Oman’s agriculture & fisheries sectors are slated for significant expansion in the years to come as authorities aim to build them up into major contributors to the economy, key employers and significant sources for export earnings. Oman’s Vision 2020 sets the target of raising the agricultural sector’s contribution to GDP to 3.1% by 2020, with annual growth topping 4.5%. It also intends to...
Oman’s public authorities are in the midst of a multi-billion-rial investment programme designed to expand and improve the country’s transport and logistics capacities across land, sea and air. Salalah, the country’s largest port, has recently shifted its focus towards import/export traffic, with a new 20-year master plan launched in 2011 aiming to establish multi-modal links at the port and...
In recognition of its varied physical, ethnic and cultural landscape, Oman has long been divided into regions, with the government and the sultan keen to achieve a much more equitable and sustainable economic balance between them. Oman’s current long-term development plan includes provisions targeting this goal, as well as plans focused on greater regional authority. Special economic zones (...
For over two decades Oman’s industrial sector has been a key plank in the government’s economic diversification strategy, and the country’s non-petroleum sectors continued to see robust growth in 2014. Electricity and water supply grew by 8.6% to reach $973.5m, mining and quarrying expanded by 8.5% to $322.3m, and building and construction was up 8.3% to $5.4bn. Recent efforts to boost the...
Oman’s real estate sector has continued to grow in recent years, and despite the fall in oil prices, demand, particularly from the private sector, has helped fan development. Projects that target niches, such as high-end offices, units in integrated tourism complexes, shopping malls and gated communities are flourishing. The residential leasing market saw five consecutive quarters of stability...
Oman’s construction sector was worth an estimated $5.2bn in 2014, up from $4.9bn in 2013, and forecasts show that it will continue to grow rapidly, to $5.6bn in 2015 and $6.0bn in 2016. Although the drop in oil prices will likely curtail public spending in the sector if prices remain depressed, this has certainly not been the case so far. Indeed, the total value of projects planned and under...
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