With Oman’s economic development plan focused on further industrial expansion, and with the sultanate’s population growing, Oman’s utilities sector is looking to keep pace with growing demand. Market reforms stretching back almost two decades have ensured the power sector is well positioned to deal with this higher demand, ramping up production in line with growth. Current priorities for the...
Hydrocarbons play a vital role in the Omani economy, comprising almost 50% of GDP and accounting for a large majority of government revenues. In total the government budgeted $3.9bn of spending on investment in oil and gas for 2015, representing an increase of 9.35% on the $3.6bn budgeted for 2014. Although the drop in oil prices has put considerable pressure on government revenues, the price...
Regulatory changes primarily aimed at encouraging consolidation within the insurance sector have recently been introduced by the Omani authorities. Low penetration levels indicate significant room for growth in the sector, with the life segment widely regarded as the most promising area for expansion. Motor coverage still remains the largest insurance line in the sultanate by premium value,...
Although performance has been subdued in 2015 compared to 2014, the market is set to be bolstered by various developments in the sector. Regulatory changes obliging insurance companies to list will add to the offerings pipeline, as should government plans to relax listings requirements. Meanwhile, with the country’s oil revenues down, the government has started to look elsewhere for means of...
Oman’s stable and tightly regulated banking sector has continued to perform well in recent times. The expansion of the newly launched sharia-compliant segment, coupled with strong asset growth, has been central to the sector’s development. Indeed, the Central Bank of Oman has established a Sharia Supervisory Authority to help regulate the sharia-compliant segment while commercial banking...
Oman’s GDP at current market prices stood at OR31.45bn ($81.4bn) in 2014, up 4.6% on 2013, according to the Central Bank of Oman. However, the drop in global oil prices has put significant pressure on Oman’s GDP expansion. To address this, and indeed to pave the way for a non-oil future, various diversification strategies have been put in place that aim to reduce the county’s reliance on...
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