Oman 2017
Driven by rapid industrialisation, a growing population base and state-funded investments in major infrastructure projects, demand for electricity and water has surged in Oman over the past decade. Peak power demand on Oman’s Main Integrated System has more than doubled since 2006, and water demand has almost tripled. Growth forecasts for each range from 6% to 10% over the coming years. The...
Despite ongoing economic pressures associated with the drop in oil prices, Oman’s diversification strategy and efforts to enhance wider revenue streams are beginning to bear fruit, as witnessed by continued growth in the non-oil sector despite dropping incomes and wider regional instability.
In recognition of its varied physical, ethnic and cultural landscape, Oman has long been divided into regions, with the government and the sultan keen to achieve a much more equitable and sustainable economic balance between them. Oman’s current long-term development plan includes provisions targeting this goal, as well as plans focused on greater regional authority. Special economic zones (...
Chapter | Industry & Retail from The Report: Oman 2016
For over two decades Oman’s industrial sector has been a key plank in the government’s economic diversification strategy, and the country’s non-petroleum sectors continued to see robust growth in 2014. Electricity and water supply grew by 8.6% to reach $973.5m, mining and quarrying expanded by 8.5% to $322.3m, and building and construction was up 8.3% to $5.4bn. Recent efforts to boost the...
With Oman’s economic development plan focused on further industrial expansion, and with the sultanate’s population growing, Oman’s utilities sector is looking to keep pace with growing demand. Market reforms stretching back almost two decades have ensured the power sector is well positioned to deal with this higher demand, ramping up production in line with growth. Current priorities for the...