The Middle East

As part of a strategy to diversify the economy away from the oil and gas sector, efforts are continuing apace within the industrial sector. In particular, the government is working to expand steel production, as regional demand is expected to increase in line with large-scale projects underway in the GCC region. The aluminium industry, for example, is showing signs of good growth, with new...

While Oman’s property market remained relatively slow in 2011, the sector is showing signs of steady growth. In fact, property prices are now reported to be roughly three times what they were before the global slowdown. Overall, real estate contributed almost 4% to GDP in the first quarter of 2012. The sector does face challenges, most notably the shortage of affordable homes. Indeed, about 400,...

A range of construction projects lies at the heart of Oman’s growing economic development. The construction sector contributed more than OR307m ($800m) to the economy during the first quarter of 2012, showing growth of almost 4% when compared to the same period in 2011. While many projects in Muscat are focused on increasing the city’s tourism appeal, construction related to industrial and...

Increasing demand for power and water and an expanding role for private sector firms are the two most significant factors currently affecting Oman’s utilities sector. This is motivating the government to expand capacity, which in turn is bringing about a restructuring in the sector, creating new opportunities for private and international firms. Efforts are also under way to encourage energy...

Oman may have huge hydrocarbons wealth, but accessing oil and gas supplies has long proved a challenge. More positively, the difficulties associated with exploiting oil and gas reserves – which are dispersed in complex clusters – have made the nation a global leader in advanced hydrocarbons recovery techniques. For international oil companies with the capacity for enhanced oil recovery techniques...

With participants showing strong growth in a highly competitive market, the sultanate’s insurance sector is experiencing a period of both vertical and horizontal expansion. Stronger regulatory requirements on solvency and governance are also on the way, while a major new element, Islamic insurance – takaful – is also being added to the mix. While the market penetration rate remains low compared...