Oman

Oman’s economy looks set for a period of solid expansion, with the state’s pump-priming efforts of the past year having a positive impact on growth. Much of the same is expected in 2012 as the government increasing its spending to create jobs and improve key infrastructure.

The Omani government is moving forward with plans to raise prices for natural gas in an effort to recalibrate the supply-and-demand equation, with local demand for the feedstock rising rapidly on the back of industrial expansion and domestic supplies limited.

Oman’s insurance industry is about to experience a major shift in direction, with sharia-compliant products, such as takaful, set to be launched onto the market. This is part of a broader programme of reforms that are opening up the financial sector to Islamic insurers and banks.

Oman’s tourism industry is set to maintain its steady rate of growth over the coming decades as public and private investment in the sector helps broaden the range of facilities and improve services, though the Sultanate will have to contend with increased competition in the region as other Gulf states also seek to attract overseas visitors.

A new law in Oman that makes an exception for businesses hoping to list a smaller share of their companies on the Muscat Securities Market (MSM) will likely be passed by the end of the year.

Increased levels of public-private cooperation are likely to bring high-tech solutions and better practices to Oman’s health care sector, particularly with regard to increasing ethical standards and monitoring insurance providers.