Strategically situated at the head of the Indian Ocean and bordering Saudi Arabia and the UAE, Oman is a gateway to the GCC region – a re-distribution point and transit hub for shipments to and from Asia, the Indian subcontinent, and East and Central Africa. Transport and logistics has emerged in recent years as a pillar of the sultanate’s development and a critical driver of its economy,...
Announced in January 2016, Oman’s ninth five-year plan is the final component of is long-term blueprint Vision 2020 and includes mining as one of five pillars of economic diversification being fast-tracked by the sultanate. With the government targeting 6% annual growth in the sector, and major regulatory initiatives attracting increased investor interest, mining is poised to surge in 2017-18...
The sultanate’s ninth five-year plan, covering 2016-20, is the final component of the government’s long-term Vision 2020 development strategy, and is focused on reducing reliance on the energy sector’s contribution to GDP, while boosting non-petroleum industrial activities such as mining and quarrying, manufacturing, and building and construction. These together accounted for OR5.33bn ($13.8bn...
Sentiment in Oman’s real estate sector remains cautiously upbeat in the face of a downturn in the global price of oil and the consequent impact on government spending plans in the sultanate. Residential rental prices have softened in some areas, with landlords preferring to trim prices to avoid untenanted periods in their properties, but in new fashionable developments lettings and sales have...
With a multi-billion-dollar pipeline of public sector contracts and significant private sector developments planned for the remainder of the decade, the construction sector remains a highly significant and growing sector of the Omani economy. In the face of substantial headwinds driven by lower oil prices since the middle of 2014, the government is steering towards a diversified economy, even...
Driven by rapid industrialisation, a growing population base and state-funded investments in major infrastructure projects, demand for electricity and water has surged in Oman over the past decade. Peak power demand on Oman’s Main Integrated System has more than doubled since 2006, and water demand has almost tripled. Growth forecasts for each range from 6% to 10% over the coming years. The...
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