Capital markets in Oman continued to post healthy growth over the course of 2013 and 2014 with strong fundamentals, steadily increasing economic diversification and prudent market regulation and oversight driving expansion. In mid-2013 the Capital Market Authority launched the MSM Sharia Index which tracks sharia-compliant stocks, and in August 2014 insurance sector reforms were introduced...
Oman
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Chapter | Capital Markets from The Report: Oman 2015
The Omani banking sector once again posted solid growth in 2013 and the first half of 2014 as steadily growing demand for financial services continues to expand the sector. Government initiatives to boost entrepreneurship and the establishment of small and medium-sized enterprises (SMEs) has resulted in a Central Bank drive requiring local banks to increase lending to SMEs to at least 5% of...
In 2013 and the first half of 2014 Oman’s economy continued to expand on the back of rising public and private investment, strong oil and gas revenues, and steadily increasing levels of non-oil activity. The sultanate’s GDP rose from $78.3bn in 2012 to $80.57bn in 2013, and while the recent slump in oil prices is a concern, heavy investment in a variety of enhanced oil recovery techniques has...
Chapter | Country Profile from The Report: Oman 2015
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...
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.
Since its establishment in late May 1981, the GCC has experienced over three decades of rapid economic growth. The bloc’s six members – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE – have benefitted from greater integration and cooperation over the years, and continue to work to diversify their economies to maintain their competitive edge.