Economy

In 2013 and the first half of 2014 Oman’s economy continued to expand on the back of rising public and private investment, strong oil and gas revenues, and steadily increasing levels of non-oil activity. The sultanate’s GDP rose from $78.3bn in 2012 to $80.57bn in 2013, and while the recent slump in oil prices is a concern, heavy investment in a variety of enhanced oil recovery techniques has boosted output in recent years. Moreover, increasing levels of non-oil activity is high on the agenda with the Oman Vision 2020 long-term development plan aiming to ensure economic and financial stability by boosting private sector participation, diversifying the economy and investing in the Omani workforce. Incoming visitors are increasingly being considered a key source of revenue for Oman with the tourism sector’s contribution to GDP forecast to jump to 8.2% by 2024, from 6.4% in 2013. This chapter contains interviews with Ali bin Masoud Al Sunaidy, Minister of Commerce and Industry; and Tariq Al Farsi, CEO, Al Raffd Fund.