Oman

The value of real estate transactions in the sultanate increased by nearly 60% year-on-year in the first five months of 2012, hitting $2.1bn in that period, with the market displaying significant demand for industry- and logistics-related facilities as well as luxury residences.

Stepping up efforts to capitalise on its hydrocarbons wealth, Oman is boosting its downstream industrial capacity by expanding the petrochemicals sector and providing the fuel stocks needed to power other industries. However, the success of this programme still pins much of the country’s economic growth on its oil and gas resources.

In line with government plans to boost production and draw foreign investment to the aquaculture sector, Oman is encouraging foreign investors to take advantage of opportunities in fisheries and maritime exports.

The government is banking on a multi-billon dollar investment programme to create a new transport grid that will serve as the backbone to Muscat’s plans to diversify and expand the economy, bringing the country’s many urban and economic centres closer together.

The Omani government is working to address unemployment by putting $1bn toward job creation after seeing higher-than-expected returns on oil in the first half of 2012.

Islamic financial products, first authorised by the Omani government in 2011, are set to take off later this year, with the banking, real estate and insurance sectors all expected to see benefits. However, competition is also forecast to increase as both sharia-compliant and conventional banks vie for customers.