Oil and gas remain key economic contributors in Oman, with hydrocarbons accounting for 85.7% of government revenues in 2013. New partnerships with the private sector have led to some of the most advanced enhanced oil recovery (EOR) projects in the world with the use of solar-fired EOR technologies playing an increasingly important role in the sector. The sultanate is expected to substantially...
Oman’s insurance sector has continued to expand and was the second fastest-growing insurance market among GCC countries from 2007 to 2013. Gross written premiums reached $942.5m by year-end 2013, a 10.44% increase year-on-year from 2012, with the motor segment accounting for 41% of this total in both years. In August 2014 the Capital Market Authority (CMA), the industry regulator, introduced a...
Capital markets in Oman continued to post healthy growth over the course of 2013 and 2014 with strong fundamentals, steadily increasing economic diversification and prudent market regulation and oversight driving expansion. In mid-2013 the Capital Market Authority launched the MSM Sharia Index which tracks sharia-compliant stocks, and in August 2014 insurance sector reforms were introduced...
The Omani banking sector once again posted solid growth in 2013 and the first half of 2014 as steadily growing demand for financial services continues to expand the sector. Government initiatives to boost entrepreneurship and the establishment of small and medium-sized enterprises (SMEs) has resulted in a Central Bank drive requiring local banks to increase lending to SMEs to at least 5% of...
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...
The year 2015 marks the 45th anniversary of the accession of His Majesty Sultan Qaboos bin Said al Said and the establishment of the Sultanate of Oman. While less hydrocarbons rich than its GCC neighbours, an increased focus on diversification is driving economic growth in the sultanate. In its eighth five-year plan (2011-15), the government has increased spending on key infrastructure...
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