Oman

Despite being established by royal decree quite recently, the Public Authority for Investment Promotion and Export Development (PAIPED) has already taken a number of steps to promote Omani products abroad and boost investment from foreign firms and governments alike, by both sending and hosting major international delegations. Moreover, that PAIPED, which replaces the Omani Centre for Investment Promotion and Export Development, (OCIPED), was set up as a public authority is indicative of the growing importance placed on investment promotion in the Sultanate.

Oman’s higher education system is set to be bolstered by a programme that will fine-tune its services to better meet the needs of both students and the national economy, while also bringing the system in line with international standards.

In an effort to develop local businesses and provide more job opportunities, the Omani government is actively supporting new initiatives to promote domestically manufactured products.

A recent call to expand capital markets and broaden the country’s economic base appears to have struck a chord with Omani companies and a series of initial public offerings (IPOs) have been announced.

Cruise ship passenger arrivals at Port Sultan Qaboos in Muscat are expected to reach a record 231,100 for the 2010/11 fiscal year ending in June – a year-on-year increase of 72%. The total number of cruise ship visits to the port is also forecast to increase to 94, up from 78 in 2009/10.

Several leading Omani banks have recently moved ahead with plans for large bond issues, with this underscoring the broader confidence in the banking sector at a time of sustained high oil prices and positive economic growth.