The year 2015 marks the 45th anniversary of the accession of His Majesty Sultan Qaboos bin Said al Said and the establishment of the Sultanate of Oman. While less hydrocarbons rich than its GCC neighbours, an increased focus on diversification is driving economic growth in the sultanate. In its eighth five-year plan (2011-15), the government has increased spending on key infrastructure...
Oman
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Chapter | Country Profile from The Report: Oman 2015
Although the sultanate’s petroleum wealth has traditionally provided a backbone for growth, efforts are well under way to diversify away from hydrocarbons. Oman Vision 2020 has laid out plans to boost industrialisation within the sultanate and to encourage the private sector to take a more active role in the economy and in the provision of jobs, both of which are billed as key drivers for growth.
Economic update | Oman Year in Review 2014
12 Jan 2015
With earnings from oil accounting for more than 80% of government income, the halving of prices since June has eroded state revenue and could impact the extensive capital works programme in 2015, despite a government pledge to hike this year’s spending by 4.5% from its earlier plans.
Economic update | Islamic banking thriving in Oman
18 Dec 2014
Islamic banking in Oman is expected to grow at double-digit rates as sharia-compliant banking products increasingly gain acceptance and the government’s plans to ease restrictions come to fruition.
A multibillion-dollar cash injection from the state is supporting new growth across Oman’s construction sector, amid efforts to encourage the industry to source labour, services and supplies locally to broaden the contribution to its economy.
Recently released figures indicate that Oman’s diversification strategy is beginning to bear fruit. But, despite the Sultanate’s finances looking healthier, the country still remains vulnerable to price shocks in the energy sector.