The Middle East Economy

Rapid population growth and a host of planned investment in megaprojects across the tourism, transportation and infrastructure sectors have led to pressing new demand on Oman’s utilities sector. Already boasting a dynamic, liberalised and open market that has witnessed a number of successful power projects built and owned by private companies, Oman is now set to launch a...

In 2013 and the first half of 2014, Oman’s takaful (Islamic insurance) segment moved to the forefront of the wider insurance industry. While sharia-compliant financial products have been allowed in the country since 2011, sharia-compliant underwriting was officially sanctioned only in 2013, and the first takaful firms did not begin the process of setting up shop until...

A raft of new legislation and development plans put in place in 2014 have the potential to bring about a sea change in Oman’s insurance sector in the coming years. In August 2014 the Capital Market Authority (CMA), the industry regulator, introduced a number of amendments to Oman’s insurance law, requiring underwriters to raise their minimum paid-up capital to OR10m ($25...

The sultanate’s insurance industry has grown rapidly in recent years. According to data from the Capital Market Authority (CMA), which is charged with regulating the sector, during the period 2007-13 the sector posted a compound annual growth rate of 14% in terms of gross written premiums (GWPs). Oman was home to the second-fastest growing insurance sector in the GCC...

Omantel is the largest telecoms operator in Oman, with a total subscriber base of 4.17m and market share of 59% as of June 2014. The company had a monopoly over the Omani telecoms sector until 2005, when Ooredoo Oman (then Nawras) came into the market as the second operator to offer mobile and fixed services.