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The energy sector in Oman has continued to evolve within a context of uncertain economic conditions and a rapidly changing global energy landscape. Becoming a leader in the development of enhanced oil recovery techniques has allowed it to maintain high production rates. At the same time, major gas discoveries and the launch of a series of big-budget projects have significantly raised the country’s profile as a producer and exporter of gas and related products. Notably, government incentives are encouraging industry heavyweights to implement renewable alternatives in the extraction of oil and gas where possible, both to preserve gas stock and reduce the sector’s carbon footprint. This chapter contains interviews with Musab Al Mahruqi, CEO, Oman Oil and Orpic Group; and Mohammed Al Jahwari, CEO, Hydrocarbon Finder.

The countrywide introduction of mandatory health coverage for private sector workers and their families will offer a considerable boost to Oman’s insurance sector. However, considerable challenges remain, such as the slowing growth of insurance premium. The market also remains crowded, and in some cases the pursuit of premium has cut into underwriting standards and become a hindrance to the long-term sustainability of the market. The Capital Market Authority is introducing new training and regulatory conditions that should make for an even more competitive market and provide a higher level of service. Companies are therefore likely to develop their digital offering as a means of securing a competitive advantage. One bright spot is the takaful (Islamic insurance) segment, which continues to grow at a faster rate than its conventional counterpart.

The overall performance of Oman’s capital markets in 2019 was somewhat mixed. While the country’s credit market continued to grow, underpinned by strong sovereign debt issuance, the equity market declined in the wake of a slowing economy. However, stock market valuations have improved considerably, a number of new debt issuances are in the pipeline and the Capital Market Authority is in the process of introducing a number of new laws that should be positive for the development of the sector. This chapter contains an interview with Abdulaziz Al Balushi, Group CEO, OMINVEST.

Oman’s banking sector has continued to perform well despite economic headwinds. Falling oil prices have increased the demand for credit and, as a result, banks’ lending and assets have continued to expand, although liquidity has tightened. Meanwhile, the vibrant Islamic banking and financial services segments have supported the sector’s growth. According to the Central Bank of Oman, at the end of 2018 there were seven local commercial banks operating across 420 branches; nine foreign banks with 31 branches; two local Islamic banks with 24 branches; and six Islamic windows, which are part of conventional parent banks, with a total of 58 branches. This chapter contains an interview with Tahir bin Salim Al Amri, Executive President, Central Bank of Oman.

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.
 

Myanmar is now one of the fastest-growing economies in Asia Pacific, with a key geostrategic location, abundant natural resources and a youthful population underpinning its progress. It is also a country that has achieved much in a relatively short period of time, after only setting out on the path of liberalisation and democratisation in 2011-12. Since then GDP, personal incomes, international trade and standards of living have improved significantly. Cities such as Yangon and Mandalay have experienced booms in real estate and construction, while the national grid has expanded, and transport and logistics networks have widened and deepened. The wholesale and retail sector is becoming a major driving force of the economy, and the financial and manufacturing sectors are undergoing liberalisation and diversification. This chapter contains interviews with U Soe Win, Minister of Planning, Finance and Industry; Daw Cherry Trivedi, CEO, Myanmar Institute of Directors; and Melvyn Pun, CEO, Yoma Strategic Holdings.