Oman

Having maintained 47th place on the World Bank’s latest global survey regarding the ease of doing business, Oman has benefitted from the strong capitalisation of local banks and reforms making it easier to register property and connect to the energy supply. However, the report identifies that small and medium-sized enterprises (SMEs) could benefit from improved access to credit and further reforms to liberalise the business environment.

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.