Economy

Given its natural assets, strategic location and appealing geography, Oman has the resources for significant economic expansion. Although the sultanate remains dependent on oil and gas, efforts to diversify the economy are already bearing fruit. While the private sector has benefitted from the many investments committed in the days of higher oil prices, since the global drop in energy prices in 2014 the government has had to contend with a series of budget deficits and rising debt. However, debt levels remain manageable, and the government has implemented a series of fiscal reforms to get the budget back on a sustainable path.

This chapter contains interviews with Qais Mohammed Al Yousef, Chairman, Oman Chamber of Commerce and Industry; Yahya Said Al Jabri, Chairman, Duqm Special Economic Zone Authority; Azzan Al Busaidi, CEO, Public Authority for Investment Promotion and Export Development; and Abdullah Al Salmi, Executive President, Capital Market Authority.