Oman

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Economic update | Oman: Regulating Islamic finance

11 Jan 2013
The recently released Islamic Banking Regulatory Framework (IBRF), a 500-page document setting out the regulations that will govern Oman’s financial sector, is set to open the door for both conventional and Islamic banks to market sharia-compliant products. In a statement accompanying the regulations, the Central Bank of Oman described the IBRF as “a detailed and comprehensive document covering all aspects of Islamic banking”.
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Report | The Report: Oman 2013

Cover of The Report: Oman 2013

At the base of the Arabian Peninsula, occupying a landmass slightly larger than Italy, Oman is the largest country in the GCC after Saudi Arabia. In recent years, the non-OPEC oil exporter’s economy has been undergoing a steady transformation, reorienting from oil toward a more diverse set of service and industry-based economic activities. So far, progress has been promising. In 2011 oil and gas accounted for 38.8% GDP.

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Chapter | Legal Framework from The Report: Oman 2013

With Curtis, Mallet-Prevost, OBG outlines the key corporate, foreign investment, labour and property laws relevant to companies doing business locally in Oman. This includes an overview of Omani corporate law and the legal structures for doing business. The chapter also features a viewpoint with Bruce B Palmer, Managing Partner in Oman, Curtis, Mallet-Prevost.
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Chapter | Tax from The Report: Oman 2013

With assistance from Abu Timam Grant Thornton, this chapter provides an outline of the new tax regulations issued at the start of 2012, as well as rules for the establishment of foreign companies in Oman. Information is provided about tax rates, filing requirements, deductable expenses and more. The chapter also includes a viewpoint with Nasser Said Al Mughairy, Managing Partner at Abu Timam...
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Chapter | Regions from The Report: Oman 2013

While a significant portion of economic activity in Oman is concentrated in the capital and nearby surrounding areas, a number of other regions remain key drivers of economic growth. Moreover, these regions are playing an increasingly important role as the national economy matures and diversifies. For example, Sohar offers shipping firms a seaport south of the Strait of Hormuz, which reduces...
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Chapter | Tourism from The Report: Oman 2013

The tourism sector is enjoying increased attention. In 2012 it accounted for some 3% of GDP, saw growth of nearly 4% in the same year, and contributed to the creation of some 70,000 jobs in 2011. In the broader Middle East region, tourism job creation actually shrank by 0.6%. Going forward, the government’s priority is to diversify tourism offerings, via a number of initiatives to promote the...
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