Although the sultanate’s petroleum wealth has traditionally provided a backbone for growth, efforts are well under way to diversify away from hydrocarbons. Oman Vision 2020 has laid out plans to boost industrialisation within the sultanate and to encourage the private sector to take a more active role in the economy and in the provision of jobs, both of which are billed as key drivers for growth.
As with most of its neighbours in the GCC region, oil and gas remains a significant contributor to Oman’s economy, accounting for around 50% of GDP. While the recent slump in oil prices is a concern, increased investment in enhanced oil recovery techniques in recent times has attempted to make up for this decline, with supply increasing as a result. Meanwhile, Oman’s industrial sector, particularly the petrochemicals segment, is poised for large expansion with ongoing investment in downstream infrastructure and new facilities in the pipeline for the Sohar and Salalah industrial regions expected to contribute significantly to output before 2020. Added to this is the rapid development of Oman’s ports, rail and airports, which is expected to drive its reputation as a regional logistics hub while developing the tourism sector, which is considered as key moving forward.
Sultan Qaboos bin Said Al Said on setting the framework for modern development
Lim Hng Kiang, Singapore Minister for Trade and Industry: Interview
Roberto Azevêdo, Director-General, World Trade Organisation (WTO): Interview
Ali bin Masoud Al Sunaidy, Minister of Commerce and Industry: Interview
Hamood Al Zadjali, Executive President, Central Bank of Oman (CBO): Interview
Khalid M Al Zubair, Managing Director, The Zubair Corporation, and Chairman, Ominvest: Interview
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