Like other GCC states, Oman’s economy is largely driven by oil and gas activity. However, with fewer and more complex hydrocarbons reserves than its neighbours, it is under greater pressure to diversify its economic base. The scale of this challenge was highlighted by recent falling oil prices, which led to the largest fiscal deficit in more than a decade. Nevertheless, a combination of...
The Middle East
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Chapter | Country Profile from The Report: Oman 2019
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. Diversification efforts are a driving force behind economic growth while infrastructure and transport works are boosting connectivity. The...
Following the global oil price drop in 2014, Oman – like the other GCC states – is pushing ahead with its long-term national development plans that seek to diversify the economy.
Economic update | Oman: Year in Review 2018
15 Jan 2019
Higher energy prices and strong increases in gas output helped return Oman’s economy to growth in 2018, with expansion forecast to accelerate in the coming year.
Economic update | Kuwait: Year in Review 2018
15 Jan 2019
Kuwait’s economy returned to growth in 2018, with higher input from the non-oil sector and increased government investment combining to drive expansion, while reforms to the capital markets and banking sectors should attract further inflows moving forward.
Economic update | Qatar: Year in Review 2018
11 Jan 2019
Strong gains by the non-oil and gas sector underpinned solid growth in Qatar’s economy in 2018, laying the foundations for further expansion as the country works to mitigate the fallout from the regional blockade and step up efforts to diversify its economy.