Located in the south-eastern quarter of the Arabian Peninsula, Oman is the only member of the GCC situated outside of the Gulf. Leveraging its strategic location, Oman has invested in infrastructure with the goal of becoming a global logistics centre. While the country is less hydrocarbons-rich than its GCC neighbours, diversification efforts...
Oman’s oil output fell by 3.7% year-on-year (y-o-y) in the first 10 months of 2017, with production averaging 970,000 barrels per day (bpd), down from 1m bpd in the same period of 2016. However, an improvement in average prices saw oil earnings rise by 32%, according to the National Centre for Statistics and Information.
There are approximately $2bn worth of public-private partnerships (PPPs) in the planning or implementation phase in Oman, according to research by Middle East Economic Digest published in October 2017. The sultanate pioneered the regional development and use of such projects in the utilities sector in particular, and PPPs now account for the...
The number of sovereign wealth funds (SWFs) operating in the GCC has grown significantly in the last decade. The value of these SWFs – created to invest and manage the huge sums flowing into the region from hydrocarbons sales – stood at $2.9trn in December 2017, according to the Sovereign Wealth Fund Institute (SWFI), or 38.3% of the global...
From the late 1990s until 2014 Oman’s fiscal balance had consistently remained in positive territory, according to IMF figures, with the sole exception of a small deficit of 0.3% of GDP registered in 2009. However, amid a decline in international oil prices towards the end of 2014, public finances moved into the red for the year, to the tune...
Oman’s economy benefits from large oil and gas reserves, including a sizeable new gas field that began production in late 2017. Located between Asia and Africa – and adjacent to major international shipping routes – the sultanate’s geographic location also makes it a natural regional logistics and manufacturing hub. The authorities are seeking...
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