Despite ongoing economic pressures associated with the drop in oil prices, Oman’s diversification strategy and efforts to enhance wider revenue streams are beginning to bear fruit, as witnessed by continued growth in the non-oil sector despite dropping incomes and wider regional instability.
As countries across the GCC faced revenue pressures due a lower oil price environment, Oman balanced reduced public spending with economic diversification efforts to keep growth on a positive trajectory.
Retail investors and mall developers are flocking to Oman in increasing numbers on the back of rising demand from consumers and the market’s potential for growth.
Oman is looking to boost investment in its transport and logistics sector, one of five pillars targeted under the country’s Ninth Five-Year Development Plan (2016-20).
Oman is taking a number of steps to attract investors to the sultanate in a bid to diversify its economy away from a reliance on hydrocarbons.
Oman is pressing ahead with a number of new developments in its tourism sector as part of a drive to diversify its economy amid a backdrop of sustained low global energy prices.
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